An aerial view of a gas plant at sunrise.

Dividends

Tourmaline’s dividend policy undergoes a periodic review by the Board of Directors and is subject to change at any time depending upon the earnings of the Company, its financial requirements and other factors existing at the time. Prior to 2018, dividends had not been paid on the common shares of the Company. On March 6, 2018, the Board of Directors approved a dividend policy for the payment of Tourmaline’s first regular quarterly dividend. Tourmaline’s history on dividend payments is as follows:

Special Dividend
  • Declaration Date: May 4, 2022
  • Record Date: May 12, 2022
  • Payment Date: May 19, 2022
  • Amount (C$ per common share): $1.50
First Quarter
  • Declaration Date: Mar 2, 2022
  • Record Date: Mar 15, 2022
  • Payment Date: Mar 31, 2022
  • Amount (C$ per common share): $0.20
Special Dividend
  • Declaration Date: Jan 17, 2022
  • Record Date: Jan 25, 2022
  • Payment Date: Feb 1, 2022
  • Amount (C$ per common share): $1.25
Fourth Quarter
  • Declaration Date: Dec 2, 2021
  • Record Date: Dec 15, 2021
  • Payment Date: Dec 31, 2021
  • Amount (C$ per common share): $0.18
Special Dividend
  • Declaration Date: Sept 22, 2021
  • Record Date: Sept 29, 2021
  • Payment Date: Oct 7, 2021
  • Amount (C$ per common share): $0.75
Third Quarter
  • Declaration Date: Sept 3, 2021
  • Record Date: Sept 15, 2021
  • Payment Date: Sept 29, 2021
  • Amount (C$ per common share): $0.17
Second Quarter
  • Declaration Date: Jun 2, 2021
  • Record Date: Jun 15, 2021
  • Payment Date: Jun 30, 2021
  • Amount (C$ per common share): $0.16
First Quarter
  • Declaration Date: Mar 10, 2021
  • Record Date: Mar 18, 2021
  • Payment Date: Mar 31, 2021
  • Amount (C$ per common share): $0.16
Fourth Quarter
  • Declaration Date: Nov 4, 2020
  • Record Date: Dec 15, 2020
  • Payment Date: Dec 31, 2020
  • Amount (C$ per common share): $0.14
Third Quarter
  • Declaration Date: Sep 2, 2020
  • Record Date: Sep 15, 2020
  • Payment Date: Sep 30, 2020
  • Amount (C$ per common share): $0.12
Second Quarter
  • Declaration Date: Jun 3, 2020
  • Record Date: Jun 15, 2020
  • Payment Date: Jun 30, 2020
  • Amount (C$ per common share): $0.12
First Quarter
  • Declaration Date: Mar 3, 2020
  • Record Date: Mar 16, 2020
  • Payment Date: Mar 31, 2020
  • Amount (C$ per common share): $0.12
Fourth Quarter
  • Declaration Date: Dec 5, 2019
  • Record Date: Dec 16, 2019
  • Payment Date: Dec 31, 2019
  • Amount (C$ per common share): $0.12
Third Quarter
  • Declaration Date: Aug 26, 2019
  • Record Date: Sep 16, 2019
  • Payment Date: Sep 30, 2019
  • Amount (C$ per common share): $0.12
Second Quarter
  • Declaration Date: May 8, 2019
  • Record Date: Jun 14, 2019
  • Payment Date: Jun 28, 2019
  • Amount (C$ per common share): $0.12
First Quarter
  • Declaration Date: Mar 5, 2019
  • Record Date: Mar 15, 2019
  • Payment Date: Mar 29, 2019
  • Amount (C$ per common share): $0.10
Fourth Quarter
  • Declaration Date: Dec 5, 2018
  • Record Date: Dec 14, 2018
  • Payment Date: Dec 28, 2018
  • Amount (C$ per common share): $0.10
Third Quarter
  • Declaration Date: Sep 5, 2018
  • Record Date: Sep 14, 2018
  • Payment Date: Sep 28, 2018
  • Amount (C$ per common share): $0.10
Second Quarter
  • Declaration Date: Jun 6, 2018
  • Record Date: Jun 15, 2018
  • Payment Date: Jun 29, 2018
  • Amount (C$ per common share): $0.09
First Quarter
  • Declaration Date: Mar 6, 2018
  • Record Date: Mar 14, 2018
  • Payment Date: Mar 29, 2018
  • Amount (C$ per common share): $0.08

Tourmaline Dividend Tax Information

This summary is of a general nature only and is not intended to be nor should it be construed to be legal or tax advice to any particular shareholder.  Shareholders are encouraged to consult their own tax advisors regarding the tax consequences and reporting obligations to them of receiving cash dividends.

Canadian Resident Individual Shareholders 

Unless otherwise indicated dividends paid by Tourmaline, will be designated as “eligible dividends” for Canadian income tax purposes.  An eligible dividend paid to a Canadian resident is entitled to the enhanced dividend credit. 

Non-Resident Shareholders 

The following information is provided for general information purposes only. Investors are encouraged to seek advice from a qualified tax advisor in their country of residence to obtain guidance with respect to the appropriate tax treatment of their dividends.

Dividends paid by Tourmaline will be subject to Canadian withholding tax at the rate of 25% on the gross distribution unless the rate is reduced under the provisions of a tax treaty between Canada and the non-resident shareholder’s jurisdiction of residence. The non-resident shareholder should be eligible to claim a credit or deduction against local taxes with respect to these Canadian non-resident withholding taxes.

United States Shareholder 

Where the non-resident shareholder is a United States resident they may be entitled to benefits under the Canada-U.S. tax treaty.  The rate of Canadian withholding tax on dividends is generally reduced to 15% under the Canada-U.S. tax treaty.  To be entitled for the reduced withholding tax, the US shareholder must provide form NR301 – “Declaration of Eligibility for Benefits under a Tax Treaty for Non-resident Taxpayer” or equivalent information to the transfer agent AST Trust Company Canada or to their registered broker, investment dealer, financial institution or other nominee as applicable if they are the beneficial shareholder.

Tourmaline is considered to be “a qualified foreign corporation” and the dividends paid on its common shares are considered to be “qualified dividends”, as determined for US federal tax purposes. The dividends paid should be eligible for reduced rates of taxation provided that certain holding period and other requirements are met.