A-grade stocks represent our top picks—and, reflecting a challenging set of market conditions, they’re scarcer than usual. But there are many strong Bs worth a look. Here’s how we graded this year’s winners.
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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.
Our process to find stocks with these three ingredients sounds simple, but there was a fair bit of data to go through. We pulled and reviewed a dataset of dividend-paying stocks trading on the TSX and condensed it into a top tier containing the best of the best, as well as a second tier of honourable mentions worthy of further examination. The companies are ranked according to our three criteria. Rankings were based on data as of November 30, 2022.
We applied higher weightings to the first two criteria to reflect their greater importance. The best companies achieved the lowest set of scores. Think of it like golf: the lower the score, the better the performance.
The top-tier companies demonstrate strong qualities for all three criteria, and the second-tier companies are also worth looking at. Companies that didn’t make the cut for either tier fell short on one or two criteria.
Before you log in to your brokerage account, though, here’s a reminder that MoneySense’s “Canada’s best dividend stocks” ranking is based on a purely quantitative analysis of data collected from publicly available stock market information. To ensure broad representation, we included companies that may not have data for a specific field, but those earn no points for that category. And, notably, this ranking does not consider management talent or how economic pressures could weigh on a company’s earnings.
Here’s the breakdown of the three criteria used in our evaluation.
Note: To view all the data in the tables, 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.
We first identified and ranked companies sporting a history of growing their dividends over the past five years. While current yield is important, ideally we want exposure to companies that have a long-term track record of growing their dividend payouts over those years. This two-pronged approach seeks to identify companies that not only offer attractive yields but are also well positioned to grow their payouts over time. This criteria accounted for 40% of the overall score. Among the top-ranking companies with five-year dividend growth were Winpak (77% dividend growth), Quebecor Inc. (66.9%) and ECN Capital Corp. (57.2%).
Note: All figures are accurate as of Nov. 30, 2022.
Sky-high dividend yields are meaningless if the company can’t generate stable, consistent cash flows in the future. To try to avoid this risk, we targeted companies that should be able to consistently generate high returns on scarce capital. For this criteria, we also attempted to identify companies with the means to continue their dividends even if they hit minor setbacks.
To accomplish this, we screened for profitable companies that are not reportedly weighed down by debt (an even more important factor in a rising-interest-rate environment), demonstrating high return on equity and earning more than they pay out in dividends. This criteria accounted for another 40% of the overall score. Among the leading companies in five-year earnings growth were Hudbay Minerals (40.9% earnings growth), Colliers International Group Inc. (37.2%) and Canadian Natural Resources (30%).
wdt_ID Symbol Company Rank Weighted rank 5-year EPS growth EPS/Div-Share Debt/Equity
1
HBM-T
Hudbay Minerals Inc
1
0.4
40.89%
1.02225
0
2
CIGI-T
Colliers International Group Inc
2
0.8
37.20%
0.465
0
3
CNQ-T
Canadian Natural Resources Ltd.
3
1.2
30.03%
0.25025
0
4
YRI-T
Yamana Gold Inc
4
1.6
15.87%
0.0991875
0
5
TA-T
Transalta Corp
5
2
12.01%
0.06005
0
6
GEI-T
Gibson Energy Inc
6
2.4
0.00%
0
0
7
BDGI-T
Badger Infrastructure Solutions Ltd
7
2.8
0.00%
0
0
8
ONEX-T
Onex Corp
8
3.2
0.00%
0
0
9
BLX-T
Boralex Inc
9
3.6
