Canadian Tire announces 13.5% increase in dividend payment for 2008



    TORONTO, Feb. 7 /CNW/ - The Board of Directors of Canadian Tire
Corporation, Limited (CTC, CTC.a) today approved an increase in the 2008
quarterly dividend payments from $0.185 per share to $0.21 per share, an
annualized increase of 13.5 percent. The total annualized dividend payment
will rise from $0.74 per share to $0.84 per share. Declaration of the
increased dividend is expected in March 2008 for payment on June 2, 2008 to
shareholders of record as of April 30, 2008. These dividends are considered
"eligible dividends" for tax purposes.
    Canadian Tire's policy is to maintain dividend payments equal to
approximately 15 to 20 percent of the prior year's normalized basic net
earnings per share, after giving consideration to the period end cash
position, future cash flow requirements and investment opportunities.
Normalized net earnings per share for this purpose exclude gains and losses on
the sale of credit card and loans receivable and non-recurring items but
include gains and losses on the ordinary course disposition of property and
equipment.

    Canadian Tire Corporation, Limited (TSX: CTC.a, CTC), operates more than
1,160 general merchandise and apparel retail stores, gas stations and car
washes in an inter-related network of businesses engaged in retail, financial
services and petroleum. Canadian Tire Retail, Canada's most shopped general
merchandise retailer, with 473 stores operated by Associate Dealers across
Canada offers a unique mix of products and services through three specialty
categories in which the organization is the market leader - Automotive, Sports
and Leisure, and Home Products. www.canadiantire.ca offers Canadians the
opportunity to shop online. PartSource is an automotive parts specialty chain
with 71 stores designed to meet the needs of purchasers of automotive parts -
professional automotive installers and serious do-it-yourselfers. Canadian
Tire Petroleum is one of the country's largest and most productive independent
retailers of gasoline, operating 266 gas bars, 258 convenience stores and
kiosks, and 74 car washes. Mark's Work Wearhouse is one of the country's
leading apparel retailers operating 358 stores in Canada. Under the Clothes
that Work(TM) marketing strategy, Mark's sells apparel and footwear in work,
work-related, casual and active-wear categories, as well as health-care and
business-to-business apparel. www.marks.com offers Canadians the opportunity
to shop online. Canadian Tire Financial Services manages over 4.6 million
Canadian Tire MasterCard accounts and markets related financial products and
services for retail and petroleum customers. Canadians can also access
Financial Services online at www.ctfs.com. Over 57,000 Canadians work across
Canadian Tire's organization from coast-to-coast in the enterprise's retail,
financial services, and petroleum businesses.

    %SEDAR: 00000534EF




For further information:

For further information: Media: Caroline Casselman, (416) 480-8159,
caroline.casselman@cantire.com; Investors: Huw Thomas, (416) 480-3568,
huw.thomas@cantire.com

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Canadian Tire Corporation, Limited

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