# EDGAR Filing Document

**Accession Number:** 0000947263
**File Stem:** 0001562762-25-000287
**Filing Date:** 2025-12
**Character Count:** 42606
**Document Hash:** f8f85062215724716691055c6df358f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562762-25-000287.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001562762-25-000287

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TORONTO DOMINION BANK
- **CENTRAL INDEX KEY:** 0000947263
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 135640479
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14446
- **FILM NUMBER:** 251550650

**BUSINESS ADDRESS:**
- **STREET 1:** 66 WELLINGTON STREET WEST
- **STREET 2:** 12TH FLOOR, TD TOWER
- **CITY:** TORONTO, ONTARIO
- **STATE:** A6
- **ZIP:** M5K 1A2
- **BUSINESS PHONE:** 416-944-6367

**MAIL ADDRESS:**
- **STREET 1:** 66 WELLINGTON STREET WEST
- **STREET 2:** 12TH FLOOR, TD TOWER
- **CITY:** TORONTO, ONTARIO
- **STATE:** A6
- **ZIP:** M5K 1A2

#### FORM 6-K

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549
______________________________

______________________________

#### REPORT OF FOREIGN PRIVATE ISSUER

#### Pursuant to Rule 13a-16 or 15d-16 of

#### the Securities Exchange Act of 1934
For the month of December, 2025.

Commission File Number: 001-14446

______________________________

#### The Toronto -Dominion Bank

#### (Translation of registrant's name into English)
______________________________

#### c/o General Counsel's Office

#### P.O. Box 1, Toronto Dominion Centre,

#### Toronto, Ontario, M5K 1A2
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F

☐

Form 40-F

☑

#### This Form 6-K, excluding Exhibit 99.2, Exhibit 99.3, Exhibit 99.4, Exhibit 99.5, and Exhibit 99.6 hereto, is incorporated by reference into all outstanding Registration

#### Statements of The Toronto-Dominion Bank filed with the U.S. Securities and Exchange Commission.

#### EXHIBIT INDEX

#### Exhibit

#### Description
99.1 [Earnings Coverage](ex991.htm)

99.2 [Q4 2025 Earnings News Release](ex992.htm)

99.3 [Q4 2025 Dividend News Release](ex993.htm)

99.4 [Notice of Meeting and Record Date](ex994.htm)

99.5 [CEO and CFO Certificates](ex995.htm)

99.6 [Independent Auditor's Report dated December 3, 2025](ex996.htm)

#### FORM 6-K

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly

authorized.

#### THE TORONTO-DOMINION BANK
DATE: December 4, 2025

By:

*/s/ Sue-Anne Fox*

Name:

Sue-Anne Fox

Title:

Associate Vice President, Legal, Treasury and

Corporate Securities

## Exhibit 99.1

#### THE TORONTO-DOMINION BANK

#### EARNINGS COVERAGE ON SUBORDINATED NOTES AND DEBENTURES,

#### PREFERRED SHARES CLASSIFIED AS EQUITY, AND LIABILITIES FOR

#### PREFERRED SHARES AND OTHER EQUITY INSTRUMENTS AND CAPITAL TRUST SECURITIES

#### FOR THE TWELVE MONTHS ENDED, OCTOBER 31, 2025
TD Bank Group ("TD" or the "Bank") dividend requirements on all its outstanding preferred shares and other equity instruments in respect of the twelve months

ended October 31, 2025 and adjusted to a before-tax equivalent using an effective tax rate of 14.4% for the twelve months ended October 31, 2025, amounted to

$660 million. The Bank's interest and dividend requirements on all subordinated notes and debentures, preferred shares and liabilities for preferred shares and

other equity instruments and capital trust securities, after adjustment for new issues and retirement, amounted to $1,189 million for the twelve months ended

October 31, 2025. The Bank's reported net income, before interest on subordinated debt and liabilities for preferred shares and capital trust securities and income

taxes was $24,166 million for the twelve months ended October 31, 2025, which was 20.3 times the Bank's aggregate dividend and interest requirement for this

period.

On an adjusted basis, the Bank's net income before interest on subordinated debt and liabilities for preferred shares and capital trust securities and income

taxes for the twelve months ended October 31, 2025, was $19,183 million, which was 16.1 times the Bank's aggregate dividend and interest requirement for this

period.

