Company: TDBCP
Filing Date: 2025-09-16
Form Type: 424B2
Source: 0001193125-25-205043
Chunk: 43

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-16
Form: 424B2
Chunk 43
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. investor, you should consult your tax advisors as to the
consequences, under the tax laws of the country where you are resident for tax purposes, of acquiring, holding and disposing of the Notes and the Series 33 Shares and receiving the payments that might be due under the Notes and the Series 33 Shares.

The tax treatment of the Notes may change.

There can be no assurance that changes will not be made to the applicable tax law in respect of the Notes or in the administration of such tax
law, including with retrospective or retroactive effect.

The U.S. federal income tax treatment of the Notes is uncertain.

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

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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 U.S. Internal Revenue Service (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, investors
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. See “Certain U.S. Federal Income Tax Considerations”.

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USE OF PROCEEDS

The net proceeds to the Bank from the sale of the Notes, after deducting fees and expenses, will be used for general corporate purposes