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 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.
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).
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.
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.
TickerKey
Ticker
Company
Sector
Industry
Score
Quote
MarketCap
PE
FPE
EPS
Yield
PayoutRatio
Payments
Dividend
Chowder
GrowthRating
IncomeRating
Tollbooth
Ambassador
Achiever
Aristocrat
King
Country
Graph
SectorID
IndustryID
Grade
MarketCapGroup
TSE:RY
RY
Royal Bank
Financial Services
Banks - Diversified
62.97
127.25
180.38
11.32
11.32
11.37
3.7700
39.4200
4
4.80
8.4200
5
6
Tollbooth - Unregulated
NO
YES
YES
NO
Canada
1
7
21
B
Large Cap
TSE:TD
TD
TD Bank
Financial Services
Banks - Diversified
63.34
92.10
167.51
11.55
11.55
8.17
3.8700
40.8200
4
3.56
10.4500
5
6
Tollbooth - Unregulated
NO
YES
YES
NO
Canada
1
7
21
B
Large Cap
TSE:ENB
ENB
Enbridge
Energy
Oil & Gas Midstream
63.34
57.17
115.85
19.83
19.83
2.78
6.0200
116.6900
4
3.44
13.5800
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
59.16
60.44
99.22
19.28
19.28
3.10
1.1900
34.5500
4
0.56
9.6400
7
3
Tollbooth - Unregulated
NO
YES
YES
NO
Canada
1
7
17
B
Large Cap
TSE:CNR
CNR
Canadian National Railway
Industrials
Railroads
68.79
143.24
99.01
20.96
20.96
6.04
2.0500
37.4900
4
2.93
12.4500
6
4
Tollbooth - Unregulated
YES
YES
YES
NO
Canada
1
9
78
A
Large Cap
TSE:BNS
BNS
Scotia Bank
Financial Services
Banks - Diversified
64.99
80.24
96.64
10.05
10.05
8.16
4.9900
46.1000
4
4.00
8.1400
5
8
Tollbooth - Unregulated
NO
YES
YES
NO
Canada
1
7
21
B
Large Cap
TSE:CNQ
CNQ
Canadian Natural Resources
Energy
Oil & Gas E&P
83.21
79.33
92.61
10.01
10.01
7.83
3.7800
28.4300
4
3.00
18.0100
8
7
Intermediate
YES
YES
YES
NO
Canada
1
5
69
A+
Large Cap
TSE:BMO
BMO
Bank of Montreal
Financial Services
Banks - Diversified
65.03
130.92
84.90
10.09
10.09
13.79
4.0600
34.6700
4
5.32
7.9700
5
7
Tollbooth - Unregulated
NO
YES
YES
NO
Canada
1
7
21
A
Large Cap
TSE:CP
CP
Canadian Pacific Railway
Industrials
Railroads
55.73
88.34
82.15
22.44
22.44
3.53
0.8600
21.3700
4
0.76
13.3600
5
3
Tollbooth - Unregulated
NO
NO
YES
NO
Canada
1
9
78
B
Large Cap
TSE:TRP
TRP
TC Energy
Energy
Oil & Gas Midstream
51.85
73.36
71.95
22.10
22.10
4.24
4.9100
106.5300
4
3.60
12.4600
6
7
Tollbooth - Unregulated
NO
YES
YES
NO
Canada
1
5
71
B
Large Cap
TSE:SU
SU
Suncor
Energy
Oil & Gas Integrated
43.58
48.87
70.19
11.36
11.36
3.99
3.8500
29.3300
4
1.88
3.8500
1
7
Consumable - Necessities
NO
NO
NO
NO
Canada
1
5
70
C
Large Cap
TSE:NTR
NTR
Nutrien
Basic Materials
Agricultural Inputs
49.51
124.54
68.66
12.47
12.47
10.93
1.9800
23.8200
4
1.92
1.9800
3
4
Intermediate
NO
NO
NO
NO
Canada
1
1
114
C
Large Cap
TSE:CM
CM
CIBC
Financial Services
Banks - Diversified
65.06
68.57
61.94
9.52
9.52
7.49
4.7000
41.4400
4
3.22
7.8500
5
8
Tollbooth - Unregulated
NO
YES
YES
NO
Canada
1
7
21
A
Large Cap
TSE:BCE
BCE
BCE
Communication Services
Telecommunication Services
62.39
67.53
61.46
20.82
20.82
3.30
5.4500
108.0500
4
3.68
10.4900
5
7
Tollbooth - Regulated
NO
YES
YES
NO
Canada
1
2
99
B
Large Cap
TSE:TRI
TRI
Thompson Reuters
Industrials
Consulting Services
49.98
124.15
60.46
28.74
28.74
