TSX Dual Listed Stocks: The Complete List

As a Canadian, in order to build up US funds, I have held dual listed stocks on the US stock exchange to earn dividends in US dollars. When the currency exchange is not on par, that’s one way to generate cash in US dollars. Most so when the dividend paid is already declared in US dollars.

The process of transferring a share across stock exchange is called ‘journaling’. It is a term used with the discount brokers for moving dual listed stocks between exchanges.

The end result is that you can hold Canadian blue chip companies in US currencies generating US dividends. I had many readers asking me the question on how to do this as it is a way to get around currency fees to some extent.

Before you look into the process, make sure your discount broker supports it and that you have a proper US cash account. Many discount brokers already support it such as RBC Direct Investing or TD Direct Investing.

Related: Norbert Gambit with DLR and DLR.U

What Are Dual Listed Stocks

First, you need a company that trades on both exchanges. Most of the Canadian Blue Chip stocks are present on both the TSX and the NYSE. When you think about it, a share of Royal Bank on the TSX is the same as a share on the NYSE from the perspective of owning a piece of the company.

Keep in mind that income taxes have different rules based on country of residence and the provenance of the dividends (not the currency of the dividends).

Related: Dividends Taxes

Benefits of Dual Listed Stocks

One main benefit is that you can choose to earn the dividends in either currency. As it stands, my RRSP account for my dividend portfolio is mostly in US currency. The main reason is that there is no dividend withholding tax for foreign dividends (excluding MLPs) in an RRSP.

A note on investing in US Companies:

  • The US is a large market with many large conglomerates providing international exposure.
  • Exposure to new sectors with little representation in Canada.

A secondary benefit is that you incur no currency exchange fees in the process for companies that pay in USD such as Brookfield Asset Management or Thompson Reuters. Below is a comprehensive list of stocks you can use. To execute a straight currency exchange, I simply use DLR and DLR.U as it has very little fee.

