The Best 100 Canadian Dividend Stocks for 2024

Dividend stocks have long been admired for their ability to create income for investors regardless of market conditions. In Canada, there are a large number of publicly traded companies with a track record of sharing profits with investors year after year, in the form of regular dividend payments. This tax-efficient income stream is over and above the increasing value of a company’s share price.

How Does Dividend Investing Work?

Dividend investing is a strategy that involves buying stocks that pay regular dividends, and often have a track record of increasing dividend payments on an annual basis. Investors can use their dividend income to either buy more shares via a dividend reinvestment plan (DRIP) or to generate a steady income stream.

If dividend investing is something that interests you, there are plenty of places online where you can learn more about this tried and true investment strategy, starting with the following list of the highest-paying Canadian dividend stocks for 2022. But first, allow me to explain the methodology behind our top picks.

Top 100 List Methodology

For 2022, I compiled our list of the Top 100 best Canadian dividend stocks from two sources: The Canadian Dividend Aristocrats Index, as well as the Simply Investing Report. Of course, any duplication from the two lists was removed, as well as the lowest yield performers from the combined list to arrive at 100.

Top 100 Canadian Dividend Stocks

Name	Symbol	Price	P/E (ttm)	EPS (ttm)	Forward Annual Dividend	Dividend Yield
Aecon Group Inc	ARE	11.7	10.45	1.12	0.64	5.47%
Alaris Royalty Corp	AD	7.52	7.67	0.98	1.65	21.94%
Algonquin Power and Utilities Corp	AQN	17.64	12	1.04	0.79	4.50%
Allied Properties Real Estate Inv Trust	AP.UN	42.34	7.59	5.58	1.65	3.90%
Atco Ltd Cl.I NV	ACO.X	35.34	7.91	4.47	1.74	4.93%
Bank of Montreal	BMO	66.95	7.65	8.75	4.24	6.33%
Bank of Nova Scotia	BNS	54.59	8.02	6.81	3.60	6.59%
BCE Inc	BCE	56.73	16.83	3.37	3.33	5.87%
Boralex Inc	BLX	24.09	N/A	-0.43	0.66	2.74%
Brookfield Asset Management Inc Cl.A Lv	BAM.A	40.9	24.92	1.16	0.68	1.66%
Cae Inc	CAE	15.87	11.93	1.33	0.44	2.77%
Canadian Imperial Bank of Commerce	CM	76.62	6.83	11.22	5.84	7.62%
Canadian National Railway Co.	CNR	107.73	18.48	5.83	2.29	2.13%
Canadian Tire Corporation Cl A NV	CTC.A	81.59	7.33	11.13	4.55	5.58%
Canadian Utilities Ltd Cl.A NV	CU	31.62	9.76	3.24	1.74	5.51%
Capital Power Corp	CPX	23.92	33.22	0.72	1.92	8.03%
Ccl Industries Inc Cl B NV	CCL.B	40.26	15.14	2.66	0.72	1.79%
CDN Apartment Un	CAR.UN	41.23	5.49	7.51	1.38	3.35%
CDN Natural Res	CNQ	18.78	4.14	4.54	1.70	9.05%
CDN Western Bank	CWB	17.87	N/A	3.11	1.16	6.32%
Chartwell Retirement Residences	CSH.UN	8.54	1705.27	0.01	0.61	7.17%
Choice Properties REIT	CHP.UN	12.65	N/A	-1.87	0.74	5.85%
CI Financial Corp	CIX	11.17	4.88	2.29	0.72	6.45%
Cogeco Communications Inc	CCA	94.15	13.37	8.64	2.32	2.46%
Cogeco Inc Sv	CGO	83.6	11.24	9.13	1.90	2.27%
CT Real Estate Investment Trust	CRT.UN	11.64	9.76	1.19	0.79	6.76%
Dollarama Inc	DOL	38.51	21.63	1.78	0.18	0.46%
Emera Incorporated	EMA	52.03	18.85	2.76	2.45	4.71%
Empire Company Limited	EMP.A	27.8	14.33	N/A	0.48	1.73%
Enbridge Inc	ENB	39.6	15.06	2.63	3.24	8.18%
Enerflex Ltd	EFX	5.98	3.54	1.69	0.08	1.34%
Enghouse Systems Limited	ENGH	42.3	32.29	1.31	0.54	1.28%
Ensign Energy Services	ESI	0.56	N/A	-1.02	0.24	42.86%
Equitable Group Inc	EQB	49.87	4.17	11.97	1.48	2.97%
