2016 Canadian Dividend Aristocrats

Dividend AristocratsOver the years, I have become found of the dividend aristocrats. The US Dividend Aristocrats have the requirements of 25 years of consecutive dividend increases while the Canadian Dividend Aristocrats have 5 years with some other rules as outlined below. 5 years is not much compared with 25 years but it’s a start.

When investing, it can be overwhelming to pick your first stock. Where do you start when there are thousands of stocks? The dividend aristocrats list give you a start by saying these companies have consistency over the others that pay dividends. If you wish to go further, you can look at blue chip stocks with 10 years of dividend growth or any numbers that matters to you. I have settled on 10 years and you can get the list by subscribing to the mailing list.

My hypothesis on the 5 year requirements is that you need a certain number of stocks to generate an index, which is what the dividend aristocrat lisy becomes. It is managed by the Standard & Poor and ETFs are setup to follow it. In order to have an index, you need a certain number of stocks as ETFs will start buying shares of the companies listed. If you raise the requirements to 10 years, the amount of stocks in the list is cut by over 65% and the amount of exposure to each stock in the index becomes greater. Not only that, the sector representation becomes ineffective. In fact, back in 2009, the requirements changed to allow one year of no increase to retain the banks in the list.

February 2016 Update

The Canadian Dividend Aristocrats gets a full refresh at the end of February and I am pleased to provide the update.

Canadian Dividend Aristocrats Additions


Canadian Dividend Aristocrats Removals

  • H&R REIT
  • Wi LAN INC

Canadian Dividend Aristocrats Requirements

  1. The company’s security is a common stock or income trust listed on the Toronto Stock Exchange and a constituent of the S&P Canada BMI. .
  2. The security has increased ordinary cash dividends every year for five years, but can maintain the same dividend for a maximum of two consecutive years within that five year period.
  3. The float-adjusted market capitalization of the security, at the time of the review, must be at least C$ 300 million.
  4. For index additions, the company must have increased dividend in the first year of the prior five years of review for dividend growth. This rule does not apply for current index constituents.

For more details on the index, see the S&P Dow Jones Indices by McGraw Hill Financial.

Canadian Dividend Aristocrats Performance

Dividend Snapshot
IF you are not yet ready to buy individual stocks, you can buy into the index ETF tracking the Canandian the dividend aristocrats. CDZ is the ETF ticker representing the ISHARES SP TSX CDN DIVIDEND IDX FD (a.k.a Claymore S&P/TSX Canadian Dividend ETF). It’s a good pick for a RESP investment as well since it’s hard to grow that account really fast.

Related: RESP Investment Planning

If you like ETFs, you should know that Questrade offers free ETF transactions. That’s perfect for investing small amount at a time when you get started.

Canadian Dividend Aristocrats List

Below is the list for 2016 sorted by market capitalization – data taken from the March 10, 2016 update. While I try to keep it updated, the Canadian Dividend Aristocrats list is subject to change during the year and goes through monthly updates.

By the sector, the list looks as follow.

2016 Dividend Aristocrats - March Update

Through the Canadian Dividend Performance List, you can get many data points for comparative analysis.

