Celebrating more than 20 years

Veritas is Canada's leading
independent equity research firm

Our Mission Is To Seek The Truth From The Facts

We Outperform

Our recommendations to Buy stocks have outperformed the S&P/TSX Composite by more than 300 basis points, while the Sells recommendations have underperformed by more than 400 basis points since March 1999.

Find out more about our Track Record.

We Are Independent 

We provide investment research you can trust. We do not have investment banking or trading revenue, or biases. That means we are only paid by the clients who read our research or receive our training. We call it the Veritas Way.

Find out more about our Investment Approach.

We Stand Up For Investors

We are the voice of investors and study accounting like no other. We have served on national and international accounting standards and regulatory advisory boards, taught at business schools and regularly are cited by major media outlets.

Find out more about Our Team.

We have many subscription options.

Contact our Sales Team to discuss your equity research needs.

Contact Sales

We're Hiring

Accounting or financial designations are required. Preference will be given to candidates pursuing a CPA and/or a CFA.

Do You Want to Learn From The Best?

 Broaden your skills by working across our team of award-winning analysts and learn about various industries.

Deepen your forensic accounting skills. 
Our mission is to be the trusted source of independent research that helps investors make better investment decisions. 

Join the Team.


Fact-Finding Video Conferences

Subscribe Now

In April 2020, we started to go "on-the-ground" to speak to industry professionals to find the truth about how the pandemic would affect our economy, our lives and our investments. The result was our Fact-Finding Video Conference Series.

Join the Fact-Finding Network for live access to our video conference and full archives

$9.99 per month for the first 100 subscribers

Find Out More


"I love the Fact Finders. They make me smarter!"

Enjoy FREE ACCESS to Episode 71:
Commercial Real Estate Market Re-Heating 
With Alan MacKenzie, CEO JLL Canada

V-List and Track Record

What is the V-List?

Our model portfolio, the Veritas V-List, has outperformed the S&P/TSX Composite Index in 15 of the past 17 years. 

It is a concentrated portfolio of 12 to 25 companies recommended by Veritas Investment Research as the best investment opportunities drawn from our firm’s research.  

The V-List outperforms because we dig deeper into the accounting to make sure that we’re not being misled in evaluating actual cash flows.

You can subscribe to the V-List.

Learn More

Please watch this 8-minute video to find out how the V-List has performed and how we pick stocks for our model portfolio. Featuring Veritas President and CEO Anthony Scilipoti and Head of Research Darryl McCoubrey.

9th Annual Veritas Great Canadian Real Estate Conference

A "relentlessly honest" conference about the outlook for the Canadian real estate market and how it will impact the economy and investors.

After the Pandemic:
Consequences & The New Reality

Thank you to all who presented and attended our conference on October 7, 2021.

The replays will be on our website shortly

Find Out More

We’ll do it again next year...but in person!



Award-Winning Research

Independence leads to better returns for our clients

Our analysts have won numerous awards over the years, including 27 Refinitiv StarMine Awards for generating excess returns and multiple TopGun Canadian Equity Awards.

Find Out More

Veritas Training

We can help you make better business and investment decisions

We use real-life examples and walk participants through actual financial statements to teach you how to proactively identify warning signs in the accounting. Find out how to learn the Veritas Way.

Explore Our Training




Srivatsan Prakash is a recent high school graduate in Toronto and is an aspiring money manager. More than two years ago, he started hosting a podcast called Market Champions. More than 175 episodes later, and after passing 20,000 followers on Apple Podcasts, Anthony Scilipoti, Veritas President and CEO, was his latest guest.
They discussed:
• How Veritas started more than 20 years ago and some of its more successful calls, such as on Nortel Networks;
• Different ways companies can cook the books, the dangers of non-GAAP accounting and weaknesses in Canada’s regulatory environment;
• The difference between a Sell recommendation and a short, as well as Veritas’s approach for evaluating stocks;
• Where investors need to tread carefully in today’s market and areas of opportunity for fundamental long-term investors.
If you know of a student who is interested in investing or money management, please pass along this podcast.

News and Insights

October 21, 2021
Emera not currently the best choice in utilities
- Emera has only one Sell rating. Darryl McCoubrey, VP of Utilities and Infrastructure at Veritas, joined BNN Bloomberg to discuss why he is wary of the stock.

October 16, 2021
A buy-and-hold utility with a growing dividend
- Veritas Utilities Analyst Darryl McCoubrey is the lone analyst with a Sell on Emera. His main concern is that the company's investment-grade credit rating could be at risk if the company fails to improve its debt ratios, as discussed in this Globe & Mail article.

October 13, 2021
Shareholders should look to lock in gains on Lightspeed shares amid competitive pressures
- Veritas's research about Lightspeed's disclosure and growth prospects is referred to in this piece by Globe & Mail columnist David Milstead.

Recent Reports

Rogers Communications Inc. - Communication Services
Q3-21: Re-opening Thesis Intact Amid Boardroom Noise

Canadian Pacific Railway Ltd. - Industrials
Q3-F21: Near-term Mi-Grain, but CPKC Potential Remains on Track

Canadian National Railway Co. - Industrials
Q3-F21: Changing of the Guard

Shopify Inc. - Information Technology
A Path to Higher Payments Penetration