The Bank prepares its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), the current generally accepted

accounting principles (GAAP), and refers to results prepared in accordance with IFRS as the "reported" results. The Bank also utilizes non-GAAP financial

measures such as "adjusted" results (i.e. reported results excluding "items of note") and non-GAAP ratios to assess each of its businesses and measure overall

Bank performance. The Bank believes that non-GAAP financial measures and non-GAAP ratios provide the reader with a better understanding of how

management views the Bank's performance. Non-GAAP financial measures and ratios used in this presentation are not defined terms under IFRS and, therefore,

may not be comparable to similar terms used by other issuers. See "Financial Results Overview" in the Bank's 2025 MD&A (available at www.td.com/investor and

www.sedar+.com), which is incorporated by reference, for further explanation, reported basis results, a list of the items of note, and a reconciliation of adjusted to

reported results.

## Exhibit 99.3

#### TD BANK GROUP DECLARES DIVIDENDS
(all amounts in Canadian dollars)

#### TORONTO – December 4, 2025 -
The Toronto -Dominion Bank (the "Bank") today announced that it has moved from an

annual dividend review cycle to a semi-annual cycle to support the alignment of shareholder return with earnings growth,

and a dividend in an amount of one dollar and eight cents ($1.08) per fully paid common share in the capital stock of the

Bank has been declared for the quarter ending January 31, 2026, payable on and after January 31, 2026, to shareholders

of record at the close of business on January 9, 2026.

In lieu of receiving their dividends in cash, holders of the Bank's common shares may choose to have their dividends

reinvested in additional common shares of the Bank in accordance with the Dividend Reinvestment Plan (the "Plan").

Under the Plan, the Bank has the discretion to either purchase the additional common shares in the open market or issue

them from treasury. If issued from treasury, the Bank may decide to apply a discount of up to 5% to the Average Market

Price (as defined in the Plan) of the additional shares. For the January 31, 2026 dividend, the Bank will purchase the

additional shares in the open market and therefore no discount will apply.

Registered holders of record of the Bank's common shares wishing to join the Plan can obtain an Enrolment Form from

TSX Trust Company (1-800-387-0825) or on the Bank's website, www.td.com/ca/en/about -td/for-investors/investor-

relations/share-information/dividends. In order to participate in the Plan in time for this dividend, Enrolment Forms for

registered holders must be received by TSX Trust Company at P.O. Box 4229, Postal Station A, Toronto, Ontario, M5W

0G1, or by facsimile at 1-888-488-1416, before the close of business on January 9, 2026. Beneficial or non-registered

holders of the Bank's common shares wishing to join the Plan must contact their financial institution or broker for

instructions on how to enroll in advance of the above date.

Registered holders who participate in the Plan and who wish to terminate that participation so that cash dividends to

which they are entitled to be paid on and after January 31, 2026 are not reinvested in common shares under the Plan

must deliver written notice to TSX Trust Company at the above address by no later than January 9, 2026. Beneficial or

non-registered holders who participate in the Plan and who wish to terminate that participation so that cash dividends to

which they are entitled to be paid on and after January 31, 2026 are not reinvested in common shares under the Plan

must contact their financial institution or broker for instructions on how to terminate participation in the Plan in advance of

January 9, 2026.

The Bank also announced that dividends have been declared on the following Non-Cumulative Redeemable Class A First

Preferred Shares of the Bank, payable on and after January 31, 2026, to shareholders of record at the close of business

on January 9, 2026:

● Series 1, in an amount per share of $0.310625;

● Series 16, in an amount per share of $0.3938125; and

● Series 18, in an amount per share of $0.3591875.

The Bank for the purposes of the Income Tax Act (Canada) and any similar provincial legislation advises that the dividend

declared for the quarter ending January 31, 2026 and all future dividends will be eligible dividends unless indicated

otherwise.

#### About TD Bank Group
The Toronto -Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the

sixth largest bank in North America by assets and serves over 28.1 million clients in four key businesses operating in a

number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD

Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto

Finance U.S., and TD Wealth (U.S.); Wealth Management and Insurance, including TD Wealth (Canada), TD Direct

Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among

North America's leading digital banks, with more than 13 million mobile active users in Canada and the U.S. TD had $2.1

trillion in assets on October 31, 2025. The Toronto -Dominion Bank trades under the symbol "TD" on the Toronto Stock

Exchange and New York Stock Exchange.