0.00%
0
0
10
RNW-T
Transalta Renewables Inc
10
4
0.00%
0
0
11
BMO-T
Bank of Montreal
11
4.4
0.00%
0
0
12
CSU-T
Constellation Software Inc
12
4.8
0.00%
0
0
13
MTL-T
Mullen Group Ltd
13
5.2
0.00%
0
0
14
IGM-T
Igm Financial Inc
14
5.6
-0.12%
-0.0002142857143
0
15
ECN-T
Ecn Capital Corp
15
6
58.49%
0.09748333333
0.01
16
CJT-T
Cargojet Inc
16
6.4
0.00%
0
0.01
17
TRP-T
Tc Energy Corp
17
6.8
-6.97%
-0.01025
0.02
18
SU-T
Suncor Energy Inc
18
7.2
13.79%
0.01915277778
0.03
19
BTO-T
B2Gold Corp
19
7.6
0.00%
0
0.03
20
WFG-T
West Fraser Timber CO Ltd
20
8
0.00%
0
0.03
21
RUS-T
Russel Metals
21
8.4
13.81%
0.01644047619
0.05
22
GSY-T
Goeasy Ltd
22
8.8
56.26%
0.06393181818
0.06
23
FTT-T
Finning Intl
23
9.2
0.00%
0
0.06
24
WCP-T
Whitecap Resources Inc
24
9.6
25.97%
0.02705208333
0.08
25
NTR-T
Nutrien Ltd
25
10
21.33%
0.02133
0.09
26
FNV-T
Franco-Nevada Corp
26
10.4
0
0
0.09
27
LIF-T
Labrador Iron Ore Royalty Corp
27
10.8
-31.35%
-0.02902777778
0.1
28
EMP-A-T
Empire Company Ltd
28
11.2
18.59%
0.01659821429
0.12
29
TCN-T
Tricon Capital Group Inc
29
11.6
-4.14%
-0.003568965517
0.12
30
DOO-T
Brp Inc
30
12
0.00%
0
0.17
31
WPM-T
Wheaton Precious Metals Corp
31
12.4
0
0
0.18
32
FSV-T
Firstservice Corp
32
12.8
0.00%
0
0.18
33
AEM-T
Agnico Eagle Mines Ltd
33
13.2
6.42%
0.004863636364
0.19
34
IFC-T
Intact Financial Corp
34
13.6
5.76%
0.004235294118
0.2
35
TECK-B-T
Teck Resources Ltd Cl B
35
14
0.00%
0
0.2
36
QBR-B-T
Quebecor Inc Cl B Sv
36
14.4
15.28%
0.01061111111
0.21
37
SSRM-T
Ssr Mining Inc
37
14.8
8.21%
0.005547297297
0.23
38
TRI-T
Thomson Reuters Corp
38
15.2
46.82%
0.03080263158
0.26
39
MFC-T
Manulife Fin
39
15.6
10.67%
0.00683974359
0.27
40
CAR-UN-T
CDN Apartment Un
40
16
20.21%
0.01263125
0.28
41
ATD-T
Alimentation Couche-Tard Inc.
41
16.4
10.84%
0.006609756098
0.28
42
RCH-T
Richelieu Hardware Ltd
42
16.8
17.01%
0.010125
0.29
43
BAM-A-T
Brookfield Asset Management Inc Cl A Lv
43
17.2
42.18%
0.02452325581
0.3
44
L-T
Loblaw CO
44
17.6
20.38%
0.01157954545
0.3
45
SNC-T
Snc-Lavalin Sv
45
18
15.10%
0.008388888889
0.3
46
WCN-T
Waste Connections Inc
46
18.4
0
0
0.3
47
ARX-T
Arc Resources Ltd
47
18.8
0.00%
0
0.35
48
GIL-T
Gildan Activewear Inc
48
19.2
24.43%
0.01272395833
0.38
49
WSP-T
WSP Global Inc
49
19.6
4.41%
0.00225
0.38
50
ABX-T
Barrick Gold Corp
50
20
0.97%
0.000485
0.38
51
TIH-T
Toromont Ind
51
20.4
0
0
0.38
52
NWC-T
The North West Company Inc
52
20.8
25.58%
0.01229807692
0.39
53
CTC-A-T
Canadian Tire Corp Cl A NV
53
21.2
4.76%
0.002245283019
0.39
54
PPL-T
Pembina Pipeline Corp
54
21.6
0.00%
0
0.4
55
CP-T
Canadian Pacific Railway Ltd
55
22
-3.81%
-0.001731818182
0.4
56
TOY-T
Spin Master Corp
56
22.4
-6.80%
-0.003035714286
0.4
57
ENGH-T
Enghouse Systems Ltd
57
22.8
59.30%
0.02600877193
0.42
58
RCI-B-T
Rogers Communications Inc Cl B NV
58
23.2
0
0
0.42
59
QSR-T
Restaurant Brands International Inc
59
23.6
0
0
0.42
60
POW-T
Power Corp of Canada Sv
60
24
42.62%
0.01775833333
0.43
61
ZZZ-T
Sleep Country Canada Holdings Inc
61
24.4
42.72%
0.01750819672
0.44
62
CSH-UN-T
Chartwell Retirement Residences
62
24.8
-0.63%
-0.0002540322581
0.44
63
NA-T
National Bank of Canada
63
25.2
-18.54%
-0.007357142857
0.48
64
DOL-T
Dollarama Inc
64
25.6
14.48%
0.00565625
0.51
65
CWB-T
CDN Western Bank
65
26
0.00%
0
0.51
66
TD-T
Toronto-Dominion Bank
66
26.4
5.22%
0.001977272727
0.52
67
CCL-B-T
Ccl Industries Inc Cl B NV
67
26.8
9.47%
0.00353358209
0.56
68
X-T
Tmx Group Ltd
68
27.2
8.09%
0.002974264706
0.56
69
SLF-T
Sun Life Financial Inc
69
27.6
17.45%
0.006322463768
0.57
70
RBA-T
Ritchie Bros Auctioneers Inc
70
28
11.16%
0.003985714286
0.58
71
AIF-T
Altus Group Ltd
71
28.4
6.86%
0.002415492958
0.58
72
SJ-T
Stella Jones Inc
72
28.8
9.86%
0.003423611111
0.61
73
CCA-T
Cogeco Communications Inc
73
29.2
0.00%
0
0.61
74
EMA-T
Emera Incorporated
74
29.6
-4.42%
-0.001493243243
0.61
75
ENB-T
Enbridge Inc
75
30
14.53%
0.004843333333
0.62
76
IAG-T
IA Financial Corp Inc
76
30.4
15.50%
0.005098684211
0.63
77
CNR-T
Canadian National Railway Co.
