Editor’s Note: In Brief is the executive summary of the March 2012 issue of Canadian Edge. Please use it as a guide to reading the issue.  — RSC

Past performance is not a predictor of future results: We’ve all seen that standard disclaimer plastered over anything and everything to do with investing. But it’s all too human to buy stocks on the assumption that if they’re doing well now, they surely will in the future.

Case in point is the market thus far in 2012. Our best year-to-date performer in the Canadian Edge Portfolio is Conservative Holding TransForce Inc (TSX: TFI, OTC: TFIFF), which is now up by better than 40 percent.

To be sure, the trucking, transport and logistics company has earned its gains, posting a 25 percent boost in fourth-quarter free cash flow, with all of its business segments coming up big. But fellow Conservative Holding Student Transportation Inc (TSX: STB, NSDQ: STB) had almost equally bullish results–cash flow grew by 19.5 percent despite a 30 percent bump in fuel costs–and is up just a bit more than 7 percent, lagging the S&P/Toronto Stock Exchange Composite Index by a couple percentage points.

Over in the Aggressive Holdings, Chemtrade Logistics Income Fund (TSX: CHE, OTC: CGIFF) and Newalta Corp (TSX: NAL, OTC: NWLTF) are both up around 20 percent thus far in 2012.

Again, that comes on the heels of what were very strong fourth-quarter results for both companies, with the promise of more in 2012.

But PHX Energy Services Corp (TSX: PHX, OTC: PHXHF) is up only half as much, despite a 58 percent jump in funds from operations, matched by a 50 percent dividend boost.

ARC Resources Ltd (TSX: ARX, OTC: AETUF), meanwhile, uncorked a 25.4 percent leap in its fourth-quarter funds from operations, clearly demonstrating its ability to weather crashing natural gas prices. But its 2012 gain so far is less than 2 percent.

As I’ve pointed out before, in the long run stock prices reflect the health and growth of companies’ underlying businesses. In the near term, however, worth is always trumped by perception. And little or nothing is having a greater impact on perception than past performance.

The result is dividend-paying stocks are trading on what amounts to momentum as much as they ever have. And so volatility remains at elevated levels, even for the steadiest companies.

This has worked in our favor this year, for the most part. With the exception of Peyto Exploration & Development Corp (TSX: PEY, OTC: PEYUF) and Keyera Corp (TSX: KEY, OTC: KEYUF)–both of which have unwound momentum-led gains from late 2011–the rest of the CE Portfolio Holdings are higher this year.

As we saw in 2011, however, gains in a volatile market can quickly unravel if circumstances change. Although I’m not predicting a repeat of last year, it’s absolutely critical that we be prepared for at least a partial reversal of what’s happened so far in 2012.

Stocks are still the only game in town for income investors.  As I’ve noted in the past month’s flurry of Flash Alerts–and reiterate in Portfolio Update–I’m very happy about the underlying business performance of the stocks we hold in the CE Portfolio. Even the stocks now trading above buy-under targets are likely to go higher over time. Across the board, companies are returning to dividend growth, the ultimate catalyst for capital gains from dividend-paying stocks.

Equally, however, now is not a time to chase a stock that’s pushed beyond its buy-under target. In fact it may be a good time to take some money off the table in stocks that have appreciated enough to get out of balance with the rest of your portfolio.

It’s also a time to be ruthless with underperforming companies. That doesn’t mean always unloading falling stocks. But it does mean that when one of your holdings doesn’t measure up on the business numbers or guidance, it may be time to unload.

Last year we were able to take some big, partial profits when others chased performance in our long-held pipeline stocks. We were able to lock away even bigger gains when the tide of perception turned from negative to positive for companies such as TransForce.

We did have some losers in 2011, and cutting loose faster from similarly fated fare is one of my key objectives for 2012. But that was also in the context of a more than 10 percent drop in broad-based Canada-focused averages for the year.

The upshot: Whether there’s a repeat of the turbulence we saw last year or not, we’re going to have some real opportunities in 2012 to bet against other investors’ performance chasing. The key, as always, is that the underlying businesses of the companies we own remain solid and growing. And so far, so good.

Portfolio Action

I’m not making any changes to the Canadian Edge Portfolio this month.

Note that on Mar. 27, 2012, shareholders of Pembina Pipeline Corp (TSX: PPL, OTC: PBNPF) and Provident Energy Ltd (TSX: PVE, NYSE: PVX) will vote on their companies’ proposed merger. My strong advice is to vote “yes.”

