# EDGAR Filing Document

**Accession Number:** 0001621915
**File Stem:** 0001085146-23-000695
**Filing Date:** 2023-2
**Character Count:** 20928
**Document Hash:** 05f0fa1c1e7957921bbf521d62207751
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-23-000695.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001085146-23-000695

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230206

**EFFECTIVENESS DATE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CIDEL ASSET MANAGEMENT INC
- **CENTRAL INDEX KEY:** 0001621915
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16679
- **FILM NUMBER:** 23592026

**BUSINESS ADDRESS:**
- **STREET 1:** 60 BLOOR ST. W, 9TH FLOOR
- **CITY:** TORONTO, ONTARIO
- **STATE:** A6
- **ZIP:** M4W 3B8
- **BUSINESS PHONE:** 416-977-6767

**MAIL ADDRESS:**
- **STREET 1:** 60 BLOOR ST. W, 9TH FLOOR
- **CITY:** TORONTO, ONTARIO
- **STATE:** A6
- **ZIP:** M4W 3B8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TORON CAPITAL MARKETS INC.
- **DATE OF NAME CHANGE:** 20141009

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** CIDEL ASSET MANAGEMENT INC<br>**Address:** 60 BLOOR ST. W 9TH FLOOR<br>TORONTO ONTARIO, A6 M4W 3B8

**Form 13F File Number:** 028-16679

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** TIZIANA MAZZILLI<br>**Title:** SVP<br>**Phone:** 416-645-8737

**Signature, Place, and Date of Signing:**

/s/ TIZIANA MAZZILLI  TORONTO, A6  02-06-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 154