77
30.8
0
0
0.63
78
STN-T
Stantec Inc
78
31.2
19.26%
0.006173076923
0.64
79
RY-T
Royal Bank of Canada
79
31.6
9.57%
0.003028481013
0.64
80
TFII-T
Tfi International Inc
80
32
15.02%
0.00469375
0.65
81
MRU-T
Metro Inc
81
32.4
6.93%
0.002138888889
0.67
82
FTS-T
Fortis Inc
82
32.8
112.40%
0.03426829268
0.69
83
IMO-T
Imperial Oil
83
33.2
760%
0.2289156627
0.72
84
H-T
Hydro One Ltd
84
33.6
18.91%
0.00562797619
0.72
85
SII-T
Sprott Inc
85
34
0
0
0.74
86
PKI-T
Parkland Fuel Corp
86
34.4
0
0
0.78
87
CM-T
Canadian Imperial Bank of Commerce
87
34.8
12.68%
0.003643678161
0.8
88
PEY-T
Peyto Exploration and Dvlpmnt Corp
88
35.2
12.98%
0.0036875
0.85
89
HCG-T
Home Capital Group Inc
89
35.6
8.09%
0.00227247191
0.85
90
NPI-T
Northland Power Inc
90
36
0.00%
0
0.87
91
PBH-T
Premium Brands Holdings Corp
91
36.4
-2.33%
-0.0006401098901
0.89
92
MTY-T
Mty Food Group Inc
92
36.8
4.85%
0.001317934783
0.9
93
GWO-T
Great-West Lifeco Inc
93
37.2
17.14%
0.004607526882
0.92
94
AQN-T
Algonquin Power and Utilities Corp
94
37.6
27.09%
0.007204787234
0.93
95
PLC-T
Park Lawn Corp
95
38
846%
0.2226315789
0.95
96
BNS-T
Bank of Nova Scotia
96
38.4
11.86%
0.003088541667
0.99
97
KEY-T
Keyera Corp
97
38.8
-9.08%
-0.002340206186
1.03
98
T-T
Telus Corp
98
39.2
14.80%
0.003775510204
1.05
99
SIA-T
Sienna Senior Living Inc
99
39.6
5.88%
0.001484848485
1.09
100
CIX-T
CI Financial Corp
100
40
0.00%
0
1.1
101
WTE-T
Westshore Terminals Investment Corp
101
40.4
-18.30%
-0.00452970297
1.14
102
BYD-T
Boyd Group Services Inc
102
40.8
504%
0.1235294118
1.15
103
BIR-T
Birchcliff Energy Ltd
103
41.2
0.81%
0.0001966019417
1.15
104
VET-T
Vermilion Energy Inc
104
41.6
-3.7
-0.08894230769
1.19
105
ASTL-T
Algoma Steel Group Inc
105
42
-15.59%
-0.003711904762
1.22
106
LUN-T
Lundin Mining Corp
106
42.4
3.44%
0.0008113207547
1.25
107
TOU-T
Tourmaline Oil Corp
107
42.8
37.01%
0.008647196262
1.26
108
STLC-T
Stelco Holdings Inc
108
43.2
8.26%
0.001912037037
1.27
109
TVE-T
Tamarack Valley Energy Ltd
109
43.6
18.12%
0.004155963303
1.32
110
FM-T
First Quantum Minerals Ltd
110
44
5.02%
0.001140909091
1.34
111
MX-T
Methanex Corp
111
44.4
0.00%
0
1.34
112
CVE-T
Cenovus Energy Inc
112
44.8
6.67%
0.001488839286
1.35
113
PXT-T
Parex Resources Inc
113
45.2
3.97%
0.0008783185841
1.37
114
CCO-T
Cameco Corp
114
45.6
4.61%
0.001010964912
1.4
115
PSI-T
Pason Systems Inc
115
46
-2.13%
-0.0004630434783
1.43
116
DFY-T
Definity Financial Corporation
116
46.4
12.30%
0.002650862069
1.44
117
JWEL-T
Jamieson Wellness Inc
117
46.8
34.17%
0.007301282051
1.45
118
DPM-T
Dundee Precious Metals Inc
118
47.2
0.00%
0
1.54
119
AGI-T
Alamos Gold Inc Cls A
119
47.6
63.33%
0.01330462185
1.55
120
TPZ-T
Topaz Energy Corp
120
48
0.00%
0
1.56
121
INE-T
Innergex Renewable Energy Inc
121
48.4
11.48%
0.002371900826
1.58
122
FFH-T
Fairfax Financial Holdings Ltd
122
48.8
8.55%
0.00175204918
1.58
123
PRMW-T
Primo Water Corp
123
49.2
8.45%
0.001717479675
1.58
124
K-T
Kinross Gold Corp
124
49.6
0.00%
0
1.65
125
OR-T
Osisko Gold Royalties Ltd
125
50
5.08%
0.001016
1.7
126
CJR-B-T
Corus Entertainment Inc Cl B NV
126
50.4
-3.22%
-0.0006388888889
1.73
127
NFI-T
Nfi Group Inc.
