Company: TDBCP
Filing Date: 2025-12-02
Form Type: 424B2
Source: 0001140361-25-043980
Chunk: 29

Company: TORONTO DOMINION BANK
Filing Date: 2025-12-02
Form: 424B2
Chunk 29
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, as amended (the “Code”), final, temporary and proposed U.S. Department of the Treasury (the “Treasury”) regulations, rulings and decisions, in each case, as available and in effect as of the date hereof, all   
 of which are subject to change, possibly with retroactive effect. Tax consequences under state, local and non-U.S. laws are not addressed herein. No ruling from the U.S. Internal Revenue Service (the “IRS”) has been sought as to the U.S.    
 federal income tax consequences of your investment in the securities, and the following discussion is not binding on the IRS.                                                                                                                    |

| November 2025 | Page26 |

| $13,221,000 Callable Contingent Income Securities with Daily Coupon Observation and 6-Month Initial Non-Call Period due December 3, 2029 |
| Based on the Worst Performing of the Nasdaq-100 Index®, the Russell 2000®Index and the S&P 500®Index                                     
 Principal at Risk Securities                                                                                                             |

| U.S. Tax Treatment.Pursuant to the terms of the securities, TD and you agree, in the absence of a statutory or regulatory change or an                                                                                                           
 administrative determination or judicial ruling to the contrary, to characterize the securities as prepaid derivative contracts with respect to the underlying indices. If your securities are so treated, any contingent quarterly coupon that  
 is paid by TD (including on the maturity date or upon an issuer call) should be included in your income as ordinary income in accordance with your regular method of accounting for U.S. federal income tax purposes.                            |
| In addition, you should generally recognize capital gain or loss upon the taxable disposition (including cash settlement) of your securities in an amount equal to the difference between the                                                    
 amount you receive at such time (other than amounts or proceeds attributable to a contingent quarterly coupon or any amount attributable to any accrued but unpaid contingent quarterly coupon) and the amount you paid for your securities.     
 Such gain or loss should generally be long-term capital gain or loss if you have held your securities for more than one year (and otherwise, short-term capital gain or loss). The deductibility of capital losses is subject to limitations.    
 Although uncertain, it is possible that proceeds received from the taxable disposition of your securities prior to a contingent coupon payment date, but that could be attributed to an expected contingent quarterly coupon, could be treated   
 as ordinary income. You should consult your tax advisor regarding this risk.                                                                                                                                                                     |
| Except to