Investors like consistency when it comes to dividend growth. Currently, no Canadian companies have paid growing dividends for 100 years or more. Canadian Utilities (CU) comes the closest, with 51 consecutive years of dividend increases. The history of dividends in Canada goes back to about 1781. One company’s streak is almost 200 straight years, making it the longest dividend-paying stock in Canada. However, a select group of stocks 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 delivering a consistent dividend. Canadian stocks trade on the TSX and often on the New York Stocks Exchange (NYSE) as an American Depository Receipt (ADR). There are 6 Canadian companies on the list. A person 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 Bank of Montreal (BMO) is the first company on this list. The company traces its history back to 1817. Today, the bank is the fourth largest by revenue in Canada and has some operations in the United States, offering banking, wealth management, and financial services. The Bank of Montreal has roughly 1,300 branches and 4,700 ATMs with ~ CAD 935 billion in assets under management (AUM). It is the longest-paying Canadian dividend stock and has paid a consistent dividend for over 100 consecutive years since 1829. In fact, BMO has paid a dividend for nearly 200 years. The forward dividend is $4.244 per share on the ADR, and the forward dividend yield is ~4.3%. The payout ratio is modest at 36%. 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 paying a continuous dividend in 1833. Today, the bank is one of the largest in the Americas, with approximately CAD 1.4 trillion in assets. Scotiabank provides banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean, and Central America. It is also on the list of Canadian Dividend Aristocrats. The annual dividend payout is $3.182 per share on the ADR, and the estimated forward dividend yield is over 6.89%. The payout ratio is reasonable at 46%.
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Toronto-Dominion Bank (TD) is the third of four Canadian banks on this list. It traces its founding to 1855 as the Bank of Toronto and 1869 as The Dominion Bank. The two banks merged in 1955. Today, Toronto-Dominion is the largest bank in Canada by assets and one of the top 10 largest banks in North America due to its U.S. operations with total assets of ~CAD 1.5 trillion. The bank states that it has paid a consecutive dividend since 1856. The TTM dividend is $3.046 per share on the ADR, and the yield is 4.4%. The payout ratio is a prudently conservative 38%. Toronto-Dominion is another Canadian Dividend Aristocrat.
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Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce (CM) 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 the Imperial Bank of Canada, founded in 1875. Today, it is one of Canada’s four largest banks and 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 $2.725 per share on the ADR, and the forward yield is ~5.9%. The payout ratio is conservative at 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 wireless, cable TV, broadband, and telephone service. The firm 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 annual dividend is $2.886 per share on the ADR, giving a yield of 6.9%. The payout ratio is elevated at about 86%, but that value has fallen from over 100%. BCE is one of the Canadian Dividend Aristocrats.
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Imperial Oil Limited (IMO) is the only oil and natural gas firm on the list. The company was founded in 1880 as a competitor to John D. Rockefeller’s Standard Oil. However, Imperial Oil was acquired by Standard Oil in 1895. Today, it is a subsidiary of Exxon Mobil (XOM), which owns 69.6% of the company. 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. We cannot determine the exact date the dividend began, but it is clearly over 100 years. The dividend rate is $1.474 per share on the ADR, giving a yield of 2.64%. The payout ratio is highly conservative at about 13%. Imperial Oil is one of the Canadian Dividend Aristocrats.
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Other Dividend Stock Lists
We have also written articles with several other lists and analyses on U.S. dividend growth stocks, including:
- List of Dividend Kings in 2024
- 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 2024
For Canadian stocks, we have written about
For UK stocks, we 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 consecutive dividend payments is short and select. Only six Canadian companies 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 in Canadian dollars. 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.