Canadian Dividend Aristocrats List – **UPDATED September 2020**

If you’re looking for the best dividend stocks to add to your portfolio today, you definitely need to look at Canadian Dividend Aristocrats.

Canadian Dividend aristocrats are popular, especially to newcomers looking to learn how to buy stocks.

In order for a Canadian company to become a Canadian Dividend Aristocrat, it needs to meet the following criteria:

  • A market cap of at least $300 million
  • The company has increased the dividend for 5 consecutive years
  • Must be listed on the Toronto Stock Exchange and a member of the S&P Canada BMI

Be careful not to confuse the Canadian aristocrats with the ones down south. It’s considerably harder to become a Dividend Aristocrat in the United States. To be considered an aristocrat, a US listed company must raised dividends for 25 straight years.

If we used this criteria to classify Canadian stocks as Dividend Aristocrats, the list below would be trimmed from 83 companies to 9.

And if we were to take it a step further to classify Dividend Kings, which are US listed companies that have raised dividends for 50 consecutive years, there wouldn’t be a single stock on this list that makes it. However, Fortis and Canadian Utilities, with growth streaks of 46 and 48 years respectively, are close to achieving that mark.

Who should invest in Canadian Dividend Aristocrats?

Because we’re talking about consecutive years of dividend increases, dividend growth investors will naturally gravitate towards aristocrat stocks. Of note, they also love monthly dividend payers.

A stock with a long growth streak has provided compounding dividend growth to those who’ve invested in it, and the longer the growth streak, the more likely the company is to continue its growth moving forward.

These growth streaks come into play heavily when making investment decisions, especially those who want a consistent and growing dividend payment in retirement.

If you’re looking at growth investing or even value investing, you may not find much use for this list.

However, there has been some strong dividend growth stocks that have also provided exponential growth in the form of stock appreciation to Canadian investors over the years, one in particular is Goeasy Limited (TSX:GSY).

Is there a Dividend Aristocrat ETF?

If you’re not into picking individual stocks but want exposure to some of the best Canadian dividend stocks, you’ll want to take a look at the iShares S&P TSX Canadian Aristocrats Index (TSX:CDZ). This aristocrat ETF has 84 holdings.

As of July 2020, TransAlta Renewables (TSX:RNW) is its biggest holding with a total weight of 2.52%. Although TransAlta may not be the best dividend stock in Canada, with its total weight being around 1/50th of the ETF, there’s plenty of other solid options. Lets have a look at the aristocrat ETFs top 10 holdings:

1Transalta Renewables (RNW)2.54
2Transcontinental Inc (TCL.A)2.48
3Fiera Capital (FSZ)2.46
4The North West Co (NWC)2.40
5Enbridge (ENB)2.26
6BCE (BCE)2.25
7Choice Properties REIT (CHP.UN)2.12
8CIBC (CM)2.09
9Capital Power Corp (CPX)2.05
10Granite Real Estate (GRT.UN)2.03

Canadian Dividend Aristocrat performance vs the Index

A lot of investors want to know if they purchase aristocrats will they outperform the market.

In order to compare whether or not dividend aristocrats here in Canada outperform the Toronto Stock Exchange, lets look at the overall returns since the inception of this TSX Canadian Dividend Aristocrats ETF and compare them to the index itself.

Compound Annual Growth Rate Of CDZ Since Sept 1st 2006: 1.27%

Compound Annual Growth Rate Of The TSX Since Sept 1st 2006: 2.46%

We can see there is a clear underperformance from the aristocrat ETF and in my opinion, you’d be much better off picking individual stocks off this Canadian aristocrats list to achieve the best return on investment and compounding dividend growth.

Aristocrat performance during the COVID-19 pandemic and 2020 market crash

We’ve had a lot of investors asking us what stocks are currently outperforming in this unprecedented economic time.

So, we thought it would be interesting to have a look at how the aristocrat ETF has performed vs the market since the Toronto Stock Exchange crashed.

CDZ.TO losses since Feb 20th 2020: -11.8%

TSX Index losses since Feb 20th 2020: -5.7%

It’s pretty clear that the aristocrats have underperformed the market severely since the crash. So why exactly is that? In order to understand why this is, we first have to have a look at where the Canadian Dividend Aristocrats come from in terms of sector and industry.

Canadian Dividend Aristocrats by sector

Energy and financial stocks make up the bulk of the TSX Index (over 50%.) As such, when you’re looking at this dividend aristocrats list, you’ll notice the bulk of the companies are in one of these two sectors.

As such, our question as to why these stocks have underperformed the markets in general is answered fairly easily.

Financials due to the poor economic outlook and low interest rates have been lagging the overall market in terms of recovery, and energy stocks have been held back by a slow recovery from a catastrophic drop in the demand for crude oil.

To make it even easier for you and provide you with the best dividend aristocrats list on the internet, we’ve gone the extra mile and made each sector separate in the list below. That way you can filter out sectors and companies you’d like to investigate further or leave behind.

We’ve also included the consecutive years of dividend growth the companies have achieved.