2.57
1.8400
48.6800
4
1.78
4.5500
3
4
Intermediate
NO
YES
YES
NO
Canada
1
9
30
C
Large Cap
TSE:CVE
CVE
Cenovus Energy
Energy
Oil & Gas Integrated
28.53
27.41
54.05
101.37
101.37
0.96
1.5300
31.8300
4
0.42
1.5300
3
4
Intermediate
NO
NO
NO
NO
Canada
1
5
70
D
Large Cap
TSE:ABX
ABX
Barrick Gold
Basic Materials
Gold
45.87
26.65
47.42
19.22
19.22
1.44
1.9300
34.0300
4
0.40
1.9300
3
4
Intermediate
NO
NO
YES
NO
Canada
1
1
46
C
Large Cap
TSE:IMO
IMO
Imperial Oil
Energy
Oil & Gas Integrated
60.29
66.79
44.69
14.17
14.17
4.89
2.0400
24.4200
4
1.36
10.9100
6
4
Consumable - Necessities
NO
YES
YES
NO
Canada
1
5
70
B
Large Cap
TSE:MFC
MFC
Manulife
Financial Services
Insurance - Life
83.61
22.43
43.17
4.81
4.81
0.00
5.8800
26.0100
4
1.32
14.3300
6
9
Tollbooth - Unregulated
NO
NO
YES
NO
Canada
1
7
55
A+
Large Cap
TSE:T
T
Telus
Communication Services
Telecommunication Services
67.87
31.10
42.79
24.95
24.95
1.08
4.3500
102.8100
4
1.35
10.9300
7
6
Tollbooth - Regulated
NO
YES
YES
NO
Canada
1
2
99
A
Large Cap
TSE:WCN
WCN
Waste Connections
Industrials
Waste Management
62.60
159.84
41.11
50.90
50.90
4.22
0.7400
35.4500
4
0.92
13.8800
7
2
Tollbooth - Unregulated
YES
YES
NO
NO
Canada
1
9
110
B
Large Cap
TSE:SLF
SLF
Sun Life Financial
Financial Services
Insurance - Diversified
69.68
61.56
36.08
9.51
9.51
6.01
4.4800
37.0900
4
2.76
8.8100
6
7
Tollbooth - Unregulated
NO
NO
YES
NO
Canada
1
7
54
A
Large Cap
TSE:FNV
FNV
Franco-Nevada Corp
Basic Materials
Gold
56.71
178.45
34.14
35.78
35.78
4.57
0.9200
31.4000
4
1.28
6.8400
7
2
Intermediate
YES
YES
YES
NO
Canada
1
1
46
B
Large Cap
TSE:BIP.UN
BIP.UN
Brookfield Infrastructure Partners
Utilities
Utilities - Diversified
41.61
78.56
34.12
0.00
0.00
1.86
3.5300
120.5400
4
2.16
6.1800
4
3
Tollbooth - Regulated
NO
NO
NO
NO
Canada
1
12
104
C
Large Cap
TSE:RCI.B
RCI.B
Rogers
Communication Services
Telecommunication Services
38.41
64.81
32.82
20.65
20.65
3.65
3.0900
63.5600
4
2.00
3.9100
1
5
Tollbooth - Regulated
NO
NO
NO
NO
Canada
1
2
99
D
Large Cap
TSE:AEM
AEM
Agnico Eagle Mines
Basic Materials
Gold
62.62
69.14
31.51
27.69
27.69
3.00
2.9700
84.5000
4
1.60
11.1100
7
4
Intermediate
NO
NO
YES
NO
Canada
1
1
46
B
Large Cap
TSE:FTS
FTS
Fortis
Utilities
Utilities - Regulated Electric
60.22
64.28
30.65
24.83
24.83
2.60
3.3300
81.6500
4
2.14
9.2500
6
6
Tollbooth - Regulated
NO
YES
YES
NO
Canada
1
12
106
B
Large Cap
TSE:QSR
QSR
Restaurant Brands International
Consumer Cyclical
Restaurants
49.49
64.60
29.25
0.00
0.00
3.66
4.2900
78.6200
4
2.16
9.9000
5
6
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
32.94
51.71
27.92
6.80
6.80
8.01
0.9700
10.0600
4
0.50
0.9700
1
3
Intermediate
NO
NO
NO
NO
Canada
1
1
73
D
Large Cap
TSE:PPL
PPL
Pembina Pipeline
Energy
Oil & Gas Midstream
47.76
50.41
27.73
21.99
21.99
2.29
5.0000
109.7300
12
2.52
9.0000
4
7
Tollbooth - Unregulated
NO
NO
YES
NO
Canada
1
5
71
C
Large Cap
TSE:WPM
WPM
Wheaton Precious Metals Corp
Basic Materials
Gold
52.42
53.37
24.10
25.02
25.02
1.65
1.4400
35.4300
4
0.60
13.6600
5
3
Intermediate
NO
NO
YES
NO
Canada
1
1
46
B
Large Cap
TSE:MG
MG
Magna International
Consumer Cyclical
Auto Parts
53.43
78.86
23.26
14.65
14.65
5.76
2.9300
40.9300
4
1.80
12.1500
3
5
Durable
NO
NO
