Top 100 dividend stocks of 2023

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.	1.2	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
21	21	EMP-A-T	Empire Company Ltd	11.2	21.6	11.8	44.6
22	22	GIL-T	Gildan Activewear Inc	19.2	20.4	6.6	46.2
23	23	WCN-T	Waste Connections Inc	18.4	3.6	24.8	46.8
24	24	ENGH-T	Enghouse Systems Ltd	22.8	6.8	17.6	47.2
25	25	IFC-T	Intact Financial Corp	13.6	21.2	12.6	47.4
26	26	TCN-T	Tricon Capital Group Inc	11.6	35.2	1	47.8
27	27	QSR-T	Restaurant Brands International Inc	23.6	5.2	19.6	48.4
28	28	FTT-T	Finning Intl	9.2	32.4	8.8	50.4
29	29	TIH-T	Toromont Ind	20.4	10.8	19.4	50.6
30	30	NA-T	National Bank of Canada	25.2	18.4	7.4	51
31	31	CCA-T	Cogeco Communications Inc	29.2	16	5.8	51
32	32	CCL-B-T	Ccl Industries Inc Cl B NV	26.8	7.6	16.6	51
33	33	IMO-T	Imperial Oil	33.2	12.8	5.2	51.2
34	34	X-T	Tmx Group Ltd	27.2	11.6	13.2	52
35	35	FSV-T	Firstservice Corp	12.8	14.8	25.2	52.8
36	36	TD-T	Toronto-Dominion Bank	26.4	19.2	7.2	52.8
37	37	SJ-T	Stella Jones Inc	28.8	12.4	11.6	52.8
38	38	CP-T	Canadian Pacific Railway Ltd	22	8.4	23	53.4
39	39	IAG-T	IA Financial Corp Inc	30.4	15.2	8.2	53.8
40	40	RUS-T	Russel Metals	8.4	44	1.6	54
41	41	ZZZ-T	Sleep Country Canada Holdings Inc	24.4	24.4	6.2	55
42	42	TFII-T	Tfi International Inc	32	12	12.4	56.4
43	43	PPL-T	Pembina Pipeline Corp	21.6	27.6	7.6	56.8
44	44	IGM-T	Igm Financial Inc	5.6	43.2	8.4	57.2
45	45	GEI-T	Gibson Energy Inc	2.4	38.8	16.2	57.4
46	46	POW-T	Power Corp of Canada Sv	24	24	9.4	57.4
47	47	BAM-A-T	Brookfield Asset Management Inc Cl A Lv	17.2	20	20.4	57.6
48	48	HBM-T	Hudbay Minerals Inc	0.4	40.4	17.2	58
49	49	TA-T	Transalta Corp	2	33.6	23.6	59.2
50	50	SLF-T	Sun Life Financial Inc	27.6	22	9.8	59.4
51	51	CWB-T	CDN Western Bank	26	30	4	60
52	52	L-T	Loblaw CO	17.6	25.2	17.4	60.2
53	53	FNV-T	Franco-Nevada Corp	10.4	26.8	23.4	60.6
54	54	BLX-T	Boralex Inc	3.6	32	27.2	62.8
55	55	RY-T	Royal Bank of Canada	31.6	22.4	10	64
56	56	CAR-UN-T	CDN Apartment Un	16	34.8	13.8	64.6
57	57	NWC-T	The North West Company Inc	20.8	32.8	12	65.6
58	58	ENB-T	Enbridge Inc	30	17.6	18.8	66.4
59	59	BTO-T	B2Gold Corp	7.6	44.8	14.2	66.6