For more information contact: Jennifer dela Cruz

Business Management Specialist, Treasury and

Corporate Securities

Legal Department – Shareholder Relations

(416) 944-6367

Toll free 1-866-756-8936

Gabrielle Sukman

Senior Manager, Corporate and Public Affairs

(416) 983-1854

## Exhibit 99.4

![ex994p1i0](ex994p1i0.gif)

[1](#a146)

December 4, 2025

The Toronto Stock Exchange

Canadian Securities Commissions

CDS Clearing and Depository Services Inc.

The Depository Trust & Clearing Corporation

Dear Sir/Madam:

#### Re: The Toronto-Dominion Bank (the "Bank") - Notice of Meeting and Record Dates
Pursuant to s. 2.2 of National Instrument 54-101

*Communication with Beneficial Owners of Securities of a* 

*Reporting Issuer*

("NI 54-101"), we advise as follows:

Name of Reporting Issuer

The Toronto -Dominion Bank

Meeting Date

April 16, 2026

Record Date for Notice

February 17, 2026

Record Date for Voting

Beneficial Ownership Determination Date

February 17, 2026

February 17, 2026

Classes or series of securities that entitle the

holder to receive notice of the meeting

Common shares

Classes or series of securities that entitle the

holder to vote at the meeting

Common shares

Notice & Access – Registered Holders

Notice & Access – Beneficial Holders

Issuer Sending Material Directly to NOBOs

Issuer Paying to Send Material to OBOs

Whether the meeting is a special meeting

Yes

Yes

No

Yes

No

Yours very truly,

*/s/ Antonietta Di Girolamo* 

Antonietta Di Girolamo

Associate Vice President, Legal, Corporate & Subsidiary

Governance and Corporate Secretary

As defined by NI 54-101 meaning a meeting at which a special resolution, as defined in the

*Bank Act* 

(Canada)

, is expected to be submitted to common shareholders.

## Exhibit 99.5

#### FORM 52-109F1

#### CERTIFICATION OF ANNUAL FILINGS

#### FULL CERTIFICATE
I, Raymond Chun, Group President and Chief Executive Officer of The Toronto-

Dominion Bank, certify the following:

1. #### Review:
I have reviewed the AIF, if any, annual financial statements and annual

MD&A, including, for greater certainty, all documents and information that are

incorporated by reference in the AIF (together, the "annual filings") of The Toronto-

Dominion Bank (the "issuer") for the financial year ended October 31, 2025.

2. #### No misrepresentations

#### :
Based on my knowledge, having exercised reasonable

diligence, the annual filings do not contain any untrue statement of a material fact or

omit to state a material fact required to be stated or that is necessary to make a

statement not misleading in light of the circumstances under which it was made, for

the period covered by the annual filings.

3. #### Fair presentation

#### :
Based on my knowledge, having exercised reasonable

diligence, the annual financial statements together with the other financial

information included in the annual filings fairly present in all material respects the

financial condition, financial performance and cash flows of the issuer, as of the date

of and for the periods presented in the annual filings.

4. #### Responsibility

#### :
The issuer's other certifying officer(s) and I are responsible for

establishing and maintaining disclosure controls and procedures (DC&P) and

internal control over financial reporting (ICFR), as those terms are defined in

National Instrument 52-109

*Certification of Disclosure in Issuers' Annual and Interim* 

*Filings*

, for the issuer.

5. #### Design

#### :
Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the

issuer's other certifying officer(s) and I have, as at the financial year end

(a) designed DC&P, or caused it to be designed under our supervision, to

provide reasonable assurance that

(i) material information relating to the issuer is made known to us by

others, particularly during the period in which the annual filings

are being prepared; and

(ii) information required to be disclosed by the issuer in its annual

filings, interim filings or other reports filed or submitted by it

under securities legislation is recorded, processed, summarized

and

reported within the time periods specified in securities legislation;

and

(b) designed ICFR, or caused it to be designed under our supervision, to

provide reasonable assurance regarding the reliability of financial reporting

and the preparation of financial statements for external purposes in

accordance with the issuer's GAAP.

5.1 #### Control framework
: The control framework the issuer's other certifying officer(s)

and I used to design the issuer's ICFR is based on criteria established in Internal

Control – Integrated Framework issued by the Committee of Sponsoring

Organizations of the Treadway Commission (the COSO criteria) in 2013.

