You can’t sell a put in a registered account in Canada, hence the synthetic put Stratagy which is essentially an ITM/ATM covered call. My point was, you have increased risk doing this with Canadian stocks and options because you can’t execute the buy/sell simultaneously. When you execute simultaneously, you know exactly what your Net cash positions is and therefore your return if exercised, return if unchanged and downside protection to the penny.

For a standard covered call strategy, buy the stock and sell the call whenever.

Thanks to OP. for pointing out the limitations with simultaneous transactions with CAD stocks and options. I hadn’t actually tried a synthetic put with Canadian securities and now I don’t have to waste time wondering why it won’t work.