TSX Dual Listed Stocks: The Complete List

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Dividend Earner

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3 min read • Affiliate Disclosure

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 59.57 60.75 98.45 21.96 21.96 3.46 1.2400 25.7900 4 0.56 9.6900 7 4 Tollbooth - Unregulated NO YES YES NO Canada 1
TSE:TRI TRI Thompson Reuters Industrials Consulting Services 34.55 158.68 76.31 60.98 60.98 2.94 1.5100 81.8000 4 1.78 4.2200 3 3 Intermediate NO YES YES NO Canada 1
TSE:NTR NTR Nutrien Basic Materials Agricultural Inputs 52.56 107.00 56.00 5.67 5.67 17.56 2.4200 13.3300 4 1.92 2.4200 3 5 Intermediate NO NO NO NO Canada 1
TSE:WCN WCN Waste Connections Industrials Waste Management 52.70 195.80 50.36 46.73 46.73 4.90 0.7000 42.6500 4 1.02 13.8400 7 3 Tollbooth - Unregulated YES YES NO NO Canada 1
TSE:ABX ABX Barrick Gold Basic Materials Gold 43.68 22.86 40.28 15.98 15.98 1.26 2.3600 54.9900 4 0.40 2.3600 3 4 Intermediate NO NO YES NO Canada 1
TSE:FNV FNV Franco-Nevada Corp Basic Materials Gold 50.90 195.88 37.54 36.96 36.96 4.71 0.8800 31.9400 4 1.28 6.8000 7 3 Intermediate YES YES YES NO Canada 1
TSE:AEM AEM Agnico Eagle Mines Basic Materials Gold 55.38 69.71 31.78 35.16 35.16 3.04 3.1000 110.7400 4 1.60 11.2400 7 4 Intermediate NO NO YES NO Canada 1
TSE:BIP.UN BIP.UN Brookfield Infrastructure Partners Utilities Utilities - Diversified 44.80 47.59 31.02 0.00 0.00 0.37 4.0800 411.3900 4 1.44 6.7300 4 4 Tollbooth - Regulated NO NO NO NO Canada 1
TSE:QSR QSR Restaurant Brands International Consumer Cyclical Restaurants 34.40 89.38 27.44 0.00 0.00 4.14 3.2600 69.1000 4 2.16 8.8700 5 4 Consumable - Discretionary NO NO YES NO Canada 1
TSE:WPM WPM Wheaton Precious Metals Corp Basic Materials Gold 48.30 53.36 24.12 22.58 22.58 1.53 1.5200 34.0600 4 0.60 13.7300 5 3 Intermediate NO NO YES NO Canada 1
TSE:MG MG Magna International Consumer Cyclical Auto Parts 41.15 82.55 23.59 19.05 19.05 5.81 2.9400 53.5900 4 1.80 12.1700 3 4 Durable NO NO YES NO Canada 1
TSE:OVV OVV Ovintiv Energy Oil & Gas E&P 44.73 74.75 18.55 3.95 3.95 9.45 1.8100 5.8100 4 1.00 1.8100 3 4 Intermediate NO NO NO NO Canada 1
TSE:BEP.UN BEP.UN Brookfield Renewable Partners Utilities Utilities - Renewable 39.65 38.99 10.73 0.00 0.00 -0.74 5.9900 0.0000 4 1.73 5.9900 3 5 Tollbooth - Unregulated NO NO NO NO Canada 1
TSE:OTEX OTEX Open Text Corporation Technology Software - Application 54.54 39.43 10.66 54.01 54.01 4.11 3.3300 163.5600 4 0.97 17.1000 6 5 Subscription NO NO YES NO Canada 1
TSE:RBA RBA Ritchie Bros Auctioneers Industrials Specialty Business Services 67.55 73.35 8.14 20.01 20.01 3.55 1.9900 37.0300 4 1.08 9.3200 7 4 Intermediate NO YES YES NO Canada 1
TSE:GIL GIL Gildan Activewear Consumer Cyclical Apparel Manufacturing 39.82 39.78 7.14 8.83 8.83 4.20 2.2900 29.4200 4 0.68 3.3200 1 4 Consumable - Discretionary NO NO NO NO Canada 1
TSE:AQN AQN Algonquin Power & Utilities Corp Utilities Utilities - Renewable 47.08 10.17 6.85 153.56 153.56 0.89 9.6000 1638.3500 4 0.72 18.5800 8 0 Tollbooth - Unregulated NO YES YES NO Canada 1
TSE:PAAS PAAS Pan American Silver Corp Basic Materials Silver 50.17 23.47 4.94 0.00 0.00 0.38 2.3000 0.0000 4 0.40 15.3200 6 5 Intermediate NO NO YES NO Canada 1
TSE:MX MX Methanex Corp Basic Materials Chemicals 42.82 51.66 3.61 5.52 5.52 8.27 1.8300 8.0300 4 0.70 1.8300 2 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:MAXR MAXR Maxar Technologies Technology Communication Equipment 16.49 34.63 2.58 0.00 0.00 0.47 0.1600 10.0000 4 0.04 0.1600 1 2 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 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.