BCE Preferred Shares Reset Schedule 2026-2030: Every Reset Date, Rate, and Yield
BCE Preferred Share Resets in 2026: The Complete Guide
BCE Inc. (TSX: BCE) is one of Canada's largest issuers of preferred shares, with 20 series currently trading on the TSX. In 2026 alone, five BCE preferred share series are scheduled to reset their dividend rates — creating both opportunity and confusion for income investors.
This guide breaks down every BCE preferred share reset happening in 2026 and beyond, explains how each rate is calculated, and shows you which series offer the best value right now.
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What Is a Preferred Share Rate Reset?
When BCE issues a rate reset preferred share, the dividend rate is fixed for an initial period (usually five years). At the end of that period, the rate resets based on a formula tied to the Government of Canada 5-year bond yield.
The reset formula is typically:
New Annual Dividend Rate = 5-Year Government of Canada Bond Yield + Contractual Spread
For example, if the 5-year GoC yield is 3.05% and the spread is 2.09%, the new rate would be 5.14%.
At each reset date, shareholders usually have the option to convert between fixed-rate and floating-rate versions of the share.
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BCE Preferred Shares Resetting in 2026
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1. BCE.PR.M — Series AM (Reset March 31, 2026) ✅ Completed
BCE's Series AM preferred shares reset on March 31, 2026, to an annual dividend rate of 4.837%. This was based on the 5-year GoC bond yield plus a spread of 2.09% (5YR + 2.09%).
All remaining floating-rate Series AN (BCE.PR.N) shares were automatically converted into Series AM fixed-rate shares, as fewer than 1,000,000 Series AN shares would have remained outstanding.
Current status: BCE.PR.M now trades at $21.55 with a yield of approximately 3.41%. The low current yield reflects that the old (lower) dividend is still being paid through the transition. The projected yield at reset was 5.89%.
Verdict: Holders who stayed in fixed-rate are now receiving 4.837% annually — a decent rate for a P-2 rated telecom preferred. However, the share trades at a discount to the $25 par, suggesting the market expects modest upside.
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2. BCE.PR.G — Series AG (Reset May 1, 2026) 🔜 Coming Up
BCE's Series AG preferred shares will reset on May 1, 2026, to an annual dividend rate of 5.30%. Shareholders have the right to convert into floating-rate Series AH (BCE.PR.H) shares.
Current status: BCE.PR.G trades at $21.80, below the $25.00 par value. The current yield is approximately 3.87%, but after the May 1 reset, the effective yield at the current price would jump to approximately 6.07% ($1.325 annual dividend ÷ $21.80 price).
This rate structure uses a "negative spread" mechanism — meaning the rate is calculated differently from standard 5YR + spread formulas. BCE sets the rate directly based on market conditions at the time of reset.
Why this matters for investors: At $21.80, you'd be buying a P-2 rated BCE preferred share that yields over 6% starting in just weeks. The discount to par provides additional upside if BCE redeems the shares at $25.00 in the future.
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3. BCE.PR.I — Series AI (Reset August 1, 2026)
BCE's Series AI preferred shares are scheduled to reset on August 1, 2026. The reset spread is 1.88% over the 5-year GoC bond yield (5YR + 1.88%).
Current status: BCE.PR.I trades at $21.64 with a current yield of 3.92%. The projected yield at reset is approximately 5.78%.
Verdict: Similar structure to BCE.PR.G but with a slightly lower spread (1.88% vs the effective spread on PR.G). Still, if the 5-year GoC yield stays around 3.05%, the reset rate would be approximately 4.93%. The projected yield of 5.78% at the current price makes this one worth watching.
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4. BCE.PR.T — Series AT (Reset November 1, 2026)
BCE's Series AT preferred shares reset on November 1, 2026. Like BCE.PR.G and BCE.PR.I, this series uses a negative spread rate structure.
Current status: BCE.PR.T trades at $20.83 — the widest discount to par among the 2026 resets. The current yield is 5.99%, reflecting an already-reset higher dividend from a previous cycle. The 52-week range is $15.52 - $21.10.
Verdict: Already paying a nearly 6% yield, BCE.PR.T is attractive for current income. The November reset introduces uncertainty, but the deep discount to par ($20.83 vs $25.00) provides a 20% capital gain potential if BCE redeems at par.
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5. BCE.PR.K — Series AK (Reset December 31, 2026)
BCE's Series AK preferred shares reset on December 31, 2026. The reset spread is 1.88% over the 5-year GoC bond yield.
Current status: BCE.PR.K trades at $21.45 with a current yield of 3.85%. The projected yield at reset is approximately 6.04%.