TickerCompanySectorMarket CapAnnual YieldTrend
RYRoyal BankFinancial Services111.184.36%Trend
TDTD BankFinancial Services101.603.99%Trend
BNSScotia BankFinancial Services74.584.63%Trend
CNRCanadian National RailwayIndustrials61.811.88%Trend
BCEBCECommunication Services49.404.74%Trend
CNQCanadian Natural ResourcesEnergy39.952.55%Trend
CMCIBCFinancial Services38.344.87%Trend
TRIThompson ReutersConsumer Cyclical37.983.53%Trend
IMOImperial OilEnergy37.141.26%Trend
TRPTranscanada PipelinesEnergy32.364.75%Trend
RCI.BRogersCommunication Services25.883.78%
ATD.BAlimentation Couche-Tard Inc.Consumer Defensive25.420.45%
TTelusCommunication Services24.544.31%Trend
MGMagna International IncConsumer Cyclical21.982.40%Trend
AGUAgriumBasic Materials16.333.92%Trend
SAPSaputoConsumer Defensive15.241.37%Trend
NANational BankFinancial Services13.975.22%Trend
FNVFranco-Nevada CorpBasic Materials13.421.37%Trend
SJR.BShaw CommunicationsCommunication Services11.744.89%
IFCIntact FinancialFinancial Services11.632.41%Trend
MRUMetroConsumer Defensive10.211.30%Trend
CTC.ACanadian Tire Corporation, LimitedConsumer Cyclical9.931.70%
CUCanadian UtilitiesUtilities9.593.64%Trend
GILGildan Activewear Inc.Consumer Cyclical9.500.89%Trend
DOLDollarama IncConsumer Defensive9.440.47%Trend
IGMIGM FinancialFinancial Services8.856.13%Trend
IPLInter Pipeline LtdEnergy8.726.02%Trend
CCL.BCCL Industries Inc.Consumer Cyclical8.020.87%
CIXCI FinancialFinancial Services8.024.56%Trend
SNCSNC – LAVALIN GROUP INC.Industrials7.002.20%Trend
KEYKeyera CorpEnergy6.693.81%Trend
MXMethanex CorpBasic Materials4.093.14%Trend
CAECAE IncIndustrials4.042.00%Trend
PJC.AJean Coutu Group IncConsumer Defensive4.012.10%
SJStella-Jones Inc.Basic Materials3.510.63%Trend
RBARitchie Bros Auctioneers IncIndustrials3.381.97%Trend
EMP.AEmpire Co Ltd A NvtgConsumer Defensive3.351.77%
CGXCineplex Galaxy FundConsumer Cyclical3.193.13%Trend
REF.UNCanadian REITReal Estate3.184.14%
FTTFinning Intl IncIndustrials3.163.84%Trend
ENFEnbridge Income FundEnergy2.906.12%Trend
AQNAlgonquin Power & Utilitties CorpUtilities2.774.87%Trend
MICGenworth MI Canada Inc.Financial Services2.775.70%Trend
HCGHome Capital Group IncFinancial Services2.542.66%Trend
WJAWestJet Airlines LtdIndustrials2.432.89%Trend
GEIGibson Energy Inc.Energy2.307.04%Trend
CCACogeco Cable IncCommunication Services2.292.30%Trend
TFITransForce Inc.Industrials2.213.01%Trend
CWBCanadian Western BankFinancial Services1.983.79%Trend
SCLShawCor LtdEnergy1.902.07%Trend
GRT.UNNorthern Property REITReal Estate1.736.17%
TCL.ATranscontinental IncConsumer Cyclical1.563.38%
LBLaurentian BankFinancial Services1.434.86%Trend
ECIEnercare Inc.Industrials1.395.36%Trend
PSIPason Systems IncEnergy1.384.10%Trend
AIMAimia Inc.Industrials1.338.69%Trend
ESLEnghouse Systems LimitedTechnology1.330.91%Trend
UNSUni-Select IncConsumer Cyclical1.201.13%Trend
BYD.UNBoyd Group Income FundConsumer Cyclical1.190.76%
RUSRussel Metals Inc.Basic Materials1.177.90%Trend
ESIEnsign Energy ServicesEnergy1.027.59%Trend
ADAlaris Royalty CorpFinancial Services0.976.12%Trend
NSUNevsun ResourcesBasic Materials0.9515.62%Trend
CJR.BCorus EntertainmentConsumer Cyclical0.9410.56%
NVU.UNNorthview Apartment REITReal Estate0.878.82%
EFXEnerflex Ltd.Energy0.833.22%Trend
CMGComputer Modelling Group LtdTechnology0.833.84%Trend
EIFExchange Income FundIndustrials0.727.36%Trend
GSGluskin Sheff + AssociatesFinancial Services0.654.86%Trend
ACQAutoCanada Inc.Consumer Cyclical0.564.98%Trend
BDTBird Construction Inc.Industrials0.496.47%Trend

Disclaimer: I do own some of the companies listed in the list. See my Stock Holdings for my list of holdings.