Assuming the deal is completed, Pembina will be the surviving entity, and management is expected to list shortly thereafter on the New York Stock Exchange (NYSE). At that point shares traded on the US over-the-counter (OTC) market will automatically convert to NYSE-listed shares. I’ll continue with the stock as a Conservative Holding.

There are still a handful of companies yet to report their fourth-quarter and full-year 2011 earnings. The good news is what we’ve seen so far is strongly bullish, both for the companies’ financial strength and dividends but also for what we’re likely to see in 2012.

I review the numbers we’ve seen thus far, including for companies I’ve rounded up in Flash Alerts over the past month, in this month’s Portfolio Update. Expect to see the rest in Flash Alerts later this month.

Meanwhile, the following Conservative Holdings trade below buy-under targets and are therefore ripe for purchase by those not already overloaded on them:

• AltaGas Ltd (TSX: ALA, OTC: ATGFF)–USD32
• Atlantic Power Corp (TSX: ATP, NYSE: AT)–USD16
• Brookfield Renewable Energy Partners LP (TSX: BEP-U, OTC: BRPFF)–USD28
• Davis + Henderson Income Corp (TSX: DH, OTC: DHIFF)–USD20
• Dundee REIT (TSX: D-U, OTC: DRETF)–USD35
• EnerCare Inc (TSX: ECI, OTC: CSUWF)–USD10
• IBI Group Inc (TSX: IBG, OTC: IBIBF)–USD15
• Just Energy Group Inc (TSX: JE, NYSE: JE)–USD16
• Keyera Corp (TSX: KEY, OTC: KEYUF)–USD44
• Pembina Pipeline Corp (TSX: PPL, OTC: PBNPF)–USD27
• Shaw Communications (TSX: SJR/B, NYSE: SJR)–USD22
• Student Transportation Inc (TSX: STB, NSDQ: STB)–USD7

The following Aggressive Holdings are trading below buy-under targets:

• Acadian Timber Corp (TSX: ADN, OTC: ACAZF)–USD13
• Ag Growth International Inc (TSX: AFN, OTC: AGGZF)–USD40
• ARC Resources Ltd (TSX: ARX, OTC: AETUF)–USD28
• Crescent Point Energy Corp (TSX: CPG, OTC: CSCTF)–USD48
• Extendicare REIT (TSX: EXE-U, OTC: EXETF)—USD10
• Noranda Income Fund (TSX: NIF-U, OTC: NNDIF)–USD6
• Penn West Petroleum Ltd (TSX: PWT, NYSE: PWE)–USD25
• Peyto Exploration & Development Corp (TSX: PEY, OTC: PEYUF)–USD22
• PHX Energy Services Corp (TSX: PHX, OTC: PHXHF)–USD14
• Vermilion Energy Inc (TSX: VET, OTC: VEMTF)–USD50

Enerplus Corp (TSX: ERF, NYSE: ERF) is the sole Portfolio company rated an outright “hold,” owing to its vulnerability to crashing natural gas prices. All stocks selling above buy-under targets, however, are effectively hold-rated until prices come down or they merit a higher buy-under target.

Note that this month I raised targets for AltaGas (see High Yield of the Month) and Keyera slightly after the pair reported very bullish developments.

High Yield of the Month

High Yield of the Month features the two best buys for March. If you’re starting a portfolio, buying HYOMs each month is one good strategy, provided the picks meet your own risk-reward preferences.

Longtime Conservative Holding AltaGas Ltd (TSX: ALA, OTC: ATGFF) continues to accumulate solid, cash-generating assets in North American power and natural gas infrastructure.

The company’s latest move is to acquire privately-held SEMCO, a natural gas distribution and storage utility with assets in Alaska and Michigan. The USD1.135 billion purchase is expected to immediately boost AltaGas’ earnings and cash flow by more than 10 percent. Assets are 99 percent regulated and mesh well with other facilities the company has recently bought or built to facilitate future exports of natural gas to Asia.

Coupled with solid fourth-quarter earnings, it assures shareholders another solid dividend increase this year, as AltaGas continues to build value.

Aggressive Holding PHX Energy Services Corp (TSX: PHX, OTC: PHXHF) continues to expand its niche in the global directional drilling market at a torrid clip. This solid growth enabled management to lift its dividend by 50 percent in late February.