**Form 13F Information Table Value Total:** $2137474350

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ACUITYADS HLDGS INC | COM | 00510L106 | BBG0027T1SM7 | 277970 | 180210 | SH |  | SOLE |  | 180210 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 | BBG001S77MK3 | 24030390 | 462763 | SH |  | SOLE |  | 462763 | 0 | 0 |
| AIR PRODS  CHEMS INC | COM | 009158106 | BBG001S5NSB6 | 11913940 | 38649 | SH |  | SOLE |  | 38649 | 0 | 0 |
| ALGONQUIN PWR UTILS CORP | COM | 015857105 | BBG001S8LHC5 | 685100 | 105247 | SH |  | SOLE |  | 105247 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 1199930 | 13600 | SH |  | SOLE |  | 13600 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 979580 | 11040 | SH |  | SOLE |  | 11040 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 703920 | 8380 | SH |  | SOLE |  | 8380 | 0 | 0 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 | BBG001S5NJG1 | 2774660 | 43875 | SH |  | SOLE |  | 43875 | 0 | 0 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 | BBG001SPHYW3 | 2983470 | 19574 | SH |  | SOLE |  | 19574 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 | BBG001S5NSK6 | 228950 | 3007 | SH |  | SOLE |  | 3007 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 | BBG001S5ND38 | 28483650 | 173649 | SH |  | SOLE |  | 173649 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 3628430 | 27926 | SH |  | SOLE |  | 27926 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 | BBG001SB80N8 | 38436570 | 566911 | SH |  | SOLE |  | 566911 | 0 | 0 |
| AT INC | COM | 00206R102 | BBG001S5VWH2 | 2444900 | 132803 | SH |  | SOLE |  | 132803 | 0 | 0 |
| AURORA CANNABIS INC | COM | 05156X884 | BBG001SV77D1 | 32930 | 35697 | SH |  | SOLE |  | 35697 | 0 | 0 |
| B2GOLD CORP | COM | 11777Q209 | BBG001T0CNW6 | 244950 | 69000 | SH |  | SOLE |  | 69000 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG001S5P0Y0 | 509020 | 15369 | SH |  | SOLE |  | 15369 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 | BBG001S5Y203 | 73100030 | 807492 | SH |  | SOLE |  | 807492 | 0 | 0 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 | BBG001S5Y2B1 | 52333770 | 1068883 | SH |  | SOLE |  | 1068883 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 | BBG001S5N9P3 | 12170720 | 710501 | SH |  | SOLE |  | 710501 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 | BBG001S5P2C0 | 11800300 | 268765 | SH |  | SOLE |  | 268765 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | BBG001S902J2 | 3749690 | 8 | SH |  | SOLE |  | 8 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 609150 | 1972 | SH |  | SOLE |  | 1972 | 0 | 0 |
| BRAGG GAMING GROUP INC | COM NEW | 104833306 | BBG001SM49Z6 | 310380 | 80105 | SH |  | SOLE |  | 80105 | 0 | 0 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 | BBG001SR7MB9 | 2436870 | 18168 | SH |  | SOLE |  | 18168 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 | BBG019Z17GF9 | 17117300 | 598223 | SH |  | SOLE |  | 598223 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 | BBG001SF86D7 | 58085240 | 1848348 | SH |  | SOLE |  | 1848348 | 0 | 0 |
| BRP INC | COM SUN VTG | 05577W200 | BBG004G49425 | 734830 | 9645 | SH |  | SOLE |  | 9645 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 | BBG001S5Y5S6 | 3057790 | 135000 | SH |  | SOLE |  | 135000 | 0 | 0 |
| CANADIAN IMPERIAL BK COMM TO | COM | 136069101 | BBG001S5YBB1 | 27281940 | 674926 | SH |  | SOLE |  | 674926 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 | BBG001S5YC56 | 77591890 | 1398234 | SH |  | SOLE |  | 1398234 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 | BBG001S8WVQ7 | 80307880 | 676531 | SH |  | SOLE |  | 676531 | 0 | 0 |
| CANADIAN PAC RY LTD | COM | 13645T100 | BBG001S7F4Z8 | 56694070 | 760948 | SH |  | SOLE |  | 760948 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 | BBG001T2PJV8 | 13984640 | 721298 | SH |  | SOLE |  | 721298 | 0 | 0 |
| CGI INC | CL A SUB VTG | 12532H104 | BBG001S5YY67 | 64075330 | 743886 | SH |  | SOLE |  | 743886 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 | BBG001S67ZC5 | 735910 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 | BBG001S8S1L3 | 20480280 | 92839 | SH |  | SOLE |  | 92839 | 0 | 0 |
