Investors

Topaz's dividend policy undergoes a quarterly review by the Board of Directors and is subject to change at any time depending upon the earnings of the Company, its financial requirements and other factors existing at the time.

Topaz's history on dividend payments is as follows:

March 31, 2020: $0.20

June 30, 2020: $0.20

September 30, 2020: $0.20

December 31, 2020: $0.20

March 31, 2021: $0.20

June 30, 2021: $0.20

September 30, 2021: $0.21

December 31, 2021: $0.24

March 31, 2022: $0.26

June 30, 2022: $0.26

September 29, 2022: $0.28

Dividend Tax Information

This summary is of a general nature only and is not intended to be nor should it be construed to be legal or tax advice to any particular shareholder. Shareholders are encouraged to consult their own tax advisors regarding the tax consequences and reporting obligations to them of receiving cash dividends.

Canadian Resident Individual Shareholders

Unless otherwise indicated, dividends paid by Topaz will be designated as “eligible dividends” for Canadian income tax purposes, unless otherwise noted. An eligible dividend paid to a Canadian resident is entitled to the enhanced dividend credit. If you have any questions regarding the taxation of eligible dividends, please contact a tax advisor or the Canada Revenue Agency.

Non-Resident Shareholders

Shareholders who are not residents of Canada for income tax purposes are encouraged to consult a tax advisor in their country of residence regarding the taxation of Canadian dividends. Dividends paid to non-residents of Canada are subject, on the date of payment, to a withholding tax of 25%, as prescribed by the Income Tax Act (Canada). This withholding tax may be reduced in accordance with reciprocal tax treaties. U.S. shareholders who are non-residents of Canada and hold their Topaz common shares in a taxable US account will be subject to Canadian withholding tax. The withholding tax rate is 25%; however, the Canada–U.S. Income Tax Treaty generally reduces the withholding rate on dividends to 15%.

United States Shareholders

In consultation with Topaz's U.S. tax advisors, we believe Topaz may be classified as a passive foreign investment company (“PFIC”) under United States federal income tax. As such, dividends to taxable individual shareholders who are United States taxpayers may be subject to the regimes of United States federal income taxation applicable to PFICs.

Shareholders who are United States taxpayers should discuss with their tax advisors the reporting requirements with respect to owning shares in a PFIC. In order to allow shareholders the ability to make a Qualified Electing Fund election, on an annual basis Topaz will provide a PFIC Annual Information Statement on its corporate website. Shareholders should contact their own tax advisors for information on correctly completing Form 8621.

2021 PFIC Annual Information Statement