Key metrics
10-company endowment — 6 years at cost
$14.1B
FTL threshold $100M — all 10 qualify every year.
Source: company financials / SEDAR+
Market value of positions — 2024
$16.7B
$2.6B unrealised gain. Not one share sold.
Source: year-end 2024 prices × modelled positions
Annual dividends — 10-company run-rate
$748M
Paid through COVID without interruption.
Source: DPS × modelled share positions
Full Bracket C — 6-year endowment
~$53–60B
~215–275 corps/yr. FTL > $100M. ~41% of all federal corporate tax.
Source: CRA T2 tables — estimated distribution
TSX market cap increase 2019–2024
$3,113B
Canada captured zero of this as equity.
Source: TMX / CEIC Dec 2024
Annual CSEEF rate — full universe
~$10B/yr
Permanent. Automatic. No further appropriation.
Source: modelled — Bracket C FTL distribution
10-company market cap increase
$272B
$750B → $1,022B. CSEEF captured $14.1B — ~5¢ on the dollar.
Source: confirmed financial statements
10-Company Cohort
Bracket C Universe
Government Revenue
Methodology
10-company surcharge model — 2019 to 2024
Federal tax liability (FTL) estimated at ~60% of combined fed+prov tax paid. Surcharge = 25% of estimated FTL. All figures CAD $M. Source: annual reports / SEDAR+
Corporation2019202020212022202320246-yr FTL6-yr SurchargeMkt Cap 2019Mkt Cap 2024Δ Cap
RBC1,7141,3682,0542,2592,2452,53112,1713,043149,130250,294+101,164
TD1,4101,1421,7381,8061,3281,7599,1832,296130,067135,407+5,340
BNS1,2299381,2811,3811,0709926,8911,72388,01588,690+675
BMO8677051,1211,3247481,0435,8081,45262,597126,573+63,976
CIBC7555238279417528874,6851,17149,88176,973+27,092
Enbridge3393204534194865902,60765296,648132,193+35,545
Suncor521-3077251,9671,5741,1715,6511,41363,29560,059-3,236
Manulife6554827828716328274,2491,06247,42958,118+10,689
CNQ192-1083531,7121,5031,3464,9981,25042,85847,427+4,569
Loblaw2892943644034695172,33658420,00146,628+26,627
Total cohort7,9715,3579,69813,08310,80711,663$56,239M$14,060M$750B$1,022B+$272B
FTL = Federal Tax Liability (est. 60% of combined fed+prov). Surcharge = 25% × FTL. Suncor 2020 negative tax = loss year; FTL treated as $0 for surcharge purposes.
Bracket C — CSEEF universe (FTL > $100M)
CRA does not publish by tax-dollar bracket. All estimates derived from large-corp counts and 15% federal rate structure. CSEEF threshold: $100M FTL. $20M threshold retired.
BracketCorps/yr% FedTaxCSEEF?
A — FTL < $10M~1.2M~31%No
B — FTL $10M–$100M~820–1,010~27%No
C — FTL > $100M ★~215–275~41–42%Yes
Metric201920222024e
Bracket C corps215270255
FTL collected ($B)26.740.440.5
Avg FTL/corp ($M)124150159
Surcharge 25% ($B)6.710.110.1
6-year cumulative estimate
Metric201920202021202220232024e6-yr Total
Bracket C FTL ($M)26,69027,06036,65040,40541,34240,540212,687
CSEEF Surcharge 25% ($M)6,6736,7659,16310,10110,33610,135~$53,173M
★ $100M FTL threshold is the permanent CSEEF policy parameter. A corporation paying $100M federal tax at 15% has taxable income of ~$667M.
Federal government revenue 2019–2024 ($B)
Source: Dept. of Finance Annual Financial Reports; Public Accounts of Canada. FY = Apr 1–Mar 31.
Revenue source201920202021202220232024
Personal Income Tax163.9154.9193.4198.7216.5234.3
Corporate Income Tax ★50.148.276.093.980.097.0
GST Revenue37.337.540.248.146.852.5
EI Premiums22.524.021.724.327.229.8
CPP Contributions52.054.160.565.571.176.8
Total Federal Revenue334.1332.5403.7437.6456.8511.0
★ CSEEF surcharge touches only corporate income tax — the slice above $100M FTL. All other revenue: completely untouched.
TSX market data 2019–2024
Metric201920202021202220232024
TSX Year-End Close (pts)17,06315,45321,24619,38420,95825,073
TSX Annual Return (%)+19.1-5.8+21.7-5.8+11.8+17.8
TSX Total Market Cap ($B)3,1582,8783,6793,2483,7916,271
Market cap increase 2019–2024+$3,113B
Data sources and methodology
10-Company Cohort Model
1
Corporate financials from annual reports filed on SEDAR+. Tax figures = combined federal + provincial income taxes paid as reported.
2
Federal/provincial split: ~60% federal, ~40% provincial — consistent with CRA Tables 10/11 ratio 2019–2023.
3
Surcharge: 25% × estimated FTL. Share issuance valued at volume-weighted 30-day average share price as of filing date.
4
Market value: Modelled positions × year-end 2024 closing prices. Positions modelled as held in full for simplicity — no FIFO sales applied.
5
Dividends: DPS × modelled share positions per year. Run-rate uses 2024 DPS × total accumulated position.
Bracket C Universe — FTL > $100M (CSEEF Threshold — Permanent)
1
CRA does not publish tax-dollar brackets natively. Bracket C estimated by subtracting Brackets A and B from total, anchored to known 10-company figures.
2
Rate reference: $100M FTL at 15% general rate = ~$667M taxable income. The $20M threshold is retired and does not appear in any CSEEF documentation.
TSX Wealth Creation Estimate
1
Confirmed: TSX total market cap $3,158B (2019) → $6,271B (2024) = +$3,113B. Source: TMX / CEIC Dec 2024.
2
Bracket C share: Estimated ~55–60% of TSX appreciation — large-cap weighted. Working estimate: ~$1.7–1.9 trillion in new wealth for the CSEEF universe.
3
CSEEF capture rate: ~$53–60B ÷ ~$1.8T = ~3 cents on every dollar of new corporate wealth, 2019–2024.
All data auditable from public sources. Nothing in this model is estimated that can be sourced directly.