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Canadian Dividend Aristocrats

The List Of Canadian Dividend Aristocrats In 2020

The 2020 Canadian Dividend Aristocrats are Canadian stocks that that have grown their dividend for 5+ years in a row. There are about 81 stocks on the list as of October 30, 2020. But 5 years or more of dividend growth does not by itself qualify a stock as a Canadian Dividend Aristocrat. In order to be included on the list a company must meet three criteria:

  • Be a member of the S&P Canada BMI and Toronto Stock Exchange
  • Have raised the regular dividend per share for 5+ consecutive years but can maintain the same dividend for a maximum of two consecutive years within that five-year period. For new additions, the company must have increased its dividend in the first year of the prior five years. 
  • Have a market capitalization of at least $300 million CAD
  • The index is weight by dividend yield
  • Individual stocks are capped at an 8% weighting and subject to a basket liquidity maximum weight. BL maximum weight is determined by dividing the three-month average daily value traded by the BL amount of CAD 100 million.

Notably, these criteria are very different from those that are used to determine the list of Dividend Aristocrats in the U.S. These stocks can be found in the S&P 500 Dividend Aristocrats index. There are currently 65 constituents of the U.S. index. On the other hand, there are currently 81 constituents in the Canadian index. These stocks can be found in the S&P/TSX Canadian Dividend Aristocrats index. Note that some of the Canadian Dividend Aristocrats trade on other exchanges as well.

Canadian Dividend Aristocrats
Canadian Dividend Aristocrats 2020

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Performance of the Canadian Dividend Aristocrats 2020

As a group, the Canadian Dividend Aristocrats have exhibited higher returns with lower volatility compared with the benchmark index, which is the S&P/TSX Composite Index. Over the past ten years, the Canadian Dividend Aristocrats have had an annualized return of 6.16% and a standard deviation of 12.01%, while the benchmark has had an annualized return of 5.19% and a standard deviation of 11.38%.

Source: S&P 500 Dow Jones Indices

Changes to the List of Canadian Dividend Aristocrats 2020

The sector composition has changed with time due to changes in the index composition. The index was most recently updated on February 3, 2020 when 14 stocks were added to the Canadian Dividend Aristocrats list.

Source: S&P 500 Dow Jones Indices

On April 23, 2020 eight stocks were deleted from the list due to dividend cuts and/or suspensions. The deletions were effective on May 1, 2020.

Source: S&P 500 Dow Jones Indices

On May 25, 2020 another five stocks sere deleted from the list due to dividend cuts or suspension. The deletions were effective June 1, 2020.

Source: S&P 500 Dow Jones Indices

On June 23, 2020 one stock was deleted from list due to a dividend cut or suspension. The deletion was effective on July 1, 2020.

Source: S&P 500 Dow Jones Indices

Other Dividend Stock Lists

For U.S. stocks, I have previously provided the following lists:

For U.K. stocks, I have written about:

Details on the Canadian Dividend Aristocrats 2020

The list of Canadian Dividend Aristocrats 2020 is a fairly select list since there are only 81 companies. This is out of the over 1,600 companies listed on the Toronto Stock Exchange at end of January 2020. These companies have survived periods of inflation, stock market crashes, global crises, and deep recessions but still met the aforesaid criteria. Hence, this list serves as a starting point for small investors seeking to research potential ideas for Canadian dividend stocks.

The sector breakdown for the Canadian Dividend Aristocrats 2020 is seen in the chart below as of October 30, 2020. Stocks from the financials sector have the greatest representation on the list of Dividend Aristocrats at about 24%. The second sector with high representation is utilities at approximately 16.7%. The third sector is industrial at about 14.2%. Note that this has changed in 2020 as energy stocks have cut or suspended dividends this sector’s relative ranking has dropped.

Stocks in the financial sector tend to have somewhat more volatile earnings and cash flows that depend on the stock market valuation as well as interest rates. Industrial also have more volatile earnings and cash flows but many have low payout ratios letting them grow the dividends during recessions and economic downturns. On the other hand, utilities tend to have long-term stable revenue, earnings, and cash flow. So, their presence in the top three is not surprising.

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Source: S&P 500 Dow Jones Indices

The sector ranking for the Canadian Dividend Aristocrats 2020 is unlike the U.S. Dividend Aristocrats, which have industrials, consumer staples, and financials as the top three sectors.

The largest Canadian Dividend Aristocrat by market capitalization is Royal Bank of Canada (TSE:RB). Combined the 81 Canadian Dividend Aristocrats have a total market capitalization of over $1.425 trillion. The mean market capitalization is about $17,593 million and the median market capitalization is roughly $6,214 million. The stock with the largest market capitalization is about $132,600 million and the stock with the smallest market capitalization is roughly $712 million.

The smallest Canadian Dividend Aristocrat is Savaria Corporation (TSE:SIS). The one with the highest yield is Keyera Corp (TSE:KEY) and the one with the lowest yield is Boyd Group Income Fund (TSE:BYD). Canadian Utilities (TSE:CU) is the Canadian Dividend Aristocrat with longest streak of consecutively increasing the dividend at 48 years. Fortis Inc (TSE:FTS) has the second longest streak of consecutive dividend increases at 46 years.