127
50.8
-12.87%
-0.002533464567
1.76
128
SES-T
Secure Energy Services Inc
128
51.2
-10.10%
-0.00197265625
1.79
129
CG-T
Centerra Gold Inc
129
51.6
2.80%
0.0005426356589
1.8
130
DND-T
Dye & Durham Ltd
130
52
0.00%
0
1.82
131
GFL-T
Gfl Environmental Inc
131
52.4
0
0
1.92
132
FR-T
First Majestic Silver Corp Common
132
52.8
1.77%
0.0003352272727
2.23
133
WPK-T
Winpak Ltd
133
53.2
-6.19%
-0.001163533835
2.3
134
MG-T
Magna International Inc
134
53.6
1085%
0.2024253731
2.52
135
BCE-T
BCE Inc
135
54
-4.82%
-0.0008925925926
2.53
136
SJR-B-T
Shaw Communications Inc Cl B NV
136
54.4
0
0
2.57
137
EIF-T
Exchange Income Corp
137
54.8
45.66%
0.008332116788
2.65
138
SSL-T
Sandstorm Gold Ltd
138
55.2
-8.36%
-0.001514492754
2.66
139
LNR-T
Linamar Corp
139
55.6
4.32%
0.0007769784173
2.77
140
TCL-A-T
Transcontinental Inc Cl A Sv
140
56
7.91%
0.0014125
2.81
141
EFN-T
Element Fleet Management Corp
141
56.4
5.42%
0.0009609929078
2.85
142
ACO-X-T
Atco Ltd Cl I NV
142
56.8
5.20%
0.0009154929577
2.88
143
ERF-T
Enerplus Corp
143
57.2
12.35%
0.002159090909
2.93
144
PAAS-T
Pan American Silver Corp
144
57.6
5.49%
0.000953125
3.16
145
WN-T
Weston George
145
58
13.64%
0.002351724138
3.44
146
MFI-T
Maple Leaf Foods
146
58.4
0
0
3.55
147
CU-T
Canadian Utilities Ltd Cl A NV
147
58.8
18.26%
0.003105442177
3.98
148
SPB-T
Superior Plus Corp
148
59.2
23.72%
0.004006756757
4.16
149
CPX-T
Capital Power Corp
149
59.6
0
0
4.17
150
OTEX-T
Open Text Corp
150
60
0.00%
0
4.22
151
SAP-T
Saputo Inc
151
60.4
-25.70%
-0.004254966887
4.58
152
LB-T
Laurentian Bank
152
60.8
13.16%
0.002164473684
6.12
153
POU-T
Paramount Resources Ltd
153
61.2
129.75%
0.02120098039
7.12
154
ALA-T
Altagas Ltd
154
61.6
32.61%
0.005293831169
14.48
155
AP-UN-T
Allied Properties Real Estate Inv Trust
155
62
0
0
0
156
AX-UN-T
Artis Real Estate Investment Trust Units
156
62.4
0
0
0
157
BBU-UN-T
Brookfield Business Partners LP
157
62.8
0
0
0
158
BEI-UN-T
Boardwalk Real Estate Investment Trust
158
63.2
0
0
0
159
BEP-UN-T
Brookfield Renewable Partners LP
159
63.6
0
0
0
160
BIP-UN-T
Brookfield Infra Partners LP Units
160
64
0
0
0
161
CHP-UN-T
Choice Properties REIT
161
64.4
0
0
0
162
CPG-T
Crescent Point Energy Corp
162
64.8
0
0
0
163
CRR-UN-T
Crombie Real Estate Investment Trust
163
65.2
0
0
0
164
CRT-UN-T
CT Real Estate Investment Trust
164
65.6
0
0
0
165
DIR-UN-T
Dream Industrial REIT
165
66
0
0
0
166
EQB-T
Eqb Inc
166
66.4
0
0
0
167
FCR-UN-T
First Capital REIT Units
167
66.8
0
0
0
168
FRU-T
Freehold Royalties Ltd
168
67.2
0
0
0
169
GRT-UN-T
Granite Real Estate Investment Trust
169
67.6
0
0
0
170
HR-UN-T
H&R Real Estate Inv Trust
170
68
0
0
0
171
HWX-T
Headwater Exploration Inc
171
68.4
0
0
0
172
IIP-UN-T
Interrent Real Estate Investment Trust
172
68.8
0
0
0
173
KMP-UN-T
Killam Apartment REIT
173
69.2
0
0
0
174
LAC-T
Lithium Americas Corp
174
69.6
0
0
0
175
NWH-UN-T
Northwest Healthcare Prop REIT
175
70
0
0
0
176
PMZ-UN-T
Primaris REIT
176
70.4
0
0
0
177
PSK-T
Prairiesky Royalty Ltd
177
70.8
0
0
0
178
REI-UN-T
Riocan Real Est Un
178
71.2
0
0
0
179
SHOP-T
Shopify Inc
179
71.6
0
0
0
180
SRU-UN-T
Smartcentres Real Estate Investment Trust
180
72
0
0
0
Note: All figures are accurate as of Nov. 30, 2022.