New Canadian Dividend Aristocrats On This List For 2020:

  • Goeasy Ltd (TSX:GSY)
  • Power Corporation of Canada (TSX:POW)
  • Great West Life-Co (TSX:GWO)
  • First Service Corp (TSX:FSV)
  • Quebecor (TSX:QBR)
  • Stingray Group (TSX:RAY.A)

List of Aristocrats that have cut or suspended dividends since last update:

  • AW-UN
  • NFI
  • IPL
  • CAE
  • UFS
  • MX
  • RCH
  • GIL
  • ZZZ
  • SU
  • LB
  • CGX

Canadian Dividend Aristocrats List

As always, if we’ve missed any companies on this Canadian Dividend Aristocrats list, feel free to comment below. In total, there are 82 stocks on this list.

Basic Material Dividend Aristocrats

Consumer Cyclical Dividend Aristocrats

Consumer Defensive Dividend Aristocrats

Energy Dividend Aristocrats

Financial Dividend Aristocrats

Industrial Dividend Aristocrats

Real Estate Dividend Aristocrats

Technology Dividend Aristocrats

Telecom Dividend Aristocrats

Utility Dividend Aristocrats


17 thoughts on “Canadian Dividend Aristocrats List – **UPDATED September 2020**”

  1. Dan …. information/organization of data is perfect….thank you.

    question….for a US citizen/resident, are there any unusual tax implications associated with investing with Canadian companies?

    thanks in adbvance and thank you again for all the info under one roof,


  2. Hey Anthony. Thanks for the comment!

    Before I can answer, are you talking about buying duel listed companies? For example, buying the NYSE Shopify stock? Or are you talking about an American purchasing stocks on the TSX.



  3. Looks like there is. Good eye Brian.

    Looks like EIF went from $0.183 to $0.190, a 3.8% increase. Will get that fixed!



  4. Hey Dan,
    Thanks for sharing the article, list and the requirements on how stocks can make it onto Canadian Aristocrats List. Unfortunately the list of companies you show is not the official 2020 Canadian Aristocrats List per S&P Canada BMI, it actually is the latest Canadian Dividend All-Star List of Dec 31, 2019. The two lists are similar but not the same. The Aristocrats list has 82 members while the CDASL has 107. Notable companies which are on the CDASL but not on the Aristocrats include stalwarts like BIP.UN, BEP.UN and BPY.UN. I’m not sure why these 3 would be missing from the Aristocrats considering that list is less stringent than the CDASL. Perhaps those companies aren’t due paying members of S&P Canada BMI which is part of the requirement for inclusion. I wish I knew the reason, perhaps you could find out why. In the meantime I much prefer the more accessible, more often updated All-Stars.

  5. Thanks for the reply Bernie!

    That’s very interesting. I actually never looked at an actual Aristocrats list when making this. I just used the screeners on our premium end and found dividend stocks that have a 5 year growth streak and a market cap of greater than $300 million.

    I guess I kind of made my own custom list ;).

    I’m actually going to look into that for the Brookfield companies though. You’ve piqued my interest.

  6. Hi Bernie,

    You are correct in pointing out that the Aristocrat Index and All-Star lists are different. Personally, I have issues with both. The Aristocrat allows stocks to keep their dividend steady for 2 years which is at times good, and others bad. Since there is no qualitative work, I’d rather err on the side of caution and remove the company if it didn’t raise dividends. Also of note, the Index lags the actual streaks. The 82 number should jump as 15 new companies have achieved 5-consecutive years of dividend growth.

    The All-Star list is based on record date. As per the site “I used the dividend record date to determine the length of streaks”. I prefer payment date, much like David Fish’s U.S. Dividend Champions List. This is the methodology I prefer.

    I have noticed however, that the All-Star list has been a little more flexible as of late and hasn’t been strictly adhering to the record date rule.

  7. Hi Dan,
    I have watched couple of your videos and they are very informative. I have a question regarding holding U.S. or International dividend paying stocks or etf holding in TFSA.. What are the tax consequences of holding such stocks or ETFs in TFSA. Should I only held them in RRSP? What do you suggest? Thank you..

  8. Hey there Prad. Taxes would be applied to those stocks or ETFs. Within an RRSP they wouldn’t, but a TFSA they would. Even in an RRSP some can be subject to tax, you have to look into the ETF itself.

  9. Hey Dan,
    Thanks so much for the info! I’ve downloaded your spreadsheet and was wondering how would you recommended sorting it in order to narrow down the choices (IE a top 10)?

  10. Hey Dave, do you mean the aristocrats CSV and PDF? If so, it’s really up to you have you want to create a top list for yourself. Some chase yield (not recommended) while others look for strong growth and low payout ratios.

  11. Sorry, yes the aristocrats CSV. There’s almost 100 companies listed. How would you recommended ordering it? I just need a top 10 or 20 to start with. Thanks for the input – beginner here.

  12. Well, we like companies with strong histories of dividend growth (streak) and double digit growth rates. Lots of new investors tend to focus on yield, which gets them in trouble sometimes.

Comments are closed.