-----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,
 JrTbGkJt0hLHCOoCKgB+r+o4vwDIsOir1kGRSgLIzFJzig805jpuoXQ6ZedJR7Ts
 bdkeP+eGZIp/GCjg84wUnQ==

<SEC-DOCUMENT>0001426318-09-000002.txt : 20090213
<SEC-HEADER>0001426318-09-000002.hdr.sgml : 20090213
<ACCEPTANCE-DATETIME>20090212192428
ACCESSION NUMBER:		0001426318-09-000002
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081231
FILED AS OF DATE:		20090213
DATE AS OF CHANGE:		20090212
EFFECTIVENESS DATE:		20090213

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:		09597067

	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-1231.txt
<DESCRIPTION>FORM 13F DECEMBER 31, 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


CIBC
Common
136069101
19,641,454
474,598
474,598
N/A
N/A

N/A
474,598
N/A
Canadian Natural Resources
Common
136385101
39,896,210
1,010,288
1,010,288
N/A
N/A

N/A
1,010,288
N/A
EnCana Corp.
Common
292505104
61,476,979
1,332,388
1,332,388
N/A
N/A

N/A
1,332,388
N/A
Manulife Financial Corp.
Common
56501R106
42,638,383
2,530,612
2,530,612
N/A
N/A

N/A
2,530,612
N/A
Potash Corp of Saskatchewan
Common
73755L107
33,418,772
460,746
460,746
N/A
N/A

N/A
460,746
N/A
Research in Motion
Common
760975102
31,964,223
797,163
797,163
N/A
N/A

N/A
797,163
N/A
Royal Bank of Canada
Common
780087102
54,936,674
1,878,639
1,878,639
N/A
N/A

N/A
1,878,639
N/A
Suncor Energy Inc.
Common
867229106
28,439,290
1,480,104
1,480,104
N/A
N/A

N/A
1,480,104
N/A


312,411,985
9,964,538
9,964,538


9,964,538


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