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

tii2004 (February 27, 2020)

Northview REIT takeover… New bond ETF worth a look… Top Pick: Packing a punch… Gavin Graham’s updates: Unilever, Diageo, Corby Spirits and Wines, Uni-Select… Gordon Pape’s updates: Suncor, Enbridge, Brookfield Asset Management, Inter Pipeline… Members’ Corner: Enbridge reaction

tii2003 (February 14, 2020)

Big gain for RRIF portfolio… Gordon Pape updates BCE, Brookfield Property Partners, Canoe EIT Income Fund… Your Questions: RRSPs after 71

tii2002 (January 30, 2020)

RRSPs – Invest like the pros… Fixed-income substitutes… This month’s Top Pick: BCE First Preferred Shares Series AC… Gordon Pape’s updates: Brookfield Renewable Partners, True North Commercial REIT, Crombie REIT… Your Questions: A safer investment; Why not use TFSAs?… Members’ Corner: Enbridge

tii2001 (January 17, 2020)

The year ahead… Avoid money market funds… Gordon Pape updates Information Services, Innergex… Your Questions: REITs and utilities; RRSP to TFSA… Members’ Corner: Portfolios; High-interest accounts… Correction

tii1924 (December 19, 2019)

Cineplex sold at big profit… An overlooked REIT gem… This month’s Top Pick: Morguard REIT… Gordon Pape’s stock updates: Enbridge, Firm Capital MIC, Brookfield Asset Management… Gordon Pape’s fund updates: PH&N High Yield Bond Fund, PH&N Total Return Bond Fund, PH&N Short Term Bond and Mortgage Fund, Fidelity Global Bond Fund, iShares Core International Aggregate Bond ETF, Harvest Brand Leaders Plus Income ETF, First Asset Tech Giants Covered Call ETF… Tax Warning: Year-end fund purchases… Price Reminder

tii1923 (December 5, 2019)

Top performers of 2019… Gordon Pape’s ETF updates… Your Questions: Brookfield Renewable, Cash wedging… Price reminder

tii1922 (November 28, 2019)

Takeover boosts Income Portfolio… The sound of music and the madness of crowds… Richard Croft’s updates: BMO U.S. Put Write ETF… Top Pick: Horizons Active Cdn Dividend ETF… Gordon Pape’s updates: H&R REIT, North West Company, Brookfield Renewable Partners… Gavin Graham’s updates: Ag Growth Convertible Debenture… Your Questions: Losing stocks… Correction… Price Notice

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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