-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 CwjXTB58r1px9vu8rK/JirIcwGaCZVnhAgv0VkbJOF0TS9F5Bpld6lEvJhKVNROI
 T5cEGjJrRGl5740AGPgScQ==

<SEC-DOCUMENT>0001426318-08-000006.txt : 20080423
<SEC-HEADER>0001426318-08-000006.hdr.sgml : 20080423
<ACCEPTANCE-DATETIME>20080422192503
ACCESSION NUMBER:		0001426318-08-000006
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080331
FILED AS OF DATE:		20080423
DATE AS OF CHANGE:		20080422
EFFECTIVENESS DATE:		20080423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PCJ Investment Counsel Ltd.
		CENTRAL INDEX KEY:			0001426318
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-12690
		FILM NUMBER:		08770328

	BUSINESS ADDRESS:	
		STREET 1:		181 UNIVERSITY AVENUE
		STREET 2:		SUITE 300
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 3M7
		BUSINESS PHONE:		416-955-9990

	MAIL ADDRESS:	
		STREET 1:		181 UNIVERSITY AVENUE
		STREET 2:		SUITE 300
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 3M7
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>r13f-0331.txt
<DESCRIPTION>PCJ FORM 13F 1Q 2008
<TEXT>


FORM 13F


                     (SEC USE ONLY)

Name of Reporting Manager:PCJ Investment Counsel
Ltd.


Item 1
Item 2
Item 3
Item 4
Item 5
Item 6


Item 7
Item 8


Name of Issuer


Shares of
Investment Discretion

Mgrs
Voting Authority (Shares)

Title of
Cusip
Fair Market
Principal
A) Sole
B) Shared -
C) Shared
See
A) Sole
B) Shared
C) None

Class
Number
Value $
Amount

As
Defined
Other
Instr. V


in Instr.V


Bank of Nova Scotia
Common
064149107
74,147,992
1,634,381
1,634,381
N/A
N/A

N/A
1,634,381
N/A
CIBC
Common
136069101
60,848,848
944,549
944,549
N/A
N/A

N/A
944,549
N/A
EnCana Corp.
Common
292505104
103,404,794
1,356,774
1,356,774
N/A
N/A

N/A
1,356,774
N/A
Manulife Financial Corp.
Common
56501R106
116,798,822
3,050,212
3,050,212
N/A
N/A

N/A
3,050,212
N/A
Royal Bank of Canada
Common
780087102
94,540,894
2,023,041
2,023,041
N/A
N/A

N/A
2,023,041
N/A
Suncor Energy Inc.
Common
867229106
93,054,713
962,402
962,402
N/A
N/A

N/A
962,402
N/A
Toronto Dominion Bank
Common
891160509
81,498,936
1,325,035
1,325,035
N/A
N/A

N/A
1,325,035
N/A


624,294,998
11,296,394
11,296,394


11,296,394


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----