Investors like consistency when it comes to dividend growth. There are currently no Canadian companies that have consistently paid growing dividends for 100 years or more. Canadian Utilities (CU) comes the closest at 50 consecutive years of dividend increases. The history of dividends in Canada goes back to about 1781. One company is almost at 200 straight years, making it the longest dividend paying stock in Canada. However, there are a select group of stocks that have paid 100+ years of uninterrupted dividends.
Paying a dividend for this length of time demonstrates the resiliency of the business and management’s commitment to paying a consistent dividend. Canadian stocks trade on the TSX and NYSE as an American Depository Receipt (ADR). There are 6 Canadian companies (updated January 14, 2023) on the list. You can invest in these stocks individually or take advantage of several dividend ETFs in Canada to diversify your portfolio.
Before the companies are listed, if you know of any companies that belong on the list of Canadian stocks with 100+ consistent years of consistent dividends or should be removed from the list, please comment below.
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Canadian Stocks with 100+ Consecutive Years of Dividends
Bank of Montreal
The first company on this list is the Bank of Montreal (BMO). The company traces its history back to 1817. Today, the bank is the fourth largest by revenue in Canada and also has some operations in the U.S. The Bank of Montreal has roughly 1,300 branches and 4,700 ATMs. The bank is the longest paying Canadian dividend stock and it has paid a consistent dividend for over 100 consecutive years since 1829. In fact BMO has paid a dividend for 193 years. The forward dividend is $4.19 per share, and the forward dividend yield is ~4.3%. The payout ratio is conservative at 39%. The Bank of Montreal is one of the Canadian Dividend Aristocrats.
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Bank of Nova Scotia
The second bank on this list is the Bank of Nova Scotia (BNS) also known as Scotiabank. The bank was founded in 1832 and started to pay a continuous dividend the following year in 1833. Today, the bank is one the largest banks in the Americas with approximately $1.2 trillion CAD in assets (as of July 31, 2020). Scotiabank provides banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America. Scotiabank is also one of the Canadian Dividend Aristocrats. The trailing twelve months payout is $3.11 per share and the TTM yield is over 6.02%. The payout ratio is a reasonable at 46%.
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Toronto-Dominion Bank (TD) is the third of four Canadian banks on this list. The bank traces its founding to 1855 as the Bank of Toronto and 1869 as The Dominion Bank. The two banks merged in 1955. Today, it is the largest bank in Canada by assets and one the top 10 largest banks in North America due to its U.S. operations. The bank states that it has paid a consecutive divided for 165 continuous years or starting back in 1856. The TTM dividend is $2.75 per share and the TTM yield is over 4.1%. The payout ratio is a conservative 40%.Toronto-Dominion is a Canadian Dividend Aristocrat.
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Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce (CIBC) is the second bank from Toronto, Canada on this list. The bank was founded in 1867 as the Canadian Bank of Commerce. In 1961, the bank merged with with the Imperial Bank of Canada, which was founded in 1875. Today, it is one of the four largest banks in Canada and it also has significant U.S. operations. The bank’s website states that it has not missed a dividend since 1868 making it a member of the 100+ years club. The Canadian Imperial Bank of Commerce is also a Dividend Aristocrat. The forward dividend is $2.52 per share and the forward yield is ~ 5.8%. The payout ratio is about 44%.
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BCE (BCE) is the leading telecom provider in Canada. The company was founded in 1880. Today, BCE has over 13 million customers providing service for wireless, cable TV, broadband, and telephone. The company also owns TV stations, radio stations, websites, and video streaming services. BCE operates in three segments: Bell Wireless, Bell Wireline, and Bell Media. The company started paying a consecutive dividend the year after it was founded in 1881. The TTM dividend is $2.80 per share giving a yield of 6.0%. The payout ratio is high at about 101%. BCE is one of the Canadian Dividend Aristocrats.
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Imperial Oil (IMO) is the third company on the Canadian list. The company was founded in 1880 as a competitor to John D. Rockefeller’s Standard Oil. Imperial Oil was acquired by Standard Oil in 1895. Today, the company is a subsidiary of Exxon Mobil, which owns 69.6%. The company operates in three business segments: Upstream, Downstream, and Chemical with operations in both oil and natural gas. Imperial Oil started paying a continuous dividend in the 1880s. I am unable to determine the exact date the dividend started but it is clearly over 100 years. The TTM dividend is $1.12 per share giving a TTM yield of 2.29%. The payout ratio is very conservative at roughly 13%. Imperial Oil is one of the Canadian Dividend Aristocrats.
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Other Dividend Stock Lists
I have also written articles with several other lists and analyses on U.S. dividend growth stocks including:
- List of Dividend Kings in 2023
- List of Dividend Aristocrats in 2023
- List of Dividend Champions in 2023
- List of Dividend Contenders in 2023
- List of Dividend Challengers in 2023
- Dogs of the Dow in 2023
For Canadian stocks, I have written about
For UK stocks, I have written about
Final Thoughts on Canadian Stocks Paying 100+ Years of Dividends
The list of longest dividend paying Canadian companies that have attained 100+ years of consecutively paying dividends is short and select. There are only 6 Canadian companies that have done so. This is about 0.40% out of the over 1,500 companies listed on Canadian stock exchanges (TSX). This percentage makes the list even more selective than the Canadian Dividend Aristocrats. It is interesting but not surprising that the majority of the companies on this list are also dividend growth stocks . This list serves as a starting point for further research.
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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.