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 .
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.
TSE:RY
RY
Royal Bank
Financial Services
Banks - Diversified
68.10
126.81
175.75
12.07
12.07
11.43
4.1600
48.1900
4
5.28
8.8100
5
7
Tollbooth - Unregulated
NO
YES
YES
NO
Canada
1
7
21
A
Large Cap
TSE:TD
TD
TD Bank
Financial Services
Banks - Diversified
74.22
77.62
141.40
9.39
9.39
8.52
4.9500
43.8300
4
3.84
11.5300
6
8
Tollbooth - Unregulated
NO
YES
YES
NO
Canada
1
7
21
A
Large Cap
TSE:CNR
CNR
Canadian National Railway
Industrials
Railroads
63.18
156.11
105.32
20.99
20.99
7.48
2.0200
39.1600
4
3.16
12.4200
6
4
Tollbooth - Unregulated
YES
YES
YES
NO
Canada
1
9
78
B
Large Cap
TSE:ENB
ENB
Enbridge
Energy
Oil & Gas Midstream
64.93
50.43
102.12
39.52
39.52
2.81
7.0400
271.2600
4
3.55
14.6000
7
8
Tollbooth - Unregulated
YES
YES
YES
NO
Canada
1
5
71
B
Large Cap
TSE:BAM.A
BAM.A
Brookfield Asset Management
Financial Services
Asset Management
55.52
62.06
101.83
22.95
22.95
2.65
1.2000
19.4600
4
0.56
9.6400
7
4
Tollbooth - Unregulated
NO
YES
YES
NO
Canada
1
7
17
B
Large Cap
TSE:CP
CP
Canadian Pacific Railway
Industrials
Railroads
49.92
103.19
96.06
27.37
27.37
3.73
0.7400
20.1000
4
0.76
13.2400
5
2
Tollbooth - Unregulated
NO
NO
YES
NO
Canada
1
9
78
C
Large Cap
TSE:TRI
TRI
Thompson Reuters
Industrials
Consulting Services
31.03
174.60
83.74
44.44
44.44
3.38
1.5400
62.0300
4
1.96
4.2500
3
3
Intermediate
NO
YES
YES
NO
Canada
1
9
30
D
Large Cap
TSE:BMO
BMO
Bank of Montreal
Financial Services
Banks - Diversified
73.60
116.01
82.33
7.30
7.30
12.58
4.9300
35.6000
4
5.72
8.8300
5
8
Tollbooth - Unregulated
NO
YES
YES
NO
Canada
1
7
21
A
Large Cap
TSE:BNS
BNS
Scotia Bank
Financial Services
Banks - Diversified
75.87
65.85
78.48
9.16
9.16
8.19
6.2600
56.2200
4
4.12
9.4100
5
9
Tollbooth - Unregulated
NO
YES
YES
NO
Canada
1
7
21
A
Large Cap
TSE:CNQ
CNQ
Canadian Natural Resources
Energy
Oil & Gas E&P
88.71
70.60
78.18
7.42
7.42
11.17
5.1000
47.3200
4
3.60
19.3200
8
7
Intermediate
YES
YES
YES
NO
Canada
1
5
69
A+
Large Cap
TSE:BCE
BCE
BCE
Communication Services
Telecommunication Services
62.42
60.79
55.45
20.40
20.40
3.35
6.3700
122.0500
4
3.87
11.4100
5
7
Tollbooth - Regulated
NO
YES
YES
NO
Canada
1
2
99
B
Large Cap
TSE:TRP
TRP
TC Energy
Energy
Oil & Gas Midstream
58.30
52.00
52.94
80.80
80.80
4.30
7.1500
560.8400
4
3.72
14.7100
6
8
Tollbooth - Unregulated
NO
YES
YES
NO
Canada
1
5
71
B
Large Cap
TSE:SU
SU
Suncor
Energy
Oil & Gas Integrated
55.40
39.79
52.92
6.09
6.09
8.32
5.2300
28.6000
4
2.08
5.2300
2
8
Consumable - Necessities
NO
NO
NO
NO
Canada
1
5
70
B
Large Cap
TSE:CM
CM
CIBC
Financial Services
Banks - Diversified
72.65
56.66
51.33
11.20
11.20
6.95
6.0000
65.1100
4
3.40
9.1600
5
9
Tollbooth - Unregulated
NO
YES
YES
NO
Canada
1
7
21
A
Large Cap
TSE:NTR
NTR
Nutrien
Basic Materials
Agricultural Inputs
60.13
98.56
49.21
5.06
5.06
17.15
2.9500
13.3000
4
2.12
2.9500
3
5
Intermediate
NO
NO
NO
NO
Canada
1
1
114
B
Large Cap
TSE:WCN
WCN
Waste Connections
Industrials
Waste Management
58.66
183.43
47.18
41.26
41.26
5.04
0.7600
29.0800
4
1.02
13.9000
7
2
