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

tii1616 (August 25, 2016)

REITs are losing steam RRIF Portfolio rebounds Where to find income This month’s top pick: Pattern Energy Gavin Graham’s updates: Bank of Nova Scotia, Potash Corp.

tii1615 (August 11, 2016)

A rough year for preferreds… Preferred share updates: Canadian Utilities Cumulative Redeemable Second Preferred Shares BB, Enbridge Series A Preferred Shares, Enbridge Series R Preferred Shares, Fortis Inc. Cumulative Redeemable 4.75% First Preference Series J Shares, Fortis Inc. Preferred Shares Series F… More updates: Norbord Inc., Brookfield Infrastructure LP

tii1614 (July 28, 2016)

Best of times, worst of times… Bond yields plunge after Brexit… This month’s top pick: Algonquin Power & Utilities… Gavin Graham’s updates: iShares S&P Global Water Index ETF, Intact Financial, Sun Life Financial… Gordon Pape’s updates: Emera Inc., Bank of Nova Scotia 5.6% Series 17 Preferreds, BCE Inc. Cumulative Redeemable First Preferred Shares, Series 5, BCE First Preferred Shares Series AC, Bombardier Series 4 Preferred Shares

tii1613 (July 14, 2016)

Rates continue to slide… Top Pick: Innergex Renewable Energy… Gordon Pape’s updates: B&G Foods, RioCan REIT

tii1620 (June 23, 2016)

A good year so far… This month’s Top Pick: Medical Facilities Corp…. Gordon Pape’s updates: Alaris Royalties, Evertz Technologies, Exchange Income, Intertape Polymer, Morneau Shepell… Gavin Graham’s updates: Capital Power, Leon?s Furniture, Boston Pizza, Pizza Pizza, The Keg

tii1611 (June 8, 2016)

Take another look at funds… June updates: Cogeco Inc., Dorel Industries, BMO Financial Group

tii1610 (May 26, 2016)

Income portfolio rebounds… Green stocks for cash flow… Mid-cap stocks look attractive… This month’s Top Pick: Chorus Aviation… May Updates: Cineplex, Genworth MIC, Uni-Source, Talisman Energy, Enbridge Income Fund Holdings

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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.


Hold