On average the Canadian Dividend Aristocrats 2020 have a yield of about 4.71%, which is greater than that of the U.S. Dividend Aristocrats. The top 10 members make up about 23.2% of the index and list.

The Canadian Dividend Aristocrat list serves as a screen for further investigating a stock for a dividend growth portfolio. It is a list of companies with stable businesses that have competitive advantages and have returned cash to shareowners consistently through dividends.

List of Canadian Dividend Aristocrats in 2020 – Updated 10/30/20

TickerNameWeight (%)
RNWTRANSALTA RENEWABLES INC2.67
TCL.ATRANSCONTINENTAL SUB VOTING INC CL2.45
NWCNORTH WEST COMPANY INC2.45
ITPINTERTAPE POLYMER GROUP INC2.36
FSZFIERA CAPITAL CORP CLASS A2.34
INEINNERGEX RENEWABLE ENERGY INC2.25
CMCANADIAN IMPERIAL BANK OF COMMERCE2.19
CPXCAPITAL POWER CORP2.06
CHP.UNCHOICE PROPERTIES REAL ESTATE INVE2.01
GRT.UNGRANITE REAL ESTATE INVESTMENT STA2.01
BCEBCE INC2
SMU.UNSUMMIT INDUSTRIAL INCOME REIT UNIT1.99
TTELUS CORP1.88
ENBENBRIDGE INC1.87
SRU.UNSMARTCENTRES RL ESTATE INVESTMENT1.84
CRT.UNCT REIT UNITS TRUST1.83
AQNALGONQUIN POWER UTILITIES CORP1.8
GWOGREAT WEST LIFECO INC1.78
EMAEMERA INC1.72
EIFEXCHANGE INCOME CORP1.72
BNSBANK OF NOVA SCOTIA1.71
POWPOWER CORPORATION OF CANADA1.69
BLXBORALEX INC CLASS A1.67
RYROYAL BANK OF CANADA1.61
NANATIONAL BANK OF CANADA1.55
CTC.ACANADIAN TIRE LTD CLASS A1.51
TDTORONTO DOMINION1.49
BMOBANK OF MONTREAL1.48
SLFSUN LIFE FINANCIAL INC1.45
TFIITFI INTERNATIONAL INC1.44
CSH.UNCHARTWELL RETIREMENT RESIDENCES RE1.42
CUCANADIAN UTILITIES LTD CLASS A1.41
FTSFORTIS INC1.41
SISSAVARIA CORP1.4
TRPTC ENERGY CORP1.36
KEYKEYERA CORP1.34
FTTFINNING INTERNATIONAL INC1.3
PPLPEMBINA PIPELINE CORP1.24
AREAECON GROUP INC1.23
MGMAGNA INTERNATIONAL INC1.21
MFCMANULIFE FINANCIAL CORP1.21
CWBCANADIAN WESTERN BANK1.18
MICGENWORTH MI CANADA INC1.18
RBARITCHIE BROS AUCTIONEERS INC1.17
ACO.XATCO LTD CLASS I1.01
PBHPREMIUM BRANDS HOLDINGS CORP0.99
CAR.UNCANADIAN APARTMENT PROPERTIES REAL0.99
CNQCANADIAN NATURAL RESOURCES LTD0.97
MFIMAPLE LEAF FOODS INC0.93
AP.UNALLIED PROPERTIES REAL ESTATE INVT0.91
TRITHOMSON REUTERS CORP0.89
IFCINTACT FINANCIAL CORP0.89
CNRCANADIAN NATIONAL RAILWAY0.87
PKIPARKLAND CORP0.85
GSYGOEASY LTD0.82
IAGIA FINANCIAL INC0.81
WNGEORGE WESTON LTD0.8
OROSISKO GOLD ROYALTIES LTD0.8
EMP.AEMPIRE LTD CLASS A0.79
CCACOGECO COMMUNICATIONS SUBORDINATE0.78
LLOBLAW COMPANIES LTD0.78
TIHTOROMONT INDUSTRIES LTD0.77
MRUMETRO INC0.73
SJSTELLA JONES INC0.7
IMOIMPERIAL OIL LTD0.67
IIP.UNINTERRENT REAL ESTATE INVESTMENT T0.67
STNSTANTEC INC0.65
CGOCOGECO INC0.64
SAPSAPUTO INC0.61
OTEXOPEN TEXT CORP0.59
QBR.BQUEBECOR INC CLASS B0.56
FNVFRANCO NEVADA CORP0.51
CCL.BCCL INDUSTRIES INC CLASS B0.5
EQBEQUITABLE GROUP INC0.47
ENGHENGHOUSE SYSTEMS LTD0.47
BAM.ABROOKFIELD ASSET MANAGEMENT INC CL0.4
FSVFIRSTSERVICE SUBORDINATE VOTING CO0.37
ATD.BALIMENTATION COUCHE TARD SUB VOTIN0.26
CADCAD CASH0.26
DOLDOLLARAMA INC0.17
ONEXONEX CORP0.15
BYDBOYD GROUP INCOME INC0.12

Source: iShares S&P/TSX Canadian Dividend Aristocrats Index ETF and S&P/TSX Canadian Dividend Aristocrats Index (as October 30, 2020)

Analyses on Stocks in the Canadian Dividend Aristocrats 2020

Canadian National Railways (CNI)

Enbridge (ENB)

Thomson Reuters (TRI)


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