The 2024 Canadian Dividend Aristocrats are Canadian stocks that have grown dividends for 5+ years. There are currently 91 stocks on the list. However, five years or more of dividend growth does not by itself qualify a stock as a Canadian Dividend Aristocrat. A company must meet three criteria to be included on the list:
- Be a member of the S&P Canada BMI and Toronto Stock Exchange
- Increased the regular cash dividend per share for 5+ consecutive years but can maintain the same dividend for a maximum of two successive years within those five years. 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 CAD 300 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 (BL) 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 United States. These stocks can be found in the S&P 500 Dividend Aristocrats Index. There are currently 66 constituents of the U.S. index.
On the other hand, there are currently 91 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 2024
The Canadian Dividend Aristocrats 2024 currently have a yield of about 4.83%, and the average forward price-to-earnings (P/E) ratio is approximately 12.35X.
The mean market capitalization is roughly CAD 27,449 million, and the median market capitalization is approximately CAD11,520 million. The market cap ranges between about CAD 440 million to CAD 218,270 million. The total market capitalization is CAD 2,497,829 million.
In 2023, the Canadian Dividend Aristocrats provided a total return of 10% after a negative return in 2022. The price return was 5.06%. This performance was worse than the S&P/TSX Composite Index in 2023 at 11.75%.
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 6.87% and a standard deviation of 13.65%, while the benchmark, the S&P/TSX Composite Index, had an annualized total return of 7.37% and a standard deviation of 13.7%.
Over the trailing five years, the Canadian Dividend Aristocrats have had an annualized total return of 8.54% and a standard deviation of 17.1%. The benchmark has had annualized total returns of 9.29% and a standard deviation of 15.52%.
The table below shows the calendar year performance from 2014 to 2023.
Changes to the Canadian Dividend Aristocrats in 2024
On January 24, 2024, the S&P Dow Jones Indices announced the list would be changed effective February 1, 2023. Four stocks were added, and three stocks were deleted from the list of Canadian Dividend Aristocrats. There were 91 companies on the list after the changes were completed.
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Other Dividend Stock Lists
For U.S. stocks, we have previously provided the following lists:
- List of Dividend Kings in 2024
- List of Dividend Aristocrats in 2024
- List of Dividend Champions in 2024
- List of Dividend Contenders in 2024
- List of Dividend Challengers in 2024
- Dogs of the Dow in 2024
For UK stocks, we have written about the following:
Other dividend stock lists
Details on the Canadian Dividend Aristocrats 2024
The Canadian Dividend Aristocrats 2024 is relatively select since it comprises only 91 companies. This number is from the 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 2024 is seen in the chart below.
Stocks from the Financials sector have the most significant representation on the list of Dividend Aristocrats at about 30.3%. 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 11.5%. 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 10.3%. 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 the share price increases as revenue and profits climb.
These three sectors comprise the majority of the Canadian Dividend Aristocrats at 52.1%.
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The sector ranking for the Canadian Dividend Aristocrats 2024 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 2024
The largest Canadian Dividend Aristocrat by market capitalization is the Royal Bank of Canada (TSE: RY), with a market capitalization of about CAD 216.00 billion. Conversely, the stock with the smallest market capitalization is Cogeco (TSE: CGO), with roughly CAD 500 million market capitalization. Combined, the 91 Canadian Dividend Aristocrats have a total market capitalization of over CAD 2.5 trillion.
Other Statistics
Canadian Utilities (TSE: CU) is the Canadian Dividend Aristocrat with the longest dividend increase streak at 51 years. Fortis Inc (TSE: FTS) has the second-longest streak of consecutive dividend increases at 49 years.
The top 10 members comprise about 22.9% of the Index and list. The greatest weighting is at 3.1%.
