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                                        |  |               
|Tim Hortons Canada Holdings ULC                            |  | Canada                                        |  | Alberta       
|Grange Castle Holdings Limited(1)                          |  | Canada                                        |  |               
|Tim Donut U.S. Limited, Inc.                               |  | United States                                 |  | Florida       
|THD Nevada, Inc.                                           |  | United States                                 |  | Nevada        
|Tim Hortons USA, Inc.                                      |  | United States                                 |  | Delaware      
|Tim Hortons Delaware Limited Partnership                   |  | United States                                 |  | Delaware      
|Tim Hortons US LLC                                         |  | United States                                 |  | Delaware      
|Tim Hortons (New England), Inc.                            |  | United States                                 |  | Delaware      
|The Tims National Advertising Program, Inc.               |  | United States                                 |  | Ohio          
|SBFD Holding Co.                                           |  | United States                                 |  | Delaware      
|Fosters Star Limited                                       |  | Republic of Ireland                           |  |               
|Tim Hortons (Ireland) Limited                              |  | Republic of Ireland                           |  |               



|1 | Incorporated pursuant to the Canada Business Corporations Act on October 5, 2010.
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