5.2 N/A

5.3 N/A

6. #### Evaluation:
The issuer's other certifying officer(s) and I have

(a) evaluated, or caused to be evaluated under our supervision, the

effectiveness of the issuer's DC&P at the financial year end and the issuer

has disclosed in its annual MD&A our conclusions about the effectiveness of

DC&P at the financial year end based on that evaluation; and

(b) evaluated, or caused to be evaluated under our supervision, the

effectiveness of the issuer's ICFR at the financial year end and the issuer

has disclosed in its annual MD&A

(i) our conclusions about the effectiveness of ICFR at the financial

year end based on that evaluation; and

(ii) N/A

7. #### Reporting changes in ICFR:
The issuer has disclosed in its annual MD&A any

change in the issuer's ICFR that occurred during the period beginning on August 1,

2025 and ended on October 31, 2025 that has materially affected, or is reasonably

likely to materially affect, the issuer's ICFR.

8. #### Reporting to the issuer's auditors and board of directors or audit committee

#### :
The issuer's other certifying officer(s) and I have disclosed, based on our most

recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the

audit committee of the board of directors any fraud that involves management or

other employees who have a significant role in the issuer's ICFR.

Date: December 4, 2025

*/s/ Raymond Chun* 

Raymond Chun

Group President and Chief Executive Officer

#### FORM 52-109F1

#### CERTIFICATION OF ANNUAL FILINGS

#### FULL CERTIFICATE
I, Kelvin Tran, Group Head and Chief Financial Officer of The Toronto-Dominion Bank,

certify the following:

1. #### Review

#### :
I have reviewed the AIF, if any, annual financial statements and annual

MD&A, including, for greater certainty, all documents and information that are

incorporated by reference in the AIF (together, the "annual filings") of The Toronto-

Dominion Bank (the "issuer") for the financial year ended October 31, 2025.

2. #### No misrepresentations

#### :
Based on my knowledge, having exercised reasonable

diligence, the annual filings do not contain any untrue statement of a material fact or

omit to state a material fact required to be stated or that is necessary to make a

statement not misleading in light of the circumstances under which it was made, for

the period covered by the annual filings.

3. #### Fair presentation

#### :
Based on my knowledge, having exercised reasonable

diligence, the annual financial statements together with the other financial

information included in the annual filings fairly present in all material respects the

financial condition, financial performance and cash flows of the issuer, as of the date

of and for the periods presented in the annual filings.

4. #### Responsibility

#### :
The issuer's other certifying officer(s) and I are responsible for

establishing and maintaining disclosure controls and procedures (DC&P) and

internal control over financial reporting (ICFR), as those terms are defined in

National Instrument 52-109

*Certification of Disclosure in Issuers' Annual and Interim* 

*Filings*

, for the issuer.

5. #### Design

#### :
Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the

issuer's other certifying officer(s) and I have, as at the financial year end

(a) designed DC&P, or caused it to be designed under our supervision, to

provide reasonable assurance that

(i) material information relating to the issuer is made known to us by

others, particularly during the period in which the annual filings

are being prepared; and

(ii) information required to be disclosed by the issuer in its annual

filings, interim filings or other reports filed or submitted by it

under securities legislation is recorded, processed, summarized

and

reported within the time periods specified in securities legislation;

and

(b) designed ICFR, or caused it to be designed under our supervision, to

provide reasonable assurance regarding the reliability of financial reporting

and the preparation of financial statements for external purposes in

accordance with the issuer's GAAP.

5.1 #### Control framework
: The control framework the issuer's other certifying officer(s)

and I used to design the issuer's ICFR is based on criteria established in Internal

Control – Integrated Framework issued by the Committee of Sponsoring

Organizations of the Treadway Commission (the COSO criteria) in 2013.

5.2 N/A

5.3 N/A

6. #### Evaluation:
The issuer's other certifying officer(s) and I have

(a) evaluated, or caused to be evaluated under our supervision, the

effectiveness of the issuer's DC&P at the financial year end and the issuer

has disclosed in its annual MD&A our conclusions about the effectiveness of

DC&P at the financial year end based on that evaluation; and

(b) evaluated, or caused to be evaluated under our supervision, the

effectiveness of the issuer's ICFR at the financial year end and the issuer

has disclosed in its annual MD&A

(i) our conclusions about the effectiveness of ICFR at the financial

year end based on that evaluation; and

(ii) N/A

7. #### Reporting changes in ICFR

#### :
The issuer has disclosed in its annual MD&A any

change in the issuer's ICFR that occurred during the period beginning on August 1,

2025 and ended on October 31, 2025 that has materially affected, or is reasonably

likely to materially affect, the issuer's ICFR.