Exchange Income Corp	EIF	16.56	6.65	2.49	2.28	13.77%
Exco Technologies Limited	XTC	5.39	7.09	0.76	0.38	7.05%
Fiera Capital Corp	FSZ	5.55	N/A	-0.14	0.84	15.14%
Finning Intl	FTT	14.94	10.09	1.48	0.82	5.49%
Firstservice Corp	FSV	99.5	N/A	-6.58	0.93	0.93%
Fortis Inc	FTS	51.08	13.51	3.78	1.91	3.74%
Franco-Nevada Corp	FNV	152.84	59.1	1.83	1.42	0.93%
Genworth MI Canada Inc	MIC	26.86	5.46	4.92	2.16	8.04%
Gildan Activewear Inc	GIL	17.77	9.9	1.27	0.86	4.83%
Goeasy Ltd	GSY	30.05	7.21	4.17	1.80	5.99%
Granite Real Estate Investment Trust	GRT.UN	55.14	7.8	7.07	2.91	5.27%
Great-West Lifeco Inc	GWO	21.67	8.69	2.49	1.75	8.08%
High Liner Foods Incorporated	HLF	5.7	13.44	0.3	0.20	3.51%
Husky Energy Inc.	HSE	4.05	N/A	-1.41	0.50	12.35%
Imperial Oil	IMO	16.97	5.89	2.88	0.88	5.19%
Industrial Alliance Ins & Fin Srv Inc	IAG	38.94	6.08	6.4	1.94	4.98%
Innergex Renewable Energy Inc	INE	17.93	N/A	-0.25	0.72	4.02%
Intact Financial Corp	IFC	128.12	25.22	5.08	3.32	2.59%
Inter Pipeline Ltd	IPL	8.19	6.25	1.31	0.48	5.86%
Interrent Real Estate Investment Trust	IIP.UN	12.61	3.98	3.17	0.31	2.46%
Intertape Polymer	ITP	9.48	9.58	0.7	0.84	8.83%
Keyera Corp	KEY	13.07	6.31	2.07	1.92	14.69%
Lassonde Industries	LAS.A	147.98	14.27	10.37	2.38	1.61%
Laurentian Bank	LB	28.25	7.91	3.57	2.68	9.49%
Loblaw CO	L	72.48	24.99	2.9	1.26	1.74%
Magna International Inc	MG	41.06	5.2	5.59	2.32	5.65%
Manulife Fin	MFC	16.04	5.79	2.77	1.12	6.98%
Maple Leaf Foods	MFI	24.97	41.62	0.6	0.64	2.56%
Methanex Corp	MX	18.51	12.97	1.01	2.04	11.03%
Metro Inc	MRU	57.71	21.7	2.66	0.80	1.39%
Mty Food Group Inc	MTY	17.54	5.69	3.08	0.74	4.22%
National Bank of Canada	NA	50.82	7.81	6.51	2.84	5.59%
New Flyer Industries Inc	NFI	14	10.65	0.93	0.85	6.07%
Onex Corp	ONEX	48.81	0.81	42.74	0.40	0.82%
Open Text Corp	OTEX	48.13	28.15	1.21	1.01	2.10%
Osisko Gold Royalties Ltd	OR	10.67	N/A	-1.55	0.20	1.87%
Parkland Fuel Corp	PKI	24.36	9.55	2.55	1.22	4.99%
Pembina Pipeline Corp	PPL	24.62	9.62	2.65	2.43	9.88%
Power Corporation of Canada Sv	POW	20.1	7.94	2.53	1.79	8.91%
Premium Brands Holdings Corp	PBH	72.69	31.06	2.34	2.31	3.18%
Quebecor Inc Cl.B Sv	QBR.B	30.11	13.88	2.55	0.80	2.66%
Richelieu Hardware Ltd	RCH	21.61	18.31	1.18	0.27	1.23%
Ritchie Bros Auctioneers Inc	RBA	49.51	25.76	1.36	1.07	2.16%
Royal Bank of Canada	RY	82.08	9.12	9	4.32	5.26%
Saputo Inc	SAP	34.57	22.3	1.55	0.68	1.97%
Savaria Corp	SIS	10.02	18.91	0.53	0.46	4.59%
Secure Energy Services Inc	SES	1.17	118.33	0.01	0.27	23.08%
Sleep Country Canada Holdings Inc	ZZZ	9.49	6.37	1.49	0.78	8.22%
Smartcentres Real Estate Investment Trust	SRU.UN	17.96	9.68	1.86	1.85	10.30%
Stantec Inc	STN	36.92	21.22	1.74	0.62	1.68%
Stella Jones Inc	SJ	29.82	12.58	2.37	0.60	2.01%
Summit Industrial Income REIT	SMU.UN	8.05	6.3	1.28	0.54	6.71%
Sun Life Financial Inc	SLF	42.43	9.64	4.4	2.20	5.19%
Suncor Energy Inc	SU	22.98	12.35	1.86	1.86	8.09%
Tc Energy Corp	TRP	60.65	14.2	4.27	3.24	5.34%
Teck Resources	TECK.B	10.07	N/A	-1.08	0.20	1.99%
Telus Corp	T	22.28	15.37	1.45	1.17	5.23%
Tfi International Inc	TFII	29.18	7.68	3.63	1.04	3.56%
The North West Company Inc	NWC	21.43	13.23	1.62	1.32	6.16%
Thomson Reuters Corp	TRI	93.79	21.27	3.11	2.17	2.31%
Toromont Ind	TIH	59.24	16.97	3.49	1.24	2.09%
Toronto-Dominion Bank	TD	55.79	8.47	6.59	3.16	5.66%
Transalta Renewables Inc	RNW	13.86	20.38	0.68	0.94	6.78%
Transcontinental Inc Cl A Sv	TCL.A	11.79	7.21	1.65	0.90	7.57%
Uni Select Inc	UNS	4.54	N/A	-0.47	0.37	8.15%
Weston George	WN	101.22	80.33	1.26	2.10	2.07%

