PREFERRED SHARES (Tables)

12 Months Ended

Dec. 31, 2022

Preferred Stock, Number of Shares, Par Value and Other Disclosure [Abstract]

Schedule of Preferred Shares

at December 31, 2022	Number of Shares Outstanding	Current Yield			Annual Dividend Per Share1,2	Redemption Price Per Share	Redemption and Conversion Option Date	Right to Convert Into	Carrying Value December 313
									2022	2021	2020
	(thousands)								(millions of Canadian $)
Cumulative First Preferred Shares
Series 1	14,577	3.479	%		$0.86975	$25.00	December 31, 2024	Series 2	360	360	360
Series 2	7,423	Floating		4	Floating	$25.00	December 31, 2024	Series 1	179	179	179
Series 3	9,997	1.694	%		$0.4235	$25.00	June 30, 2025	Series 4	246	246	246
Series 4	4,003	Floating		4	Floating	$25.00	June 30, 2025	Series 3	97	97	97
Series 5	12,071	1.949	%	5	$0.48725	$25.00	January 30, 2026	Series 6	294	294	310
Series 6	1,929	Floating		4	Floating	$25.00	January 30, 2026	Series 5	48	48	32
Series 7	24,000	3.903	%		$0.97575	$25.00	April 30, 2024	Series 8	589	589	589
Series 9	18,000	3.762	%		$0.9405	$25.00	October 30, 2024	Series 10	442	442	442
Series 11	10,000	3.351	%		$0.83775	$25.00	November 28, 2025	Series 12	244	244	244
Series 13	—	—			—	—	—	—	—	—	493
Series 15	—	—			—	—	—	—	—	988	988
									2,499	3,487	3,980

1Each of the even-numbered series of preferred shares, if in existence, will be entitled to receive floating rate cumulative quarterly preferential dividends per share at an annualized rate equal to the 90-day Government of Canada Treasury bill rate (T-bill rate) plus 1.92 per cent (Series 2), 1.28 per cent (Series 4), 1.54 per cent (Series 6), 2.38 per cent (Series 8), 2.35 per cent (Series 10), or 2.96 per cent (Series 12). These rates reset quarterly with the then current T-Bill rate.

2The odd-numbered series of preferred shares, if in existence, will be entitled to receive fixed rate cumulative quarterly preferential dividends, which will reset on the redemption and conversion option date and every fifth year thereafter, at an annualized rate equal to the then Five-Year Government of Canada bond yield plus 1.92 per cent (Series 1), 1.28 per cent (Series 3), 1.54 per cent (Series 5), 2.38 per cent (Series 7), 2.35 per cent (Series 9), or 2.96 per cent (Series 11).

3Net of underwriting commissions and deferred income taxes.

4The floating quarterly dividend rate for the Series 2 preferred shares is 6.053 per cent for the period starting December 30, 2022 to, but excluding, March 31, 2023. The floating quarterly dividend rate for the Series 4 preferred shares is 5.413 per cent for the period starting December 30, 2022 to, but excluding, March 31, 2023. The floating quarterly dividend rate for the Series 6 preferred shares is 5.192 per cent for the period starting October 30, 2022 to, but excluding, January 30, 2023. These rates will reset each quarter going forward.

5The fixed rate dividend for Series 5 preferred shares decreased from 2.263 per cent to 1.949 per cent on January 30, 2021 and is due to reset on every fifth anniversary thereafter.