Home » Dividend Growth Stocks » Canadian Dividend Aristocrats » The List of Canadian Dividend Aristocrats in 2022
Canadian Dividend Aristocrats

The List of Canadian Dividend Aristocrats in 2022

The 2022 Canadian Dividend Aristocrats are Canadian stocks that have grown their dividend for 5+ years in a row. There are about 93 stocks on the list as of September 30, 2022. However, five years or more of dividend growth does not by itself qualify a stock as a Canadian Dividend Aristocrat. 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
  • Increased 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 CAD million

In addition, the Canadian Dividend Aristocrats follow these rules.

  • The Index is weighted 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.

The Index is updated annually in January. 

Notably, these criteria are very different from those used to determine the list of Dividend Aristocrats in the US. These stocks can be found in the S&P 500 Dividend Aristocrats Index. There are currently 64 constituents of the US index. 

On the other hand, there are currently 93 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.

Canadian Dividend Aristocrats
Canadian Dividend Aristocrats 2022

Affiliate

If you want to learn more about investing and dividends, then I suggest taking a course. The Simply Investing Course* is a good value and fairly comprehensive. It consists of 10 modules and 27 lessons. You get lifetime access and 1-month access to the Simply Investing Report & Analysis Platform*.

The Simply Investing Report & Analysis Platform* analyzes 6,000+ stocks and has over 120 metrics and financial data. It include portfolios, watch lists, dividend income, e-mail alerts, etc. The best part is the list of top ranked stocks based on the 12 Rules of Simply Investing.


Market Update of the Canadian Dividend Aristocrats 2022

The Canadian Dividend Aristocrats 2022 currently (as of September 30, 2022) has a yield of about 4.56%, and the average forward price-to-earnings (P/E) ratio is approximately 11.93X. 

The mean market capitalization is roughly $22,057 million (all dollar values are in CAD), and the median market capitalization is approximately $7,267 million. The market cap ranges between about $426 million to $173,446 million. The total market capitalization is roughly $2,051,322 million.

In 2021, the Canadian Dividend Aristocrats provided a total return of 25.9%. This return was the highest return since 2019 and the second-highest return in the past decade. The price return was 20.93%. This performance was slightly worse than the performance of the S&P 500 Index in 2021 at 28.71%.

Historical Performance

As a group, the Canadian Dividend Aristocrats have exhibited slightly higher total annualized returns than the benchmark index, the S&P/TSX Composite Index. 

Over the past decade, the Canadian Dividend Aristocrats have had an annualized total return of 7.23% and a standard deviation of 16.78%, while the benchmark (the S&P/TSX Composite Index) had annualized total returns of 7.3% and a standard deviation of 11.81%. 

Over the trailing 5-years, the Canadian Dividend Aristocrats have had an annualized total return of 6.09% and a standard deviation of 15.97%, while the benchmark has had annualized total returns of 6.54% and a standard deviation of 14.99%.

Canadian Dividend Aristocrats Historical Performance
Source: S&P Dow Jones Indices

The table below the calendar year performance from 2012 to 2021.

Canadian Dividend Aristocrats Yearly Performance
Source: S&P Dow Jones Indices

Changes to the Canadian Dividend Aristocrats in 2022

On June 30, 2022, Intertape Polymer Group was dropped from there Index. The company was acquired by Clearlake Capital Group. There were 93 companies on the list after the acquisition.

On January 24, 2022, the S&P Dow Jones Indices announced the list would be changed effective February 1, 2022. Ten stocks were added, and two stocks were deleted from the list of Canadian Dividend Aristocrats. There were 94 companies on the list after the changes were completed.

Canadian Dividend Aristocrat Changes in 2022
Source: S&P Dow Jones Indices

Changes to the Canadian Dividend Aristocrats in 2021

On January 22, 2021, the S&P Dow Jones Indices announced that the list would be changed effective February 1, 2021. This action added nine stocks and deleted three stocks from the list of Canadian Dividend Aristocrats for a net gain of six stocks. There were 85 companies on the list once the change took effect.