Verdict: Another solid reset candidate. The projected 6.04% yield at the current price is competitive with bank preferreds. The year-end reset timing means the rate will be set based on late-2026 bond yields — which could be higher or lower depending on Bank of Canada policy.
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BCE Preferred Shares Resetting in 2027-2030
Looking further ahead, BCE has six additional rate reset series with reset dates through 2030:
| Series | Symbol | Reset Date | Current Price | Current Yield | Projected Yield at Reset |
|--------|--------|------------|---------------|---------------|--------------------------|
| Series AA | BCE.PR.A | Sep 2027 | $21.30 | 5.88% | TBD (negative spread) |
| Series Z | BCE.PR.Z | Dec 2027 | $21.32 | 6.27% | ~6.98% |
| Series AC | BCE.PR.C | Mar 2028 | $21.13 | 6.05% | TBD (negative spread) |
| Series AQ | BCE.PR.Q | Sep 2028 | $25.35 | 6.45% | ~5.54% |
| Series AF | BCE.PR.F | Feb 2030 | $22.07 | 6.23% | TBD (negative spread) |
| Series R | BCE.PR.R | Dec 2030 | $20.23 | 5.85% | TBD (negative spread) |
Note: BCE.PR.Q is the only BCE preferred trading above par ($25.35 vs $25.00). Its 6.45% yield and P-2 rating make it a premium holding for income investors.
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BCE's Preferred Share Buyback Program
BCE is actively buying back its own preferred shares through a Normal Course Issuer Bid (NCIB) running through November 2026. The company is authorized to purchase up to 10% of the public float across all 15 series.
Why this matters: BCE is buying back shares trading below par value — effectively retiring future dividend obligations at a discount. This is bullish for remaining shareholders because:
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How to Choose Between BCE Preferred Shares
For maximum current yield: BCE.PR.Q (6.45%) or BCE.PR.Z (6.27%). These are already paying high dividends from previous resets.
For best value at a discount: BCE.PR.T ($20.83, 5.99% yield) or BCE.PR.R ($20.23, 5.85% yield). Wide discounts to par with decent yields.
For upcoming reset opportunity: BCE.PR.G ($21.80, jumping to ~6.07% after May 1) or BCE.PR.K ($21.45, projected 6.04% at reset).
For safety: All BCE preferred shares carry a DBRS rating of P-2 (Low), which is middle-of-the-pack investment grade. BCE is Canada's largest telecom with stable cash flows — the preferred share dividend is well-covered.
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Fixed-Rate vs Floating-Rate: Which Should You Choose at Reset?
At each reset date, BCE typically gives shareholders the option to convert between fixed-rate and floating-rate versions. Here's how to decide:
Choose fixed-rate if:
Choose floating-rate if:
With the Bank of Canada's overnight rate at 2.25% and CORRA at approximately 2.30%, floating-rate BCE preferreds are currently yielding 4.9% - 5.4%. The fixed-rate resets at 5.30% - 6.04% are generally more attractive right now.
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Tax Advantages of BCE Preferred Shares
Canadian preferred share dividends qualify for the dividend tax credit, which significantly reduces the effective tax rate compared to interest income from bonds or GICs. For a Canadian resident in the top tax bracket:
This means a 6% preferred share yield is equivalent to approximately 8-9% in interest income on an after-tax basis. BCE preferred dividends are eligible for the enhanced dividend tax credit.
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Frequently Asked Questions
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What happens when a BCE preferred share resets?
The annual dividend rate is recalculated based on the current 5-year Government of Canada bond yield plus a contractual spread. Shareholders are typically given the option to convert to a floating-rate version.
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Will BCE redeem my preferred shares?
BCE may choose to redeem shares at the $25.00 par value on or after the reset date, but is not obligated to do so. BCE has been actively buying back preferred shares through its NCIB program rather than redeeming entire series.
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Are BCE preferred shares safe?
BCE preferred shares are rated P-2 by DBRS, which is investment grade. BCE is Canada's largest communications company with over $24 billion in annual revenue. However, preferred shares are subordinate to bonds in the capital structure, so there is inherently more risk than holding BCE bonds.
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How often do BCE preferred shares pay dividends?
BCE preferred shares pay dividends quarterly. The exact payment dates vary by series but typically follow a March, June, September, December schedule.
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Can I lose money on BCE preferred shares?
Yes. Preferred share prices fluctuate with interest rates and market conditions. If interest rates rise, preferred share prices typically fall. Several BCE series are currently trading below their $25.00 par value. However, if you hold to a reset or redemption, you can recover par value.
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Data as of April 20, 2026. Pricing from TMX. Projected yields are estimates based on current 5-year GoC bond yields and contractual spreads. This is not investment advice. Always consult a qualified financial advisor before making investment decisions.