8. #### Reporting to the issuer's auditors and board of directors or audit committee

#### :
The issuer's other certifying officer(s) and I have disclosed, based on our most

recent evaluation of ICFR, to the issuer's auditors, and the board of directors or the

audit committee of the board of directors any fraud that involves management or

other employees who have a significant role in the issuer's ICFR.

Date: December 4, 2025

*/s/ Kelvin Tran* 

Kelvin Tran

Group Head and Chief Financial Officer

## Exhibit 99.6

#### INDEPENDENT AUDITOR'S REPORT

#### To the Shareholders and the Board of Directors of The Toronto-Dominion Bank

#### Opinion
We have audited the consolidated financial statements of The Toronto-Dominion Bank and its subsidiaries (TD), which comprise the Consolidated Balance Sheets

as at October 31, 2025 and 2024, and the Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Consolidated Statements of

Changes in Equity, and Consolidated Statements of Cash Flows for the years then ended, and notes to the consolidated financial statements, including a summary

of material accounting policies (collectively referred to as the "consolidated financial statements").

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of TD as at October

31, 2025 and 2024, and its consolidated financial performance and its consolidated cash flows for the years then ended, in accordance with International Financial

Reporting Standards (IFRS) as issued by the International Accounting Standards Board.

#### Basis for Opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in

the

*Auditor's Responsibilities for the Audit of the Consolidated Financial Statements* 

section of our report. We are independent of TD in accordance with the ethical

requirements that are relevant to our audit of the consolidated financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance

with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

#### Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the year

ended October 31, 2025. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion

thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in

that context.

We have fulfilled the responsibilities described in the

*Auditor's Responsibilities for the Audit of the Consolidated Financial Statements* 

section of our report,

including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material

misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matters below,

provide the basis for our audit opinion on the accompanying consolidated financial statements.

#### Allowance for credit losses
*Key audit matter*

TD describes its significant accounting judgments, estimates, and assumptions in relation to the allowance for credit losses in Note

3 of the consolidated financial statements. As disclosed in Note 8 to the consolidated financial statements, TD recognized $9,745

million in allowances for credit losses on its consolidated balance sheet using an expected credit loss model (ECL). The ECL is an

unbiased and probability-weighted estimate of credit losses expected to occur in the future, which is based on the probability of

default (PD), loss given default (LGD) and exposure at default (EAD) or the expected cash shortfall relating to the underlying

financial asset. The ECL is determined by evaluating a range of possible outcomes incorporating the time value of money and

reasonable and supportable information about past events, current conditions, and future economic forecasts. ECL allowances are

measured at amounts equal to either (i) 12-month ECL; or (ii) lifetime ECL for those financial instruments that have experienced a

significant increase in credit risk (SICR) since initial recognition or when there is objective evidence of impairment.

Auditing the allowance for credit losses was complex and required the application of significant judgment and involvement of

specialists because of the sophistication of the models, the forward-looking nature of the key assumptions, and the inherent

interrelationship of the critical variables used in measuring the ECL. Key areas of judgment include evaluating: (i) the models and

methodologies used for measuring both the 12-month and lifetime expected credit losses; (ii) the assumptions used in the ECL

scenarios including forward-looking information (FLI) and assigning probability weighting; (iii) the determination of SICR; and (iv) the

assessment of the qualitative component applied to the modelled ECL based on management's expert credit judgment.

*How our audit* 

*addressed the* 

*key audit matter*

We obtained an understanding, evaluated the design, and tested the operating effectiveness of management's controls over the

allowance for credit losses. The controls we tested included, amongst others, the development and validation of models and

selection of appropriate inputs including economic forecasting, determination of non-retail borrower risk ratings, the integrity of the

data used including the associated controls over relevant information technology (IT) systems, and the governance and oversight

over the modelled results and the use of expert credit judgment.