60	60	SU-T	Suncor Energy Inc	7.2	55.2	4.4	66.8
61	61	CNR-T	Canadian National Railway Co.	30.8	15.6	20.8	67.2
62	62	RNW-T	Transalta Renewables Inc	4	38.4	25	67.4
63	63	DOL-T	Dollarama Inc	25.6	19.6	22.6	67.8
64	64	WPK-T	Winpak Ltd	53.2	0.4	14.4	68
65	65	WCP-T	Whitecap Resources Inc	9.6	57.6	1.4	68.6
66	66	NTR-T	Nutrien Ltd	10	56.4	2.4	68.8
67	67	RBA-T	Ritchie Bros Auctioneers Inc	28	22.8	18.2	69
68	68	TOY-T	Spin Master Corp	22.4	42	5.6	70
69	69	PBH-T	Premium Brands Holdings Corp	36.4	14.4	20.6	71.4
70	70	BNS-T	Bank of Nova Scotia	38.4	27.2	6	71.6
71	71	MTL-T	Mullen Group Ltd	5.2	55.6	11	71.8
72	72	ACO-X-T	Atco Ltd Cl I NV	56.8	4	11.4	72.2
73	73	CM-T	Canadian Imperial Bank of Commerce	34.8	31.2	6.8	72.8
74	74	GWO-T	Great-West Lifeco Inc	37.2	28.8	7.8	73.8
75	75	DOO-T	Brp Inc	12	51.6	10.4	74
76	76	EMA-T	Emera Incorporated	29.6	29.2	15.6	74.4
77	77	STN-T	Stantec Inc	31.2	20.8	24	76
78	78	SSRM-T	Ssr Mining Inc	14.8	48.8	13.4	77
79	79	FTS-T	Fortis Inc	32.8	26.4	18.4	77.6
80	80	LNR-T	Linamar Corp	55.6	14	9	78.6
81	81	MRU-T	Metro Inc	32.4	26	20.2	78.6
82	82	TRI-T	Thomson Reuters Corp	15.2	38	25.4	78.6
83	83	WTE-T	Westshore Terminals Investment Corp	40.4	23.2	15.2	78.8
84	84	ARX-T	Arc Resources Ltd	18.8	58.8	3	80.6
85	85	AQN-T	Algonquin Power and Utilities Corp	37.6	16.4	26.8	80.8
86	86	EFN-T	Element Fleet Management Corp	56.4	5.6	19.2	81.2
87	87	RCI-B-T	Rogers Communications Inc Cl B NV	23.2	39.6	18.6	81.4
88	88	T-T	Telus Corp	39.2	24.8	17.8	81.8
89	89	RCH-T	Richelieu Hardware Ltd	16.8	54.8	10.8	82.4
90	90	MG-T	Magna International Inc	53.6	13.2	16.8	83.6
91	91	CSU-T	Constellation Software Inc	4.8	52.8	26.2	83.8
92	92	VET-T	Vermilion Energy Inc	41.6	41.6	0.6	83.8
93	93	NPI-T	Northland Power Inc	36	36	12.8	84.8
94	94	KEY-T	Keyera Corp	38.8	34	12.2	85
95	95	WSP-T	WSP Global Inc	19.6	41.2	24.4	85.2
96	96	PKI-T	Parkland Fuel Corp	34.4	36.8	15	86.2
97	97	PAAS-T	Pan American Silver Corp	57.6	1.6	29	88.2
98	98	CSH-UN-T	Chartwell Retirement Residences	24.8	36.4	28	89.2
99	99	ASTL-T	Algoma Steel Group Inc	42	47.2	0.2	89.4
100	100	STLC-T	Stelco Holdings Inc	43.2	46.8	0.4	90.4

