# Canso Investment Counsel Ltd.

> Canso Investment Counsel Ltd. is an SEC-registered investment advisory firm in Richmond Hill, Ontario, Canada, registered since 2025, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 25, 2026.

- CRD: 336447
- Filed as: CANSO INVESTMENT COUNSEL LTD.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Richmond Hill, Ontario, Canada
- Filing period: October 2026
- Form ADV filing dated: September 25, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/336447
- AdvisorCensus page: https://advisorcensus.com/firm/canso-investment-counsel-ltd-richmond-hill-ontario-336447

## Quick answers

**How is Canso Investment Counsel Ltd. compensated?**
On its Form ADV (Item 5.E, October 2026), Canso Investment Counsel Ltd. reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Canso Investment Counsel Ltd. located?**
Canso Investment Counsel Ltd.'s principal office is in Richmond Hill, Ontario, Canada, according to its Form ADV; the October 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is Canso Investment Counsel Ltd. registered with the SEC or a state?**
Canso Investment Counsel Ltd. is an SEC-registered investment advisory firm, registered since 2025. Status as filed: Approved. CRD 336447.

**How much does Canso Investment Counsel Ltd. manage?**
Canso Investment Counsel Ltd. reports $46,645,743,893 in regulatory assets under management in its Form ADV filing dated September 25, 2026 (100% discretionary).

**How have Canso Investment Counsel Ltd.'s assets and staff changed since 2025?**
In the Form ADV data for Canso Investment Counsel Ltd.: Regulatory assets under management: $37,762,328,329 in the October 2025 data and $46,645,743,893 in the October 2026 data, up 24%. Total employees: 67 in October 2025 and 71 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Canso Investment Counsel Ltd. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (65); pension and profit sharing plans (but not the plan participants or government pension plans) (9); state or municipal government entities (including government pension plans) (9).

**Which custodians does Canso Investment Counsel Ltd. use?**
Canso Investment Counsel Ltd.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists CIBC Mellon, RBC Investor Services Trust and State Street Bank and Trust Company as custodians holding 10% or more of its separately managed account assets.

**Does Canso Investment Counsel Ltd. report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/336447

**What changed in Canso Investment Counsel Ltd.'s recent Form ADV filings?**
In the October 2026 filing data: Employees performing advisory functions went from 30 to 34. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- CIBC Mellon
- RBC Investor Services Trust
- State Street Bank and Trust Company

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $46,645,743,893
- Discretionary: $46,645,743,893
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 1 | $1,215,255,665 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 65 | $28,227,282,570 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 9 | $2,971,656,630 |
| Charitable organizations | 3 | $154,488,563 |
| State or municipal government entities (including government pension plans) | 9 | $3,617,948,140 |
| Other investment advisers | 8 | $8,088,713,795 |
| Insurance companies | 1 | $101,831,356 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 7 | $2,062,314,687 |
| Other | 2 | $206,252,487 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2025 (1 year)
- Employees: 71 total, 34 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Montreal, Quebec

### Websites listed on Form ADV (Item 1.I)
- [cansofunds.com](https://cansofunds.com)
- LinkedIn @canso-investment-counsel-ltd-
- X @cansoinvestment
- YouTube @cansoinvestmentcounselltd.5257 (Handle is "Canso Investment Counsel Ltd.")

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2025 | $37,762,328,329 | 67 | May 16, 2025 |
| October 2026 | $46,645,743,893 | 71 | September 25, 2026 |

Regulatory assets under management: $37,762,328,329 in the October 2025 data and $46,645,743,893 in the October 2026 data, up 24%.
Total employees: 67 in October 2025 and 71 in October 2026.

## Changes in the filing (last 12 months)

### October 2026
- Employees performing advisory functions went from 30 to 34.
- Updated its list of owners and control persons (Schedule A).

### December 2025
- Regulatory assets under management went from $37,762,328,329 to $44,358,760,156 (+17%).
- Employees performing advisory functions went from 29 to 30.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Canso Investment Counsel Ltd. (CRD 336447): Form ADV filing data as of October 2026.