Ten companies. Their own numbers.
Ten of Canada's largest companies, run through the formula on their own 2024 filings. Five banks, an insurer, a pipeline, two energy producers and a grocer, worth $1,058.0B together.
Two examples, then all ten.
The same formula for every company: a quarter of its federal tax liability, issued as new non-voting shares at 5% below the year-end price.
Of every $100 in dividends, how much would go to Canada?
Shares and cash don't compare. Dividends do. Here is the ten companies' 2024 dividend pool, and the slice the fund's shares would claim from it.
Ten companies, fiscal 2024, if issuance had begun in 2019. Fund dividends = fund shares × each company's 2024 dividend per share. A cohort figure for these ten only; it does not scale to the whole economy.
Six years in, nobody is near the ceiling.
Had the mechanism started in 2019, by the end of 2024 the fund's largest stake would be 2.76%, in Suncor Energy. Across all ten it would hold 1.76%.
The 3% line is the permanent position the fund aims to keep and live on. The 5% line is a hard stop: issuance ends there.
Financing, not operations.
Every annual report splits cash into the same sections. The share issue would sit beside dividends and buybacks, after the business has already paid for everything it runs on.
All ten, in detail.
“Cost on 100 shares” is the slice of that year's dividends an owner of 100 shares gives up to dilution, if the company's total dividend is unchanged. Underneath it is what those 100 shares were worth at the end of 2024.
The ledger
Select a column heading to sort.
Federal tax liability is a company-specific estimate of the federal share of each company's tax (workbook Tab 6). New shares = 25% of that liability ÷ (year-end price × 0.95). Dilution = new shares ÷ shares outstanding. Dividends to fund = cumulative fund shares × 2024 dividend per share. Sources and confidence levels on the Evidence page.