canadian dividend aristocrats

The List of Canadian Dividend Aristocrats in 2024

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 67 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.


Affiliate

Try the Simply Investing Report & Analysis Platform to pick the best stocks.

  • Analyzes 6,000+ stocks with 120 metrics and financial data.
  • Tracking portfolios, watch lists, dividend income, e-mail alerts, undervalued and overvalued stocks, etc.
  • List of top ranked stocks based on the 12 Rules of Simply Investing.
  • Simply Investing Coupon Code – DIVPOWER15.

Market Update of the Canadian Dividend Aristocrats 2024

The Canadian Dividend Aristocrats 2024 currently have a yield of about 4.43%, and the average forward price-to-earnings (P/E) ratio is approximately 12.65X. 

The mean market capitalization is roughly CAD 25,505 million, and the median market capitalization is approximately CAD 9,968 million. The market cap ranges between about  CAD 668 million to CAD 184,831 million. The total market capitalization is CAD 2,321,021 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%.

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

The table below shows the calendar year performance from 2014 to 2023.

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

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.

Canadian Dividend Aristocrat Changes in 2024
Source: S&P Dow Jones Indices

Affiliate

Take the Simply Investing Course to learn more about investing and dividends.

  • Lifetime access with 27 self-paced lessons.
  • Covers placing stock orders, building and tracking portfolios, when to sell, reducing fees and risk, etc.
  • Learn the 12 Rule of Simply Investing
  • Simply Investing Coupon Code – DIVPOWER15.

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 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%. 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 10.2%. 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 51.7%. 

Canadian Dividend Aristocrats 2024 Sector Breakdown
Source: S&P Dow Jones Indices

Affiliate

Try the Simply Investing Report & Analysis Platform.

  • 6,000+ stocks on the NYSE, NASDAQ, and TSX
  • 120+ metrics and financial data updated daily
  • Portfolios, watch lists, dividend income, e-mail alerts, etc.
  • List of top ranked stocks based on the 12 Rules of Simply Investing
  • 14-day free trial

Try the Simply Investing Course

  • 10 modules and 27 lessons
  • Access to 21-years of stock data and portfolio tracker
  • 1-month free access the Report & Analysis Platform
  • Lifetime access to the course and 30-day money back guarantee

Use the Simply Investing Coupon Code DIVPOWER15 for 15% off.


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 183.72 billion. Conversely, the stock with the smallest market capitalization is Cogeco (TSE: CGO), with roughly CAD 470 million market capitalization. Combined, the 91 Canadian Dividend Aristocrats have a total market capitalization of over CAD 2.321 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 23% of the Index and list. The greatest weighting is at 2.76%.