To test the allowance for credit losses, our audit procedures included, amongst others, involving our credit risk specialists to assess

whether the methodology and assumptions, including management's SICR triggers, used in significant models that estimate the

ECL across various portfolios are consistent with the requirements of IFRS. This included reperforming the model validation

procedures for a sample of models to evaluate whether management's conclusions were appropriate. With the assistance of our

economic specialists, we evaluated the models, methodology and process used by management to develop the FLI variable

forecasts for each scenario and the scenario probability weights. For a sample of FLI variables, we compared management's FLI to

independently derived forecasts and publicly available information. On a sample basis, we recalculated the ECL to test the

mathematical accuracy of management's models. We tested the completeness and accuracy of data used in measuring the ECL by

agreeing to source documents and systems and evaluated a sample of management's non-retail borrower risk ratings against TD's

risk rating policy. With the assistance of our credit risk specialists, we also evaluated management's methodology and governance

over the application of expert credit judgment by evaluating that the amounts recorded were reflective of underlying credit quality

and macroeconomic trends. We also assessed the adequacy of disclosures related to the allowance for credit losses.

#### Fair value measurement of derivatives
*Key audit matter*

TD describes its significant accounting judgments, estimates, and assumptions in relation to the fair value measurement of

derivatives in Note 3 of the consolidated financial statements. As disclosed in Note 5 of the consolidated financial statements, TD

has derivative assets of $82,972 million and derivative liabilities of $79,356 million recorded at fair value. Certain of these

derivatives are complex and illiquid and require valuation techniques that may include complex models and non-observable inputs,

requiring management's estimation and judgment.

Auditing the valuation of certain derivatives required the application of significant auditor judgment and involvement of valuation

specialists in assessing the complex models and non-observable inputs used. Certain valuation inputs used to determine fair value

that may be non-observable include volatilities, correlations, and credit spreads. The valuation of certain derivatives is sensitive to

these inputs as they are forward-looking and could be affected by future economic and market conditions.

*How our audit* 

*addressed the* 

*key audit matter*

We obtained an understanding, evaluated the design, and tested the operating effectiveness of management's controls, including

the associated controls over relevant IT systems, over the valuation of TD's derivative portfolio. The controls we tested included,

amongst others, the controls over the suitability and mechanical accuracy of models used in the valuation of derivatives, and

controls over management's independent assessment of fair values, including the integrity of data used in the valuation such as the

significant inputs noted above.

To test the valuation of these derivatives, our audit procedures included, amongst others, an evaluation of the methodologies and

significant inputs used by TD. With the assistance of our valuation specialists, we performed an independent valuation for a sample

of derivatives to assess the modelling assumptions and significant inputs used to estimate the fair value, which involved obtaining

significant inputs from independent external sources, where available. We also assessed the adequacy of the disclosures related to

the fair value measurement of derivatives.

#### Measurement of provision for uncertain tax positions
*Key audit matter*

TD describes its significant accounting judgments, estimates, and assumptions in relation to income taxes in Note 3 and Note 23 of

the consolidated financial statements. As a financial institution operating in multiple jurisdictions, TD is subject to complex and

constantly evolving tax legislation. Uncertainty in a tax position may arise as tax laws are subject to interpretation. TD uses

significant judgment in i) determining whether it is probable that TD will have to make a payment to tax authorities upon their

examination of certain uncertain tax positions and ii) measuring the amount of the provision.

Auditing TD's provision for uncertain tax positions involved the application of judgment and is based on interpretation of tax

legislation and jurisprudence.

*How our audit* 

*addressed the* 

*key audit matter*

We obtained an understanding, evaluated the design, and tested the operating effectiveness of management's controls over TD's

provision for uncertain tax positions. The controls we tested included, amongst others, the controls over the assessment of the

technical merits of tax positions and management's process to measure the provision for uncertain tax positions.

With the assistance of our tax professionals, we assessed the technical merits and the amount recorded for uncertain tax positions.

Our audit procedures included, amongst others, using our knowledge of, and experience with, the application of tax laws by the

relevant income tax authorities to evaluate TD's interpretations and assessment of tax laws with respect to uncertain tax positions.

We assessed the implications of correspondence received by TD from the relevant tax authorities and evaluated income tax

opinions or other third-party advice obtained. We also assessed the adequacy of the disclosures related to uncertain tax positions.

