UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
Report for the Calendar Year or Quarter Ended:
12-31-2021
Check here if Amendment: ☐ Amendment Number:
This Amendment (Check only one.):☐ is a restatement.
☐ adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:
PCJ Investment Counsel Ltd.
Address:
130 KING STREET WEST
SUITE 1400
TORONTO, A6 M5X 1C8
Form 13F File Number:
028-12690

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.


Person Signing this Report on Behalf of Reporting Manager:
Name:
Heiki Altosaar
Title:
Chief Compliance Officer
Phone:
416-862-202


Signature, Place, and Date of Signing:

Heiki Altosaar
                         [Signature]
Toronto, ONTARIO, CANADA
                 [City, State]
02-09-2022
                           [Date]
                          

Report Type (Check only one.):

☒ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) 

☐ 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) 

☐ 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)


Form 13F Summary Page

Report Summary:

Number of Other Included Managers:
0
Form 13F Information table Entry Total:
88
Form 13F Information table Value Total:
283763
          (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings and list entries.]

  
NONE


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AECOMCOM00766T1005,41570,000SHSOLE170,000 0 0
AERCAP HOLDINGS NVSHSN009851063,27150,000SHSOLE150,000 0 0
AIR LEASE CORPCL A00912X3021,41532,000SHSOLE132,000 0 0
ALAMOS GOLD INC NEWCOM CL A0115321084,728614,310SHSOLE1614,310 0 0
ALGOMA STL GROUP INCCOM0156581072,154200,000SHSOLE1200,000 0 0
AMERICAN HOMES 4 RENTCL A02665T3063,70785,000SHSOLE185,000 0 0
APTIV PLCSHSG6095L1095713,460SHSOLE13,460 0 0
BANK MONTREAL QUECOM0636711018,60179,830SHSOLE179,830 0 0
BANK NOVA SCOTIA B CCOM06414910710,765151,942SHSOLE1151,942 0 0
BAUSCH HEALTH COS INCCOM07173410747317,100SHSOLE117,100 0 0
BAUSCH HEALTH COS INCCOM071734107401,440SHSOLE_1,440 0 0
BERKLEY W R CORPCOM0844231021,73021,000SHSOLE121,000 0 0
BROOKFIELD ASSET MGMT INCCL A LTD VT SH1125851049,711160,685SHSOLE1160,685 0 0
BROOKFIELD ASSET MGMT INCCL A LTD VT SH11258510465910,900SHSOLE_10,900 0 0
BROOKFIELD INFRAST PARTNERSLP INT UNITG162521013055,000SHSOLE_5,000 0 0
BUILDERS FIRSTSOURCE INCCOM12008R1071,28615,000SHSOLE115,000 0 0
CAE INCCOM1247651085,049200,000SHSOLE1200,000 0 0
CANADIAN NAT RES LTDCOM1363851012,77065,505SHSOLE165,505 0 0
CANADIAN NATL RY COCOM1363751025,62345,740SHSOLE145,740 0 0
CANADIAN NATL RY COCOM1363751021811,470SHSOLE_1,470 0 0
CANADIAN PAC RY LTDCOM13645T1008,172113,540SHSOLE1113,540 0 0
CANADIAN PAC RY LTDCOM13645T1002303,200SHSOLE_3,200 0 0
CENOVUS ENERGY INCCOM15135U1094,801391,250SHSOLE1391,250 0 0
CGI INCCL A SUB VTG12532H1042,63229,740SHSOLE129,740 0 0
CGI INCCL A SUB VTG12532H1041331,500SHSOLE_1,500 0 0
CITI TRENDS INCCOM17306X1028539,000SHSOLE19,000 0 0
COLLIERS INTL GROUP INCSUB VTG SHS1946931071,1157,500SHSOLE17,500 0 0
CRESCENT PT ENERGY CORPCOM22576C1012,886540,440SHSOLE1540,440 0 0
DENISON MINES CORPCOM2483561072,8912,100,000SHSOLE12,100,000 0 0
ENBRIDGE INCCOM29250N1056,322161,718SHSOLE1161,718 0 0
ENDEAVOUR SILVER CORPCOM29258Y1033,208757,920SHSOLE1757,920 0 0
ENERPLUS CORPCOM29276610211,1091,052,640SHSOLE11,052,640 0 0
ERO COPPER CORPCOM29600610957537,630SHSOLE137,630 0 0
