- Ex-Dividend Date:
If the dividend record date is a business day, the ex-dividend date is two business days prior to the record date. If the dividend record date is not a business day, the ex-dividend date is the third business day preceding the non-business day. Shareholders who have purchased their shares prior to the ex-dividend date will receive the dividend paid in the following month.
- Dividend Record Date:
Shareholders on record by this date will qualify for the next dividend. To be a shareholder on record by this date, investors must have purchased their shares by the ex-dividend date so enrolment information has time to reach Computershare Trust Company of Canada. For TORC, the dividend record date is typically the last day of the month.
- Payment Date:
The effective date that the company pays the dividend to shareholders (or the investment institution on their behalf). Normally, this occurs on the 15th of each month, however, if that date falls on a weekend or holiday the payment date will be the first business day following the 15th.