Canadian Dividend Aristocrats 2021 Changes
Source: S&P Dow Jones Indices

Additions to the Canadian Dividend Aristocrats in 2020

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

Canadian Dividend Aristocrat Additions In 2020
Source: S&P Dow Jones Indices

Deletions to the Canadian Dividend Aristocrats in 2020

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

Canadian Dividend Aristocrats Deletions in 2020
Source: S&P Dow Jones Indices

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

Canadian Dividend Aristocrats Deletions 2 in 2020
Source: S&P 500 Dow Jones Indices

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

Canadian Dividend Aristocrats Deletions 3 in 2020
Source: S&P Dow Jones Indices

Other Dividend Stock Lists

For US stocks, I have previously provided the following lists:

For UK stocks, I have written about:

Other dividend stock lists


Affiliate

  • Simply Investing Report & Analysis Platform*
    • 6,000+ stocks on the NYSE, NASDAQ, and TSX
    • 120+ metrics and financial data updated daily
    • Portfolios, watch lists, dividend income, e-mail alerts, etc.
    • List of top ranked stocks based on the 12 Rules of Simply Investing
    • 14-day free trial
  • Simply Investing Course*
    • 10 modules and 27 lessons
    • Access to 21-years of stock data and portfolio tracker
    • 1-month free access the Report & Analysis Platform
    • Lifetime access to the course and 30-day money back guarantee
  • Use the Simply Investing Coupon Code DIVPOWER15 for 15% off.

Details on the Canadian Dividend Aristocrats 2021

The list of Canadian Dividend Aristocrats 2022 is relatively select since it comprises only 93 companies. This number is out of the over 1,600 companies listed on the Toronto Stock Exchange at the end of January 2020. 

Canadian Dividend Aristocrats Sector Breakdown

The chart below shows the sector breakdown for the Canadian Dividend Aristocrats 2022 is seen in the chart below as of September 30, 2022

Stocks from the Financials sector have the most significant representation on the list of Dividend Aristocrats at about 24.6%. Stocks in the Financial sector tend to have somewhat more volatile earnings and cash flows that depend on the stock market valuation and interest rates.

The sector with the second highest representation is Energy at approximately 14.9%. The Energy sector tends to have fluctuating revenue, earnings, and cash flow but can generate decent returns over time. So, its presence in the top three is not surprising. Note that this relative ranking changed in 2020 as energy stocks have cut or suspended dividends; this sector’s relative ranking has dropped. However, the addition of some companies in 2021 has caused this sector’s relative ranking to rise again.

Utilities is the third sector at roughly 11.7%. This sector has performed relatively well during the market downturn in 2022.

The fourth sector is Real Estate at about 11.5%. Real Estate stocks have been performing better since the sub-prime mortgage crisis. Many are now more conservatively managed. In addition, real estate investment trusts (REITs) had a good decade, except for the downturn in 2020.

These three sectors make up the majority of the Canadian Dividend Aristocrats at 51.7% of the total. 

Canadian Dividend Aristocrats Sector Weighting
Source: S&P Dow Jones Indices

The sector ranking for the Canadian Dividend Aristocrats 2022 is unlike the US Dividend Aristocrats, which have Consumer Staples, Industrials, and Materials as the top three sectors. 

Unlike the UK High Yield Dividend Aristocrats, it has Financials, Industrials, and Consumer Staples as the top three sectors.

Market Size of the Canadian Dividend Aristocrats 2022

The largest Canadian Dividend Aristocrat by market capitalization is the Royal Bank of Canada (TSE: RY), with a market capitalization of about $125.32 billion (this section uses US dollars). Conversely, the stock with the smallest market capitalization is Tecsys (TSE:TCS), with roughly $426 million market capitalization. Combined, the 93 Canadian Dividend Aristocrats have a total market capitalization of over $2.501 trillion.