Many investors still seem to be hung up on the company’s disappointing results in the first half of 2011 and worried that oil prices will fall out of bed. That’s left the stock on the bargain counter, even as the underlying business appears stronger than ever and poised for even bigger things this year.

AltaGas is a buy up to my raised target of USD32. PHX is still a buy up to USD14.

Feature Article

In the June 2011 Feature Article I highlighted a handful of solid Canada-based companies taking advantage of the loonie’s buying power to carve out profitable operations in the US. Judging from fourth-quarter results, their bet is already paying off, as cheaply acquired assets are delivering and the US economy is bouncing back.

Not every Canadian company that’s expanded south has prospered, and the jagged nature of the US recovery raises the risk that some could stumble this year. But others are set for an explosive 2012 from their operations in the US, including AltaGas Ltd (TSX: ALA, OTC: ATGFF), Artis REIT (TSX: AX-U, OTC: ARESF), Atlantic Power Corp (TSX: ATP, NYSE: AT), Emera Inc (TSX: EMA, OTC: EMRAF), Extendicare REIT (TSX: EXE, OTC: EXETF), IBI Group Inc (TSX: IBG, OTC: IBIBF), Just Energy Group Inc (TSX: JE, NYSE: JE), Student Transportation Inc (TSX: STB, NSDQ: STB) and TransCanada Corp (TSX: TRP, NYSE: TRP).

This will lift overall earnings and dividend growth in a way not reflected in any of these companies’ stocks.

Canadian Currents

The tax man cometh.

The good news is this year’s taxes should be far less complicated for most US investors when it comes to Canadian stocks, as most of the former trusts have paid taxes as corporations all year. Nonetheless, we’re still hearing from readers that some brokerages are mixing up 1099s and refusing to list dividends as “qualified” for US tax purposes.

Other readers are concerned about recovering Canada’s 15 percent withholding tax on dividends paid to US residents.

CE Associate Editor David Dittman has answers to these questions and more.

Tips on Trusts

This section features short bits on a wide range of topics. For more evergreen and tutorial items, see the Subscribers Guide.

Dividend Watch List—Canfor Pulp Products Inc (TSX: CFX, OTC: CFPUF) cut its dividend as expected last month, to a new quarterly rate of CAD0.25 per share. The move is part of a broad restructuring after which the company will own all of Canfor Pulp LP, which generates all of its income. In return Canfor Forest Products will own 52.2 percent of the company.

Weaker conditions in the global pulp market, which swung fourth-quarter free cash flow into the red, are the primary reason for the cut. The good news is the new rate should be sustainable, barring a sharp deterioration of global conditions, and it was largely already reflected in Canfor’s price.

Note the stock is now off the Watch List for the time being. Hold.

Chartwell Seniors Housing REIT (TSX: CSH-U, OTC: CWSRF) is also off the List. The owner of retirement communities in the US and Canada reported solid fourth-quarter results well within management’s guidance and payout ratio comfort level.

It also demonstrated its financial power with a CAD931 million acquisition of 8,187 suites in 42 retirement communities, located in Ontario and Quebec. The deal is set to close May 1 and Chartwell has been able to issue debt and equity to finance it.

Chartwell Seniors Housing is still a hold, but the danger to the dividend appears past for now.

Here’s the rest of the Watch List.  Note the List reflects most but not all fourth-quarter and full-year 2011 results and 2012 management guidance. I’ve noted companies yet to release earnings, along with confirmed or expected announcement dates.

Aston Hill Income Fund (TSX: VIP-U, OTC: BVPIF)–Advice: SELL. The closed-end fund has a 9 percent-plus yield and sells at a slight discount to net asset value. But the yield is several percentage points above the average yield of its holdings.

Management can keep it there with a combination of tactics that aren’t visible to investors. But this is not sustainable.

Capstone Infrastructure Corp (TSX: CSE, OTC: MCQPF)–Advice: SELL. The owner of power and other infrastructure assets managed to lock in financing for its Swedish district heating business, though at a fairly high rate of 7 percent for five years.

The biggest uncertainty remains getting a new contract for the Cardinal power plant, before which management won’t be able to clarify its cash flow guidance and what its dividend will be later this year.

Chorus Aviation Inc (TSX: CHR/B, OTC: CHRVF)–Advice: Hold. The airline again posted strong results, with net earnings rising 22 percent for the year and free cash flow surging 43.4 percent. The payout ratio remained very low at 63 percent of free cash flow, as the company’s underlying business remained healthy.