Tollbooth - Unregulated
YES
YES
NO
NO
Canada
1
9
110
B
Large Cap
TSE:MFC
MFC
Manulife
Financial Services
Insurance - Life
82.05
24.34
45.21
6.62
6.62
3.10
6.0000
35.7300
4
1.46
14.4500
6
9
Tollbooth - Unregulated
NO
NO
YES
NO
Canada
1
7
55
A+
Large Cap
TSE:ABX
ABX
Barrick Gold
Basic Materials
Gold
32.09
25.44
44.84
75.98
75.98
0.99
2.1600
264.5800
4
0.40
2.1600
3
2
Intermediate
NO
NO
YES
NO
Canada
1
1
46
D
Large Cap
TSE:CVE
CVE
Cenovus Energy
Energy
Oil & Gas Integrated
50.46
21.32
40.70
6.67
6.67
2.98
1.9700
14.0500
4
0.42
1.9700
3
4
Intermediate
NO
NO
NO
NO
Canada
1
5
70
B
Large Cap
TSE:T
T
Telus
Communication Services
Telecommunication Services
68.09
27.30
38.95
23.72
23.72
1.19
5.1400
117.5900
4
1.40
11.7200
8
6
Tollbooth - Regulated
NO
YES
YES
NO
Canada
1
2
99
A
Large Cap
TSE:FNV
FNV
Franco-Nevada Corp
Basic Materials
Gold
51.66
198.33
38.01
39.57
39.57
4.79
0.9400
35.0800
4
1.36
6.8600
7
3
Intermediate
YES
YES
YES
NO
Canada
1
1
46
B
Large Cap
TSE:IMO
IMO
Imperial Oil
Energy
Oil & Gas Integrated
71.07
63.50
37.09
5.55
5.55
11.48
2.7700
12.7000
4
1.76
11.6500
6
5
Consumable - Necessities
NO
YES
YES
NO
Canada
1
5
70
A
Large Cap
TSE:SLF
SLF
Sun Life Financial
Financial Services
Insurance - Diversified
71.34
61.43
36.02
12.15
12.15
6.27
4.6900
54.3800
4
2.88
9.0200
6
7
Tollbooth - Unregulated
NO
NO
YES
NO
Canada
1
7
54
A
Large Cap
TSE:AEM
AEM
Agnico Eagle Mines
Basic Materials
Gold
55.66
70.96
32.35
33.79
33.79
3.00
2.2500
81.1400
4
1.60
10.4000
7
3
Intermediate
NO
NO
YES
NO
Canada
1
1
46
B
Large Cap
TSE:RCI.B
RCI.B
Rogers
Communication Services
Telecommunication Services
35.96
62.76
31.78
18.90
18.90
3.69
3.1900
60.1200
4
2.00
4.0100
1
5
Tollbooth - Regulated
NO
NO
NO
NO
Canada
1
2
99
D
Large Cap
TSE:WPM
WPM
Wheaton Precious Metals Corp
Basic Materials
Gold
43.10
64.62
29.23
31.82
31.82
1.47
1.2800
40.4900
4
0.60
13.4900
5
3
Intermediate
NO
NO
YES
NO
Canada
1
1
46
C
Large Cap
TSE:FTS
FTS
Fortis
Utilities
Utilities - Regulated Electric
65.43
56.16
26.97
20.23
20.23
2.78
4.0200
79.3200
4
2.26
9.9500
6
6
Tollbooth - Regulated
NO
YES
YES
NO
Canada
1
12
106
A
Large Cap
TSE:QSR
QSR
Restaurant Brands International
Consumer Cyclical
Restaurants
41.91
85.61
26.37
0.00
0.00
4.16
3.5300
65.8700
4
2.20
9.1400
5
4
Consumable - Discretionary
NO
NO
YES
NO
Canada
1
3
87
C
Large Cap
TSE:TECK.B
TECK.B
Teck Resources
Basic Materials
Other Industrial Metals & Mining
38.69
48.21
25.03
6.32
6.32
9.05
1.0400
13.0100
4
0.50
1.0400
1
3
Intermediate
NO
NO
NO
NO
Canada
1
1
73
D
Large Cap
TSE:PPL
PPL
Pembina Pipeline
Energy
Oil & Gas Midstream
49.00
41.92
23.07
8.17
8.17
5.12
18.6800
53.6600
12
7.83
22.6800
5
1
Tollbooth - Unregulated
NO
NO
YES
NO
Canada
1
5
71
C
Large Cap
TSE:BIP.UN
BIP.UN
Brookfield Infrastructure Partners
Utilities
Utilities - Diversified
46.90
43.66
20.03
0.00
0.00
0.21
4.8100
758.6200
4
1.53
7.4600
4
4
Tollbooth - Regulated
NO
NO
NO
NO
Canada
1
12
104
C
Large Cap
TSE:MG
MG
Magna International
Consumer Cyclical
Auto Parts
43.07
68.96
19.72
24.71
24.71
5.36
3.6600
86.8200
4
1.84
12.8900
3
4
Durable
NO
NO
YES
NO
Canada
1
3
19
C
Large Cap
