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
tii1219 (October 3, 2012)
Natural gas rebounds…Morneau Shepell Inc….Firm Capital…Keyera Corp…World Money Show
tii1218 (September 26, 2012)
Balanced portfolio updated… Interest rates could suddenly jump… September’s Top Picks: Unilever, Laurentian Bank preferreds… Updates: Pure Industrial REIT, Crombie REIT, Crombie convertibles… Clarification
tii1217 (September 5, 2012)
Economic stocks a mixed bag…Updates: Ag Growth International, Canadian Oil Sands, Leon’s Furniture, The Keg, Cineplex, Boardwalk REIT, Allied Properties REIT, Primaris REIT, Canadian REIT, CN Rail
tii1216 (August 22, 2012)
U.S. mortgage REITs…Yellow Media’s unfair reorganization…Dividend stocks deliver…This month’s Top Picks: Corus notes, iShares mREIT ETF…Gordon Pape’s updates: H&R REIT, Northern Property REIT
tii1215 (August 8, 2012)
Bond fund picks…K-Bro Linen…Yellow Media convertible debentures
tii1214 (July 25, 2012)
Your income portfolio …Time to regulate the credit agencies…Don’t expect rate increases soon…July’s Top Picks: Canadian Utilities Series BB Preferreds, BCE…July updates: Canaccord preferreds, Calloway REIT, Canadian Utilities…Housekeeping
tii1213 (July 4, 2012)
Income investors do well…Brookfield Infrastructure LP…Reitmans (Canada) Ltd….First Capital Realty…Website deletions
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.