Other Statistics

Canadian Utilities (TSE: CU) is the Canadian Dividend Aristocrat with the longest streak of increasing the dividend at 49 years. Fortis Inc (TSE:FTS) has the second-longest streak of consecutive dividend increases at 48 years.

List of Canadian Dividend Aristocrats in 2022 – Updated 09/30/22

On average, the Canadian Dividend Aristocrats 2022 have a distribution yield of about 3.40% and a 12-month trailing yield of 3.31%, which are higher than that of the US Dividend Aristocrats. 

The top 10 members make up about 25.23% of the Index and list.

TickerNameWeight (%)
PPLPEMBINA PIPELINE CORP2.89
ENBENBRIDGE INC2.85
KEYKEYERA CORP2.83
FSZFIERA CAPITAL CORP CLASS A2.83
SGR.UNSLATE GROCERY REIT UNITS CLASS U2.8
CPXCAPITAL POWER CORP2.79
EIFEXCHANGE INCOME CORP2.17
TRPTC ENERGY CORP2.15
CUCANADIAN UTILITIES LTD CLASS A1.98
BCEBCE INC1.94
FNFIRST NATIONAL FINANCIAL CORP1.92
SRU.UNSMARTCENTRES RL ESTATE INVESTMENT1.91
MFCMANULIFE FINANCIAL CORP1.9
CNQCANADIAN NATURAL RESOURCES LTD1.79
ACO.XATCO LTD CLASS I1.77
CRT.UNCT REIT UNITS TRUST1.72
TTELUS CORP1.68
NWCNORTH WEST COMPANY INC1.66
AQNALGONQUIN POWER UTILITIES CORP1.65
GWOGREAT WEST LIFECO INC1.63
EMAEMERA INC1.6
CSH.UNCHARTWELL RETIREMENT RESIDENCES RE1.56
QSRRESTAURANTS BRANDS INTERNATIONAL I1.52
INEINNERGEX RENEWABLE ENERGY INC1.51
POWPOWER CORPORATION OF CANADA1.46
TCL.ATRANSCONTINENTAL SUB VOTING INC CL1.39
QBR.BQUEBECOR INC CLASS B1.37
BMOBANK OF MONTREAL1.34
CMCANADIAN IMPERIAL BANK OF COMMERCE1.34
BNSBANK OF NOVA SCOTIA1.33
NANATIONAL BANK OF CANADA1.29
PKIPARKLAND CORP1.28
FTSFORTIS INC1.28
TDTORONTO DOMINION1.26
SAPSAPUTO INC1.26
RYROYAL BANK OF CANADA1.25
IAGIA FINANCIAL INC1.24
SLFSUN LIFE FINANCIAL INC1.19
IMOIMPERIAL OIL LTD1.15
IFCINTACT FINANCIAL CORP1.1
AREAECON GROUP INC1
AP.UNALLIED PROPERTIES REAL ESTATE INVT0.98
XTMX GROUP LTD0.96
CTC.ACANADIAN TIRE LTD CLASS A0.96
AEMAGNICO EAGLE MINES LTD0.95
CGOCOGECO INC0.9
CCACOGECO COMMUNICATIONS SUBORDINATE0.83
BDGIBADGER INFRASTRUCTURE SOLUTIONS LT0.83
GRT.UNGRANITE REAL ESTATE INVESTMENT STA0.82
SISSAVARIA CORP0.82
KMP.UNKILLAM APARTMENT REIT UNITS CLASS0.81
FTTFINNING INTERNATIONAL INC0.8
CWBCANADIAN WESTERN BANK0.78
RBARITCHIE BROS AUCTIONEERS INC0.76
SMU.UNSUMMIT INDUSTRIAL INCOME REIT UNIT0.75
WNGEORGE WESTON LTD0.74
ALSALTIUS MINERALS CORP0.73
CAR.UNCANADIAN APARTMENT PROPERTIES REAL0.73
MFIMAPLE LEAF FOODS INC0.71
SJSTELLA JONES INC0.7
LLOBLAW COMPANIES LTD0.69
MRUMETRO INC0.66
ABXBARRICK GOLD CORP0.65
CNRCANADIAN NATIONAL RAILWAY0.63
EMP.AEMPIRE LTD CLASS A0.59
PBHPREMIUM BRANDS HOLDINGS CORP0.59
TRITHOMSON REUTERS CORP0.59
MGMAGNA INTERNATIONAL INC0.58
IIP.UNINTERRENT REAL ESTATE INVESTMENT T0.57
JWELJAMIESON WELLNESS INC0.53
CCL.BCCL INDUSTRIES INC CLASS B0.5
WPMWHEATON PRECIOUS METALS CORP0.48
OTEXOPEN TEXT CORP0.48
PAASPAN AMERICAN SILVER CORP0.47
TIHTOROMONT INDUSTRIES LTD0.45
GSYGOEASY LTD0.42
TFIITFI INTERNATIONAL INC0.41
ATDALIMENTATION COUCHE TARD INC0.39
CADCAD CASH0.39
CFCANACCORD GENUITY GROUP INC0.36
FNVFRANCO NEVADA CORP0.35
STNSTANTEC INC0.35
ENGHENGHOUSE SYSTEMS LTD0.35
CPCANADIAN PACIFIC RAILWAY LTD0.34
WFGWEST FRASER TIMBER LTD0.3
BAM.ABROOKFIELD ASSET MANAGEMENT INC CL0.29
EQBEQB INC0.29
HDIHARDWOODS DISTRIBUTION INC0.28
CJTCARGOJET INC0.17
DOLDOLLARAMA INC0.17
TCSTECSYS INC0.16
FSVFIRSTSERVICE SUBORDINATE VOTING CO0.13
BYDBOYD GROUP INCOME INC0.12
ONEXONEX CORP0.11
Source: iShares S&P/TSX Canadian Dividend Aristocrats Index ETF and S&P/TSX Canadian Dividend Aristocrats Index (as of September 30, 2022)