TSE:SJR.B
SJR.B
Shaw Communications
Communication Services
Telecommunication Services
32.98
38.94
19.46
26.51
26.51
1.47
3.0400
86.9600
12
1.19
3.0400
1
4
Tollbooth - Regulated
NO
NO
NO
NO
Canada
1
2
99
D
Large Cap
TSE:CCO
CCO
Cameco
Energy
Uranium
17.29
33.06
14.31
150.59
150.59
0.34
0.3600
58.0600
1
0.12
0.3600
0
2
Intermediate
NO
NO
NO
NO
Canada
1
5
103
D
Large Cap
TSE:OTEX
OTEX
Open Text Corporation
Technology
Software - Application
62.82
50.79
13.74
31.44
31.44
4.16
2.6300
78.0400
4
0.97
16.4000
6
4
Subscription
NO
NO
YES
NO
Canada
1
11
90
B
Large Cap
TSE:OVV
OVV
Ovintiv
Energy
Oil & Gas E&P
54.35
46.69
11.35
2.42
2.42
9.09
2.9400
6.5700
4
1.00
2.9400
3
5
Intermediate
NO
NO
NO
NO
Canada
1
5
69
B
Large Cap
TSE:BEP.UN
BEP.UN
Brookfield Renewable Partners
Utilities
Utilities - Renewable
30.97
39.96
11.00
0.00
0.00
-0.80
4.6400
0.0000
4
1.35
4.6400
2
4
Tollbooth - Unregulated
NO
NO
NO
NO
Canada
1
12
109
D
Large Cap
TSE:CAE
CAE
CAE
Industrials
Aerospace & Defense
26.46
28.97
9.21
51.41
51.41
0.82
0.0000
0.0000
0
0.00
0.0000
1
2
Intermediate
NO
NO
NO
NO
Canada
1
9
13
D
Mid Cap
TSE:STN
STN
Stantec
Industrials
Engineering & Construction
49.48
75.97
8.41
34.16
34.16
3.12
1.0300
32.3500
4
0.78
7.2900
5
3
Durable
YES
YES
YES
NO
Canada
1
9
38
C
Mid Cap
TSE:RBA
RBA
Ritchie Bros Auctioneers
Industrials
Specialty Business Services
66.00
74.73
8.31
19.06
19.06
4.13
1.9900
28.8000
4
1.08
9.3100
7
4
Intermediate
NO
YES
YES
NO
Canada
1
9
92
A
Mid Cap
TSE:GIL
GIL
Gildan Activewear
Consumer Cyclical
Apparel Manufacturing
44.06
43.65
7.84
10.84
10.84
4.11
2.3400
23.1300
4
0.74
3.3700
1
4
Consumable - Discretionary
NO
NO
NO
NO
Canada
1
3
15
C
Mid Cap
TSE:AQN
AQN
Algonquin Power & Utilities Corp
Utilities
Utilities - Renewable
50.78
11.00
7.41
0.00
0.00
0.93
5.4200
0.0000
4
0.43
14.4100
4
8
Tollbooth - Unregulated
NO
NO
YES
NO
Canada
1
12
109
B
Mid Cap
TSE:MAXR
MAXR
Maxar Technologies
Technology
Communication Equipment
14.21
69.67
5.21
0.00
0.00
-2.72
0.0800
0.0000
4
0.04
0.0800
1
2
Intermediate
NO
NO
NO
NO
Canada
1
11
27
D
Mid Cap
TSE:PAAS
PAAS
Pan American Silver Corp
Basic Materials
Silver
51.98
24.74
5.21
0.00
0.00
0.12
2.2200
0.0000
4
0.40
15.2400
6
5
Intermediate
NO
NO
YES
NO
Canada
1
1
89
B
Mid Cap
TSE:CPG
CPG
Crescent Point Energy
Energy
Oil & Gas E&P
49.06
8.85
4.86
3.41
3.41
2.14
4.5200
13.5200
4
0.40
4.5200
1
7
Intermediate
NO
NO
NO
NO
Canada
1
5
69
C
Mid Cap
TSE:ERF
ERF
Enerplus Corporation
Energy
Oil & Gas E&P
46.59
19.22
4.26
3.72
3.72
4.34
1.5700
4.5500
4
0.22
1.5700
3
4
Intermediate
NO
NO
NO
NO
Canada
1
5
69
C
Mid Cap
TSE:MX
MX
Methanex Corp
Basic Materials
Chemicals
44.03
60.62
4.19
9.10
9.10
6.16
1.5900
12.4200
4
0.70
1.5900
2
4
Intermediate
NO
NO
NO
NO
Canada
1
1
26
C
Mid Cap
TSE:TA
TA
TransAlta
Utilities
Utilities - Independent Power Producers
24.05
10.76
2.90
729.00
729.00
0.01
2.0400
1425.0000
4
0.22
2.0400
1
2
Tollbooth - Unregulated
NO
NO
NO
NO
Canada
1
12
105
D
Mid Cap
TSE:VET
VET
Vermillion Energy
Energy
Oil & Gas E&P
48.91
16.99
2.77
2.18
2.18
7.80
2.3500
3.4900
4
0.40
2.3500
3
5
Intermediate
NO
NO
NO
NO
Canada
1
5
69
C
Mid Cap