| CHURCH  DWIGHT CO INC | COM | 171340102 | BBG001S5PR99 | 14929290 | 185204 | SH |  | SOLE |  | 185204 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 | BBG001S72ZG4 | 678450 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| CMS ENERGY CORP | COM | 125896100 | BBG001S5PYJ3 | 28698370 | 453156 | SH |  | SOLE |  | 453156 | 0 | 0 |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 | BBG001S79G88 | 14491210 | 157862 | SH |  | SOLE |  | 157862 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 | BBG001S5PXL2 | 650970 | 18615 | SH |  | SOLE |  | 18615 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 | BBG001S5TZM2 | 18234660 | 154531 | SH |  | SOLE |  | 154531 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG001S9KRQ7 | 395330 | 866 | SH |  | SOLE |  | 866 | 0 | 0 |
| CROWN CASTLE INC | COM | 22822V101 | BBG001S7W5T3 | 7323610 | 53993 | SH |  | SOLE |  | 53993 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 | BBG001S5QBD8 | 28401610 | 304771 | SH |  | SOLE |  | 304771 | 0 | 0 |
| DEERE  CO | COM | 244199105 | BBG001S5QFF7 | 351580 | 820 | SH |  | SOLE |  | 820 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 | BBG001S5QHF3 | 387570 | 4461 | SH |  | SOLE |  | 4461 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 | BBG001T5BM30 | 18382320 | 74649 | SH |  | SOLE |  | 74649 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 | BBG001S5QVT7 | 13189710 | 137307 | SH |  | SOLE |  | 137307 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 | BBG001S6Q6D7 | 72571990 | 1858116 | SH |  | SOLE |  | 1858116 | 0 | 0 |
| ENERPLUS CORP | COM | 292766102 | BBG001SGHVD0 | 1493720 | 84683 | SH |  | SOLE |  | 84683 | 0 | 0 |
| ENPHASE ENERGY INC | COM | 29355A107 | BBG001V28NC6 | 597220 | 2254 | SH |  | SOLE |  | 2254 | 0 | 0 |
| ENTHUSIAST GAMING HLDGS INC | COM | 29385B109 | BBG00M3PN2C9 | 122640 | 224550 | SH |  | SOLE |  | 224550 | 0 | 0 |
| FORTIS INC | COM | 349553107 | BBG001S5YVM5 | 31585520 | 789901 | SH |  | SOLE |  | 789901 | 0 | 0 |
| FORTIVE CORP | COM | 34959J108 | BBG00BLVZ237 | 3195090 | 49729 | SH |  | SOLE |  | 49729 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 | BBG001STGSR5 | 28229740 | 207238 | SH |  | SOLE |  | 207238 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 | BBG001S5RKR2 | 251550 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| GRANITE REAL ESTATE INVT TR | UNIT 99/99/9999 | 387437114 | BBG001SLX655 | 16666010 | 326891 | SH |  | SOLE |  | 326891 | 0 | 0 |
| GRUPO AVAL ACCIONES Y VALORE | SPONSORED ADS | 40053W101 | BBG004T0ZN64 | 107660 | 42553 | SH |  | SOLE |  | 42553 | 0 | 0 |
| IMPERIAL OIL LTD | COM NEW | 453038408 | BBG001S5T1N6 | 438060 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 | BBG001S5S399 | 523830 | 3718 | SH |  | SOLE |  | 3718 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | FTSE RAFI DEV | 46138E743 | BBG001SS8729 | 2315310 | 55737 | SH |  | SOLE |  | 55737 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | FTSE RAFI EMNG | 46138E727 | BBG001SSJYS0 | 6130740 | 347942 | SH |  | SOLE |  | 347942 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | FTSE RAFI 1000 | 46137V613 | BBG001S6H5N8 | 3719720 | 23975 | SH |  | SOLE |  | 23975 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG001S9GN63 | 248170 | 932 | SH |  | SOLE |  | 932 | 0 | 0 |
| ISHARES INC | MSCI CDA ETF | 464286509 | BBG001S8R7V0 | 253660 | 7750 | SH |  | SOLE |  | 7750 | 0 | 0 |
| ISHARES INC | MSCI JPN ETF NEW | 46434G822 | BBG001S8SYN9 | 935820 | 17190 | SH |  | SOLE |  | 17190 | 0 | 0 |
| ISHARES TR | CORE 1 5 YR USD | 46432F859 | BBG003HC6JD6 | 417960 | 9000 | PRN |  | SOLE |  | 9000 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 | BBG001SM1QT8 | 739560 | 7624 | PRN |  | SOLE |  | 7624 | 0 | 0 |
| ISHARES TR | ESG SCRND S | 46436E569 | BBG00XDJC7F6 | 907520 | 31917 | SH |  | SOLE |  | 31917 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 | BBG001S60QR6 | 650190 | 6167 | PRN |  | SOLE |  | 6167 | 0 | 0 |
| ISHARES TR | MBS ETF | 464288588 | BBG001SSD8B1 | 288640 | 3112 | PRN |  | SOLE |  | 3112 | 0 | 0 |
| ISHARES TR | MSCI ACWI ETF | 464288257 | BBG001S56QV7 | 843710 | 9940 | SH |  | SOLE |  | 9940 | 0 | 0 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 | BBG0025X2G81 | 594060 | 8235 | SH |  | SOLE |  | 8235 | 0 | 0 |
