Canada’s best dividends 2023: How we chose the winners + MORE Mar 7th

Overview
Top 100 Dividend Stocks
Past Performance
Methodology

The 2023 top-tier dividend master class notched an average yield of 3.33%. Just like in 2022, Labrador Iron Ore’s 11% yield played a “bit part” in the overall yield. The second-tier stocks produced an average yield of 2.53%. Not exactly stratospheric returns. Given that two-year, risk-free Government of Canada bonds are posting yields around 3.6% does not help the value proposition of holding riskier dividend stocks. 

Here is a look at how the top dividend-paying Canadian stocks did last year. Rank 1 through 10 are categorized as tier 1 (shown in green below), and 11 through 20 are tier 2 (shown in blue). Rankings were based on data as of November 30, 2022.

To view all the data in the table, slide the columns right or left using your fingers or mouse…

Overview
Top 100 Dividend Stocks
Past Performance
Methodology

The year 2023 couldn’t have arrived fast enough for Canadian investors, as 2022 was downright nasty for investing. There was nowhere to hide. No safe havens. We know stocks have ups and downs, but bonds are supposed to be reliable and offer stability, especially during rough times. But last year, they behaved almost stock-like, posting once-in-a-generation double-digit losses in 2022. Many Canadian investors expected cryptocurrencies to have their moment in the spotlight. Unfortunately, they were still not ready for prime time. We’ve witnessed how the response to a global pandemic can affect inflation and interest rates, and what it can do to asset prices. What does that mean for Canadian investors looking for stocks that pay?

The best dividend stocks for 2023: Can we look to last year’s best-paying stocks? 

After coming through what felt like the Red Wedding of 2022, to liken it to a Game of Thrones plot, this year many investors would be inclined to patiently cash out of the markets, but inflation is eroding purchasing power for Canadians, and putting their savings in a basic savings account will put them even further behind…

Overview
Top 100 Dividend Stocks
Past Performance
Methodology

Our evaluation encompassed all of the dividend-paying stocks within the S&P/TSX Composite Index. We recognize that limiting our focus to this group means not capturing some other great Canadian companies, but we wanted to ensure we’re targeting the comparatively larger and more liquid stocks. To make the cut for our list of best dividend stocks, we believe a company must possess three important characteristics: It has to offer an attractive and growing dividend yield, generate a meaningful stream of cash flow (so it can pay out the dividends) and be reasonably priced.

Researching Canada’s best dividend stocks for 2023

Our process to find stocks with these three ingredients sounds simple, but there was a fair bit of data to go through…

Overview
Top 100 Dividend Stocks
Past Performance
Methodology

Top 100 dividend stocks in Canada

To view all the data in the table, slide the columns right or left using your fingers or mouse. You can filter or rearrange the rankings by using the search tool or clicking on column headings. You can also download the data to your device in Excel, CSV and PDF formats.

2023’s best dividend stocks ranked

wdt_ID Rank Symbol Company Stability score Dividend score Valuation score Total score

1
1
CNQ-T
Canadian Natural Resources Ltd.
1…