Canadian Dividend Aristocrats 2023

Last Updated on September 3, 2023 by Prakash Kolli

The 2023 Canadian Dividend Aristocrats are Canadian stocks that have grown their dividend for 5+ years in a row. There are 90 stocks on the list as of July 31, 2023. 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 67 constituents of the U.S. index. 

On the other hand, there are currently 90 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 also trade on other exchanges.

Market Update of the Canadian Dividend Aristocrats 2023

The Canadian Dividend Aristocrats 2023 currently (as of July 31, 2023) has a yield of about 4.47%, and the average forward price-to-earnings (P/E) ratio is approximately 12.99X. 

The mean market capitalization is roughly $25,762 million (all dollar values are in CAD), and the median market capitalization is approximately $9,787 million. The market cap ranges between about $547 million to $181,800 million. The total market capitalization is $2,318,544 million.

In 2022, the Canadian Dividend Aristocrats provided a total return of (-3.7%). This return was the third negative return since 2018. The price return was (-7.83%). This performance was better than the S&P 500 Index in 2022 at (-6.21%).

Historical Performance

As a group, the Canadian Dividend Aristocrats have exhibited slightly lower 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 7.34% and a standard deviation of 13.32%, while the benchmark, the S&P/TSX Composite Index, had annualized total return of 7.86% and a standard deviation of 12.33%.

Over the trailing five years, the Canadian Dividend Aristocrats have had an annualized total return of 8.75% and a standard deviation of 17.07%. The benchmark has had annualized total returns of 8.82% and a standard deviation of 15.72%.

The table below shows the calendar year performance from 2013 to 2022.

Changes to the Canadian Dividend Aristocrats in 2023

On January 24, 2022, the S&P Dow Jones Indices announced the list would be changed effective February 1, 2023. Five stocks were added, and seven stocks were deleted from the list of Canadian Dividend Aristocrats. There were 91 companies on the list after the changes were completed.

Changes to the Canadian Dividend Aristocrats in 2022

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.

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.

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.

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.

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.

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.

Other Dividend Stock Lists

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

• 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 UK stocks, we have written about the following:

• UK High Yield Dividend Aristocrats 2023

Other dividend stock lists

• Stocks Paying 100+ Years of Dividends
• Canadian Stocks Paying 100+ Years of Dividends
• Net Lese REITs

Details on the Canadian Dividend Aristocrats 2023

The Canadian Dividend Aristocrats 2022 is relatively select since it comprises only 91companies. This number is out of the over 1,600 companies listed on the Toronto Stock Exchange. 

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 ofJuly 31, 2023. 

Stocks from the Financials sector have the most significant representation on the list of Dividend Aristocrats at about 30.4%. Stocks in the Financial sector tend to have more volatile earnings and cash flows that depend on the stock market valuation and interest rates.

The sector with the second highest representation is Industrials, at approximately 11.7%. The Industrial sector tends to have cyclical revenue, earnings, and cash flow but can generate decent returns over time. So, its presence in the top three is not surprising. In addition, some companies in the sector keep the payout ratio relatively low to allow for future dividend increases.

The third sector is Energy at about 9.7%. 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 because as revenue and profits climb, the share price increases.

These three sectors comprise the majority of the Canadian Dividend Aristocrats at 51.8%. 

The sector ranking for the Canadian Dividend Aristocrats 2023 is unlike the US Dividend Aristocrats, which have Consumer Staples, Industrials, and Materials as the top three sectors. 

It is also unlike the UK High Yield Dividend Aristocrats, which has Financials, Real Estate, and Industrials as the top three sectors.

Market Size of the Canadian Dividend Aristocrats 2023

The largest Canadian Dividend Aristocrat by market capitalization is the Royal Bank of Canada (TSE: RY), with a market capitalization of about $140.40 billion (this section uses US dollars). Conversely, the stock with the smallest market capitalization is Fiera Capital (TSE: FSZ), with roughly $889.89 million market capitalization. Combined, the 91 Canadian Dividend Aristocrats have a total market capitalization of over $2.339 trillion.

Other Statistics

Canadian Utilities (TSE: CU) is the Canadian Dividend Aristocrat with the longest dividend increase streak at 50 years. Fortis Inc (TSE: FTS) has the second-longest streak of consecutive dividend increases at 49 years.

The top 10 members comprise about 21.5% of the Index and list. The greatest weighting is at 2.7%.

List of Canadian Dividend Aristocrats in 2023

Source: iShares S&P/TSX Canadian Dividend Aristocrats Index ETF and S&P/TSX Canadian Dividend Aristocrats Index (as of February 28, 2023)