TickerKey Ticker Company Sector Industry Score Quote Market Cap P/E FPE EPS Yield Raw PayoutRatio Payments Dividend Chowder GrowthRating IncomeRating Tollbooth Ambassador Achiever Aristocrat King Country Graph
TSE:BAM.A BAM.A Brookfield Asset Management Financial Services Asset Management 47.70 71.24 111.91 32.80 32.80 2.20 0.9200 21.1000 4 0.52 8.5000 7 6 Tollbooth - Unregulated NO NO YES NO Canada 1
TSE:TRI TRI Thompson Reuters Industrials Consulting Services 44.67 145.44 71.14 8.36 8.36 2.51 1.4000 11.2000 4 1.62 3.9600 3 7 Intermediate NO YES YES NO Canada 1
TSE:NTR NTR Nutrien Ltd Basic Materials Agricultural Inputs 41.54 78.26 45.44 37.15 37.15 3.47 2.9600 108.0000 4 1.84 2.9600 4 4 Intermediate NO NO NO NO Canada 1
TSE:ABX ABX Barrick Gold Basic Materials Gold 49.37 25.37 45.14 14.33 14.33 1.70 1.7900 24.6000 4 0.36 1.7900 2 5 Intermediate NO NO NO NO Canada 1
TSE:WCN WCN Waste Connections Inc Industrials Waste Management 59.95 159.83 41.36 53.63 53.63 3.70 0.6500 25.1000 4 0.82 15.6200 8 6 Tollbooth - Unregulated YES YES NO NO Canada 1
TSE:QSR QSR Restaurant Brands International Inc. Consumer Cyclical Restaurants 51.46 81.97 37.84 0.00 0.00 3.21 3.2600 95.5000 4 2.12 41.9300 7 4 Consumable - Discretionary NO NO YES NO Canada 1
TSE:FNV FNV Franco-Nevada Corp Basic Materials Gold 45.95 193.04 37.01 43.58 43.58 4.35 0.7800 30.5000 4 1.20 5.0000 6 5 Intermediate YES YES YES NO Canada 1
TSE:MG MG Magna International Inc Consumer Cyclical Auto Parts 48.96 107.45 32.34 11.88 11.88 10.13 2.0200 23.0000 4 1.72 14.7200 3 3 Durable NO NO YES NO Canada 1
TSE:BIP.UN BIP.UN Brookfield Infrastructure Partners Utilities Utilities - Diversified 34.34 71.59 29.55 0.00 0.00 1.68 3.5900 126.1000 4 2.04 7.2800 4 2 Tollbooth - Regulated NO NO NO NO Canada 1
TSE:WPM WPM Wheaton Precious Metals Corp Basic Materials Gold 50.26 55.69 25.05 31.60 31.60 1.75 1.3600 34.7000 4 0.60 9.7300 5 3 Intermediate NO NO YES NO Canada 1
TSE:OTEX OTEX Open Text Corporation Technology Software - Application 43.54 67.18 18.21 47.26 47.26 4.29 1.6600 67.8000 4 0.88 15.3000 5 3 Subscription NO NO YES NO Canada 1
TSE:AEM AEM Agnico Eagle Mines Basic Materials Gold 67.22 74.17 18.05 19.21 19.21 3.58 2.3800 40.2000 4 1.40 20.4800 7 5 Intermediate NO NO YES NO Canada 1
TSE:BEP.UN BEP.UN Brookfield Renewable Partners L.P. Utilities Utilities - Renewable 37.07 48.05 13.22 0.00 0.00 -1.00 3.1900 0.0000 4 1.22 9.5700 4 2 Tollbooth - Unregulated NO NO NO NO Canada 1
TSE:AQN AQN Algonquin Power & Utilitties Corp Utilities Utilities - Renewable 75.77 19.62 11.96 10.58 10.58 0.89 4.3800 0.0000 4 0.68 13.4000 8 8 Tollbooth - Unregulated NO YES YES NO Canada 1
TSE:GIL GIL Gildan Activewear Inc. Consumer Cyclical Apparel Manufacturing 29.48 48.90 9.53 21.06 21.06 2.41 1.5900 0.0000 4 0.62 1.5900 0 4 Consumable - Discretionary NO NO NO NO Canada 1
TSE:RBA RBA Ritchie Bros Auctioneers Inc Industrials Specialty Business Services 62.81 79.20 8.50 38.36 38.36 2.21 1.5900 52.5000 4 1.00 8.5500 7 7 Intermediate NO YES YES NO Canada 1
TSE:OVV OVV Ovintiv Energy Oil & Gas E&P 35.66 29.56 7.93 0.00 0.00 3.60 2.3900 0.0000 4 0.56 2.3900 2 4 Intermediate NO NO NO NO Canada 1
TSE:PAAS PAAS Pan American Silver Corp Basic Materials Silver 47.67 32.54 6.98 18.37 18.37 1.66 1.5500 18.4000 4 0.40 1.5500 3 4 Intermediate NO NO NO NO Canada 1
TSE:UFS UFS Domtar Corp Basic Materials Paper & Paper Products 17.06 68.55 3.45 0.00 0.00 1.35 0.0000 0.0000 4 0.00 0.0000 0 3 Intermediate NO NO NO NO Canada 1
TSE:MX MX Methanex Corp Basic Materials Chemicals 26.76 40.53 3.18 0.00 0.00 1.69 1.5500 11.8000 4 0.50 1.5500 0 4 Intermediate NO NO NO NO Canada 1
TSE:MAXR MAXR Maxar Technologies Technology Communication Equipment 22.28 37.00 2.75 0.00 0.00 0.71 0.1400 0.0000 4 0.04 0.1400 1 3 Intermediate NO NO NO NO Canada 1

The process to buy on the TSX and have your share transferred over to the NYSE (and vice-versa) is called ‘journalling’ your shares to the other exchange.

Once your transaction has settled, which takes 2 days, you can ask your discount broker to do the journalling of your Canadian dual listed stock.

With RBC Direct Investing it is free and they adjust the book value as well for accounting. There may be a fee with other discount brokers and you should inquire.

Discount Broker Requirements

As a note of caution, to effectively manage US stocks in your portfolio, you need dual currency accounts.

Make sure your discount broker provides those (and with no fees if possible). Otherwise, you lose a lot of the benefits that come with holding the US investments.

Related: Discount Broker Review

Canadian Dual Listed Stocks

Below is a list of all the stocks on the Dividend Snapshot Canadian Screener that also trade on the NYSE sorted by market capitalization. A large part of my portfolio is invested in US companies and is therefore in US dollars for the simple reason that the US is a much bigger economy than Canada.

The previous table above represents the subset of dual listed stocks paying in USD whereas the following table represent the stocks that trade on both exchanges.

DISCLOSURE: Please note that I may have a position in one or many of the holdings listed. For a complete list of my holdings, please see my Dividend Portfolio.

DISCLAIMER: Please note that this blog post represents my opinion and not an advice/recommendation. I am not a financial adviser, I am not qualified to give financial advice. Before you buy any stocks/funds consult with a qualified financial planner. Make your investment decisions at your own risk – see my full disclaimer for more details.