Exhibit 21

Subsidiaries of the Registrant



|                                                           |  |                                               |  |               
|---------------------------------------------------------- |  | --------------------------------------------- |  | --------------
|                                                           |  | Jurisdiction of Incorporation or Organization
|Name                                                       |  | Country                                       |  | State/Province
|The TDL Group Co.                                          |  | Canada                                        |  | Nova Scotia   
|The TDL Group Corp.                                        |  | Canada                                        |  | Nova Scotia   
|Tims Realty Partnership                                   |  | Canada                                        |  | Ontario       
|Wentim Company                                             |  | Canada                                        |  | Nova Scotia   
|The TDL Group Partnership                                  |  | Canada                                        |  | Ontario       
|The TDL Marks Corporation (Les Marques de TDL Corporation) |  | Canada                                        |  |               
|Tim Hortons Advertising and Promotion Fund (Canada) Inc.   |  | Canada                                        |  |               
|Barhav Developments Limited                                |  | Canada                                        |  | Ontario       
|Courtneys Alberta Co. Inc.1                               |  | Canada                                        |  | Alberta       
|Tartan No. 2 LP                                            |  | Canada                                        |  | New Brunswick 
|The TDL Group No. 22                                       |  | Canada                                        |  | Ontario       
|Tim Donut U.S. Limited, Inc.                               |  | United States                                 |  | Florida       
|THD Coffee Co.                                             |  | United States                                 |  | Delaware      
|THD Nevada, Inc.                                           |  | United States                                 |  | Nevada        
|Tim Hortons USA, Inc.                                      |  | United States                                 |  | Delaware      
|Tim Hortons (New England), Inc.                            |  | United States                                 |  | Delaware      
|Glenfinnan, LLC                                            |  | United States                                 |  | Delaware      
|The Tims National Advertising Program, Inc.               |  | United States                                 |  | Ohio          
|Tim Hortons (Ireland) Limited                              |  | Republic of Ireland                           |  |               



|1 | Dissolved into The TDL Group Corp. on December 29, 2008.
|- | --------------------------------------------------------

|2 | Dissolved into The TDL Group Corp. on December 29, 2008.
|- | --------------------------------------------------------