Empowering Investors for over 20 years

Veritas is Canada's Leading
Independent Equity Research Firm


Our Mission is to Seek the Truth from the Facts


Darryl McCoubrey, Vice President and Head of Research, Partner, and Dimitry Khmelnitsky, Vice President, Partner, Head of Accounting & Special Situations

We Outperform

Our recommendations to Buy stocks have outperformed the S&P/TSX Composite by more than 300 basis points, while the Sell 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

Analyst Presentation

Canadian Real Estate Market Conditions Check-In

With Nigel D'Souza and Shalabh Garg

We will be providing an update on Canadian real estate market conditions with our Senior Financial Services Analyst, Nigel D'Souza, and REITs Analyst, Shalabh Garg.

The presentation comes six months after our 11th Annual Veritas Great Canadian Real Estate Conference, which was held last October. The feedback on our presentations was so strong that we wanted to provide a mid-year update.

We are offering two presentations on April 17 and 18.


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There is also an option to bundle an April presentation with our 12th Annual Veritas Great Canadian Real Estate Conference coming in October.

Special Offer

Veritas Report on Dividends for 2024: 
Worth Locking in Yields?

Investors haven't enjoyed dividend yields like this for years, but which companies offer sustainable dividend growth that is worth locking in for the long term? Companies use accounting tricks to hide cash flow deficiencies, which can fool investors into thinking dividends are sustainable or will offer ongoing dividend growth in the future.

Our research team recently published our first cross-sector report on dividends, highlighting companies best positioned to deliver robust dividend growth within each sector across our entire coverage, as well as companies with dividends we think investors should be cautious about going into FY24. Our forensic accounting-based approach cuts through the accounting tricks to identify companies with the highest sustainable free cash flow that will support dividend growth versus sector peers. 



We are offering this report as part of an annual subscription for our Veritas Quality Ratings at 50% off for the first year.

Contact sales for more details and pricing.

Contact Sales

Our Track Record

What is the V-List?

Veritas' track record is measured through our V-List, a model portfolio that has outperformed the S&P/TSX Composite Index by 332 basis points annually (as of December 31, 2023, from inception on October 31, 2004).

The V-List 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.  

Stocks are selected based on their liquidity, lower volatility and potential for long-term capital appreciation, using bottom-up fundamental analysis and a strict review of accounting and disclosure practices to identify companies with defensible competitive advantages and the ability to generate meaningful cash flow.

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V-List Model Portfolio vs S&P/TSX Index Since 2004 Inception

Returns greater than 1-year are presented as compound annual growth rates.



V-List Review

Head of Research, Darryl McCoubrey, and Senior Financial Services Analyst, Nigel D'Souza, both members of our V-List Committee, discuss the performance of the V-List in 2023 and its positioning for 2024.

They discuss performance, sector allocations and why we're underweight banks but overweight the utilities & infrastructure sector. 





January 31, 2024
The Untold Truth Behind Growth Stocks (Wealth Builder 5) - Anthony Scilipoti

Our President and CEO, Anthony Scilipoti, had the opportunity to talk about the world of investing on a podcast with Breakthrough Academy, a service that works with contractors to help them navigate the challenges of growing their businesses and personal wealth. He talked about the five main areas of fundamental research that we dig into at Veritas Investment Research, how accounting is more subjective than most people realize, the difference between investing and speculating and how to evaluate a financial advisor. In one segment, he talked about why it is important for investors to dig beyond the headlines and charts of the day, especially today, as the market is starting to look frothy.

News and Insights

April 8, 2024
Don’t Expect a Regional Banking M&A Wave, Says Analyst

Mergers & Acquisitions, a U.S.-based publication, interviewed Nigel D'Souza, our Senior Financial Services Analyst, about the likelihood of Canada's Big Six banks making further forays into buying U.S. regional banks, given that valuations are depressed there. Nigel argued that it is not an attractive time to buy U.S. regional banks, given that many of them are heavily exposed to commercial real estate loans. "Large banks may not be incentivized to buy out those banks because they would have to mark to fair value those assets," he says. In [this] environment, it's not particularly attractive to bid on a bank. It makes a lot more sense to wait for the bank to go into receivership and then purchase those assets through the FDIC [Federal Deposit Insurance Corporation]." Overall, he continues to favour Canadian banks with less exposure to U.S. banking. "In the case of U.S. banking, it's a very low-return, high-risk business relative to Canadian banking," he says.

Recent Reports


Our Affiliated Companies

The Veritas Group of Companies

Veritas Investment Research Corp., Veritas Asset Management Inc. and The Veritas Foundation
are owned by the Veritas Group of Companies, which is 100% employee-owned.

Veritas Asset Management Inc.

Veritas Asset Management was founded on the belief that superior research leads to better investment decisions. Our funds capitalize on the successful research of our affiliate Veritas Investment Research Corp.

Sam LaBell, Veritas Asset Management Advising Representative, Director

Our portfolios offer concentrated, high-conviction positions in companies identified through our research and due diligence work, applying a disciplined and systematic selection process. 

Through our research, we identify opportunities to profit from mispriced securities, either by buying top-quality companies for long-term capital appreciation or through long-short hedging strategies.  While our portfolios are primarily focused on Canadian equities, our portfolio managers also consider opportunities beyond Canada.

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Veritas Foundation

The Veritas Foundation aims to be Canada's authoritative source for participating in the country's charitable sector and evaluating its effectiveness and impact. Our vision is to foster a thriving Canadian charitable sector.

Mark S. Bonham, Veritas Foundation Executive Director

The Veritas Foundation is committed to making sustainable improvements to the Charitable sector through its innovative research, management and granting programs. 

In addition to offering the Veritas Foundation Giving Fund, a Donor Advised Fund, the foundation offers grants and awards linked to independent advice, information, thought leadership, and comprehensive reviews of Canadian registered charities, all within a unique VScore program framework.

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