Canadian Dividend Aristocrats

Canadian Dividend Aristocrats 2023

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 November 30, 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.


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Market Update of the Canadian Dividend Aristocrats 2023

The Canadian Dividend Aristocrats 2023 currently (as of July 31, 2023) has a yield of about 4.7%, and the average forward price-to-earnings (P/E) ratio is approximately 12X. 

The mean market capitalization is roughly $25,394 million (all dollar values are in CAD), and the median market capitalization is approximately $9,390 million. The market cap ranges between about $416 million to $171,196 million. The total market capitalization is $2,285,474 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%.

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

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

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

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.

Canadian Dividend Aristocrat Changes in 2023
Source: S&P Dow Jones Indices
Deletion 2023-06-02
Source: S&P Dow Jones Indices

Other Dividend Stock Lists

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


For UK stocks, we have written about the following:

Other dividend stock lists

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. 

Stocks from the Financials sector have the most significant representation on the list of Dividend Aristocrats at about 30.5%. 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 10.9%. 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 because as revenue and profits climb, the share price increases.

These three sectors comprise the majority of the Canadian Dividend Aristocrats at 53.1%. 

Canadian Dividend Aristocrats 2023 Sector Breakdown
Source: S&P Dow Jones Indices

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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

TickerNameWeight (%)
AREAECON GROUP INC2.87
CSH.UNCHARTWELL RETIREMENT RESIDENCES RE2.73
GWOGREAT WEST LIFECO INC2.49
CMCANADIAN IMPERIAL BANK OF COMMERCE2.16
POWPOWER CORPORATION OF CANADA2.09
MFCMANULIFE FINANCIAL CORP1.97
TRPTC ENERGY CORP1.93
PKIPARKLAND CORP1.92
CWBCANADIAN WESTERN BANK1.90
FSZFIERA CAPITAL CORP CLASS A1.87
ENBENBRIDGE INC1.82
BNSBANK OF NOVA SCOTIA1.80
BAMBROOKFIELD ASSET MANAGEMENT VOTING1.73
PPLPEMBINA PIPELINE CORP1.71
TCL.ATRANSCONTINENTAL SUB VOTING INC CL1.68
FNFIRST NATIONAL FINANCIAL CORP1.68
BCEBCE INC1.63
CRT.UNCT REIT UNITS TRUST1.56
EMAEMERA INC1.55
CNQCANADIAN NATURAL RESOURCES LTD1.52
SLFSUN LIFE FINANCIAL INC1.50
NWCNORTH WEST COMPANY INC1.48
AP.UNALLIED PROPERTIES REAL ESTATE INVT1.47
GSYGOEASY LTD1.46
BMOBANK OF MONTREAL1.45
TTELUS CORP1.40
GRT.UNGRANITE REAL ESTATE INVESTMENT STA1.40
CGOCOGECO INC1.39
CTC.ACANADIAN TIRE LTD CLASS A1.37
NANATIONAL BANK OF CANADA1.36
KMP.UNKILLAM APARTMENT REIT UNITS CLASS1.35
TDTORONTO DOMINION1.32
RYROYAL BANK OF CANADA1.31
CPXCAPITAL POWER CORP1.30
FTSFORTIS INC1.29
OTEXOPEN TEXT CORP1.28
CUCANADIAN UTILITIES LTD CLASS A1.28
EIFEXCHANGE INCOME CORP1.26
QBR.BQUEBECOR INC CLASS B1.26
QSRRESTAURANTS BRANDS INTERNATIONAL I1.22
ACO.XATCO LTD CLASS I1.20
IAGIA FINANCIAL INC1.19
SISSAVARIA CORP1.19
PBHPREMIUM BRANDS HOLDINGS CORP1.15
MI.UNMINTO APARTMENT REIT UNITS TRUST1.09
CAR.UNCANADIAN APARTMENT PROPERTIES REAL1.08
CCACOGECO COMMUNICATIONS SUBORDINATE1.08
EQBEQB INC1.05
ABXBARRICK GOLD CORP1.04
MFIMAPLE LEAF FOODS INC1.03
HHYDRO ONE LTD1.02
BDGIBADGER INFRASTRUCTURE SOLUTIONS LT1.01
AEMAGNICO EAGLE MINES LTD0.95
FTTFINNING INTERNATIONAL INC0.94
IMOIMPERIAL OIL LTD0.92
MGMAGNA INTERNATIONAL INC0.91
XTMX GROUP LTD0.91
CFCANACCORD GENUITY GROUP INC0.86
SJSTELLA JONES INC0.83
IIP.UNINTERRENT REAL ESTATE INVESTMENT T0.82
PAASPAN AMERICAN SILVER CORP0.69
IFCINTACT FINANCIAL CORP0.67
ADENADENTRA INC0.63
WFGWEST FRASER TIMBER LTD0.60
NTRNUTRIEN LTD0.60
ENGHENGHOUSE SYSTEMS LTD0.59
CNRCANADIAN NATIONAL RAILWAY0.58
TRITHOMSON REUTERS CORP0.58
TIHTOROMONT INDUSTRIES LTD0.56
EMP.AEMPIRE LTD CLASS A0.56
STNSTANTEC INC0.54
TFIITFI INTERNATIONAL INC0.53
WPMWHEATON PRECIOUS METALS CORP0.53
JWELJAMIESON WELLNESS INC0.53
CCL.BCCL INDUSTRIES INC CLASS B0.51
SAPSAPUTO INC0.51
WNGEORGE WESTON LTD0.47
LLOBLAW COMPANIES LTD0.46
MRUMETRO INC0.42
TOUTOURMALINE OIL CORP0.42
ALSALTIUS MINERALS CORP0.38
ATDALIMENTATION COUCHE TARD INC0.37
BNBROOKFIELD CORP CLASS A0.30
CJTCARGOJET INC0.30
WCNWASTE CONNECTIONS INC0.28
FSVFIRSTSERVICE SUBORDINATE VOTING CO0.24
CPCANADIAN PACIFIC KANSAS CITY LTD0.24
FNVFRANCO NEVADA CORP0.22
BYDBOYD GROUP INCOME INC0.12
DOLDOLLARAMA INC0.10

Analyses on Stocks in the Canadian Dividend Aristocrats in 2022

Prior Year Lists


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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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