v3.25.0.1
Preference Shares (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Preference Shares Issued and Outstanding
Issued and Outstanding20242023
First Preference SharesNumberNumber
of SharesAmountof SharesAmount
(thousands)($ millions)(thousands)($ millions)
Series F5,000 122 5,000 122 
Series G9,200 225 9,200 225 
Series H7,665 188 7,665 188 
Series I2,335 57 2,335 57 
Series J8,000 196 8,000 196 
Series K10,000 244 10,000 244 
Series M24,000 591 24,000 591 
66,200 1,623 66,200 1,623 
Characteristics of the first preference shares are as follows:
ResetRight to
DividendAnnualDividendRedemptionRedemptionConvert on
RateDividendYieldand/or ConversionValuea One-For-
First Preference Shares (1) (2)
(%)($)(%)Option Date($)One Basis
Perpetual fixed rate
Series F4.90 1.2250 — Currently Redeemable25.00 — 
Series J4.75 1.1875 — Currently Redeemable25.00 — 
Fixed rate reset (3) (4)
Series G 6.12 1.5308 2.13 September 1, 202825.00 — 
Series H 1.84 0.4588 1.45 June 1, 202525.00 Series I
Series K 5.47 1.3673 2.05 March 1, 202925.00 Series L
Series M 5.49 1.3733 2.48 December 1, 202925.00 Series N
Floating rate reset (4) (5)
Series I
(5)
— 1.45 June 1, 202525.00 Series H
Series L— — — — — Series K
Series N— — — — — Series M
(1)    Holders are entitled to receive a fixed or floating cumulative quarterly cash dividend as and when declared by the Board of Directors of the Corporation, payable in equal installments on the first day of each quarter.
(2)    On or after the specified redemption dates, the Corporation has the option to redeem for cash the outstanding first preference shares, in whole or in part, at the specified per share redemption value plus all accrued and unpaid dividends up to but excluding the dates fixed for redemption, and in the case of the first preference shares that reset, on every fifth anniversary date thereafter.
(3)    On the redemption and/or conversion option date, and on each five-year anniversary thereafter, the reset annual dividend per share will be determined by multiplying $25.00 per share by the annual fixed dividend rate, which is the sum of the five-year Government of Canada Bond Yield on the applicable reset date, plus the applicable reset dividend yield.
(4)    On each conversion option date, the holders have the option, subject to certain conditions, to convert any or all of their shares into an equal number of Cumulative Redeemable first preference shares of a specified series.
(5)    The floating quarterly dividend rate will be reset every quarter based on the then current three‑month Government of Canada Treasury Bill rate plus the applicable reset dividend yield.