The stock remains on the Dividend Watch List because of the ongoing dispute with Air Canada (TSX: AC/A, OTC: AIDIF), which is currently being arbitrated. Until there’s a decision there’s risk of a payout cut, though one is arguably well priced in given the mid-teens yield.

CML Healthcare Inc (TSX: CLC, OTC: CMHIF)–Advice: Hold. This company has now refinanced its primary credit facility to reflect its withdrawal from the US market and new focus on Canada.

We still need to see a couple of quarters of earnings, however, to really get a read on the long-run sustainability of the dividend without US growth.

Data Group Inc (TSX: DGI, OTC: DGPIF)–Advice: Buy @ 4. The stock has been pricing in a huge dividend cut for months, though a recent rally has reduced the yield to low teens. This is a classic story of a paper company trying to go digital without seeing revenue and profit dramatically erode.

The question whether it will be a success story like Davis + Henderson Income Corp (TSX: DH, OTC: DHIFF), a failure like nearly bankrupt Yellow Media Inc (TSX: YLO, OTC: YLWPF) or something in between will only be answered with time.

Enerplus Corp (TSX: ERF, NYSE: ERF)–Advice: Hold. The company posted a meaningless headline loss on a non-cash charge for impaired natural gas assets. That got media attention and apparently panicked some investors. But despite a big drop in realized selling prices for natural gas, the quarterly payout ratio still came in at just 68 percent.

The risk is profits are going to stay under pressure in the first half of 2012 due to low gas prices, even as the company continues to finance an aggressive plan to boost liquids output (45 percent). My view is still that they’ll succeed, but until management executes there will be dividend risk.

Enervest Energy & Oil Sands Total Return Trust (TSX: EOS-U, OTC: EOSOF)–Advice: SELL. The closed-end fund trades at a discount to net asset value, which may attract some. But the current yield is coming out of capital, as few holdings even pay a dividend. Look elsewhere for growth and income in the energy patch.

Extendicare REIT (TSX: EXE-U, OTC: EXETF)–Advice: Buy @ 10. Management’s plan to cut costs and limit the impact of Medicare cuts on cash flows beat its guidance in the fourth quarter and full year 2011. The company is converting to a corporation this summer, however. Until that happens and a dividend is declared, there will be some uncertainty.

FP Newspapers Inc (TSX: FP, OTC: FPNUF)–Advice: SELL. This is another digital growth-versus-paper erosion story. We’ll know a lot more when earnings are finally announced. But in the meantime, this looks like one to avoid. Mar. 19 (estimate).

Freehold Royalties Inc (TSX: FRU, OTC: FRHLF)–Advice: Hold. Last month’s successful equity offering was upsized to CAD70.725 million from the originally planned CAD61.5 million. That’s a very big plus for future financing needs and will earn the company an exit from the Watch List, assuming first-quarter 2012 results are robust. We’ll know in May.

GMP Capital Inc (TSX: GMP, GMPXF)–Advice: Hold. The revival of the Toronto Stock Exchange this year from a generally weak 2011 should be a plus for GMP’s fortunes this year. Management says it wants to buy a smaller boutique firm to grow its business, also a plus.

Less encouraging is the Ontario Securities Commission’s investigation of a former employee on charges of insider trading. That’s enough to keep the stock on the Watch List, despite encouraging signs.

New Flyer Industries Inc (TSX: NFI, OTC: NFYED)–Advice: SELL. Management’s most recent communication with shareholders is to announce talks with an unnamed party to for a “potential commercial and strategic relationship.” The almost certain subtext here is New Flyer is trying to sell itself to a stronger player that can help it ride out today’s horrific operating conditions. That’s definitely a sign of weakness.

The company may be successful in its efforts, but the posted yield still doesn’t reflect the projected 50 percent dividend cut. Mar. 21 (estimate).

Pengrowth Energy Corp (TSX: PGF, NYSE: PGH)–Advice: Hold. The oil and gas producer benefitted from higher prices for its liquids output. But production was flat overall despite a 9 percent boost in capital spending, and there is some exposure to natural gas (48 percent of output).

Precious Metals & Mining Trust (TSX: MMP-U, OTC: PMMTF)–Advice: SELL. I’m bullish on precious metals for the long term. But all of this closed-end fund’s distribution is now from capital, and it trades at more than a 13 percent premium to net asset value.

Ten Peaks Coffee Company Inc (TSX: TPK, OTCL SWSSF)–Advice: SELL. The rise in the Canadian dollar this year may not be a deathblow for this company. But it’s hard to see how it can pay such a high dividend from such a competitive business as decaffeinated coffee.

