Preferred Shares are an investment alternative to common stock and bonds.
They are best described as laying somewhere in between the two. They are essentially Canadian exchange traded debt that can be issued and recalled by Canadian Corporations to fund their various corporate activities. In the event of bankruptcy or the issuance of a dividend, preferred shares get their money before owners of common shares. Ie. If a company goes bankrupt, preferreds stock holders get any liquidation money before common share holders, but AFTER the holders of bonds. Hence you have our description of preferred shares laying somewhere in between common stock and bonds.
Preferred shares have a set dividend rate and a set rate and date on which the shares can be bought back and for how much. Often preferred stocks are convertible to common stocks at a rate defined at the time of issuance.
Preferred Shares carry a few risks that are generally considered to be as follows: 1) risk of default. Ie. the company that issued the shares goes bankrupt; 2) Inflation risk: since the shares have a set coupon rate and a set buyback price, any inflation that occurs goes against the yield.
Canadian Advantages: Talk to your accountant about this, but in Canada stock dividends are taxed MUCH more favorably than capital gains such as bank account or GIC interest or capital gains on stocks. So, a preferred share with a 7% yield can be often considered a very attractive investment in Canada.
Preferred Shares Articles
- 5 High Yield Preferred Dividend Utilities
- List of Non-financial Canadian Preferred Shares
- Preferred shares vs Common shares
Types of Preferred Shares in Canada
Are the shares callable (redeemable preferred stock)? Convertible? There are several other factors which you should consider. Be sure to read our disclaimers
- convertible preferred shares
- rate reset preferred shares
- perpetual preferred shares
- redeemable preferred shares
List of Canadian Preferred Stocks.
Below is a list we have compiled of all preferred shares on the Toronto Stock Exchange. We will be writing articles that encompass many of them in the near future. Some companies have multiple series of Preferreds and these may have different terms attached to them. Be sure to do your own due diligence when selecting a preferred to invest in.
| Preferred Share Company Name | Stock Symbol | Yield (approx) at par | Buyback Price | Notes |
| as of: Oct 14, 2010 | ||||
| Allbanc Split Corporation | ABK-B | |||
| Groupe Aeroplan | AER-A | 6.5% | $25 | |
| AltaGas Ltd. | ALA-A | 5% | $25 | Resets 2015 at govt bond + 2.66% |
| Allbanc Split Corporation II | ALB-A | |||
| AIC Global Financial Split | ASC-A | |||
| Brookfield Asset Management | BAM-B | |||
| BAM-C | ||||
| BAM-E | ||||
| BAM-G | ||||
| BAM-H | ||||
| BAM-I | ||||
| BAM-J | ||||
| BAM-K | ||||
| BAM-L | ||||
| BAM-M | ||||
| BAM-N | ||||
| BAM-O | ||||
| BAM-P | ||||
| BAM-R | ||||
| Bombardier Incorporated | BBD-B | 80% of prime rate | 25.50 | perpetual, non-voting, cumulative |
| BBD-C | 6.25 % | $25 | ||
| BBD-D | complicated | |||
| Big Bank Big Oil Split Corporation | BBO-A | |||
| BCE Incorporated | BCE | |||
| BCE-A | 4.85 | 25 | AA class | |
| BCE-B | floating | 25.50 | AB class | |
| BCE-C | 4.6% | 25 | AC | |
| BCE-D | floating | 25.50 | AD | |
| BCE-E | floating | AE | ||
| BCE-F | 4.4% | 25 | AF | |
| BCE-G | 4.35% | 25 | AG | |
| BCE-H | floating | 25.50 | AH | |
| BCE-I | 4.65% | 25 | AI - BCE-J not issued yet | |
| BCE-R | 4.54% | 25 | ||
| BCE-S | 25.50 | floating rate as of nov 1, 2010 | ||
