-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Gg1iBGCoralq0LuTNyj5JPcdJb7VmNHu8X32y0O4Uu0KP4VwlbPE4upDUF6HGdek
 hPRkyMYkgM2AO6kqKmfrHw==

<SEC-DOCUMENT>0001181431-08-032276.txt : 20080516
<SEC-HEADER>0001181431-08-032276.hdr.sgml : 20080516
<ACCEPTANCE-DATETIME>20080516180349
ACCESSION NUMBER:		0001181431-08-032276
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080515
FILED AS OF DATE:		20080516
DATE AS OF CHANGE:		20080516

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tim Hortons Inc.
		CENTRAL INDEX KEY:			0001345111
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				510370507
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		874 SINCLAIR ROAD
		CITY:			OAKVILLE
		STATE:			A6
		ZIP:			L6K 2Y1
		BUSINESS PHONE:		(905) 845-6511

	MAIL ADDRESS:	
		STREET 1:		874 SINCLAIR ROAD
		CITY:			OAKVILLE
		STATE:			A6
		ZIP:			L6K 2Y1

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Moir William A
		CENTRAL INDEX KEY:			0001355720

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32843
		FILM NUMBER:		08843521

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		905-339-6199

	MAIL ADDRESS:	
		STREET 1:		TIM HORTONS INC.
		STREET 2:		874 SINCLAIR ROAD
		CITY:			TORONTO
		STATE:			A6
		ZIP:			L6K 2Y1
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd207059.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-05-15</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001345111</issuerCik>
        <issuerName>Tim Hortons Inc.</issuerName>
        <issuerTradingSymbol>THI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001355720</rptOwnerCik>
            <rptOwnerName>Moir William A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4150 TULLER ROAD, UNIT 236</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DUBLIN</rptOwnerCity>
            <rptOwnerState>OH</rptOwnerState>
            <rptOwnerZipCode>43017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Brand &amp; Mkting Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-05-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4386.7486</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>33</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>102028.6069</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-05-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>6254</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>108282.6069</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option with Tandem Stock Appreciation Right</value>
                <footnoteId id="F2"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>33</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-05-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>20189</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2009-05-15</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2015-05-15</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>20189</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>20189</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The U.S. price reported represents the approximate equivalent of Cdn. $33.02, as converted into U.S. dollars on the transaction date using the noon buying rate in New York for cable transfers payable in foreign currency, as certified for customs purposes by the Federal Reserve Bank of New York.</footnote>
        <footnote id="F2">Represents an option to purchase granted in tandem with a stock appreciation right for the number of shares of common stock set forth above under the Issuer's 2006 Stock Incentive Plan. Accordingly, the exercise of either the option or stock appreciation right results in the expiration of the other. These rights are scheduled to vest in three equal annual installments commencing on May 15, 2009.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Jill E. Aebker, Attorney-in-Fact</signatureName>
        <signatureDate>2008-05-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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