Note: All figures are accurate as of November 30, 2022.

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How to use the best dividends in Canada table

The “MoneySense best dividend stocks for 2023” ranking should be viewed as a starting point for your research of Canadian dividend-paying stocks, not the end. This review of dividend-paying companies that trade on the Toronto Stock Exchange aims to identify those that offer the best investment potential now, based on quantitative factors such as yield, stability and value. You may use this list to narrow the prospective investments worthy of additional research before deciding whether they deserve to be included in your portfolio.

Our ranking does not account for other important qualitative factors, like management or economic risks, that could seriously affect a company’s performance. These are important for making investment decisions for sure, but they require a more second-level analysis best done on a company-by-company basis. By the same token, a low ranking doesn’t necessarily mean a company is a bad investment or is at risk of cutting its payout, either.

If you decide owning dividend stocks is a core element of your investing ideology, you may need to develop a playbook that aligns with your goals and values. One of the key attributes of successful investors is that, regardless of ideology, they have a plan or a process for executing investment decisions and making sure they stick to their playbook. They list the actions they need to take for the various situations and move on those plays when necessary and ideal.

Making an investing playbook can help take out the emotion of making investment decisions. If you believe dividend-paying stocks are an appropriate vehicle for growing your savings, then you would need to develop some kind of methodology for identifying dividend-paying stocks that will have a high probability of delivering a consistent and growing stream of income. The methodology used to identify the top performing dividend stocks in Canada here can provide a foundation for building your playbook.

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Comments Cancel reply

jacques pageau says:

February 19, 2023 at 11:51 am

Maybe it’s just me but the table doesn’t down load properly.
It just keeps on spinning.

Reply
1. MoneySense Editors says:
  
  February 21, 2023 at 5:31 pm
  
  Hi Jacques, 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.
  
  Reply
FB says:

February 20, 2023 at 12:04 pm

please fix the greyed out table with loading symbol. Tried on 3 different browsers. Cant export too…

Reply
1. MoneySense Editors says:
  
  February 21, 2023 at 5:30 pm
  
  Hi FB, 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.
  
  Reply
Bernard Wentzell says:

February 20, 2023 at 1:26 pm

Why did you change your dividend all star format from prior years? Not impressed!

Reply
Lynn Hanson says:

February 21, 2023 at 10:50 am

I cannot make this chart work – either on-line, Excel or PDF. Any suggestions?

Reply
1. MoneySense Editors says:
  
  February 21, 2023 at 5:28 pm
  
  Hi Lynn, 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.
  
  Reply
Dawn says:

February 21, 2023 at 12:50 pm

For me the downloaded files do not contain anything other than titles.

Reply
1. MoneySense Editors says:
  
  February 21, 2023 at 5:27 pm
  
  Hi Dawn, 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.
  
  Reply
John Buitenbos says:

February 21, 2023 at 5:35 pm

Where is the column of current yields? All the stocks I see are at less than 2%, which is not attractive to anyone, as they are running at less than the current CPI.

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Thierry Asselin says:

February 21, 2023 at 8:07 pm

Would definitely add TOU on the list.

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Stephanie Beggs says:

February 22, 2023 at 7:18 pm

Wouldn’t this be an excellent opportunity to explain what the columns in this table are, and how they work instead of ending this article with a 3 paragraph disclaimer? If your purpose is to educate, please do so.

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1. MoneySense Editors says:
  
  February 23, 2023 at 10:36 am
  
  You can find the information you are looking for on the Methodology page here: https://www.moneysense.ca/save/investing/stocks/dividend-all-stars-methodology/
  
  Reply
Mary Lundeen says:

March 1, 2023 at 9:45 pm

I have been following this article since it first came out and have always found it to be informative and helpful. I am missing the A, B, and C tiers that you used to have or am I missing something?

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Steven Wolfe says:

March 13, 2023 at 5:34 pm

Where did CJR.B go? Last years’ rare “A” list all star to this years’ top dividend slasher! My “A” list:
1. MFC with yet another increase to $1.46/yr…~6%@ todays close
2. BNS with a massive $4.12/yr per $65 share payout~6%+ “……”
3. ENB with their 29th consecutive increase to $3.55/yr ~6.8%
….CJR.B? ~6%@$1.70 SP at todays close after cutting their div by 50%

Reply
Scouter Don says:

March 22, 2023 at 2:28 pm

Two issues with rankings.
When you sort by ranking the order comes out 1, 10, 11 … 19, 2, 20
Please clarify what you mean by a “low ranking”. Is 1 or 100 low?

Reply