#### Valuation of Goodwill in the U.S. Personal and Commercial Banking group of Cash Generating Units
*Key audit matter* 

TD describes its significant accounting judgments, estimates, and assumptions in relation to the recoverable amount of its cash

generating units ('CGU") or group of CGUs to which goodwill has been allocated in Note 3 of the consolidated financial statements.

As disclosed in Note 13 of the consolidated financial statements, TD has $14,776 million of goodwill in the U.S. Retail segment,

which predominantly relates to the U.S. Personal and Commercial Banking group of cash generating units ("US P&C CGUs").

Goodwill is assessed for impairment annually, or more frequently if impairment indicators are present.

Auditing the recoverable amount for the U.S. P&C CGUs was complex and required the application of significant auditor judgment

and involvement of valuation specialists in assessing certain significant assumptions in the impairment test. Significant assumptions

in the estimate of the recoverable amount included the discount rate and certain forward-looking assumptions, such as the terminal

growth rate, and forecasted earnings, which are affected by expectations about future market or economic conditions.

*How our audit* 

*addressed the* 

*key audit matter* 

We obtained an understanding, evaluated the design, and tested the operating effectiveness of management's controls over the

recoverable amount of TD's U.S. P&C CGUs. The controls we tested included, amongst others, the controls over management's

review of TD's forecast as well as controls over management's review of the model and methodology over significant assumptions

such as the discount rate and the terminal growth rate. We also tested controls over management's review of the integrity of the

data used and the mathematical accuracy of their valuation model.

To test the estimated recoverable amount of the U.S. P&C CGUs, our audit procedures included, amongst others, with the

assistance of our valuation specialists, assessing the methodology and testing the significant assumptions and underlying data used

by TD in its assessment. We considered the selection and application of the discount rate by evaluating the inputs and

mathematical accuracy of the calculation, while also developing an independent estimate and comparing it to the discount rate

selected by management. We considered the selection and application of the terminal growth rate by evaluating the selected rate

against relevant market and economic forecast data. We evaluated the reasonability of the forecasted earnings by comparing to

historical results and considering our current understanding of the business as well as current economic trends. We assessed the

historical accuracy of management's prior year estimates by performing a comparison of management's prior year projections to

actual results. We performed sensitivity analysis on the significant assumptions to consider the impact of changes in the recoverable

amount that would result from changes in the assumptions. We also assessed the adequacy of the disclosures related to the

valuation of goodwill.

#### Other Information
Management is responsible for the other information. The other information comprises:

● Management's Discussion and Analysis; and

● The information, other than the consolidated financial statements and our auditor's report thereon, in the 2025 Annual Report

.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information, and in doing so, consider whether the other

information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially

misstated.

We obtained Management's Discussion and Analysis and the 2025 Annual Report prior to the date of this auditor's report. If, based on the work we have

performed, we conclude that there is a material misstatement of this other information, we are required to report that fact in this auditor's report. We have nothing

to report in this regard.

#### Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS, and for such internal control

as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to

fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing TD's ability to continue as a going concern, disclosing, as applicable,

matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate TD or to cease operations, or has

no realistic alternative but to do so.

Those charged with governance are responsible for overseeing TD's financial reporting process.

#### Auditor's Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether

due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an

audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can

arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of

users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism

throughout the audit. We also:

● Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit

procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a

material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the

purpose of expressing an opinion on the effectiveness of TD's internal control.

● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

● Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material

uncertainty exists related to events or conditions that may cast significant doubt on TD's ability to continue as a going concern. If we conclude that a material

uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such

disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However,

future events or conditions may cause TD to cease to continue as a going concern.

● Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated

financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

● Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within TD as

a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the work performed for

the purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings,

including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to

communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related

safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated

financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation

precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report

because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor's report is Helen Mitchell.

/s/ Ernst & Young LLP

Chartered Professional Accountants

Licensed Public Accountants

Toronto, Canada

December 3, 2025

December 4, 2025

Shareholders and Directors of The Toronto-Dominion Bank

We are aware that The Toronto-Dominion Bank will furnish EY's Independent Auditor's Report prepared in accordance with Canadian generally accepted auditing

standards and dated December 3, 2025 as Exhibit 99.6 to its Form 6-K filed on December 4, 2025.

.

#### /s/ Ernst & Young LLP
Chartered Professional Accountants

Licensed Public Accountants