Evidence
Check every number.
Each figure on this site, where it comes from, and how sure we are of it. The rest of the site is the argument. This page is the ledger.
The mechanism
Fixed parameters.
25%of federal tax liability, issued as shares
5%discount to year-end price
$100Mfederal tax liability to qualify
3%permanent floor, held for dividends
5%hard cap per company
Sources
Where each figure comes from.
TIER A primary-sourced: company filings, verified cell by cell. TIER B estimated with a stated method, not yet sourced company by company.
| Figure | Value | Source and method | Tier |
|---|---|---|---|
| Corporate income tax paid, ten companies | $110.8B | Annual reports and SEC 40-F / 10-K filings, 2019–2024, all levels of government. Workbook Tab 1. | A |
| Dividends paid to shareholders, ten companies | $235.8B | Dividend per share × shares outstanding, each company, each year. Tab 8. | A |
| Combined market value, 2024 | $1,058.0B | Shares outstanding × year-end price, adjusted for the CNQ, CIBC and Loblaw stock splits. Tab 1. | A |
| New shares issued, ten companies, 2024 | $2.58B | 25% of each company's federal tax liability. Federal share set company by company. Tab 6. | A |
| Dilution range, 2024 | 0.18%–0.54% | New shares ÷ shares outstanding. Lowest RBC and Enbridge; highest Suncor. | A |
| Dividends to the fund, 2019 → 2024 | $74.9M → $809.2M | Cumulative fund shares × dividend per share, if issuance began in 2019. No tax, no shares in loss years. | A |
| Dividends to the fund, six-year total | $2.43B | Sum of the above. Specific to these ten companies; not a national figure. | A |
| Fund stake, ten companies, 2024 | 1.76% | Fund holdings ÷ combined market value of the ten. Highest single company: Suncor Energy, 2.76%. | A |
| RBC dividends paid, 2024 | $7.9B | $5.60 per share × 1,414.5M shares. RBC 2024 Annual Report. | A |
| RBC share-based compensation, 2024 | $959M | RBC 2024 Annual Report, MD&A. | A |
| Shares built, 46-company universe | $29.7B | Cost basis, 2019–2024. Ten companies bottom-up; the other 36 estimated from single-year federal tax figures. Tab 7. | B |
| New shares per year at scale | $5.0B | Annual value across the universe, at cost. Tab 7. | B |
| Canada Strong Fund seed capital | $25B | Prime Minister's Office announcement, 27 April 2026. | A |
Master workbook: Canada_Sovereign_Equity_Surcharge_CORRECTED.xlsx, version b76032f5 · 2026-10-11. A copy is available on request at contact.cseef@gmail.com. Every figure on this site is read from a single data file, so the pages cannot disagree with each other.