Company: TDBCP
Filing Date: 2025-09-12
Form Type: 424B5
Source: 0001193125-25-201820
Chunk: 76

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-12
Form: 424B5
Chunk 76
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United States Taxation” in the accompanying base prospectus for a discussion of the material U.S. federal income tax consequences to a U.S. Holder (as defined therein) of the ownership of the Bank’s debt securities and Common Shares. This section provides information that supplements the statements under “Tax Consequences—United States Taxation” in the accompanying base prospectus, and is subject to the same limitations and qualifications set forth therein. Capitalized terms used in this section but not defined in this prospectus supplement have the meanings given to them in the section “Tax Consequences—United States Taxation” in the accompanying base prospectus. In the event of any inconsistency between this section and the section “Tax Consequences—United States Taxation” in the accompanying base prospectus, you should rely on the information in this section.

Notes

Although the matter is not
free from doubt, the Notes should be properly characterized as equity for U.S. federal income tax purposes, and the Bank intends to treat them as such. There is no authority, however, that addresses the U.S. federal income tax treatment of an
instrument such as the Notes that is denominated as a subordinated debt instrument but that (i) has a term to maturity of sixty years, (ii) provides for holders to receive Series 33 Shares or Common Shares upon the occurrence of a Recourse
Event and (iii) is subordinate in right of payment to the Bank’s deposit liabilities and other unsubordinated creditors. Therefore, there can be no assurance that the IRS will not treat the Notes as indebtedness for U.S. federal income
tax purposes or assert some other alternative tax treatment, or that any alternative tax treatment, if successfully asserted by the IRS, would not have adverse U.S. federal income tax consequences to a holder of the Notes. The Bank’s treatment
of the Notes as equity for U.S. federal income tax purposes is binding on all Noteholders unless a holder discloses on its U.S. federal income tax return that it is taking an inconsistent position. Due to the lack of authority regarding the
characterization of the Notes for U.S. federal income tax purposes, U.S. Holders are urged to consult their own tax advisors regarding the appropriate characterization of the Notes and the tax consequences to them if the IRS were to successfully
assert a characterization that differs from the Bank’s treatment of the Notes as equity for U.S. federal income tax purposes. The remainder of this section assumes that the Notes are characterized as equity for U.S. federal