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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001047469-08-012363.txt : 20081118
<SEC-HEADER>0001047469-08-012363.hdr.sgml : 20081118
<ACCEPTANCE-DATETIME>20081117181601
ACCESSION NUMBER:		0001047469-08-012363
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20081118
DATE AS OF CHANGE:		20081117

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSCANADA CORP
		CENTRAL INDEX KEY:			0001232384
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION [4922]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-151781
		FILM NUMBER:		081196654

	BUSINESS ADDRESS:	
		STREET 1:		450 - 1ST STREET S.W.
		CITY:			CALGARY ALBERTA
		STATE:			A0
		ZIP:			T2P 5H1
		BUSINESS PHONE:		4039202000

	MAIL ADDRESS:	
		STREET 1:		450 - 1ST STREET S.W.
		CITY:			CALGARY ALBERTA
		STATE:			A0
		ZIP:			T2P 5H1

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSCANADA CORP
		CENTRAL INDEX KEY:			0001232384
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION [4922]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		450 - 1ST STREET S.W.
		CITY:			CALGARY ALBERTA
		STATE:			A0
		ZIP:			T2P 5H1
		BUSINESS PHONE:		4039202000

	MAIL ADDRESS:	
		STREET 1:		450 - 1ST STREET S.W.
		CITY:			CALGARY ALBERTA
		STATE:			A0
		ZIP:			T2P 5H1
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>a2189266zfwp.htm
<DESCRIPTION>FWP
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<BR>
<FONT SIZE=3 ><A HREF="#08ZDM72302_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>


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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="ma72302_filed_pursuant_to_rule_433_reg__fil01800"> </A>
<A NAME="toc_ma72302_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Filed pursuant to Rule&nbsp;433<BR>  Registration No.&nbsp;333-151781<BR>  November&nbsp;17, 2008    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ma72302_transcanada_corporation_treasu__tra03267"> </A>
<A NAME="toc_ma72302_2"> </A>
<BR></FONT><FONT SIZE=2><B>  TransCanada Corporation<BR>  Treasury Offering of Common Shares<BR>  Terms and Conditions    <BR>    </B></FONT></P>

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<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><B>Issuer:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>TransCanada Corporation ("TransCanada" or the "Corporation").</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B>Offering:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Treasury offering of 30,500,000 common shares (the "Common Shares"), before giving effect to the over-allotment option.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B>Offering Price:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>C$33.00 per Common Share.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B>Offering Amount:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>C$1,006,500,000, before giving effect to the over-allotment option.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B>Over-allotment Option:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>The Corporation has granted the Underwriters an option, exercisable at the Offering Price at any time until 30&nbsp;days following the closing of the Offering, to purchase up to an additional 4,575,000
Common Shares / C$150,975,000 to cover over-allotments, if any.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B>Use of Proceeds:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>The net proceeds of the Offering will be used to partially fund capital projects of the Corporation, including the Keystone Pipeline System, for general corporate purposes and to repay short-term
indebtedness.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B>Dividends:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>The first dividend to which purchasers under this Offering will be entitled will be payable on January&nbsp;30, 2009, to shareholders of record on December&nbsp;31, 2008, in the amount of C$0.36 per
common share.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B>Form of Offering:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Bought offering by way of a shelf prospectus in all provinces and territories of Canada, in the United States pursuant to the Multi-Jurisdictional Disclosure System and internationally as expressly
permitted by the Corporation.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B>Listing:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Application will be made to list the Common Shares on the Toronto Stock Exchange (the "TSX") and on the New York Stock Exchange (the "NYSE"). The existing common shares of TransCanada are listed on the
TSX and the NYSE under the symbol "TRP".</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B>Eligibility:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>Eligible for RRSPs, RRIFs, RESPs and DPSPs.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B>Joint Bookrunners:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>RBC Capital Markets, BMO Capital Markets, TD&nbsp;Securities&nbsp;Inc.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B>Selling Concession:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>C$0.578 per Common Share.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2><B>Closing:</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><BR><FONT SIZE=2>November&nbsp;25, 2008</FONT></TD>
</TR>
</TABLE></DIV>
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<P style="font-family:times;"><FONT SIZE=2>The
issuer has filed a registration statement (including a prospectus) with the United States Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before
you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You
may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you
the prospectus or you may request it from RBC Capital Markets in Canada, Attention: Distribution Centre, 277 Front St.&nbsp;W., 5th&nbsp;Floor, Toronto, Ontario M5V&nbsp;2X4 (telephone:
416-842-5349, fax: 416-313-6066); or in the U.S. from RBC Capital Markets Corporation, Attention: Prospectus Department, Three World Financial Center,
200 Vesey Street, 8th&nbsp;floor, New York, NY 10281-8098 (telephone: 212-428-6670, fax: 212-428-6260). </FONT></P>

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<P><br><A NAME="08ZDM72302_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ma72302_1">Filed pursuant to Rule 433 Registration No. 333-151781 November 17, 2008</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ma72302_2">TransCanada Corporation Treasury Offering of Common Shares Terms and Conditions</A></FONT><BR>
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