List of Canadian Dividend Aristocrats in 2024
Source: iShares S&P/TSX Canadian Dividend Aristocrats Index ETF and S&P/TSX Canadian Dividend Aristocrats Index
| Ticker | Name | Weight (%) | Sector |
|---|---|---|---|
| FSZ | FIERA CAPITAL CORP CLASS A | 3.13 | Financials |
| ENB | ENBRIDGE INC | 2.53 | Energy |
| TRP | TC ENERGY CORP | 2.49 | Energy |
| CPX | CAPITAL POWER CORP | 2.32 | Utilities |
| AP.UN | ALLIED PROPERTIES REAL ESTATE INVT | 2.18 | Real Estate |
| CWB | CANADIAN WESTERN BANK | 2.12 | Financials |
| BNS | BANK OF NOVA SCOTIA | 2.09 | Financials |
| PPL | PEMBINA PIPELINE CORP | 2.08 | Energy |
| ARE | AECON GROUP INC | 2.07 | Industrials |
| CM | CANADIAN IMPERIAL BANK OF COMMERCE | 1.98 | Financials |
| BCE | BCE INC | 1.92 | Communication |
| MFC | MANULIFE FINANCIAL CORP | 1.87 | Financials |
| EIF | EXCHANGE INCOME CORP | 1.87 | Industrials |
| CCA | COGECO COMMUNICATIONS SUBORDINATE | 1.80 | Communication |
| CRT.UN | CT REIT UNITS TRUST | 1.80 | Real Estate |
| CU | CANADIAN UTILITIES LTD CLASS A | 1.80 | Utilities |
| T | TELUS CORP | 1.78 | Communication |
| EMA | EMERA INC | 1.77 | Utilities |
| FN | FIRST NATIONAL FINANCIAL CORP | 1.75 | Financials |
| ACO.X | ATCO LTD CLASS I | 1.72 | Utilities |
| POW | POWER CORPORATION OF CANADA | 1.71 | Financials |
| CF | CANACCORD GENUITY GROUP INC | 1.63 | Financials |
| CGO | COGECO INC | 1.62 | Communication |
| CNQ | CANADIAN NATURAL RESOURCES LTD | 1.61 | Energy |
| NA | NATIONAL BANK OF CANADA | 1.46 | Financials |
| CTC.A | CANADIAN TIRE LTD CLASS A | 1.45 | Consumer Discretionary |
| TD | TORONTO DOMINION | 1.44 | Financials |
| RY | ROYAL BANK OF CANADA | 1.43 | Financials |
| FTS | FORTIS INC | 1.43 | Utilities |
| NWC | NORTH WEST COMPANY INC | 1.39 | Consumer Staples |
| AEM | AGNICO EAGLE MINES LTD | 1.38 | Materials |
| GWO | GREAT WEST LIFECO INC | 1.37 | Financials |
| SLF | SUN LIFE FINANCIAL INC | 1.36 | Financials |
| SIS | SAVARIA CORP | 1.31 | Industrials |
| GRT.UN | GRANITE REAL ESTATE INVESTMENT STA | 1.28 | Real Estate |
| BMO | BANK OF MONTREAL | 1.25 | Financials |
| PAAS | PAN AMERICAN SILVER CORP | 1.21 | Materials |
| KMP.UN | KILLAM APARTMENT REIT UNITS CLASS | 1.18 | Real Estate |
| NTR | NUTRIEN LTD | 1.14 | Materials |
| QBR.B | QUEBECOR INC CLASS B | 1.08 | Communication |
| BAM | BROOKFIELD ASSET MANAGEMENT VOTING | 1.07 | Financials |
| IMO | IMPERIAL OIL LTD | 1.05 | Energy |
| IAG | IA FINANCIAL INC | 1.03 | Financials |
| H | HYDRO ONE LTD | 1.01 | Utilities |
| PBH | PREMIUM BRANDS HOLDINGS CORP | 0.99 | Consumer Staples |
| MFI | MAPLE LEAF FOODS INC | 0.96 | Consumer Staples |
| SAP | SAPUTO INC | 0.92 | Consumer Staples |
