Company: TDBCP
Filing Date: 2025-09-16
Form Type: 424B2
Source: 0001193125-25-205043
Chunk: 78

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-16
Form: 424B2
Chunk 78
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 the accompanying base prospectus). U.S. Holders should consult their own tax advisors regarding special rules that may
apply in determining their holding period for the Notes.

Upon the occurrence of a Recourse Event, the delivery of Series 33 Shares or
Common Shares in satisfaction of the Notes should generally be treated as a non-recognition event for U.S. federal income tax purposes. Thus, a U.S. Holder should generally recognize no gain or loss upon the
receipt of Series 33 Shares or Common Shares in satisfaction of the Notes. The U.S. Holder’s aggregate tax basis in any Series 33 Shares or Common Shares received should generally be equal to such holder’s aggregate tax basis in the
Notes, and such holder’s holding period in the Series 33 Shares or Common Shares should generally include the holding period of the Notes.

Series 33 Shares

The section
“Tax Consequences—United States Taxation” in the accompanying base prospectus summarizes the material U.S. federal income tax consequences to a U.S. Holder with respect to the ownership of Common Shares. The U.S. federal income tax
consequences to a U.S. Holder with respect to the ownership of Series 33 Shares received pursuant to a Recourse Event will, subject to the discussion below, generally be the same as the consequences of the ownership of Common Shares, and the
discussion in the section “Tax Consequences—United States Taxation” in the accompanying base prospectus should be read as if references to the “common shares” included the Series 33 Shares. This section does not address
any U.S. federal income tax considerations relating to Bank Securities into which the Series 33 Shares may be converted.

If a U.S. Holder
is eligible for a reduced rate of Canadian withholding tax on dividends on the Series 33 Shares under the United States-Canada Income Tax Convention (1980), as amended (the “Convention”) (i.e., a rate that is lower than the Canadian
statutory rate), such U.S. Holder will only be eligible for a foreign tax credit for such taxes withheld at the reduced Convention rate, and not for any taxes withheld in excess of such rate. In addition, Treasury Regulations addressing foreign tax
credits (the “Foreign Tax Credit Regulations”) impose additional requirements for foreign taxes to be eligible for a foreign tax credit, and there can be no assurance that those requirements will be satisfied with respect to any Canadian
withholding taxes if a U.S. Holder does not elect to apply the benefits of the Convention