| BCE-Y | 25.50 | floating | ||
| BCE-Z | 4.331% | 25 | ||
| Brompton Equity Split | BE-A | |||
| Big 8 Split | BIG-B | invests in big banks and insurers | ||
| BIG-C | ||||
| Canadian Banc Recovery | BK-A | |||
| Bank of Montreal | BMO-H | |||
| BMO-J | ||||
| BMO-K | ||||
| BMO-L | ||||
| BMO-M | ||||
| BMO-N | ||||
| BMO-O | ||||
| BMO-P | ||||
| BMO-V $USD | ||||
| BAM Split Corporation | BNA-B | real estate | ||
| BNA-C | ||||
| BNA-D | ||||
| Bank of Nova Scotia | BNS | |||
| BNS-J | ||||
| BNS-K | ||||
| BNS-L | ||||
| BNS-M | ||||
| BNS-N | ||||
| BNS-O | ||||
| BNS-P | ||||
| BNS-Q | ||||
| BNS-R | ||||
| BNS-S | ||||
| BNS-X | ||||
| BNS-Y | ||||
| Brookfield Properties | BPO-F | |||
| BPO-H | ||||
| BPO-I | ||||
| BPO-J | ||||
| BPO-K | ||||
| BPO-L | 6% | |||
| BPO-N | ||||
| BPO-U $USD | ||||
| BPO Properties | BPP-G | |||
| BPP-J | ||||
| BPP-M | ||||
| Brookfield Renew Power Pref Eq | BRF-A | $1.21 | ||
| Brookfield Investments | BRN-A | |||
| BNS Split Corporation II | BSC-B | mutual fund | ||
| Brookfield Soundvest Split | BSD-A | |||
| First Asset CanBanc Split | CBU-A | |||
| Copernican World Banks Split | CBW-A | |||
| Co-operators General Insurance | CCS-C | |||
| CCS-D | ||||
| Cdn Financials and Utilities | CFS-A | |||
| Canadian General Investments | CGI-B | |||
| CGI-C | ||||
| Copernican Intl Financial | CIR-A | |||
| CU Incorporated | CIU-A | 4.6% at par | $25 | Subsidiary of Canadian Utilities (CU) |
| CIU-B | 6.7% at par | $25 | Subsidiary of Canadian Utilities (CU) | |
| Canada Life Financial | CL-B | |||
| CIBC | CM-A | |||
| CM-D | ||||
| CM-E | ||||
| CM-G | ||||
| CM-H | ||||
| CM-I | ||||
| CM-J | ||||
| CM-K | ||||
| CM-L | ||||
| CM-M | ||||
| CM-P | ||||
| CM-R | ||||
| Canadian Utilities | CU-A | 5.8% at par | $25 | |
| CU-B | 6% at par | $25 | ||
| Canadian Western Bank | CWB-A | |||
| CIX Split Corporation | CXC-A | financial income fund | ||
| CPI Preferred Equity | CZP-A | |||
| CZP-B | ||||
| Dundee Corporation | DC-A | |||
| DC-B | ||||
| Dividend 15 Split Corporation II | DF-A | 15 companies. mostly banks | ||
| DFN-A | ||||
| Dividend Growth Split Corporation | DGS-A | |||
| Dominion Citrus Ltd. | DMN-A | ------- | non fin | |
| DundeeWealth Incorporated | DW-A | |||
| E-L Financial Corporation | ELF-F | |||
| ELF-G | ||||
| Emera Incorporated | EMA-A | ------ | energy services | |
| Empire Company | EMP-B | ------ | food services | |
| Energy Split Corporation II | EN-A | ------ | ? same as below | |
| Enbridge Incorporated | ENB-A | 5.5% | 25 | |
| Energy Split Corporation | ES-B | ------ | oil and gas mutual fund comp | |
| Equitable Group | ETC-A | mortgages | ||
| 5Banc Split | FBS-B | |||
| Faircourt Split Trust | FCS-A | |||
| Fairfax Financial Holdings | FFH-C | |||
| FFH-E | ||||
| FFH-G | ||||
| Financial 15 Split Corporation II | FFN-A | |||
| Faircourt Income and Growth | FIG-A | diversified | ||
| Financial Preferred Securities | FPR-A | |||
| FirstService Corporation | FSV-U $USD | |||
| Financial 15 Split Corporation | FTN-A | |||
| Fortis Incorporated | FTS-C | $1.36 | 25 | |
| FTS-E | $1.23 | |||
| FTS-F | $1.225 | 25 | ||
| FTS-G | $1.31 | |||
| FTS-H | 4.25% | 25 | ||
| US Financial 15 Split Corporation | FTU-A | |||
| GlobalBanc Advantaged 8 Split | GBA-A | |||
| Global 45 Split Corporation | GFV-A | |||
| Great-West Life Assurance | GWL-O | |||
| Great-West Lifeco | GWO-F | |||
| GWO-G | ||||
| GWO-H | ||||
| GWO-I | ||||
| GWO-J | ||||
| GWO-L | ||||
| GWO-M | ||||
| HSBC Bank Canada | HSB-C | |||
| HSB-D | ||||
| HSB-E | ||||
| Industrial Alliance Ins and Fin | IAG-A | |||
