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
tii2101 (January 14, 2021)
In this issue: Industrial REITs are hot Brookfield to the rescue Gordon Pape updates Morneau Shepell, B&G Foods, Enbridge Your Questions: Loss on GOVT Next regular issue: January 28 Download the PDF INDUSTRIAL REITS ARE HOT By Gordon Pape, Editor a …
tii2024 (December 17, 2020)
Overlooked high-yielders… Supporting structures… Top Pick: Stella-Jones… Gavin Graham’s updates: Pason Systems, Richards Packaging Income Fund… Gordon Pape’s updates: BMO Financial Group, Horizons Active Cdn Divided ETF, CI First Asset Canadian Buyback Index ETF, Canoe EIT Income Fund, BMO… Covered Call Dow Jones Industrial Average Hedged to CAD ETF… Your Questions: BEP split… Last chance to beat the price increase
tii2023 (December 3, 2020)
REITs in recovery… Gordon Pape updates Fortis, Emera, Innergex… Your Questions: Dividend payments; What about SRET?… Price increase
tii2022 (November 26, 2020)
Big payouts – but for how long?… New traditions… This month’s Top Pick: iShares Core Balanced ETF Portfolio… Gordon Pape’s updates: PrairieSky Royalty, Inter Pipeline, Energy Giants Covered Call ETF, Harvest Healthcare Leaders Income ETF, BMO U.S. Dividend ETF, iShares S&P/TSX Composite High Dividend Index ETF… Gavin Graham’s update: Boralex… Your Questions: RRIF with no money… Beat the price increase!
tii2021 (November 12, 2020)
Focus on quality… This month’s Top Pick: U.S. Preferred ETF… Updates: Brookfield Renewable Partners… Your Questions: Wants opinion on VRIF… Correction: BMO yield
tii2020 (October 29, 2020)
Second wave hits stocks… Balanced portfolio bounces back… Making sense of retail REITs… Gordon Pape’s updates: TC Energy, Algonquin Power & Utilities… Gavin Graham’s update: Sagen MI Canada… Your Questions: U.S. bonds
tii2019 (October 15, 2020)
Low rates are here to stay… Choose yield over price… Top Pick: NorthWest Healthcare Properties REIT… Gordon Pape’s updates: Enbridge, Fortis, Information Services
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.