Hi,
Sorry about the first post. I was in the process of editing it a little but while doing that, you responded almost immediately. I didn't have time to respond among all the domestic turmoil that is usual in the morning for us (two cats, bird, stepson fx crisis, spouse going out with me in tow).
I meant to say that SLF has many advantages over you the shareholder as do all preferred share issuers. The relationship between preferred share owners and the issuer is adversarial. All of the advantages to the issuer are baked into complicated prospectuses which ultimately benefit the issuer and not the preferred share owner. Still, as gsp pointed out, if you are nimble, owning a preferred share could still be very profitable.
A lot depends on your situation as gsp noted. What I was trying to say (not well perhaps), is that I would want to be paid more than a 1.92% yield for that sort of arrangement. This is especially true since there are better yields elsewhere.
I'm not totally wet behind the ears (opinions vary however), but I do own one Canadian preferred and it has the qualities that I like. It's ENB.PF.C (aka Series 11)
1. Dividends are cumulative (others may disagree, but I think this is important.)
2. It's a fixed rate reset. (good point I think but it's moot. Depends on interest rates, but I think the direction will be sideways.)
3. The dividend rate is 1.10 with a yield at par of 4.40%
4. I bought my shares at 16.88 (Thus 6.5% yield on cost)
5. Today's price is 20.16. (19% capital gain should I decide to sell, which I probably won't)
6. It will reset at GOC 5 year plus 2.64%. (2020) (better than SLF)
Bad point: Debatable in absolute terms, but Enbridge is not as creditworthy as SLF.
Just accidental, but Enbridge's merger with SE is credit positive according to Moody's.
Again we don't know the depth of your knowledge, but you can learn a lot by reading PrefBlog. As an example, this is ENB.PF.C offer information from back in 2015.
ENB Series 11 offer information
I also own three preferred issues in the US.