| IAG-C | ||||
| IAG-E | ||||
| IAG-F | ||||
| IGM Financial | IGM-B | |||
| Innergex Renewable Energy | INE-A | 5% | 25 | |
| Loblaw Companies | L-A | 6.05% | 25 | |
| Laurentian Bank of Canada | LB-D | |||
| LB-E | ||||
| Life and Banc Split Corporation | LBS-A | |||
| Brompton Lifeco Split | LCS-A | |||
| Canadian Life Companies Split | LFE-A | |||
| Lifeco Split Corp | LSC-C | |||
| Manulife Financial | MFC-A | |||
| MFC-B | ||||
| MFC-C | ||||
| MFC-D | ||||
| MFC-E | ||||
| MCM Split Share | MUH-A | |||
| National Bank of Canada | NA-K | |||
| NA-L | ||||
| NA-M | ||||
| NA-N | ||||
| NA-O | ||||
| NA-P | ||||
| NewGrowth Corporation | NEW-C | mutual fund corp | ||
| Northland Power | NPP-A | |||
| Nova Scotia Power | NSI-D | |||
| Nortel Networks Ltd. | NTL-F | |||
| NTL-G | ||||
| Prime Dividend Corporation | PDV-A | |||
| Premium Income | PIC-A | |||
| Pacific Northern Gas | PNG-A | 6.75% | ||
| Power Corp of Canada | POW-A | 5.6% | 25 | FINANCIAL holding company |
| POW-B | 5.35% | 25 | ||
| POW-C | 5.80% | 25.25 | ||
| POW-D | 5.00% | 26 | ||
| POW-E | -- | |||
| POW-F | 70% of prime | 50.00 | ||
| Pacific and Western Credit | PWC-A | |||
| PWC-B | ||||
| Power Financial Corporation | PWF-A | |||
| PWF-D | ||||
| PWF-E | ||||
| PWF-F | ||||
| PWF-G | ||||
| PWF-H | ||||
| PWF-I | ||||
| PWF-K | ||||
| PWF-L | ||||
| PWF-M | ||||
| PWF-O | ||||
| PWF-P | ||||
| R Split III Corporation | RBS-A | |||
| C.A. Bancorp Canadian Realty | RF-A | |||
| Royal Bank of Canada | RY | |||
| RY-A | ||||
| RY-B | ||||
| RY-C | ||||
| RY-D | ||||
| RY-E | ||||
| RY-F | ||||
| RY-G | ||||
| RY-H | ||||
| RY-I | ||||
| RY-L | ||||
| RY-N | ||||
| RY-P | ||||
| RY-R | ||||
| RY-W | ||||
| RY-X | ||||
| RY-Y | ||||
| Brompton Split Banc | SBC-A | |||
| S Split Corporation | SBN-A | |||
| Sun Life Financial Incorporated | SLF-A | |||
| SLF-B | ||||
| SLF-C | ||||
| SLF-D | ||||
| SLF-E | ||||
| SLF-F | ||||
| SLF-G | ||||
| SL Split Corporation | SLS-A | |||
| SNP Split Corporation | SNP-V $USD | |||
| Split REIT Opportunity Trust | SOT-A | |||
| Sixty Split Corp | SXT-A | |||
| TransCanada Pipelines | TCA-X | 5.6% | 50 | |
| TCA-Y | ? 5.6 ? | 50 | ||
| Transcontinental Incorporated | TCL-D | 6.75% | 25? | Publishing company |
| TD Bank | TD-A | |||
| TD-C | ||||
| TD-E | ||||
| TD-G | ||||
| TD-I | ||||
| TD-K | ||||
| TD-M | ||||
| TD-N | ||||
| TD-O | ||||
| TD-P | ||||
| TD-Q | ||||
| TD-R | ||||
| TD-S | ||||
| TD Split Inc | TDS-B | |||
| TD Bank | TD-Y | |||
| Thomson Reuters | TRI-B | unsure | ? | Media company |
| TransCanada Corporation | TRP-A | pipelines | ||
| TRP-B | ||||
| TRP-C | ||||
| Top 10 Split Trust | TXT-A | |||
| United Corps. | UNC-A | investment company | ||
| UNC-B | ||||
| UNC-C | ||||
| Union Gas | UNG-C | 5.5% | 50 | |
| UNG-D | 6% | 50 | ||
| Utility Split Trust | UST-A | 6% | 10 | |
| Western Financial Group | WES-A | |||
| WES-B | ||||
| WES-C | ||||
| WES-D | ||||
| World Financial Split Corp | WFS-A | |||
| Westcoast Energy | W-H | 5.5% | ||
| W-J | 5.6% | |||
| George Weston Ltd. | WN-A | 5.8% | 25 | |
| WN-C | 5.2% | 25 | ||
| WN-D | 5.2% | 25 | ||
| WN-E | / | |||
| M Split Corporation | XMF-B | |||
| XMF-C | ||||
| Commerce Split Corporation | YCM-A | |||
| YCM-B | ||||
| YCMWTA | ||||
| YCM-X | ||||
| Split Yield Corp | YLD-A | |||
| YLD-B | ||||
| Yellow Media Incorporated | YPG-A | 4.3% | 25? | |
| YPG-B | $1.24 | |||
| YPG-C | ||||
| YPG-D | ||||
| Zarlink Semiconductor | ZL-A | 25? |
Name, Ticker, Call/Buyback price, Sector, Chart/current price. (redemption price).