| ISHARES TR | MSCI USA MMENTM | 46432F396 | BBG004FPV022 | 291860 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| ISHARES TR | SHORT TREAS BD | 464288679 | BBG001SSD803 | 611220 | 5562 | PRN |  | SOLE |  | 5562 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG001S5SHQ9 | 27543800 | 155923 | SH |  | SOLE |  | 155923 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 | BBG001S8CRC3 | 706710 | 5270 | SH |  | SOLE |  | 5270 | 0 | 0 |
| LIGHTSPEED COMMERCE INC | SUB VTG SHS | 53229C107 | BBG00B0JR9Q6 | 256340 | 17950 | SH |  | SOLE |  | 17950 | 0 | 0 |
| LLOYDS BANKING GROUP PLC | SPONSORED ADR | 539439109 | BBG001SDX252 | 156260 | 71029 | SH |  | SOLE |  | 71029 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 | BBG001S7PS57 | 28951510 | 59511 | SH |  | SOLE |  | 59511 | 0 | 0 |
| MAGNA INTL INC | COM | 559222401 | BBG001S5SY91 | 5918750 | 105438 | SH |  | SOLE |  | 105438 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 | BBG001S76KD6 | 29144060 | 1635146 | SH |  | SOLE |  | 1635146 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 | BBG001S5T2S9 | 248860 | 3202 | SH |  | SOLE |  | 3202 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 | BBG001SM32G3 | 8305000 | 9814 | SH |  | SOLE |  | 9814 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 | BBG001S6P675 | 684730 | 13700 | SH |  | SOLE |  | 13700 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 37961590 | 158292 | SH |  | SOLE |  | 158292 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 | BBG001SHHZJ3 | 722950 | 10847 | SH |  | SOLE |  | 10847 | 0 | 0 |
| NASDAQ INC | COM | 631103108 | BBG001SKTBJ6 | 3255840 | 53070 | SH |  | SOLE |  | 53070 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 | BBG001S5TKX3 | 212410 | 4509 | SH |  | SOLE |  | 4509 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 | BBG001S5RB29 | 19303740 | 230906 | SH |  | SOLE |  | 230906 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 | BBG00JM9SM69 | 36877630 | 505487 | SH |  | SOLE |  | 505487 | 0 | 0 |
| NUVEI CORPORATION | SUB VTG SHS | 67079A102 | BBG00X2VHWW2 | 13304930 | 523904 | SH |  | SOLE |  | 523904 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 | BBG001SBS5H2 | 53893910 | 1820130 | SH |  | SOLE |  | 1820130 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 | BBG0077VNXW5 | 6706290 | 94163 | SH |  | SOLE |  | 94163 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 | BBG001SB0CJ5 | 5307160 | 156461 | SH |  | SOLE |  | 156461 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 | BBG001STP9N1 | 202420 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 8870200 | 58526 | SH |  | SOLE |  | 58526 | 0 | 0 |
| PROSHARES TR | PSHS ULTSH 20YRS | 74347B201 | BBG001STFTT2 | 325000 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 | BBG001S5V5K7 | 7934060 | 174260 | SH |  | SOLE |  | 174260 | 0 | 0 |
| QUANTUMSCAPE CORP | COM CL A | 74767V109 | BBG00VJ17DT1 | 122000 | 21517 | SH |  | SOLE |  | 21517 | 0 | 0 |
| RELX PLC | SPONSORED ADR | 759530108 | BBG001S898V8 | 552100 | 19917 | SH |  | SOLE |  | 19917 | 0 | 0 |
| RESTAURANT BRANDS INTL INC | COM | 76131D103 | BBG0076WG2T4 | 66195740 | 1024232 | SH |  | SOLE |  | 1024232 | 0 | 0 |
| REUNION NEUROSCIENCE INC | COM | 76134G103 | BBG001S7XKK8 | 17570 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 | BBG001SB0LX9 | 5403440 | 75891 | SH |  | SOLE |  | 75891 | 0 | 0 |
| RITCHIE BROS AUCTIONEERS | COM | 767744105 | BBG001SBQWW8 | 38397130 | 665212 | SH |  | SOLE |  | 665212 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 | BBG001S604S4 | 8788450 | 187911 | SH |  | SOLE |  | 187911 | 0 | 0 |
| ROSS STORES INC | COM | 778296103 | BBG001S5VRS1 | 16318980 | 140596 | SH |  | SOLE |  | 140596 | 0 | 0 |
| ROYAL BK CDA SUSTAINABL | COM | 780087102 | BBG001S60869 | 146929230 | 1563880 | SH |  | SOLE |  | 1563880 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 | BBG001SDLP09 | 4789550 | 36123 | SH |  | SOLE |  | 36123 | 0 | 0 |
| SANOFI | SPONSORED ADR | 80105N105 | BBG001S5W768 | 218420 | 4510 | SH |  | SOLE |  | 4510 | 0 | 0 |
| SCHWAB STRATEGIC TR | SCHWAB FDT US LG | 808524771 | BBG0051J0PJ9 | 4487780 | 83978 | SH |  | SOLE |  | 83978 | 0 | 0 |
| SCHWAB STRATEGIC TR | SCHWAB FDT US SC | 808524763 | BBG0051NXNX3 | 400670 | 8576 | SH |  | SOLE |  | 8576 | 0 | 0 |
| SCHWAB STRATEGIC TR | SCHWB FDT INT LG | 808524755 | BBG0051K49J8 | 1380970 | 47505 | SH |  | SOLE |  | 47505 | 0 | 0 |
