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 November 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 (TSX)
  • 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.


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Market Update of the Canadian Dividend Aristocrats 2022

The Canadian Dividend Aristocrats 2022 currently (as of November 30, 2022) has a yield of about 4.59%, and the average forward price-to-earnings (P/E) ratio is approximately 12.2X. 

The mean market capitalization is roughly $24,353 million (all dollar values are in CAD), and the median market capitalization is approximately $7,563 million. The market cap ranges between about $421 million to $186,570 million. The total market capitalization is roughly $2,264,788 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 8.09% and a standard deviation of 16.93%, while the benchmark (the S&P/TSX Composite Index) had annualized total returns of 8.49% and a standard deviation of 11.99%. 

Over the trailing 5-years, the Canadian Dividend Aristocrats have had an annualized total return of 7.16% and a standard deviation of 15.97%, while the benchmark has had annualized total returns of 8.18% 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

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


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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 24.3%. 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 15.5%. 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.

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.

Utilities is the fourth sector at roughly 11.1%. This sector has performed relatively well during the market downturn in 2022.

These four sectors make up the majority of the Canadian Dividend Aristocrats at 62.8% 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 U.S. 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 $367.9 million market capitalization.

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 11/30/22

On average, the Canadian Dividend Aristocrats 2022 have a distribution yield of about 4.25% and a 12-month trailing yield of 3.81%, which are higher than that of the U.S. Dividend Aristocrats. 

The top 10 members make up about 25.64% of the Index and list.

TickerNameWeight (%)
SGR.UNSLATE GROCERY REIT UNITS CLASS U3.12
PPLPEMBINA PIPELINE CORP2.99
ENBENBRIDGE INC2.81
KEYKEYERA CORP2.79
CPXCAPITAL POWER CORP2.67
FSZFIERA CAPITAL CORP CLASS A2.62
EIFEXCHANGE INCOME CORP2.59
MFCMANULIFE FINANCIAL CORP2.03
CNQCANADIAN NATURAL RESOURCES LTD2.01
TRPTC ENERGY CORP2.00
SRU.UNSMARTCENTRES RL ESTATE INVESTMENT1.93
CUCANADIAN UTILITIES LTD CLASS A1.92
BCEBCE INC1.88
FNFIRST NATIONAL FINANCIAL CORP1.81
NWCNORTH WEST COMPANY INC1.79
CRT.UNCT REIT UNITS TRUST1.77
QSRRESTAURANTS BRANDS INTERNATIONAL I1.71
ACO.XATCO LTD CLASS I1.70
GWOGREAT WEST LIFECO INC1.62
TTELUS CORP1.54
QBR.BQUEBECOR INC CLASS B1.46
POWPOWER CORPORATION OF CANADA1.45
EMAEMERA INC1.42
INEINNERGEX RENEWABLE ENERGY INC1.36
IAGIA FINANCIAL INC1.34
CSH.UNCHARTWELL RETIREMENT RESIDENCES RE1.32
NANATIONAL BANK OF CANADA1.31
SLFSUN LIFE FINANCIAL INC1.30
TCL.ATRANSCONTINENTAL SUB VOTING INC CL1.29
BMOBANK OF MONTREAL1.29
BNSBANK OF NOVA SCOTIA1.27
FTSFORTIS INC1.27
TDTORONTO DOMINION1.25
PKIPARKLAND CORP1.24
RYROYAL BANK OF CANADA1.22
SAPSAPUTO INC1.21
IMOIMPERIAL OIL LTD1.18
CMCANADIAN IMPERIAL BANK OF COMMERCE1.15
AEMAGNICO EAGLE MINES LTD1.14
FTTFINNING INTERNATIONAL INC1.05
IFCINTACT FINANCIAL CORP1.03
XTMX GROUP LTD1.01
SMU.UNSUMMIT INDUSTRIAL INCOME REIT UNIT0.99
AQNALGONQUIN POWER UTILITIES CORP0.95
CGOCOGECO INC0.93
CTC.ACANADIAN TIRE LTD CLASS A0.88
AP.UNALLIED PROPERTIES REAL ESTATE INVT0.88
KMP.UNKILLAM APARTMENT REIT UNITS CLASS0.85
AREAECON GROUP INC0.85
GRT.UNGRANITE REAL ESTATE INVESTMENT STA0.84
WNGEORGE WESTON LTD0.83
SJSTELLA JONES INC0.83
CCACOGECO COMMUNICATIONS SUBORDINATE0.82
ALSALTIUS MINERALS CORP0.80
SISSAVARIA CORP0.80
MFIMAPLE LEAF FOODS INC0.79
CWBCANADIAN WESTERN BANK0.79
LLOBLAW COMPANIES LTD0.73
CAR.UNCANADIAN APARTMENT PROPERTIES REAL0.72
ABXBARRICK GOLD CORP0.71
MRUMETRO INC0.69
BDGIBADGER INFRASTRUCTURE SOLUTIONS LT0.68
CNRCANADIAN NATIONAL RAILWAY0.65
IIP.UNINTERRENT REAL ESTATE INVESTMENT T0.63
RBARITCHIE BROS AUCTIONEERS INC0.63
MGMAGNA INTERNATIONAL INC0.63
TRITHOMSON REUTERS CORP0.61
EMP.AEMPIRE LTD CLASS A0.58
WPMWHEATON PRECIOUS METALS CORP0.57
JWELJAMIESON WELLNESS INC0.55
PBHPREMIUM BRANDS HOLDINGS CORP0.54
OTEXOPEN TEXT CORP0.48
PAASPAN AMERICAN SILVER CORP0.48
CCL.BCCL INDUSTRIES INC CLASS B0.43
TIHTOROMONT INDUSTRIES LTD0.43
TFIITFI INTERNATIONAL INC0.42
CFCANACCORD GENUITY GROUP INC0.41
ENGHENGHOUSE SYSTEMS LTD0.40
ATDALIMENTATION COUCHE TARD INC0.39
GSYGOEASY LTD0.39
FNVFRANCO NEVADA CORP0.38
CPCANADIAN PACIFIC RAILWAY LTD0.35
STNSTANTEC INC0.35
EQBEQB INC0.33
ADENADENTRA INC0.29
WFGWEST FRASER TIMBER LTD0.28
BNBROOKFIELD CORP CLASS A0.21
CJTCARGOJET INC0.16
DOLDOLLARAMA INC0.16
TCSTECSYS INC0.13
BYDBOYD GROUP INCOME INC0.13
FSVFIRSTSERVICE SUBORDINATE VOTING CO0.12
ONEXONEX CORP0.11
NBAMBROOKFIELD ASSET MANAGEMENT VOTING0.05
Source: iShares S&P/TSX Canadian Dividend Aristocrats Index ETF and S&P/TSX Canadian Dividend Aristocrats Index (as of November 30, 2022)

Analyses on Stocks in the Canadian Dividend Aristocrats 2021

Prior Year Lists and Articles


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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.

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