TransCanada declared a quarterly dividend of $0.38 per common share for the quarter ending March 31, 2009, a six per cent increase over the $0.36 per share paid in each of the previous four quarters. The common share dividend is payable on April 30, 2009 to shareholders of record at the close of business on March 31, 2009.
The Board of Directors also approved the issuance of common shares from treasury at a three per cent discount under TransCanada's Dividend Reinvestment Plan (DRP), for the common share dividend payable on April 30, 2009. Dividends on TransCanada PipeLines Limited (TCPL) outstanding preferred shares are also eligible to participate in the DRP.
Also announced today, the Board of Directors declared the following regular dividends on TCPL's preferred shares:
These dividends are designated by the Companies (TransCanada and TCPL) to be eligible dividends for purposes of the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.
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