FIRSTSERVICE CORP NEWCOM33767E2024,65123,650SHSOLE123,650 0 0
FIRSTSERVICE CORP NEWCOM33767E20298500SHSOLE_500 0 0
FRANCO NEV CORPCOM3518581054,45032,150SHSOLE132,150 0 0
GFL ENVIRONMENTAL INCSUB VTG SHS36168Q1043,32987,970SHSOLE187,970 0 0
GFL ENVIRONMENTAL INCSUB VTG SHS36168Q104952,520SHSOLE_2,520 0 0
GILDAN ACTIVEWEAR INCCOM3759161034,09196,440SHSOLE196,440 0 0
GILDAN ACTIVEWEAR INCCOM3759161031022,400SHSOLE_2,400 0 0
GRANITE REAL ESTATE INVT TRUNIT 99/99/99993874371143,12737,500SHSOLE137,500 0 0
HILTON GRAND VACATIONS INCCOM43283X1053,38765,000SHSOLE165,000 0 0
INVITATION HOMES INCCOM46187W1072,26750,000SHSOLE150,000 0 0
KIRKLAND LAKE GOLD LTDCOM49741E1007,550180,000SHSOLE1180,000 0 0
LAUDER ESTEE COS INCCL A5184391049262,500SHSOLE12,500 0 0
MAG SILVER CORPCOM55903Q1041,961125,000SHSOLE1125,000 0 0
MAGNA INTL INCCOM5592224012,12926,291SHSOLE126,291 0 0
MANULIFE FINL CORPCOM56501R1062,712142,161SHSOLE1142,161 0 0
MARTIN MARIETTA MATLS INCCOM5732841061,3223,000SHSOLE13,000 0 0
MAVERIX METALS INCCOM NEW57776F4051,356310,460SHSOLE1310,460 0 0
METHANEX CORPCOM59151K10839610,000SHSOLE110,000 0 0
MGM RESORTS INTERNATIONALCOM55295310167315,000SHSOLE115,000 0 0
MICROSOFT CORPCOM5949181041,6825,000SHSOLE15,000 0 0
MOSAIC CO NEWCOM61945C10388422,500SHSOLE122,500 0 0
NEXGEN ENERGY LTDCOM65340P106986225,000SHSOLE1225,000 0 0
NUTRIEN LTDCOM67077M1087,32297,345SHSOLE197,345 0 0
OPEN TEXT CORPCOM6837151062,94862,060SHSOLE162,060 0 0
OPEN TEXT CORPCOM6837151061412,960SHSOLE_2,960 0 0
OREILLY AUTOMOTIVE INCCOM67103H1072,1193,000SHSOLE13,000 0 0
PRECISION DRILLING CORPCOM NEW74022D4079,721274,930SHSOLE1274,930 0 0
PROFOUND MED CORPCOM NEW74319B5021,226108,710SHSOLE1108,710 0 0
PROFOUND MED CORPCOM NEW74319B502302,690SHSOLE_2,690 0 0
ROGERS COMMUNICATIONS INCCL B7751092003,72278,110SHSOLE178,110 0 0
ROYAL BK CDACOM78008710214,318134,806SHSOLE1134,806 0 0
SANGOMA TECHNOLOGIES CORPCOM NEW80100R4082,678155,154SHSOLE1155,154 0 0
SHOPIFY INCCL A82509L10711,0688,032SHSOLE18,032 0 0
SHOPIFY INCCL A82509L107152110SHSOLE_110 0 0
SILVERCREST METALS INCCOM8283631013,344422,690SHSOLE1422,690 0 0
SSR MNG INCCOM78473010388650,000SHSOLE150,000 0 0
STANTEC INCCOM85472N1099,912176,250SHSOLE1176,250 0 0
STANTEC INCCOM85472N1092243,990SHSOLE_3,990 0 0
SUNCOR ENERGY INC NEWCOM8672241076,265250,225SHSOLE1250,225 0 0
TC ENERGY CORPCOM87807B1073,69579,395SHSOLE179,395 0 0
TECK RESOURCES LTDCL B8787422042,03070,430SHSOLE170,430 0 0
TELUS INTL CDA INCSUB VTG SHS87975H1002,01260,850SHSOLE160,850 0 0
TELUS INTL CDA INCSUB VTG SHS87975H100581,750SHSOLE_1,750 0 0
TERADYNE INCCOM8807701021,63510,000SHSOLE110,000 0 0
TFI INTL INCCOM87241L1097036,260SHSOLE16,260 0 0
TFI INTL INCCOM87241L10952460SHSOLE_460 0 0
THOMSON REUTERS CORP.COM NEW8849037097686,420SHSOLE16,420 0 0
TORONTO DOMINION BK ONTCOM NEW89116050914,150184,422SHSOLE1184,422 0 0
TRANSALTA CORPCOM89346D10755650,000SHSOLE150,000 0 0
TRICON RESIDENTIAL INCCOM NPV89612W1024,510294,450SHSOLE1294,450 0 0
TRICON RESIDENTIAL INCCOM NPV89612W1021077,000SHSOLE_7,000 0 0
VULCAN MATLS COCOM9291601092,49112,000SHSOLE112,000 0 0
WEST FRASER TIMBER CO LTDCOM95284510512,530131,340SHSOLE1131,340 0 0
WEST FRASER TIMBER CO LTDCOM9528451051912,000SHSOLE_2,000 0 0
WHEATON PRECIOUS METALS CORPCOM96287910264415,000SHSOLE115,000 0 0