The best dividend stocks in Canada 2024 + MORE Jan 10th

Overview
Top 100 Dividend Stocks
Past Performance
Methodology

To compile this list of Canada’s best dividend stocks, we began with the S&P/TSX Composite Index of 225 companies. These stocks are generally the largest and most liquid in Canada. Then, we excluded the issuers that don’t pay a dividend, narrowing our list to 176 stocks. 

To each of these, we awarded three scores based on publicly available data: 

The yield score reflects both the current dividend yield and the growth of the dividend over the past five years. The stability score takes into account the companies’ debt-to-equity ratio, return on equity, five-year earnings growth, and ratio of earnings per share to dividends. The valuation score considers the stock’s earnings yield (the inverse of price-to-earnings) and price-to-book value…

Overview
Top 100 Dividend Stocks
Past Performance
Methodology

Top 100 dividend stocks in Canada

Consider our list of the top 100 Canadian dividend stocks for 2024, below, as a starting point for your search for investing prospects, not the final destination. You may find yourself looking long and hard for what investors typically consider dividend aristocrats: banks, telecoms, utilities, pipelines and real estate investment trusts (REITs). (They’re here. It’s just not that obvious.) Understand that this exercise is meant to identify candidates based on quantitative factors including not just dividend yield and sustainability, but also measures of profitability, financial strength and value. (Learn more about our best dividend stocks methodology.)

Scoring the best dividend stocks in Canada
The yield score (40% weighting) looks at the current dividend yield and the growth of the dividend over the past five years…

Overview
Top 100 Dividend Stocks
Past Performance
Methodology

It has been a lousy couple of years for dividend investors in Canada. First, the stock market meltdown of 2022 destroyed capital for most stock investors, then rising bond yields in 2023 served to lure investors’ money out of dividend stocks. If you had a selection of Canadian dividend payers at the start of 2022, it’s quite possible they’ve experienced a capital loss. The Dow Jones Canada Select Dividend Index had an annualized rate of return of -0.11% for the two-year period ending Dec. 31, 2023.

The good news, though, is that the field of dividend stocks today is looking lean and fit in terms of both yield and valuation, which could position Canadian dividend investors to reap gains in 2024.

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Overview
Top 100 Dividend Stocks
Past Performance
Methodology

It’s all very well to recommend a list of dividend stocks, but they’re still equities, right? That means volatility in the market. Their stock values can fall as well as rise, leaving Canadian investors with the possibility of a loss—in the case of dividend stocks, mitigated by their payouts—over the course of the year. The truth is, we can’t tell you for certain what will turn out to be the best picks for 2024. But we can show you how our 2023 selections performed, using the same best dividends methodology.

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