Ticker	Name	Weight (%)	Sector
ARE	AECON GROUP INC	2.78	11.29
CSH.UN	CHARTWELL RETIREMENT RESIDENCES RE	2.52	10.33
GWO	GREAT WEST LIFECO INC	2.35	39.10
POW	POWER CORPORATION OF CANADA	2.12	36.90
FSZ	FIERA CAPITAL CORP CLASS A	2.00	6.08
CM	CANADIAN IMPERIAL BANK OF COMMERCE	1.92	55.26
BCE	BCE INC	1.90	57.73
BNS	BANK OF NOVA SCOTIA	1.89	64.52
ENB	ENBRIDGE INC	1.87	47.54
TRP	TC ENERGY CORP	1.84	48.88
MFC	MANULIFE FINANCIAL CORP	1.75	24.91
FN	FIRST NATIONAL FINANCIAL CORP	1.74	38.23
TCL.A	TRANSCONTINENTAL SUB VOTING INC CL	1.70	13.41
PKI	PARKLAND CORP	1.70	36.93
CWB	CANADIAN WESTERN BANK	1.66	26.18
EMA	EMERA INC	1.65	50.86
CRT.UN	CT REIT UNITS TRUST	1.64	14.83
PPL	PEMBINA PIPELINE CORP	1.63	41.93
AP.UN	ALLIED PROPERTIES REAL ESTATE INVT	1.62	21.14
BAM	BROOKFIELD ASSET MANAGEMENT VOTING	1.59	46.78
CTC.A	CANADIAN TIRE LTD CLASS A	1.58	156.98
CNQ	CANADIAN NATURAL RESOURCES LTD	1.58	86.81
SLF	SUN LIFE FINANCIAL INC	1.50	65.16
T	TELUS CORP	1.49	23.98
CPX	CAPITAL POWER CORP	1.47	41.41
GRT.UN	GRANITE REAL ESTATE INVESTMENT STA	1.45	76.25
KMP.UN	KILLAM APARTMENT REIT UNITS CLASS	1.42	18.21
NA	NATIONAL BANK OF CANADA	1.41	100.47
EIF	EXCHANGE INCOME CORP	1.41	48.50
CU	CANADIAN UTILITIES LTD CLASS A	1.37	32.43
QBR.B	QUEBECOR INC CLASS B	1.34	32.13
TD	TORONTO DOMINION	1.34	83.25
FTS	FORTIS INC	1.33	53.75
SIS	SAVARIA CORP	1.31	16.01
BMO	BANK OF MONTREAL	1.31	114.30
PBH	PREMIUM BRANDS HOLDINGS CORP	1.30	104.86
OTEX	OPEN TEXT CORP	1.28	53.69
CGO	COGECO INC	1.27	49.78
CCA	COGECO COMMUNICATIONS SUBORDINATE	1.27	65.48
MFI	MAPLE LEAF FOODS INC	1.25	29.52
ACO.X	ATCO LTD CLASS I	1.24	37.94
RY	ROYAL BANK OF CANADA	1.24	122.66
NWC	NORTH WEST COMPANY INC	1.21	31.16
GSY	GOEASY LTD	1.20	127.45
IAG	IA FINANCIAL INC	1.17	85.24
QSR	RESTAURANTS BRANDS INTERNATIONAL I	1.14	93.11
CAR.UN	CANADIAN APARTMENT PROPERTIES REAL	1.13	48.89
FTT	FINNING INTERNATIONAL INC	1.06	42.14
CF	CANACCORD GENUITY GROUP INC	1.00	8.55
ABX	BARRICK GOLD CORP	0.99	22.18
EQB	EQB INC	0.98	78.55
H	HYDRO ONE LTD	0.98	36.43
IMO	IMPERIAL OIL LTD	0.97	76.62
MG	MAGNA INTERNATIONAL INC	0.95	79.02
MI.UN	MINTO APARTMENT REIT UNITS TRUST	0.95	13.57
BDGI	BADGER INFRASTRUCTURE SOLUTIONS LT	0.90	34.94
AEM	AGNICO EAGLE MINES LTD	0.89	66.52
X	TMX GROUP LTD	0.87	29.42
IIP.UN	INTERRENT REAL ESTATE INVESTMENT T	0.81	12.49
SJ	STELLA JONES INC	0.75	66.00
PAAS	PAN AMERICAN SILVER CORP	0.72	22.53
NTR	NUTRIEN LTD	0.71	86.67
ADEN	ADENTRA INC	0.68	33.54
IFC	INTACT FINANCIAL CORP	0.67	194.44
EMP.A	EMPIRE LTD CLASS A	0.59	35.34
SAP	SAPUTO INC	0.58	29.15
TFII	TFI INTERNATIONAL INC	0.57	181.09
WFG	WEST FRASER TIMBER LTD	0.56	102.92
TIH	TOROMONT INDUSTRIES LTD	0.56	111.50
CNR	CANADIAN NATIONAL RAILWAY	0.56	153.20
TRI	THOMSON REUTERS CORP	0.55	174.13
CCL.B	CCL INDUSTRIES INC CLASS B	0.55	61.14
ENGH	ENGHOUSE SYSTEMS LTD	0.52	30.01
TOU	TOURMALINE OIL CORP	0.50	68.54
WPM	WHEATON PRECIOUS METALS CORP	0.49	59.34
STN	STANTEC INC	0.48	90.93
JWEL	JAMIESON WELLNESS INC	0.47	26.43
MRU	METRO INC	0.46	70.37
WN	GEORGE WESTON LTD	0.45	152.70
L	LOBLAW COMPANIES LTD	0.45	119.42
ALS	ALTIUS MINERALS CORP	0.43	20.68
ATD	ALIMENTATION COUCHE TARD INC	0.36	71.31
FNV	FRANCO NEVADA CORP	0.31	195.30
WCN	WASTE CONNECTIONS INC	0.27	188.52
BN	BROOKFIELD CORP CLASS A	0.27	46.08
CJT	CARGOJET INC	0.27	98.40
CP	CANADIAN PACIFIC KANSAS CITY LTD	0.25	107.47
FSV	FIRSTSERVICE SUBORDINATE VOTING CO	0.23	203.92
BYD	BOYD GROUP INCOME INC	0.11	242.39
DOL	DOLLARAMA INC	0.10	87.34

Analyses on Stocks in the Canadian Dividend Aristocrats in 2022

• Scotiabank (BNS) Is A Terrible Long-Term Investment
• Imperial Oil (IMO) Is Gushing Free Cash Flow

Prior Year Lists

• The List of Canadian Dividend Aristocrats in 2022
• The List of Canadian Dividend Aristocrats in 2021
• The List of Canadian Dividend Aristocrats in 2020