Just about every month there are shareholders on this and other Canadian company boards that complain about the delay in receiving their monthly dividends.
The point to be made here is that the dividend pay date is not the same every month and the delay is exactly one day from the payment date because all Canadian dividend payment have to go through what is called a transfer agent before being paid to your American broker.
Pengrowth payment and posted dates by Scottrade for the last three months are as follows:
Why does it normally take an extra one to three days for Canadian dividends to be received and posted by American brokers when all other dividends are received and posted on the actual payment date?
According to my broker It depends on when in the day they receive the funds, how the company pays it to the brokerage, and how many accounts need to be reconciled. If a company send a cheque without any reference to what their paying then it takes additional time to reconcile and apply to the proper client accounts.
The only logical explanation is that Canadian companies send their dividend checks by snail mail while American companies send theirs by wire?
According to my broker when the dividend is posted depends on when in the day they receive the funds and whether the paying companies properly reference the amount each account is to receive, otherwise, it takes considerable time to post the funds to the proper accounts.