| SHAW COMMUNICATIONS INC | CL B CONV | 82028K200 | BBG001S5W3K1 | 1805230 | 62702 | SH |  | SOLE |  | 62702 | 0 | 0 |
| SHOALS TECHNOLOGIES GROUP IN | CL A | 82489W107 | BBG00YQ82328 | 612610 | 24832 | SH |  | SOLE |  | 24832 | 0 | 0 |
| SHOPIFY INC | CL A | 82509L107 | BBG004DW5NC7 | 26778040 | 771813 | SH |  | SOLE |  | 771813 | 0 | 0 |
| SOLAREDGE TECHNOLOGIES INC | COM | 83417M104 | BBG0084BC0P2 | 711010 | 2510 | SH |  | SOLE |  | 2510 | 0 | 0 |
| SONY GROUP CORPORATION | SPONSORED ADR | 835699307 | BBG001S5W6H8 | 233490 | 3061 | SH |  | SOLE |  | 3061 | 0 | 0 |
| SOUTHWESTERN ENERGY CO | COM | 845467109 | BBG001S5WHW7 | 351000 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 2714920 | 16004 | SH |  | SOLE |  | 16004 | 0 | 0 |
| SPDR SER TR | BLOOMBERG 1-3 MO | 78468R663 | BBG001STKCW9 | 443630 | 4850 | PRN |  | SOLE |  | 4850 | 0 | 0 |
| SPROTT PHYSICAL GOLD  SILVE | TR UNIT | 85208R101 | BBG00JPZ8T56 | 210440 | 11313 | SH |  | SOLE |  | 11313 | 0 | 0 |
| STAGWELL INC | COM CL A | 85256A109 | BBG00ZV0HW08 | 12257710 | 1973866 | SH |  | SOLE |  | 1973866 | 0 | 0 |
| STANTEC INC | COM | 85472N109 | BBG001S6JJQ3 | 36844260 | 769454 | SH |  | SOLE |  | 769454 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 | BBG001S8FR03 | 232270 | 950 | SH |  | SOLE |  | 950 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 | BBG001S7XWH6 | 19108030 | 411940 | SH |  | SOLE |  | 411940 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 | BBG001S5YSF0 | 35423490 | 1117511 | SH |  | SOLE |  | 1117511 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 1209200 | 16233 | SH |  | SOLE |  | 16233 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 | BBG001S5WW27 | 43388260 | 1089088 | SH |  | SOLE |  | 1089088 | 0 | 0 |
| TELUS CORPORATION | COM | 87971M103 | BBG001S60K53 | 30052840 | 1558367 | SH |  | SOLE |  | 1558367 | 0 | 0 |
| TELUS INTL CDA INC | SUB VTG SHS | 87975H100 | BBG00YTSTFR8 | 6390440 | 323933 | SH |  | SOLE |  | 323933 | 0 | 0 |
| TESLA INC | COM | 88160R101 | BBG001SQKGD7 | 5675400 | 46074 | SH |  | SOLE |  | 46074 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG001S5WS08 | 21062790 | 38248 | SH |  | SOLE |  | 38248 | 0 | 0 |
| THOMSON REUTERS CORP. | COM NEW | 884903709 | BBG001S5WSW3 | 36438030 | 319641 | SH |  | SOLE |  | 319641 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 | BBG001S60L15 | 127914630 | 1976937 | SH |  | SOLE |  | 1976937 | 0 | 0 |
| TRICON RESIDENTIAL INC | COM NPV | 89612W102 | BBG001T7VFV8 | 6995440 | 907869 | SH |  | SOLE |  | 907869 | 0 | 0 |
| UNITED CMNTY BKS BLAIRSVLE G | COM | 90984P303 | BBG001S9SSJ5 | 14274920 | 422335 | SH |  | SOLE |  | 422335 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 | BBG001S6T8C1 | 266980 | 6122 | SH |  | SOLE |  | 6122 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 | BBG001TC6MC1 | 1741240 | 4956 | SH |  | SOLE |  | 4956 | 0 | 0 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 | BBG001SHVTR2 | 382710 | 2410 | SH |  | SOLE |  | 2410 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 | BBG001SHTTV0 | 926140 | 5046 | SH |  | SOLE |  | 5046 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 | BBG001SHTB03 | 808730 | 4230 | SH |  | SOLE |  | 4230 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 | BBG001SHVR78 | 347340 | 2475 | SH |  | SOLE |  | 2475 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG001SHTTZ6 | 262650 | 6738 | SH |  | SOLE |  | 6738 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | BBG001SHTV18 | 631180 | 11385 | SH |  | SOLE |  | 11385 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG001SSPWL4 | 1126730 | 26846 | SH |  | SOLE |  | 26846 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 35049940 | 168704 | SH |  | SOLE |  | 168704 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 | BBG001SKJ4K1 | 31005730 | 234072 | SH |  | SOLE |  | 234072 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 | BBG001S5XF23 | 334450 | 8100 | SH |  | SOLE |  | 8100 | 0 | 0 |
| WEST FRASER TIMBER CO LTD | COM | 952845105 | BBG001S60WD8 | 4591460 | 63631 | SH |  | SOLE |  | 63631 | 0 | 0 |
| WOLFSPEED INC | COM | 977852102 | BBG001S6YWT4 | 695920 | 10080 | SH |  | SOLE |  | 10080 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 | BBG0039320P7 | 20316670 | 138633 | SH |  | SOLE |  | 138633 | 0 | 0 |

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