For investors, it’s not enough that a company can simply afford its dividend. Before you commit to a stock, you’ll want to know whether it’s attractively priced. The final 20% of our scoring is allocated to stocks cheaper than typical. We rewarded companies with high earnings yields (inverse of the price/earnings ratio). The earnings yield allows us to identify profitable companies whose stocks are trading at a reasonable price. Among the top companies in earnings yield were Algoma Steel Group (74% earnings yield), Stelco Holdings (45%) and Vermilion Energy (31.8%).
2023 Best Dividends Value Table
wdt_ID Symbol Company Rank Weighted Rank Earning Yield Price/Book
1
ASTL-T
Algoma Steel Group Inc
1
0.2
74.07%
0.6
2
STLC-T
Stelco Holdings Inc
2
0.4
45.05%
1.32
3
VET-T
Vermilion Energy Inc
3
0.6
31.85%
1.33
4
WFG-T
West Fraser Timber CO Ltd
4
0.8
30.40%
0.87
5
TCN-T
Tricon Capital Group Inc
5
1
29.24%
0.62
6
PXT-T
Parex Resources Inc
6
1.2
29.15%
0.99
7
WCP-T
Whitecap Resources Inc
7
1.4
26.18%
1.2
8
RUS-T
Russel Metals
8
1.6
23.36%
1.14
9
BIR-T
Birchcliff Energy Ltd
9
1.8
23.26%
1.19
10
TVE-T
Tamarack Valley Energy Ltd
10
2
23.20%
1.37
11
TOU-T
Tourmaline Oil Corp
11
2.2
21.74%
1.75
12
NTR-T
Nutrien Ltd
12
2.4
17.70%
1.59
13
MX-T
Methanex Corp
13
2.6
17.51%
1.24
14
TECK-B-T
Teck Resources Ltd Cl B
14
2.8
17.48%
0.98
15
ARX-T
Arc Resources Ltd
15
3
16.98%
2.05
16
ERF-T
Enerplus Corp
16
3.2
16.58%
4.58
17
CIX-T
CI Financial Corp
17
3.4
15.75%
1.57
18
MFC-T
Manulife Fin
18
3.6
15.36%
0.96
19
PEY-T
Peyto Exploration and Dvlpmnt Corp
19
3.8
14.79%
1.29
20
CWB-T
CDN Western Bank
20
4
13.97%
0.65
21
LIF-T
Labrador Iron Ore Royalty Corp
21
4.2
13.87%
3.38
22
SU-T
Suncor Energy Inc
22
4.4
13.61%
1.45
23
POU-T
Paramount Resources Ltd
23
4.6
13.07%
1.26
24
CNQ-T
Canadian Natural Resources Ltd.