Dividends are already 80 percent less than what they were at the July 2002 initial public offering, and I expect them to go lower, if not this year then next. Mar. 19 (estimate).

Bay Street Beat—Here’s how Bay Street perceives the first wave of Canadian Edge Portfolio Holdings’ earnings announcements.

Tips on DRIPs—Reinvest your dividends paid by New York Stock Exchange-listed Canadian companies–in some cases at a discount and without paying commissions.

How They Rate

CE Safety Ratings are based on six operating and financial criteria. Companies meeting all six criteria are rated my highest rating of “6.” “0” is the lowest rating, indicating companies that meet no safety criteria. Safety criteria are described in the text below the How They Rate table and are as follows:

• One point if Payout ratio meets “very safe” criteria for the sector.
• One point if Payout ratio has longer-term visibility.
• One point if Debt-to-Assets ratio meets “very safe” criteria for the sector.
• One point if the company’s debt maturing before Jan. 1, 2013, is less than 10 percent of its market capitalization.
• One point if the company’s primary business is recession-resistant. Qualifying varies from company to company, though virtually all Electric Power and Energy Infrastructure companies qualify, while no Energy Services companies do.
• One point if the company has not cut its distribution over the preceding five years.

I list trusts and high-yielding corporations by the following sectors:

• Oil and Gas–All energy producers are included here.
• Electric Power–Power generators.
• Gas/Propane–Distributors from propane to packaged ice.
• Business Trusts–A range of businesses involved principally with consumers.
• REITs–All qualified real estate investment trusts.
• Trust Mutual Funds–Closed-end funds holding portfolios of individual trusts.
• Natural Resources–Trusts and corporations that produce resources and raw materials other than oil and gas.
• Energy Services–Trusts and corporations whose main business is providing drilling, environmental or other services to energy producers.
• Energy Infrastructure–Trusts and corporations that own primarily pipelines, processing facilities and other fee-generating assets.
• Information Technology–Trusts and corporations that provide communications, newspaper, directory and other information services.
• Financial Services–Canada’s banks, investment houses and other trusts and corporations feeding that business.
• Food and Hospitality–Trusts and corporations that franchise restaurants, own and operate hotels and manufacture and distribute food and beverages.
• Health Care–Trusts and corporations involved in the medical care and/or supply business.
• Transports–These trusts and corporations ship freight and move passengers by bus, truck, rail or air.

Coverage Changes

Whiterock REIT (TSX: WRK, OTC: WRKUF) has merged with Dundee REIT (TSX: D-U, OTC: DRETF) and as of Mar. 2 no longer trades independently. US shareholders will be cashed out. Canadian holders by now should have received cash or stock worth about CAD16.25 per share, per their election. I’ll be dropping Whiterock from How They Rate effective with the April issue.

I’ll also be dropping Futuremed Healthcare Products Corp (TSX: FMD, OTC: FMDHF), which has now been acquired by Cardinal Health Inc (NYSE: CAH) in an all-cash deal worth CAD8.15 per share.

Cardinal is acquiring all remaining, non-tendered shares per Canadian law by the end of March, at which time Futuremed will cease trading. Shortly thereafter cash should arrive in all accounts, including in those of investors who didn’t tender.

Advice Changes

Here are advice changes for this month. See How They Rate for changes to buy-under targets and other data. Rating system criteria are shown at the bottom of the document. I also show expected and confirmed earnings announcement dates.

Advantage Oil & Gas Ltd (TSX: AAV, NYSE: AAV)–To SELL from Hold. Earnings aren’t due until Mar. 22, but crashing gas prices are bad news with CAD165 million in debt maturing in the near future.

Aeroplan Group Inc (TSX: AIM, OTC: GAPFF)–To Hold from Buy @ 14. Free cash flow was sharply lower in the fourth quarter as business has seemed to slow.

Bellatrix Exploration Ltd (TSX: BXE, OTC: BLLXF)–To Buy @ 6 from Hold. The company grew reserves 59 percent in 2011 while cutting costs and paying down near-term debt maturities. Falling gas prices don’t help. But unlike Advantage Oil & Gas Bellatrix looks set to come out the other end of this in good shape.