YES
NO
Canada
1
3
19
B
Large Cap
TSE:SJR.B
SJR.B
Shaw Communications
Communication Services
Telecommunication Services
38.94
36.12
18.03
18.22
18.22
1.98
3.2800
59.8000
12
1.19
3.2800
1
5
Tollbooth - Regulated
NO
NO
NO
NO
Canada
1
2
99
D
Large Cap
TSE:OVV
OVV
Ovintiv
Energy
Oil & Gas E&P
47.95
60.56
15.64
14.73
14.73
0.00
2.1200
17.3200
4
1.00
2.1200
3
5
Intermediate
NO
NO
NO
NO
Canada
1
5
69
C
Large Cap
TSE:OTEX
OTEX
Open Text Corporation
Technology
Software - Application
67.17
50.66
13.70
22.59
22.59
4.05
2.2400
48.9300
4
0.88
16.0100
6
5
Subscription
NO
NO
YES
NO
Canada
1
11
90
A
Large Cap
TSE:BEP.UN
BEP.UN
Brookfield Renewable Partners
Utilities
Utilities - Renewable
32.19
45.49
12.51
0.00
0.00
-0.79
3.6100
0.0000
4
1.28
3.6100
2
3
Tollbooth - Unregulated
NO
NO
NO
NO
Canada
1
12
109
D
Large Cap
TSE:AQN
AQN
Algonquin Power & Utilitties Corp
Utilities
Utilities - Renewable
78.17
18.51
12.50
28.43
28.43
0.92
5.0200
133.3800
4
0.72
14.0000
8
8
Tollbooth - Unregulated
NO
YES
YES
NO
Canada
1
12
109
A
Large Cap
TSE:CCO
CCO
Cameco
Energy
Uranium
18.40
30.10
11.99
0.00
0.00
-0.14
0.4000
0.0000
1
0.12
0.4000
0
3
Intermediate
NO
NO
NO
NO
Canada
1
5
103
D
Large Cap
TSE:CAE
CAE
CAE
Industrials
Aerospace & Defense
23.57
29.70
9.41
84.74
84.74
0.77
0.0000
0.0000
0
0.00
0.0000
1
2
Intermediate
NO
NO
NO
NO
Canada
1
9
13
D
Mid Cap
TSE:RBA
RBA
Ritchie Bros Auctioneers
Industrials
Specialty Business Services
59.49
77.07
8.53
22.20
22.20
3.55
1.6700
35.5500
4
1.00
8.9900
7
4
Intermediate
NO
YES
YES
NO
Canada
1
9
92
B
Mid Cap
TSE:GIL
GIL
Gildan Activewear
Consumer Cyclical
Apparel Manufacturing
46.58
39.30
7.34
9.15
9.15
3.78
2.2100
18.7600
4
0.68
3.2400
1
5
Consumable - Discretionary
NO
NO
NO
NO
Canada
1
3
15
C
Mid Cap
TSE:STN
STN
Stantec
Industrials
Engineering & Construction
51.49
56.99
6.34
32.71
32.71
2.52
1.2600
38.5400
4
0.72
7.5300
5
3
Durable
YES
YES
YES
NO
Canada
1
9
38
B
Mid Cap
TSE:PAAS
PAAS
Pan American Silver Corp
Basic Materials
Silver
57.96
28.62
6.02
25.82
25.82
0.94
2.1500
45.1400
4
0.48
15.1700
6
4
Intermediate
NO
NO
YES
NO
Canada
1
1
89
B
Mid Cap
TSE:CPG
CPG
Crescent Point Energy
Energy
Oil & Gas E&P
38.89
9.71
5.56
1.61
1.61
2.70
2.6800
1.3200
4
0.26
2.6800
1
6
Intermediate
NO
NO
NO
NO
Canada
1
5
69
D
Mid Cap
TSE:MX
MX
Methanex Corp
Basic Materials
Chemicals
39.90
62.54
4.53
7.42
7.42
8.99
1.1900
6.2400
4
0.58
1.1900
2
3
Intermediate
NO
NO
NO
NO
Canada
1
1
26
D
Mid Cap
TSE:VET
VET
Vermillion Energy
Energy
Oil & Gas E&P
40.47
24.80
4.10
4.45
4.45
5.63
0.9700
1.0500
4
0.24
0.9700
2
3
Intermediate
NO
NO
NO
NO
Canada
1
5
69
C
Mid Cap
TSE:TA
TA
TransAlta
Utilities
Utilities - Independent Power Producers
19.72
14.43
3.91
0.00
0.00
-1.23
1.3900
0.0000
4
0.20
1.3900
1
4
Tollbooth - Unregulated
NO
NO
NO
NO
Canada
1
12
105
D
Mid Cap
TSE:ERF
ERF
Enerplus Corporation
Energy
Oil & Gas E&P
56.30
16.25
3.91
12.45
12.45
1.19
13.5900
12.7400
4
1.72
13.5900
4
10
Intermediate
NO
NO
NO
NO
Canada
1
5
69
B
Mid Cap
TSE:MAXR
MAXR
Maxar Technologies
Technology
Communication Equipment
20.61
33.19
2.45
0.00
0.00
2.06
0.1500
0.0000
4
0.04
0.1500
1
2
Intermediate
NO
NO
NO
NO
Canada
1
11
27
D
Mid Cap
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.