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It's in the middle of a major, transformational capital project worth over $3 billion project involved in propane. Alberta is awash in propane. IPL is benefitting by building this plant. It's taking a while to do this, because it's the first plant of its kind in Alberta, so there's a learning curve. But he's confident about the overall project which will enrich IPL's bottom line.

When to take profits? Take profits when a stock makes up a dispoportionate part of your portfolio. This is a core holding of his. It's the best oil sands stock in Canada. It's has a fine integration operation, meaning they own refineries. They also boast dividend growth and a share buyback program. This stock can go higher.

It's corrected 13% off its all-time high, so now is a good entry point. They had a rare earnings miss and the market overreacted last week. But NFI raised their dividend and issued guidance going forward. NFI remains the leading player in this space and he continues to like it.

This is a core holding. It's Canada's second-largest bank, highly profitable with a 16% ROE and 11.7X earnings. 40% of those earnings come from the U.S., so TD will benefit from corporate tax cuts there. It will also benefit from rising interest rates. (Analysts' price target $81.25)

A producer of oil in Colombia, which lacks the takeaway isses that plague western Canada. PXT has tripled its production over five years. It carries no debt and has started share buybacks. It grew earnings by 64% year over year. (Analysts' price target $28.73)

It's the world's largest Caterpillar equipment dealer and they also do after-market service and support, which reduces the cyclicality of this business. It boasts 15% ROE and trades at 17x earnings. (Analysts' price target $38.83)

Will debt-laden Canadians slow consumer staples stocks? Yes, rising interest rates and higher mortgage payments will take a bite out of consumer spending. But consumer staples aren't discretionary; there are groceries and prescription drugs. A real worry is consumer discretionary like cars and furniture.

There's talk of reforms forbidding Canadian banks from selling mutual funds beyond their own brand which will decrease bank stocks. There's long been talk about such reforms. Things move very slow in Canadian regulatory affairs. If this happens, the banks will find ways to recoup margins by squeezing the margins of the independent fund managers. Further, in Canada, we lack the animosity that American banks and regulators have. Canadian banks are stable, so your risk and bank dividends are safe.

It supplies rigs to oil exploration companies, so it's a highly cyclical name. Too unpredictable for him. His style is buy-and-hold long-term, but it looks like it's been turning up as oil rises.