“Image courtesy of cooldesign – FreeDigitalPhotos.net”.


12 Responses to "2016 Canadian Dividend Aristocrats"

  1. Always good to get this information. Thanks. Another good post would be how you invest in your TFSA.
    I have always figured the best approach to TFSA would be growth equities. But which ones?
    Maybe you will do us that favour sometime. Very helpful.

  2. Great list but for some reason, it appears to be out of date;

    Newalta and CI Financial were removed from the list recently while Wi-Lan was removed in November 2015 and I don’t see QSR, HR.UN, MTL, CG, NVU.UN, DII.B, or CP on the Aristocrat list that I use.

    The following we added;

    “Moved the following companies to the Canadian Dividend All-Star List from the Others tab as they now have a dividend streak of 5 years.
    • Agrium Inc. (AGU.TO)
    • Canadian Imperial Bank of Commerce (CM.TO)
    • Cineplex Inc. (CGX.TO)
    • Corby Spirit and Wine Ltd (CSW-A.TO)
    • Equitable Group Inc (EQB.TO)
    • Exchange Income Corporation (EIF.TO)
    • IGM Financial Inc (IGM.TO)
    • Potash Corporation of Saskatchewan (POT.TO)
    • Royal Bank of Canada (RY.TO)
    • Toronto Dominion Bank (TD.TO)”

    Also, what happened to ACD, ADW-A, BEP-UN, BIP-UN, CGO, ET, HLF, LAS-A, MRD, PLZ-UN, RCH, RGL, TCS UFS and XTC, all of which ARE on the latest list?

    Are we talking about the same Aristocrat List?

    1. @Richard

      I do not want to get ahead of the company that maintains the list. The last revision was December 31, 2015.
      See http://ca.spindices.com/indices/strategy/sp-tsx-canadian-dividend-aristocrats-index

      Also, while a company may have dropped the dividend or announce it, the regulation body will remove it in due time. The iShares S&P/TSX Canadian Dividend Aristocrats ETF can show you what is in the list. Updated as of January 14, 2016.
      See https://www.blackrock.com/ca/individual/en/products/239834/ishares-sptsx-canadian-dividend-aristocrats-index-fund

      It’s not my place to maintain the list and I very well understand that there are other lists. This is about sharing the information on the Canadian Dividend Aristocrats. As such, I am respectful of sharing what is currently in the list.

      Discussing the merit of the criteria or other list is another topic entirely.

      1. Thanks for the prompt reply and the links. As I was beginning to suspect, we are not talking about the same list and it seems apparent that the criteria is different for each. Thanks for clearing that up and for adding your list to the group. I am curious now to find the selection process differences.



        1. @Richard

          The Dividend Aristocrats managed by the Standard & Poor is the official list from which an index is created that ETFs and Mutual funds use. The methodology is as follow:

          ETFs and Mutual Funds have to comply with the methodology. Whether we like it or not, there are reasons to the criteria for the purpose of creating an index. It doesn’t mean individual investors have to agree with it.

          That’s why other lists show up like the All Star, the Champions or the Achievers …
          Those lists are created by investors feeling there is something lacking. There are no ruling bodies reviewing this list and it is not used by institutions to create indexes. They are purely for personal use contrary to the Dividend Aristocrats list.

          You can create your own if you want to collect the data or pay services to get the data. YChart will get you tones of data and you just need to sort it.

  3. A great list of awesome companies. For my money going into the Canadian market I like the banks TD, BNS and RY. It’s during these tough times that one should invest when stocks are beaten up and price value and yield are more attractive. Great post.

