We’ve graded the largest, most liquid Canadian dividend stocks based on yield, stability and value. To earn top marks, each company must demonstrate its ability to provide a steady flow of income to investors, at a reasonable price.
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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. 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.
| wdt_ID | Rank | Symbol | Company | Stability score | Dividend score | Valuation score | Total score |
|---|---|---|---|---|---|---|---|
| 1 | 1 | CNQ-T | Canadian Natural Resources Ltd. | 1.2 | 7.2 | 4.8 | 13.2 |
| 2 | 2 | WFG-T | West Fraser Timber CO Ltd | 8 | 4.8 | 0.8 | 13.6 |
| 3 | 3 | LIF-T | Labrador Iron Ore Royalty Corp | 10.8 | 2 | 4.2 | 17 |
| 4 | 4 | YRI-T | Yamana Gold Inc | 1.6 | 2.4 | 18 | 22 |
| 5 | 5 | GSY-T | Goeasy Ltd | 8.8 | 2.8 | 10.6 | 22.2 |
| 6 | 6 | QBR-B-T | Quebecor Inc Cl B Sv | 14.4 | 0.8 | 9.6 | 24.8 |
| 7 | 7 | TECK-B-T | Teck Resources Ltd Cl B | 14 | 9.6 | 2.8 | 26.4 |
| 8 | 8 | ECN-T | Ecn Capital Corp | 6 | 1.2 | 21.4 | 28.6 |
| 9 | 9 | CJT-T | Cargojet Inc | 6.4 | 16.8 | 5.4 | 28.6 |
| 10 | 10 | CTC-A-T | Canadian Tire Corp Cl A NV | 21.2 | 8.8 | 6.4 | 36.4 |
| 11 | 11 | MFC-T | Manulife Fin | 15.6 | 17.2 | 3.6 | 36.4 |
| 12 | 12 | CIGI-T | Colliers International Group Inc | 0.8 | 10 | 25.8 | 36.6 |
| 13 | 13 | ABX-T | Barrick Gold Corp | 20 | 3.2 | 13.6 | 36.8 |
| 14 | 14 | ATD-T | Alimentation Couche-Tard Inc. | 16.4 | 6.4 | 15.4 | 38.2 |
| 15 | 15 | WPM-T | Wheaton Precious Metals Corp | 12.4 | 6 | 20 | 38.4 |
| 16 | 16 | BMO-T | Bank of Montreal | 4.4 | 30.4 | 5 | 39.8 |
| 17 | 17 | AEM-T | Agnico Eagle Mines Ltd | 13.2 | 4.4 | 23.2 | 40.8 |
| 18 | 18 | ONEX-T | Onex Corp | 3.2 | 10.4 | 28.2 | 41.8 |
| 19 | 19 | TRP-T | Tc Energy Corp | 6.8 | 18.8 | 17 | 42.6 |
| 20 | 20 | BDGI-T | Badger Infrastructure Solutions Ltd | 2.8 | 13.6 | 26.4 | 42.8 |
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