TC Energy spun off its oil pipeline assets in October 2024 with TC shareholders receiving one share of the new South Bow Corp. for every five shares of TC Energy they owned. South Bow has a 4,900 km pipeline network in Canada and the US which moves crude oil from Western Canada to refineries on the US Gulf Coast, Illinois, and Oklahoma.

Visa was traditionally a method for consumers to make payments to businesses. But increasingly it’s also involved in person-to-person payments, business-to-business payments, business-to-consumer payments, and even some government-to-person payments. Visa itself does not issue credit cards – they are issued under license, mostly by banks. Visa processes most of the transactions and collects service and data processing fees, effectively amounting to “toll booth” charges on every Visa transaction.

Quebec-based Couche-Tard has grown by acquisition into a global giant with 14,600 convenience stores/gas stations. Although it’s a Canadian headquartered company, it now derives 63% of its revenues from the US, 25% from thirteen northern European countries plus Hong Kong, and just 12% from Canada. It employs 149,000 people across its network.

Tourmaline is a Canadian intermediate crude oil and natural gas exploration and production (E&P) company focused on long-term growth through an aggressive exploration, development, production, and acquisition program in the Western Canadian Sedimentary Basin.

Metro Inc. is a large grocery and pharmacy chain operating primarily in Quebec, where 71% of its 1,006 grocery stores are located. The remaining 29% are primarily in Ontario plus seven stores in New Brunswick. Similarly, 83% of its 638 pharmacies are in Quebec, 13% in Ontario, and 4% in New Brunswick.