SHARE CAPITAL (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of common shares

COMMON SHARES

	2020		2019		2018
	Number		Number		Number
December 31,	of Shares	Amount	of Shares	Amount	of Shares	Amount
(millions of Canadian dollars; number of shares in millions)
Balance at beginning of year	2,025	64,746	2,022	64,677	1,695	50,737
Common shares issued in Sponsored Vehicle buy-in (Note 20)	—	—	—	—	297	12,727
Dividend Reinvestment and Share Purchase Plan	—	—	—	—	28	1,181
Shares issued on exercise of stock options	1	22	3	69	2	32
Balance at end of year	2,026	64,768	2,025	64,746	2,022	64,677

Schedule of preference shares

PREFERENCE SHARES

	2020		2019		2018
	Number		Number		Number
December 31,	of Shares	Amount	of Shares	Amount	of Shares	Amount
(millions of Canadian dollars; number of shares in millions)
Preference Shares, Series A	5	125	5	125	5	125
Preference Shares, Series B	18	457	18	457	18	457
Preference Shares, Series C	2	43	2	43	2	43
Preference Shares, Series D	18	450	18	450	18	450
Preference Shares, Series F	20	500	20	500	20	500
Preference Shares, Series H	14	350	14	350	14	350
Preference Shares, Series J	8	199	8	199	8	199
Preference Shares, Series L	16	411	16	411	16	411
Preference Shares, Series N	18	450	18	450	18	450
Preference Shares, Series P	16	400	16	400	16	400
Preference Shares, Series R	16	400	16	400	16	400
Preference Shares, Series 1	16	411	16	411	16	411
Preference Shares, Series 3	24	600	24	600	24	600
Preference Shares, Series 5	8	206	8	206	8	206
Preference Shares, Series 7	10	250	10	250	10	250
Preference Shares, Series 9	11	275	11	275	11	275
Preference Shares, Series 11	20	500	20	500	20	500
Preference Shares, Series 13	14	350	14	350	14	350
Preference Shares, Series 15	11	275	11	275	11	275
Preference Shares, Series 17	30	750	30	750	30	750
Preference Shares, Series 19	20	500	20	500	20	500
Issuance costs		(155)		(155)		(155)
Balance at end of year		7,747		7,747		7,747

Schedule of characteristics of preference shares

Characteristics of the preference shares are as follows:

	Dividend Rate		Dividend1	Per Share Base Redemption Value2	Redemption and Conversion Option Date2,3	Right to Convert Into3,4
(Canadian dollars unless otherwise stated)
Preference Shares, Series A	5.50	%	$1.37500	$25	—	—
Preference Shares, Series B	3.42	%	$0.85360	$25	June 1, 2022	Series C
Preference Shares, Series C5	3-month treasury bill plus 2.40%		—	$25	June 1, 2022	Series B
Preference Shares, Series D	4.46	%	$1.11500	$25	March 1, 2023	Series E
Preference Shares, Series F	4.69	%	$1.17224	$25	June 1, 2023	Series G
Preference Shares, Series H	4.38	%	$1.09400	$25	September 1, 2023	Series I
Preference Shares, Series J	4.89	%	US$1.22160	US$25	June 1, 2022	Series K
Preference Shares, Series L	4.96	%	US$1.23972	US$25	September 1, 2022	Series M
Preference Shares, Series N	5.09	%	$1.27152	$25	December 1, 2023	Series O
Preference Shares, Series P	4.38	%	$1.09476	$25	March 1, 2024	Series Q
Preference Shares, Series R	4.07	%	$1.01825	$25	June 1, 2024	Series S
Preference Shares, Series 1	5.95	%	US$1.48728	US$25	June 1, 2023	Series 2
Preference Shares, Series 3	3.74	%	$0.93425	$25	September 1, 2024	Series 4
Preference Shares, Series 5	5.38	%	US$1.34383	US$25	March 1, 2024	Series 6
Preference Shares, Series 7	4.45	%	$1.11224	$25	March 1, 2024	Series 8
Preference Shares, Series 9	4.10	%	$1.02424	$25	December 1, 2024	Series 10
Preference Shares, Series 116	3.94	%	$0.98452	$25	March 1, 2025	Series 12
Preference Shares, Series 136	3.04	%	$0.76076	$25	June 1, 2025	Series 14
Preference Shares, Series 156	2.98	%	$0.74576	$25	September 1, 2025	Series 16
Preference Shares, Series 17	5.15	%	$1.28750	$25	March 1, 2022	Series 18
Preference Shares, Series 19	4.90	%	$1.22500	$25	March 1, 2023	Series 20

1The holder is entitled to receive a fixed, cumulative, quarterly preferential dividend, as declared by the Board of Directors. With the exception of Series A and Series C Preference Shares, such fixed dividend rate resets every five years beginning on the initial redemption and conversion option date. The Series 17 and Series 19 Preference Shares contain a feature where the fixed dividend rate, when reset every five years, will not be less than 5.15% and 4.90%, respectively. No other series of Preference Shares has this feature.

2Series A Preference Shares may be redeemed any time at our option. For all other series of Preference Shares, we, may at our option, redeem all or a portion of the outstanding Preference Shares for the Base Redemption Value per share plus all accrued and unpaid dividends on the Redemption Option Date and on every fifth anniversary thereafter.

3The holder will have the right, subject to certain conditions, to convert their shares into Cumulative Redeemable Preference Shares of a specified series on a one-for-one basis on the Conversion Option Date and every fifth anniversary thereafter at an ascribed issue price equal to the Base Redemption Value.

4With the exception of Series A Preference Shares, after the redemption and conversion option dates, holders may elect to receive quarterly floating rate cumulative dividends per share at a rate equal to: $25 x (number of days in quarter/number of days in a year) x three-month Government of Canada treasury bill rate + 2.4% (Series C), 2.4% (Series E), 2.5% (Series G), 2.1% (Series I), 2.7% (Series O), 2.5% (Series Q), 2.5% (Series S), 2.4% (Series 4), 2.6% (Series 8), 2.7% (Series 10), 2.6% (Series 12), 2.7% (Series 14), 2.7% (Series 16), 4.1% (Series 18) or 3.2% (Series 20); or US$25 x (number of days in quarter/number of days in a year) x three-month US Government treasury bill rate + 3.1% (Series K), 3.2% (Series M), 3.1% (Series 2) or 2.8% (Series 6).

5The floating quarterly dividend amount for the Series C Preference Shares was increased to $0.25458 from $0.25305 on March 1, 2020, was decreased to $0.16779 from $0.25458 on June 1, 2020, was decreased to $0.15975 from $0.16779 on September 1, 2020 and was decreased to $0.15349 from $0.15975 on December 1, 2020, due to reset on a quarterly basis following the issuance thereof.

6No Series 11, 13 or 15 Preference shares were converted on the March 1, 2020, June 1, 2020 or September 1, 2020 conversion option dates, respectively. However, the quarterly dividend amounts for Series 11, 13 or 15, was decreased to $0.24613 from $0.27500 on March 1, 2020, decreased to $0.19019 from $0.27500 on June 1, 2020, decreased to $0.18644 from $0.27500 on September 1, 2020, respectively, due to reset on every fifth anniversary thereafter.