Calloway REIT (TSX: CWT-U, OTC: CWYUF)–To Buy @ 27 from Hold. The REIT had another strong quarter, with funds from operations rising 14.6 percent on strong rent growth, asset additions and 99 percent-plus occupancy. It also continues to acquire Wal-Mart (NYSE: WMT)-anchored shopping centers.

Canadian Oil Sands Ltd (TSX: COS, OTC: COSWF)–To Hold from Buy @ 23. The Syncrude partnership saw lower returns in the fourth quarter, as operating problems pushed costs up to CAD46.88 per barrel produced. The stock has also pushed above my buy-under target.

Crombie REIT (TSX: CRR-U, OTC: CROMF)–To Hold from Buy @ 14. Rent growth was strong but occupancy fell and overall profitability was flat. The units also trade above my buy target now.

Northland Power Inc (TSX: NPI, OTC: NPIFF)–To Hold from SELL. The company is completing its power plants on time and on budget, driving up cash flow. That trumps any concerns I have about the euro/Canadian dollar exchange rate and its potential impact on the dividend.

Pengrowth Energy Corp (TSX: PGF, NYSE: PGH)–To Hold from Buy @ 12. Fourth-quarter numbers were surprisingly strong. But flat production and lower natural gas prices are worries.

Ratings Changes

Here are CE Safety Rating changes, reflecting fourth-quarter and full-year 2011 results, debt maturities for 2012 and 2013, and recent weakness in energy prices. I’ve listed expected and confirmed reporting dates for fourth-quarter and full-year 2011 earnings for those yet to report.

Aeroplan Group Inc (TSX: AIM, OTC: GAPFF)–To 3 from 4. Earnings are a bit less visible with fourth-quarter results. That’s enough for this dividend awards company to drop a Safety Rating notch.

Bellatrix Exploration Ltd (TSX: BXE, OTC: BLLXF)–To 2 from 1. The company earns another Safety Rating point thanks to reducing near-term (June 2012) debt maturities to just CAD32 million.

Fortis Inc (TSX: FTS, OTC: FRTSF)–To 5 from 4. A solid 6.1 percent boost in full-year earnings paced by a strong fourth quarter took the company’s payout ratio down to just 69 percent. The acquisition of CH Energy Group Inc (NYSE: CHG) should leaven out seasonal earnings volatility when it’s completed, probably early next year.

Just Energy Group Inc (TSX: JE, NYSE: JE)–To 5 from 4. Fiscal 2012 third-quarter cash flow rose 12 percent, as the company accelerated customer growth despite falling wholesale gas and power prices. That drove the payout ratio down to just 50 percent.

Northland Power Inc (TSX: NPI, OTC: NPIFF)–To 6 from 5. Completion of new projects pushed up free cash flow an explosive 89.7 percent in the fourth quarter, driving down the payout ratio to 93 percent and underscoring management guidance for solid dividend coverage going forward.

Rogers Sugar Inc (TSX: RSI, OTC: RSGUF)–To 3 from 2. Better export volumes to the US pushed up fiscal 2012 first-quarter volumes 8.2 percent and free cash flow 18.6 percent, taking the payout ratio down to 37 percent.

More Information

How They Rate has automatically updated US dollar unit/share prices, dividend payment rates in US dollars, yields, most recent dividend dates, dividend frequency and debt-to-capital ratios. Note that our quote service sometimes includes special annual distributions along with the regular monthly payments.

How They Rate also includes several free links. Clicking on the Toronto Stock Exchange (TSX) symbol will now take you directly to the Google Finance page for every company in the How They Rate coverage universe.

Clicking on the US symbol of a company takes you to a chronological listing of every Canadian Edge and CE Weekly article in which that trust has been featured. You can also use that page to access articles on other trusts by typing in the relevant exchange and symbol in the “Search Query” box at the top of the page.

For questions and comments, drop us a line at canadianedge@kci-com.com. Check out the Toronto Stock Exchange Web site for a range of information on dividend paying equities. The Web site www.sedar.com is an online library of documents filed by trusts with the Canadian equivalent of our Securities and Exchange Commission.

The Toronto Globe & Mail features the “Globe Investor” section with all the latest news. Dominion Bond Rating Service is the pre-eminent credit rater in Canada.

The Bank of Canada has a handy currency converter for Canadian dollars and US dollars into 50 other currencies around the world, and it’s a great source of free information on the Canadian economy.

How They Rate can now be accessed several places on the Home Page. The Income Trust Tax Guide has backup to file distributions as “qualified dividends.”

Roger Conrad
Editor, Canadian Edge