| CAR.UN | CANADIAN APARTMENT PROPERTIES REAL | 0.92 | Real Estate |
| MI.UN | MINTO APARTMENT REIT UNITS TRUST | 0.91 | Real Estate |
| GSY | GOEASY LTD | 0.89 | Financials |
| X | TMX GROUP LTD | 0.83 | Financials |
| IIP.UN | INTERRENT REAL ESTATE INVESTMENT T | 0.83 | Real Estate |
| QSR | RESTAURANTS BRANDS INTERNATIONAL I | 0.81 | Consumer Discretionary |
| ABX | BARRICK GOLD CORP | 0.79 | Materials |
| PKI | PARKLAND CORP | 0.78 | Energy |
| IFC | INTACT FINANCIAL CORP | 0.77 | Financials |
| CAS | CASCADES INC | 0.76 | Materials |
| FTT | FINNING INTERNATIONAL INC | 0.76 | Industrials |
| MG | MAGNA INTERNATIONAL INC | 0.75 | Consumer Discretionary |
| JWEL | JAMIESON WELLNESS INC | 0.75 | Consumer Staples |
| ADEN | ADENTRA INC | 0.71 | Industrials |
| CCL.B | CCL INDUSTRIES INC CLASS B | 0.70 | Materials |
| WN | GEORGE WESTON LTD | 0.66 | Consumer Staples |
| EMP.A | EMPIRE LTD CLASS A | 0.65 | Consumer Staples |
| MRU | METRO INC | 0.62 | Consumer Staples |
| ENGH | ENGHOUSE SYSTEMS LTD | 0.62 | Information Technology |
| ALS | ALTIUS MINERALS CORP | 0.62 | Materials |
| EQB | EQB INC | 0.59 | Financials |
| TOU | TOURMALINE OIL CORP | 0.58 | Energy |
| OTEX | OPEN TEXT CORP | 0.55 | Information Technology |
| CNR | CANADIAN NATIONAL RAILWAY | 0.54 | Industrials |
| L | LOBLAW COMPANIES LTD | 0.53 | Consumer Staples |
| TIH | TOROMONT INDUSTRIES LTD | 0.49 | Industrials |
| WPM | WHEATON PRECIOUS METALS CORP | 0.47 | Materials |
| WFG | WEST FRASER TIMBER LTD | 0.47 | Materials |
| FNV | FRANCO NEVADA CORP | 0.44 | Materials |
| TRI | THOMSON REUTERS CORP | 0.44 | Industrials |
| BDGI | BADGER INFRASTRUCTURE SOLUTIONS LT | 0.43 | Industrials |
| TFII | TFI INTERNATIONAL INC | 0.42 | Industrials |
| SJ | STELLA JONES INC | 0.41 | Materials |
| NOA | NORTH AMERICAN CONSTRUCTION GROUP | 0.36 | Energy |
| CJT | CARGOJET INC | 0.33 | Industrials |
| WCN | WASTE CONNECTIONS INC | 0.28 | Industrials |
| ATD | ALIMENTATION COUCHE TARD INC | 0.28 | Consumer Staples |
| HPS.A | HAMMOND POWER SOLUTIONS INC CLASS | 0.28 | Industrials |
| BN | BROOKFIELD CORP CLASS A | 0.26 | Financials |
| STN | STANTEC INC | 0.25 | Industrials |
| FSV | FIRSTSERVICE SUBORDINATE VOTING CO | 0.18 | Real Estate |
| DOL | DOLLARAMA INC | 0.12 | Consumer Discretionary |
| SVI | STORAGEVAULT CANADA INC | 0.06 | Real Estate |
| BYD | BOYD GROUP INCOME INC | 0.05 | Industrials |
Prior Year Lists
- The List of Canadian Dividend Aristocrats in 2023
- The List of Canadian Dividend Aristocrats in 2022
- The List of Canadian Dividend Aristocrats in 2021
- The List of Canadian Dividend Aristocrats in 2020
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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.