24
4.8
12.71%
2.34
25
BMO-T
Bank of Montreal
25
5
12.69%
1.39
26
IMO-T
Imperial Oil
26
5.2
12.50%
2.11
27
CJT-T
Cargojet Inc
27
5.4
12.50%
2.71
28
TOY-T
Spin Master Corp
28
5.6
12.12%
1.95
29
CCA-T
Cogeco Communications Inc
29
5.8
12.06%
1.25
30
BNS-T
Bank of Nova Scotia
30
6
11.43%
1.28
31
ZZZ-T
Sleep Country Canada Holdings Inc
31
6.2
11.40%
1.99
32
CTC-A-T
Canadian Tire Corp Cl A NV
32
6.4
11.34%
1.61
33
GIL-T
Gildan Activewear Inc
33
6.6
11.31%
2.85
34
CM-T
Canadian Imperial Bank of Commerce
34
6.8
10.73%
1.32
35
LUN-T
Lundin Mining Corp
35
7
10.68%
1.05
36
TD-T
Toronto-Dominion Bank
36
7.2
10.50%
1.64
37
NA-T
National Bank of Canada
37
7.4
10.17%
1.58
38
PPL-T
Pembina Pipeline Corp
38
7.6
9.95%
1.64
39
GWO-T
Great-West Lifeco Inc
39
7.8
9.93%
1.17
40
CVE-T
Cenovus Energy Inc
40
8
9.71%
1.89
41
IAG-T
IA Financial Corp Inc
41
8.2
9.68%
1.22
42
IGM-T
Igm Financial Inc
42
8.4
9.56%
1.55
43
WN-T
Weston George
43
8.6
9.23%
3.67
44
FTT-T
Finning Intl
44
8.8
8.98%
2.1
45
LNR-T
Linamar Corp
45
9
8.96%
0.88
46
HCG-T
Home Capital Group Inc
46
9.2
8.91%
1.06
47
POW-T
Power Corp of Canada Sv
47
9.4
8.89%
1.01
48
QBR-B-T
Quebecor Inc Cl B Sv
48
9.6
8.78%
4.86
49
SLF-T
Sun Life Financial Inc
49
9.8
8.58%
1.38
50
RY-T
Royal Bank of Canada
50
10
8.36%
1.82
51
TCL-A-T
Transcontinental Inc Cl A Sv
51
10.2
8.24%
0.8
52
DOO-T
Brp Inc
52
10.4
8.22%
49.86
53
GSY-T
Goeasy Ltd
53
10.6
8.20%
2.42
54
RCH-T
Richelieu Hardware Ltd
54
10.8
8.18%
2.63
55
MTL-T
Mullen Group Ltd
55
11
8.08%
1.5
56
SSL-T
Sandstorm Gold Ltd
56
11.2
8.06%
1.17
57
ACO-X-T
Atco Ltd Cl I NV
57
11.4
7.94%
1.13
58
SJ-T
Stella Jones Inc
58
11.6
7.73%
1.77
59
EMP-A-T
Empire Company Ltd
59
11.8
7.68%
2.6
60
NWC-T
The North West Company Inc
60
12
7.60%
2.85
61
KEY-T
Keyera Corp
61
12.2
7.46%
2.41
62
TFII-T
Tfi International Inc
62
12.4
7.45%
3.94
63
IFC-T
Intact Financial Corp
63
12.6
7.40%
2.59
64
NPI-T
Northland Power Inc
64
12.8
7.28%
2.46
65
FM-T
First Quantum Minerals Ltd
65
13
6.88%
1.56
66
X-T
Tmx Group Ltd
66
13.2
6.82%
1.98
67
SSRM-T
Ssr Mining Inc
67
13.4
6.78%
0.9
68
ABX-T
Barrick Gold Corp
68
13.6
6.69%
1.18
69
CAR-UN-T
CDN Apartment Un
69
13.8
6.60%
0.77
70
PSI-T
Pason Systems Inc
70
14
6.39%
3.45
71
BTO-T
B2Gold Corp
71
14.2
6.37%
1.29
72
WPK-T
Winpak Ltd
72
14.4
6.35%
1.7
73
MTY-T
Mty Food Group Inc
73
14.6
6.33%
2.08
74
CU-T
Canadian Utilities Ltd Cl A NV
74
14.8
6.03%
1.87
75
PKI-T
Parkland Fuel Corp
75
15
6.00%
2.35
76
WTE-T
Westshore Terminals Investment Corp
76
15.2
5.89%
2.11
77
ATD-T
Alimentation Couche-Tard Inc.
77
15.4
5.86%
3.69
78
EMA-T
Emera Incorporated
78
15.6
5.80%
1.43
79
K-T
Kinross Gold Corp
79
15.8
5.73%
0.91
80
DPM-T
Dundee Precious Metals Inc
80
16
5.73%
0.97
81
GEI-T
Gibson Energy Inc
81
16.2
5.53%
5.74
82
EIF-T
Exchange Income Corp
82
16.4
5.45%
2
83
CCL-B-T
Ccl Industries Inc Cl B NV
83
16.6
5.39%
2.71
84
MG-T
Magna International Inc
84
16.8
5.34%
1.66
85
TRP-T
Tc Energy Corp
85
17
5.31%
1.84
86
HBM-T
Hudbay Minerals Inc
86
17.2
5.27%
0.92
87
L-T
Loblaw CO
87
17.4
5.24%
3.54
88
ENGH-T
Enghouse Systems Ltd
88
17.6
5.17%
3.62
89
T-T
Telus Corp
89
17.8
5.11%
2.42
90
YRI-T
Yamana Gold Inc
90
18
5.09%
1.16
91
RBA-T
Ritchie Bros Auctioneers Inc
91
18.2
5.07%
4.8
92
FTS-T
Fortis Inc
92
18.4
5.05%
1.32
93
RCI-B-T
Rogers Communications Inc Cl B NV
93
18.6
5.02%
3.21
94
ENB-T
Enbridge Inc
94
18.8
4.86%
1.94
95
BCE-T
BCE Inc
95
19
4.83%
3.11
96
EFN-T
Element Fleet Management Corp
96
19.2
4.82%
2.3
97
TIH-T
Toromont Ind
97
19.4
4.72%
3.8
98
QSR-T
Restaurant Brands International Inc
98
19.6
4.71%
8.65
99
H-T
Hydro One Ltd
99
19.8
4.70%
1.94
100
WPM-T
Wheaton Precious Metals Corp
100
20
4.63%
2.62
101
MRU-T
Metro Inc
101
20.2
4.62%
2.77
102
BAM-A-T
Brookfield Asset Management Inc Cl A Lv
102
20.4
4.57%
1.76
103
PBH-T
Premium Brands Holdings Corp
103
20.6
4.51%
2.04
104
CNR-T
Canadian National Railway Co.