*Data as of April 3, 2020

About The Canadian Dividend Aristocrats Index

According to the S&P, to be included in the S&P/TSX Canadian Dividend Aristocrats Index, companies must meet, among other things, the following criteria:

1. Must be a common stock or income trust listed on the TSX and S&P Canada BMI;
2. Increased ordinary cash dividends every year for 5 years;
3. Minimum market capitalization of C$300 million.

About The Simply Investing Report

The Simply Investing Report is even more discriminating than Dividend Aristocrats. It analyzes more than 220 North American dividend stocks, and applies the 12 Rules of Simply Investing to each one. For our list, I’ve only included Canadian stocks from the SI Investing Report with an SI Criteria score of over 7.

Investors can sign up to receive the monthly SI Investing Report (15% off with coupon code MAPLEMONEY15). According to founder Kanwal Sarai, stocks held in the Simply Investing portfolio have gained more than 322% since 1999, compared to a total stock market return of 146% during the same period. For more information, head to Simply Investing. You can also listen to my recent interview with Kanwal on The MapleMoney Show, where he discusses the 12 Rules of Simply Investing.

How Do I Invest In Dividend Stocks?

There are a few ways in which you can invest in dividend stocks. While experienced investors may opt to purchase individual stocks for their dividend portfolio, beginner investors can achieve instant diversification through broad index-based mutual funds or exchange traded funds (ETF).

There are plenty of funds available that focus specifically on dividend-paying companies. Another benefit to this passive investment strategy is that it’s highly cost-efficient. The management fees (MERs) of most index funds are well under 1.00% annually, while ETFs are even cheaper, with many charging less than .10% per year.

Dividend Investing With an Online Broker

Whether you are wanting to buy ETFs, or purchase individual dividend stocks of companies featured on our top 100 list, the way to do it is by opening a discount brokerage account. These are available from all Canadian banks, as well as a number of independent firms, like Questrade, which happens to be our top choice here at MapleMoney.

When you open an account with Questrade, you’ll benefit from free ETF purchases as well as a robust trading platform, while relative newcomer Wealthsimple Trade offers 100% free trades on ETFs and dividend stocks through their mobile trading app. For more information, check out our full Canadian discount brokerage review, updated for 2022.

Dividend Investing 2022 Summary

As you know, so far in 2022 the world has experienced unprecedented market volatility, unlike anything most of us have ever seen before. As a result, many North American dividend stocks are well undervalued, presenting long-term investors with a unique buying opportunity, and making it an ideal time to embrace a dividend investing strategy. If you’re interested in dividend investing, our top 100 list offers a perfect starting point.

That said, the most important advice I can give you is to always keep a long-term mindset. The stock market is never a place to invest short-term savings, such as your emergency fund. However, if you have funds to invest for 10+ years, now is the time to get started with dividend investing.