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

tii2205 (March 17, 2022)

Gain for High-Yield Portfolio… Gordon Pape updates BMO Group… Gavin Graham updates Fairfax Financial… Your Questions: Real return bond funds

TII2204 (February 24, 2022)

Small gain for RRIF portfolio… Russia-Ukraine means higher inflation… Gavin Graham’s updates: Canadian Western Bank, Leon’s Furniture, CT REIT, Granite REIT, Richards Packaging Income Fund… New Harvest ETF to yield 8.5%

tii2203 (February 10, 2022)

Public Enemy #1… Gordon Pape updates BCE, Brookfield Renewables… Gavin Graham updates Anglo Pacific, Capital Power

tii2202 (January 27, 2022)

Don’t like bonds? Here’s another approach… Did father know best?… Richard Croft’s updates: CIBC, Manulife, Power Corp… Top Pick: Medical Properties Trust… Gordon Pape’s updates: TransAlta Renewables, Canadian Utilities, Procter & Gamble, Emera

tii2201 (January 13, 2022)

Dos and don’ts for 2022… Gordon Pape updates Brookfield Renewables… Your Questions: Dealing with an inheritance, BMO ETFs

tii2124 (December 23, 2021)

Seven resolutions for 2022… Omicron and your money… REITs as an inflation hedge… Gordon Pape’s updates: Pembina Pipeline, Atlantica Sustainable Infrastructure, Principal Financial Group, B&G Foods… Gavin Graham’s updates: iShares MSCI UK ETF, iShares S&P Global Water Index ETF, Corby Spirit and Wines, Fiera Capital, Calian Group… Price increase: final reminder… Happy Holidays

tii2123 (December 9, 2021)

An early Christmas present… This month’s Top Pick: Western Union… Your Questions: Firm Capital, Brookfield LPs… A holiday special… Beat the price increase

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Recent Updates

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


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


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.


Hold