104
20.8
4.28%
5.3
105
SJR-B-T
Shaw Communications Inc Cl B NV
105
21
4.13%
2.95
106
PLC-T
Park Lawn Corp
106
21.2
4.04%
1.16
107
ECN-T
Ecn Capital Corp
107
21.4
4.04%
3.91
108
LB-T
Laurentian Bank
108
21.6
3.98%
0.54
109
JWEL-T
Jamieson Wellness Inc
109
21.8
3.62%
3.35
110
TPZ-T
Topaz Energy Corp
110
22
3.19%
2.25
111
DFY-T
Definity Financial Corporation
111
22.2
3.11%
2.06
112
SAP-T
Saputo Inc
112
22.4
3.01%
1.95
113
DOL-T
Dollarama Inc
113
22.6
2.98%
0
114
ALA-T
Altagas Ltd
114
22.8
2.97%
0.91
115
CP-T
Canadian Pacific Railway Ltd
115
23
2.87%
2.68
116
AEM-T
Agnico Eagle Mines Ltd
116
23.2
2.83%
1.42
117
FNV-T
Franco-Nevada Corp
117
23.4
2.72%
4.47
118
TA-T
Transalta Corp
118
23.6
2.69%
5.55
119
SIA-T
Sienna Senior Living Inc
119
23.8
2.67%
1.87
120
STN-T
Stantec Inc
120
24
2.58%
3.35
121
CPX-T
Capital Power Corp
121
24.2
2.32%
1.87
122
WSP-T
WSP Global Inc
122
24.4
2.28%
3.45
123
SII-T
Sprott Inc
123
24.6
2.22%
3.24
124
WCN-T
Waste Connections Inc
124
24.8
2.21%
5.26
125
RNW-T
Transalta Renewables Inc
125
25
2.05%
2.13
126
FSV-T
Firstservice Corp
126
25.2
2.04%
6.38
127
TRI-T
Thomson Reuters Corp
127
25.4
1.91%
4.46
128
OTEX-T
Open Text Corp
128
25.6
1.88%
2.05
129
CIGI-T
Colliers International Group Inc
129
25.8
1.78%
8.3
130
DND-T
Dye & Durham Ltd
130
26
1.51%
1.21
131
CSU-T
Constellation Software Inc
131
26.2
1.43%
22.52
132
BDGI-T
Badger Infrastructure Solutions Ltd
132
26.4
1.30%
3.24
133
SNC-T
Snc-Lavalin Sv
133
26.6
1.28%
1.42
134
AQN-T
Algonquin Power and Utilities Corp
134
26.8
0.95%
0.97
135
BYD-T
Boyd Group Services Inc
135
27
0.94%
4.61
136
BLX-T
Boralex Inc
136
27.2
0.89%
2.27
137
CCO-T
Cameco Corp
137
27.4
0.88%
2.9
138
AGI-T
Alamos Gold Inc Cls A
138
27.6
0.63%
1.41
139
AIF-T
Altus Group Ltd
139
27.8
0.62%
4.11
140
CSH-UN-T
Chartwell Retirement Residences
140
28
0.37%
2.56
141
ONEX-T
Onex Corp
141
28.2
0.31%
0.53
142
CJR-B-T
Corus Entertainment Inc Cl B NV
142
28.4
0.00%
0.62
143
NFI-T
Nfi Group Inc.