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

TickerNameSectorWeight (%)
FSZFIERA CAPITAL CORP CLASS AFinancials3.38
AP.UNALLIED PROPERTIES REAL ESTATE INVTReal Estate2.39
ENBENBRIDGE INCEnergy2.39
TRPTC ENERGY CORPEnergy2.37
BNSBANK OF NOVA SCOTIAFinancials2.28
BCEBCE INCCommunication2.17
CPXCAPITAL POWER CORPUtilities2.17
FNFIRST NATIONAL FINANCIAL CORPFinancials2.06
EIFEXCHANGE INCOME CORPIndustrials1.99
TTELUS CORPCommunication1.97
PPLPEMBINA PIPELINE CORPEnergy1.95
CMCANADIAN IMPERIAL BANK OF COMMERCEFinancials1.92
AREAECON GROUP INCIndustrials1.87
CRT.UNCT REIT UNITS TRUSTReal Estate1.85
EMAEMERA INCUtilities1.82
POWPOWER CORPORATION OF CANADAFinancials1.79
CGOCOGECO INCCommunication1.79
MFCMANULIFE FINANCIAL CORPFinancials1.79
CCACOGECO COMMUNICATIONS SUBORDINATECommunication1.78
CUCANADIAN UTILITIES LTD CLASS AUtilities1.77
CNQCANADIAN NATURAL RESOURCES LTDEnergy1.66
ACO.XATCO LTD CLASS IUtilities1.55
SLFSUN LIFE FINANCIAL INCFinancials1.54
TDTORONTO DOMINIONFinancials1.54
CTC.ACANADIAN TIRE LTD CLASS AConsumer Discretionary1.50
CFCANACCORD GENUITY GROUP INCFinancials1.50
GWOGREAT WEST LIFECO INCFinancials1.47
NANATIONAL BANK OF CANADAFinancials1.42
BMOBANK OF MONTREALFinancials1.42
CWBCANADIAN WESTERN BANKFinancials1.37
FTSFORTIS INCUtilities1.36
NWCNORTH WEST COMPANY INCConsumer Staples1.31
GRT.UNGRANITE REAL ESTATE INVESTMENT STAReal Estate1.31
RYROYAL BANK OF CANADAFinancials1.31
KMP.UNKILLAM APARTMENT REIT UNITS CLASSReal Estate1.27
NTRNUTRIEN LTDMaterials1.24
QBR.BQUEBECOR INC CLASS BCommunication1.18
SISSAVARIA CORPIndustrials1.18
BAMBROOKFIELD ASSET MANAGEMENT VOTINGFinancials1.07
PBHPREMIUM BRANDS HOLDINGS CORPConsumer Staples1.02
MI.UNMINTO APARTMENT REIT UNITS TRUSTReal Estate1.01
IAGIA FINANCIAL INCFinancials1.01
HHYDRO ONE LTDUtilities1.00
MGMAGNA INTERNATIONAL INCConsumer Discretionary0.99
IMOIMPERIAL OIL LTDEnergy0.98
PKIPARKLAND CORPEnergy0.96
CAR.UNCANADIAN APARTMENT PROPERTIES REALReal Estate0.95
IIP.UNINTERRENT REAL ESTATE INVESTMENT TReal Estate0.94
QSRRESTAURANTS BRANDS INTERNATIONAL IConsumer Discretionary0.93
MFIMAPLE LEAF FOODS INCConsumer Staples0.92
AEMAGNICO EAGLE MINES LTDMaterials0.90
CASCASCADES INCMaterials0.87
SAPSAPUTO INCConsumer Staples0.85
GSYGOEASY LTDFinancials0.78
ENGHENGHOUSE SYSTEMS LTDInformation Technology0.77
JWELJAMIESON WELLNESS INCConsumer Staples0.76
XTMX GROUP LTDFinancials0.76
IFCINTACT FINANCIAL CORPFinancials0.75
FTTFINNING INTERNATIONAL INCIndustrials0.75
OTEXOPEN TEXT CORPInformation Technology0.71
PAASPAN AMERICAN SILVER CORPMaterials0.70
CCL.BCCL INDUSTRIES INC CLASS BMaterials0.69
ABXBARRICK GOLD CORPMaterials0.65
ADENADENTRA INCIndustrials0.65
TOUTOURMALINE OIL CORPEnergy0.65
EMP.AEMPIRE LTD CLASS AConsumer Staples0.64
CNRCANADIAN NATIONAL RAILWAYIndustrials0.63
MRUMETRO INCConsumer Staples0.59
WNGEORGE WESTON LTDConsumer Staples0.58
EQBEQB INCFinancials0.57
BDGIBADGER INFRASTRUCTURE SOLUTIONS LTIndustrials0.55
ALSALTIUS MINERALS CORPMaterials0.53
TIHTOROMONT INDUSTRIES LTDIndustrials0.51
NOANORTH AMERICAN CONSTRUCTION GROUPEnergy0.50
LLOBLAW COMPANIES LTDConsumer Staples0.48
TRITHOMSON REUTERS CORPIndustrials0.46
WFGWEST FRASER TIMBER LTDMaterials0.45
TFIITFI INTERNATIONAL INCIndustrials0.42
FNVFRANCO NEVADA CORPMaterials0.38
SJSTELLA JONES INCMaterials0.36
WPMWHEATON PRECIOUS METALS CORPMaterials0.34
CJTCARGOJET INCIndustrials0.30
ATDALIMENTATION COUCHE TARD INCConsumer Staples0.30
HPS.AHAMMOND POWER SOLUTIONS INC CLASSIndustrials0.29
WCNWASTE CONNECTIONS INCIndustrials0.27
STNSTANTEC INCIndustrials0.25
BNBROOKFIELD CORP CLASS AFinancials0.23
FSVFIRSTSERVICE SUBORDINATE VOTING COReal Estate0.18
DOLDOLLARAMA INCConsumer Discretionary0.10
BYDBOYD GROUP INCOME INCIndustrials0.08
SVISTORAGEVAULT CANADA INCReal Estate0.07

Prior Year Lists


Here are my recommendations:

Affiliates

  • Simply Investing Report & Analysis Platform or the Course can teach you how to invest in stocks. Try it free for 14 days. 
  • Sure Dividend Newsletter is an excellent resource for DIY dividend growth investors and retirees. Try it free for 7 days.
  • Stock Rover is the leading investment research platform with all the fundamental metrics, screens, and analysis tools you need. Try it free for 14 days.
  • Portfolio Insight is the newest and most complete portfolio management tool with built-in stock screeners. Try it free for 14 days.


Receive a free e-book, “Become a Better Investor: 5 Fundamental Metrics to Know!” Join thousands of other readers !


*This post contains affiliate links meaning that I earn a commission for any purchases that you make at the Affiliates website through these links. This will not incur additional costs for you. Please read my disclosure for more information.

Website | + posts

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.

Leave a Reply

Your email address will not be published. Required fields are marked *