Analyses on Stocks in the Canadian Dividend Aristocrats 2021

Prior Year Lists and Articles


Here are my recommendations:

If you are unsure on how to invest in dividend stocks or are just getting started with dividend investing. Take a look at my Review of the Simply Investing Report. I also provide a review of the Simply Investing Course. Note that I an affiliate of Simply Investing.

If you want to simplify your portfolio management and stop using spreadsheets, take a look at my article on Review of Passiv – A Modern Portfolio Management Website ReviewNote that I an affiliate of Passiv.

If you want a leading investment research and portfolio management platform with all the fundamental metrics, screens, and analysis tools that you need. Read my Review of Stock RoverNote that I am an affiliate of Stock Rover.

If you would like notifications as to when my new articles are published, please sign up for my free weekly e-mail. You will receive a free spreadsheet of the Dividend Kings! You will also join thousands of other readers each month!


*This post contains affiliate links meaning that I earn a commission for any purchases that you make at the Affiliates website through these links. This will not incur additional costs for you. Please read my disclosure for more information.

Website | + posts

Prakash Kolli is the founder of the Dividend Power site. He is a self-taught investor, analyst, and writer on dividend growth stocks and financial independence. His writings can be found on Seeking Alpha, InvestorPlace, Business Insider, Nasdaq, TalkMarkets, ValueWalk, The Money Show, Forbes, Yahoo Finance, and leading financial sites. In addition, he is part of the Portfolio Insight and Sure Dividend teams. He was recently in the top 1.0% and 100 (73 out of over 13,450) financial bloggers, as tracked by TipRanks (an independent analyst tracking site) for his articles on Seeking Alpha.

Related Posts

Leave a Reply