Winpak's press release notes:

Winpak Ltd. (TSX: WPK) announces that at a meeting on June 23, 2021, the Company's Board of Directors declared a special one-time dividend of three dollars (Canadian currency) per share. The dividend is payable July 9, 2021 to shareholders of record at the close of business on July 2, 2021.

I would expect the price drop about CA$3 after July 2, 2021. July 1 is a holiday for TSX. July 3&4 are weekend. So the drop should happen on July 5, 2021. However, today (June 30, 2021) the price dropped by around CA$3. What's wrong with my understanding?

1 Answer 1


Here's how it works in the USA and I believe that it's the same in Canada:

Declaration date

  • The day that the public traded company declares an upcoming dividend payment to stockholders.

Ex-dividend date

  • The first day on which a stockholder can sell their shares and still be entitled to receive the upcoming dividend payment.

Payment date

  • The day which stockholders receive dividend payment.

Record date

  • The day when you must be on the company's books as a stockholder to receive the dividend. The ex-dividend date is normally set for two business days before the record date.

Settlement Date

  • The day in which the stock ownership transferal is finalized. Also known as T+2.


  • Trade Date + 2 business days. The grace period allowed to settle a trade. This is the final day to transfer share ownership and money between the parties involved in the stock transaction.

Regarding your position, today is the ex-dividend date which is two days before the record date of Friday, July 2nd.


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