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 Dividends





Sep 22, 2021

Sep 29, 2021

Oct 7, 2021


Regular Dividends





Sep 3, 2021

Sep 15, 2021

Sep 29, 2021


Jun 2, 2021

Jun 15, 2021

Jun 30, 2021


Mar 10, 2021

Mar 18, 2021

Mar 31, 2021


Nov 4, 2020

Dec 15, 2020

Dec 31, 2020


Sep 2, 2020

Sep 15, 2020

Sep 30, 2020


Jun 3, 2020

Jun 15, 2020

Jun 30, 2020


Mar 3, 2020

Mar 16, 2020

Mar 31, 2020


Dec 5, 2019

Dec 16, 2019

Dec 31, 2019


Aug 26, 2019

Sep 16, 2019

Sep 30, 2019


May 8, 2019

Jun 14, 2019

Jun 28, 2019


Mar 5, 2019

Mar 15, 2019

Mar 29, 2019


Dec 5, 2018

Dec 14, 2018

Dec 28, 2018


Sep 5, 2018

Sep 14, 2018

Sep 28, 2018


Jun 6, 2018

Jun 15, 2018

Jun 29, 2018


Mar 6, 2018

Mar 14, 2018

Mar 29, 2018


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.