Canadian Dividend Aristocrats
Canadian Dividend Aristocrats are companies that have increased their dividend for at least 5 consecutive years. This list is updated for 2026.
Selection Criteria
| Requirement | Details |
|---|
| Dividend increases | 5+ consecutive years |
| Index | S&P/TSX Composite |
| Market cap | Minimum threshold applies |
| Liquidity | Must meet trading volume requirements |
Full List of Canadian Dividend Aristocrats 2026
Financial Services
| Company | Ticker | Yield | Div Growth Streak |
|---|
| Royal Bank | RY | 3.8% | 13 years |
| TD Bank | TD | 4.2% | 13 years |
| Bank of Nova Scotia | BNS | 5.8% | 12 years |
| BMO | BMO | 4.4% | 12 years |
| CIBC | CM | 5.2% | 13 years |
| National Bank | NA | 3.6% | 14 years |
| Manulife | MFC | 4.5% | 10 years |
| Sun Life | SLF | 4.0% | 11 years |
| Great-West Lifeco | GWO | 5.4% | 19 years |
| Power Corp | POW | 5.2% | 12 years |
| IGM Financial | IGM | 5.6% | 13 years |
| Intact Financial | IFC | 2.0% | 19 years |
Energy
| Company | Ticker | Yield | Div Growth Streak |
|---|
| Enbridge | ENB | 6.4% | 29 years |
| TC Energy | TRP | 6.8% | 24 years |
| Pembina Pipeline | PPL | 5.4% | 12 years |
| Canadian Natural Resources | CNQ | 4.2% | 24 years |
| Suncor | SU | 4.0% | 5 years |
| Keyera | KEY | 5.8% | 10 years |
Utilities
| Company | Ticker | Yield | Div Growth Streak |
|---|
| Fortis | FTS | 4.0% | 51 years |
| Emera | EMA | 5.2% | 17 years |
| Canadian Utilities | CU | 5.0% | 52 years |
| Hydro One | H | 2.8% | 7 years |
| AltaGas | ALA | 4.4% | 6 years |
Telecommunications
| Company | Ticker | Yield | Div Growth Streak |
|---|
| Telus | T | 5.8% | 21 years |
| BCE | BCE | 7.2% | 16 years |
| Rogers | RCI.B | 3.2% | 6 years |
Real Estate
| Company | Ticker | Yield | Div Growth Streak |
|---|
| Canadian Apartment Properties REIT | CAR.UN | 2.8% | 9 years |
| Granite REIT | GRT.UN | 4.0% | 13 years |
| InterRent REIT | IIP.UN | 2.2% | 8 years |
Consumer
| Company | Ticker | Yield | Div Growth Streak |
|---|
| Loblaw | L | 1.4% | 12 years |
| Metro | MRU | 1.6% | 30 years |
| Canadian Tire | CTC.A | 4.2% | 13 years |
| Restaurant Brands | QSR | 3.0% | 10 years |
Industrials
| Company | Ticker | Yield | Div Growth Streak |
|---|
| Canadian National Railway | CNR | 2.0% | 29 years |
| Canadian Pacific Kansas City | CP | 0.7% | 8 years |
| Waste Connections | WCN | 0.7% | 14 years |
| Thomson Reuters | TRI | 1.4% | 30 years |
| Toromont | TIH | 1.6% | 35 years |
| Finning | FTT | 2.8% | 11 years |
Materials
| Company | Ticker | Yield | Div Growth Streak |
|---|
| Franco-Nevada | FNV | 1.0% | 17 years |
| Nutrien | NTR | 3.4% | 6 years |
| CCL Industries | CCL.B | 1.4% | 22 years |
Top Companies by Dividend Streak
| Rank | Company | Ticker | Streak |
|---|
| 1 | Canadian Utilities | CU | 52 years |
| 2 | Fortis | FTS | 51 years |
| 3 | Toromont | TIH | 35 years |
| 4 | Thomson Reuters | TRI | 30 years |
| 4 | Metro | MRU | 30 years |
| 6 | CN Rail | CNR | 29 years |
| 6 | Enbridge | ENB | 29 years |
How to Invest in Dividend Aristocrats
Option 1: CDZ ETF
The simplest way is through the iShares Canadian Dividend Aristocrats ETF:
| Metric | CDZ |
|---|
| MER | 0.66% |
| Holdings | 80+ stocks |
| Yield | ~4.0% |
| Distribution | Monthly |
Option 2: Individual Stocks
Pick your own Aristocrats. Consider:
- Diversifying across sectors
- Focusing on longest dividend streaks
- Balancing yield with growth potential
Option 3: Alternative ETFs
| ETF | Focus | MER | Yield |
|---|
| VDY | High dividend yield | 0.22% | ~4.2% |
| XDV | Dividend income | 0.55% | ~4.0% |
| ZDV | Dividend income | 0.39% | ~4.5% |
Dividend Aristocrats vs Total Market
| Strategy | 10-Year Return | Yield | Volatility |
|---|
| CDZ (Aristocrats) | ~8.5%/year | 4.0% | Lower |
| XIC (Total Market) | ~9.2%/year | 3.0% | Higher |
Key insight: Total return (price appreciation + dividends) often favors broad market ETFs over dividend-focused strategies.
Why Focus on Dividend Growth?
Benefits
| Benefit | Explanation |
|---|
| Growing income | Dividends increase over time |
| Quality signal | Companies need strong fundamentals to raise dividends |
| Lower volatility | Dividend payers tend to be more stable |
| Inflation hedge | Rising dividends offset inflation |
Risks
| Risk | Explanation |
|---|
| Sector concentration | Heavy in financials, energy, utilities |
| Value trap | High yield may signal problems |
| Missed growth | Growth stocks often don’t pay dividends |
| Tax inefficiency | Dividends taxed annually (non-registered) |
Building a Dividend Portfolio
Diversification Guidelines
| Sector | Target Weight |
|---|
| Financials | 25-35% |
| Energy/Pipelines | 15-25% |
| Utilities | 15-20% |
| Telecom | 10-15% |
| Consumer/Industrial | 15-20% |
| Other | 5-10% |
Sample Portfolio
| Stock | Sector | Weight | Yield |
|---|
| RY | Financials | 15% | 3.8% |
| ENB | Energy | 15% | 6.4% |
| FTS | Utilities | 15% | 4.0% |
| T | Telecom | 15% | 5.8% |
| CNR | Industrial | 15% | 2.0% |
| MRU | Consumer | 15% | 1.6% |
| CDZ | Diversified | 10% | 4.0% |
Portfolio yield: ~4.1%
Dividend Tax Credit
Canadian dividends receive preferential tax treatment:
| Income Type | Effective Tax (ON, $75k income) |
|---|
| Canadian dividend | ~25% |
| Interest | ~32% |
| Foreign dividend | ~32% |
| Capital gain | ~16% |
The dividend tax credit makes Canadian dividend stocks attractive for non-registered accounts.