  4. Trying to understand this here. Looking at their prospectus it says rebalancing will happen on the last business day of January. Wi-LAN back in November had cut their dividend big time. I’m pretty sure I saw it somewhere that Wi-LAN was cut from the canadian dividend aristocrat index, however, it looks like its still a constituent to the index. My questions will be then
    a) is it reasonable to expect that Wi-LAN will be removed by the end of January?
    b) Are there examples of other companies that have cut their dividends and were dropped from the index?
    c) is there any reason to believe Wi-LAN could still be in the index?

    Just trying to figure out how this all works here…

    1. @Andy

      I cannot tell if it will be removed by the end of January, that’s up to the index. Here is what they have on addition/removal:

      Additions. At each January rebalancing, a company is added to the index if it is a
      constituent of the S&P Canada BMI and it meets the other eligibility criteria for this
      No additions are made to the index between rebalancings.
      Deletions. Index constituents may be deleted from the index for the following reasons:
      • During the January rebalancing:
      o If the company’s calendar year dividends decreased from the previous
      calendar year
      o If the company’s year-end dividend payment remains flat for more than
      one consecutive year
      • Between rebalancings:
      o If the stock is removed from the S&P Canada BMI
      o At the discretion of the S&P/TSX Index Committee, a company may be
      removed after the close on the last business day of April, July and
      October if S&P Dow Jones Indices determines that the company has
      reduced its calendar year dividend amount and will no longer qualify for
      index inclusion at the subsequent annual rebalancing

    2. Looks like Wi-LAN is out.

      S&P Dow Jones Indices Announces the Annual Review of S&P/TSX Canadian Dividend Aristocrats Index
      Date : 01/22/2016 @ 5:15PM
      Source : PR Newswire (Canada)
      Stock : H&R Real Estate Inv Trust (HR.UN)
      Quote : 18.68 0.27 (1.47%) @ 4:14PM
      H&R Real Estate Investment Trust share price Chart Financials Trades Level2

      S&P Dow Jones Indices Announces the Annual Review of S&P/TSX Canadian Dividend Aristocrats Index
      H&R Real Estate Investment Trust (TSX:HR.UN)
      Intraday Stock Chart
      Today : Saturday 23 January 2016

      Click Here for more H&R Real Estate Investment Trust Charts.
      TORONTO, Jan. 22, 2016 /CNW/ – S&P Dow Jones Indices Canadian Index Operations announces the following index changes as a result of the annual S&P/TSX Canadian Dividend Aristocrats Index Review. These changes will be effective at the open on Monday, February 1, 2016.

      S&P/TSX Canadian Dividend Aristocrats Index



      Issue Name



      Agrium Inc.

      008916 10 8


      Aimia Inc.

      00900Q 10 3


      Algonquin Power & Utilities Corp.

      015857 10 5


      AutoCanada Inc.

      05277B 20 9


      Canadian Imperial Bank of Commerce

      136069 10 1


      Dollarama Inc.

      25675T 10 7


      EnerCare Inc.

      29269C 20 7


      Enerflex Ltd.

      29269R 10 5


      Gibson Energy Inc.

      374825 20 6


      Gildan Activewear Inc.

      375916 10 3


      Granite REIT

      387437 11 4


      Nevsun Resources Ltd.

      64156L 10 1


      Potash Corporation of Saskatchewan

      73755L 10 7


      Royal Bank of Canada

      780087 10 2


      Russel Metals Inc.

      781903 60 4


      TransForce Inc.

      89366H 10 3


      Uni-Select Inc.

      90457D 10 0



      Issue Name



      Canadian Pacific Railway Limited

      13645T 10 0


      Centerra Gold Inc.

      152006 10 2


      Dorel Industries Inc.

      25822C 20 5


      H&R REIT

      404428 20 3


      Mullen Group Ltd.

      625284 10 4


      Newalta Corporation

      65020P 10 3


      Restaurant Brands International Inc.

      76131D 10 3


      Wi-LAN Inc.

      928972 10 8


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