Exhibit 21

Subsidiaries of the Registrant



|                                                           |  |                                               |  |         
|---------------------------------------------------------- |  | --------------------------------------------- |  | --------
|                                                           |  | Jurisdiction of Incorporation or Organization
|Name                                                       |  | Country                                       |  | State   
|The TDL Group Co.                                          |  | Canada                                        |  |         
|The TDL Group Corp.                                        |  | Canada                                        |  |         
|Tims Realty Partnership                                   |  | Canada                                        |  |         
|Wentim Company                                             |  | Canada                                        |  |         
|The TDL Group Partnership                                  |  | Canada                                        |  |         
|The TDL Marks Corporation (Les Marques de TDL Corporation) |  | Canada                                        |  |         
|Tim Hortons Advertising and Promotion Fund (Canada) Inc.   |  | Canada                                        |  |         
|Barhav Developments Limited                                |  | Canada                                        |  |         
|Boulangerie Chez Tim Inc.                                  |  | Canada                                        |  |         
|2053306 Ontario Limited                                    |  | Canada                                        |  |         
|Courtneys Alberta Co. Inc.                                |  | Canada                                        |  |         
|Brigid No. 1 LP                                            |  | Canada                                        |  |         
|Tartan No. 2 LP                                            |  | Canada                                        |  |         
|Coffman No. 3 LP                                           |  | Canada                                        |  |         
|The TDL Group No. 2                                        |  | Canada                                        |  |         
|Tim Donut U.S. Limited, Inc.                               |  | United States                                 |  | Florida 
|THD Nevada, Inc.                                           |  | United States                                 |  | Nevada  
|Tim Hortons USA, Inc.                                      |  | United States                                 |  | Delaware
|TD US Finance Co.                                          |  | 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                           |  |