Designed to help Canadians find investment solutions to the two big problems they’re facing: low interest rates and volatile stock markets, the Income Investor was chosen by The Globe and Mail as one of the top five investment newsletters in Canada. If you need income from investments with minimal risk, the Income Investor covers all types of income securities including income trusts, preferred shares, high-yielding common stocks, bonds, mutual funds, exchange-traded funds, and GICs. Any security that generates cash flow is fair game for our experts.
Edited and published by Gordon Pape. Editor: Mike Keerma.
With Gavin Graham, Shawn Allen, Richard Croft, & David Kitai.
Recent Issues
tii2219 (October 13, 2022)
Utilities pay off… This month’s Top Pick: Duke Energy… Gordon Pape updates Canadian Utilities… Your Questions: What sectors to choose?
tii2218 (September 29, 2022)
High-Yield Portfolio setback… Retail REITs provide good opportunities… This month’s Top Pick: Primaris REIT… Gavin Graham’s REIT updates: Slate Grocery, Crombie, Automotive Properties, Granite… Gordon Pape’s ETF updates: Harvest Brands Leaders Plus, iShares 1-5 Year Laddered Corporate Bond
tii2217 (September 15, 2022)
Inflation protection… This month’s Top Pick: iShares 0-5 Years TIPS Bond Index ETF… Gordon Pape updates BMO Group, Innergex Renewable Energy, The North West Company… Your Questions: Interest rates and the BoC
tii2216 (August 25, 2022)
RRIF Portfolio posts gain… If it looks like a recession… Richard Croft updates Power Corporation, Manulife Financial… Gordon Pape updates Atlantica Sustainable Infrastructure PLC, Principal Financial Group, B&G Foods, Western Union, Procter & Gamble
tii2215 (August 11, 2022)
The 5% solution… Gordon Pape updates BMO Equal Weight Utilities Index ETF, The Coca-Cola Company… Gavin Graham updates Boralex… Your Questions: Russel Metals, Algonquin dividends… Pro’s Posts: Strip bond ETFs
tii2214 (July 28, 2022)
Bond angst… We’ll always need power (and much more)… Top Pick: AltaGas… Gordon Pape updates Brookfield Renewable Partners, Brookfield Infrastructure LP… Gavin Graham updates Diageo, Unilever, Fiera Capital, Boralex, Suncor… Members’ Corner: Interest rates
tii2213 (July 14, 2022)
High rates may not be “transitory”… This month’s Top Pick: Exchange Income Corp…. Gordon Pape updates NorthWest Healthcare Properties REIT, Dream Industrial REIT
Recent Updates
Sienna Senior Living Inc. (TSX: SIA, OTC: LWSCF)
Sienna Senior Living is one of Canada’s largest owners of seniors housing and the largest licensed long-term care provider in Ontario. The company owns a portfolio of 93 senior housing properties, operating an additional 12 for external owners. That real estate focused business and strong dividend yield makes it functionally equivalent to a REIT.
Buy
Dream Industrial REIT (TSX: DIR.UN, OTC: DREUF)
This REIT specializes in light industrial properties, mainly located in Canada but with a U.S. expansion strategy. It owns and operates a portfolio of 223 geographically diversified properties comprising approximately 20.2 million square feet of gross leasable area.
Buy
Choice Properties REIT (TSX: CHP.UN)
The Weston family-controlled Choice Properties REIT holds its Loblaw-anchored grocery store assets. On Dec. 31, 2025, Choice owned 699 properties, consisting of 68.5 million sq. ft., with 98.2% occupancy worth $18 billion. Loblaws comprised 59% of the total, leaving 28.3 million sq. ft. for third-party retailers. 83% of the total is necessity-based retailers, including groceries, quick service restaurants, pharmacies, liquor stores, and doctors offices.
Buy
Canadian Imperial Bank of Commerce (TSX, NYSE: CM)
Since our initial Buy recommendation in May 2019, CIBC has returned between 430% and 450% including reinvested dividends.
Hold
Mullen Group Ltd. (TSX: MTL)
Mullen Group is an Alberta-based transportation and logistics company, with a market cap of $2.64 billion. It’s mainly known as a trucking company, but Mullen also provides specialized services related to the energy, mining, forestry, and construction industries in Western Canada. These include water management, fluid hauling, and environmental reclamation.
We recommended the stock in May 2023 at $15.46. The major attractions were a steady share price and a monthly dividend of $0.06 per share ($0.72 a year), which at the time generated a yield of 4.7%. In August 2024, the monthly dividend was raised to $0.07 ($0.84 a year), for a yield of 2.8% at the recent price of $29.75.
The rise in the share price reduced the yield, but those who bought at the time of our original recommendation have a capital gain of 86% to compensate.