143
28.6
0.00%
0.78
144
FFH-T
Fairfax Financial Holdings Ltd
144
28.8
0.00%
1.03
145
PAAS-T
Pan American Silver Corp
145
29
0.00%
1.47
146
SES-T
Secure Energy Services Inc
146
29.2
0.00%
1.72
147
OR-T
Osisko Gold Royalties Ltd
147
29.4
0.00%
1.79
148
MFI-T
Maple Leaf Foods
148
29.6
0.00%
1.82
149
FR-T
First Majestic Silver Corp Common
149
29.8
0.00%
1.89
150
PRMW-T
Primo Water Corp
150
30
0.00%
1.95
151
GFL-T
Gfl Environmental Inc
151
30.2
0.00%
2.16
152
INE-T
Innergex Renewable Energy Inc
152
30.4
0.00%
2.72
153
SPB-T
Superior Plus Corp
153
30.6
0.00%
19.08
154
AP-UN-T
Allied Properties Real Estate Inv Trust
154
30.8
0.00%
0
155
AX-UN-T
Artis Real Estate Investment Trust Units
155
31
0.00%
0
156
BBU-UN-T
Brookfield Business Partners LP
156
31.2
0.00%
0
157
BEI-UN-T
Boardwalk Real Estate Investment Trust
157
31.4
0.00%
0
158
BEP-UN-T
Brookfield Renewable Partners LP
158
31.6
0.00%
0
159
BIP-UN-T
Brookfield Infra Partners LP Units
159
31.8
0.00%
0
160
CG-T
Centerra Gold Inc
160
32
0.00%
0
161
CHP-UN-T
Choice Properties REIT
161
32.2
0.00%
0
162
CPG-T
Crescent Point Energy Corp
162
32.4
0.00%
0
163
CRR-UN-T
Crombie Real Estate Investment Trust
163
32.6
0.00%
0
164
CRT-UN-T
CT Real Estate Investment Trust
164
32.8
0.00%
0
165
DIR-UN-T
Dream Industrial REIT
165
33
0.00%
0
166
EQB-T
Eqb Inc
166
33.2
0.00%
0
167
FCR-UN-T
First Capital REIT Units
167
33.4
0.00%
0
168
FRU-T
Freehold Royalties Ltd
168
33.6
0.00%
0
169
GRT-UN-T
Granite Real Estate Investment Trust
169
33.8
0.00%
0
170
HR-UN-T
H&R Real Estate Inv Trust
170
34
0.00%
0
171
HWX-T
Headwater Exploration Inc
171
34.2
0.00%
0
172
IIP-UN-T
Interrent Real Estate Investment Trust
172
34.4
0.00%
0
173
KMP-UN-T
Killam Apartment REIT
173
34.6
0.00%
0
174
LAC-T
Lithium Americas Corp
174
34.8
0.00%
0
175
NWH-UN-T
Northwest Healthcare Prop REIT
175
35
0.00%
0
176
PMZ-UN-T
Primaris REIT
176
35.2
0.00%
0
177
PSK-T
Prairiesky Royalty Ltd
177
35.4
0.00%
0
178
REI-UN-T
Riocan Real Est Un
178
35.6
0.00%
0
179
SHOP-T
Shopify Inc
179
35.8
0.00%
0
180
SRU-UN-T
Smartcentres Real Estate Investment Trust
180
36
0.00%
0
Note: All figures are accurate as of Nov. 30, 2022.
When you combine these three things, you get the “Best dividend stocks in Canada for 2023.”
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Can you share the column details? IE Total Score vs Rank meaning.
thanks.
BTW, your pivot tables need a correction to number vs text
Response from Aman Raina: “The approach that was taken was to evaluate dividend paying stocks that trade on the TSX/S&P Composite Index, but evaluating them beyond just ranking the highest to lowest dividend yields and dividend growth rates. Other quantitative factors were considered which include a company’s ability to continuously pay dividends from their cash flow and valuation. For each of these criteria, companies were ranked with their ranking making up their score for each factor. A weighting was applied to each criteria to emphasize importance to compute a weighted ranking. Historically from previous evaluations that were done, an emphasis was put on dividend weighting, and cash-flow generation with a lower emphasis on valuation. The total scores for each factor were combined to produce a total score, from which the stocks were then ranked from lowest score to highest. So companies that generate high dividends, are profitable cash-flow generating, and sell for a reasonable price will achieve a lower total score and consequently a higher overall ranking. Using this format, we can define an initial screen that are worthy for further investigation of qualitative and risk factors.”
Thanks for posting all this. It’s very useful. I follow a bunch of stocks for their dividends that are not included in your list. The best example is DFN, which paid $1.20/share in 2022 and closed at $7.84 on November 30. That’s a yield of 15.3%. How come you overlooked that stock?
Response from Aman Raina: “The evaluation was based on companies that make up the TSX/S&P Composite index. DFN is not a member of the index and so was not included in the evaluation. For arguments sake, even if you did include it, while it has posted a great yield recently, it has no long-term track record of paying increasing dividends. Also because it is essentially a mutual fund holding type company it would not generate consistent cashflow and high earnings yield. So mind-mapping it out, it’s possible DFN would potentially could score lower on these factors and not achieve a higher overall ranking. It’s important to emphasize that high dividend paying stocks doesn’t necessarily translate to high capital gain performing stocks. Dividend stocks like any other stock need to be evaluated for other core factors like profitability, competitive, risk profile, financial health, valuation etc as well as qualitative factors (management competency, strategy etc).”
It seems as though you tables won’t load
Hi Eric, We are working to have any issues resolved as soon as possible. If you can, please email us at [email protected] with a detailed description of what you see. This would help us troubleshoot. Thank you.