Top 100 dividend stocks in Canada 2024
Use this ranking as a tool to help you identify the companies that offer the best investment potential now, based on yield, stability and value.
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By Michael McCullough on October 8, 2024
Estimated reading time: 3 minutes
By Michael McCullough on October 8, 2024
Estimated reading time: 3 minutes
Use this ranking as a tool to help you identify the companies that offer the best investment potential now, based on yield, stability and value.
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With the Bank of Canada having cut interest rates for the first time in four years in June, and twice again since, we may have reached an inflection point, according to market watchers. Dividend stocks, which have underperformed the past two years as interest rates rapidly rose, are poised to come into their own.
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High rates punish dividend payers in two ways, the theory goes. They lure capital towards safer interest-bearing assets such as bonds and guaranteed investment certificates (GICs) that now boast competitive yields. And they raise financing costs for dividend-heavy sectors that do a lot of borrowing, such as utilities, pipelines and real estate.
Once rates start to fall, though, dividend stocks tend to outperform other kinds of stocks. Their high yields start to look more attractive again compared to deposits and fixed income—raising the prospect of higher earnings multiples combined with high income yield as investors rotate back into the sector.
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.)
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Many dividend-seeking investors gravitate towards bank stocks—but these have taken a backseat in this year’s top 100. While scoring reasonably well on dividends and valuation, the bank stocks suffered from substandard stability scores relative to most Toronto Stock Exchange–listed dividend payers in 2023, notes Aman Raina, investing coach and founder of Sage Investors, who extracted the data. “The insurance companies, by contrast, show more balance in scoring. So, if you are looking for financial exposure, this subsector appears to have some decent upside.”
Another surprise in this year’s best dividend stock list was how well commodity-producing companies scored on all three criteria. “With potential for inflation and interest rates to fall, leading to potentially lower real rates, this could give the [materials and energy] space some legs for a run in 2024,” Raina says.
Depending on your own investment process, treat the list below as a source of ideas, to be augmented by more thorough due diligence, especially throughout 2024. Our screening does not account for qualitative factors such as the expertise of company management, consumer and/or technological trends, or risks associated with the countries in which the companies operate, for example.
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 | Stock name | Price (as of Nov. 30, 2023) | Dividend yield | Yield score | Stability score | Valuation score | Total score | Grade |
---|---|---|---|---|---|---|---|---|---|---|
1 | 1 | LIF-T | Labrador Iron Ore Royalty Corp. | $31.44 | 8.89% | 4.8 | 1.2 | 9.6 | 15.6 | A |
2 | 2 | AEM-T | Agnico Eagle Mines Ltd. | $72.85 | 2.95% | 4.4 | 10.4 | 8 | 22.8 | A |
3 | 3 | ERF-T | Enerplus Corp. | $21.55 | 1.55% | 10.8 | 12.4 | 1.4 | 24.6 | A |
4 | 4 | IMO-T | Imperial Oil Ltd. | $76.45 | 2.56% | 8.8 | 13.6 | 5.4 | 27.8 | A |
5 | 5 | AGI-T | Alamos Gold Inc. Class A | $20.11 | 0.68% | 2 | 3.6 | 23.4 | 29 | A |
6 | 6 | IAG-T | IA Financial Corporation Inc. | $90.61 | 3.26% | 13.6 | 15.6 | 4.2 | 33.4 | A |
7 | 7 | LUN-T | Lundin Mining Corp. | $9.40 | 3.87% | 4 | 16.4 | 14.6 | 35 | A |
8 | 8 | ABX-T | Barrick Gold Corp. | $23.84 | 2.29% | 2.4 | 4 | 29.8 | 36.2 | A |
9 | 9 | FM-T | First Quantum Minerals Ltd. | $11.11 | 1.85% | 0.4 | 29.2 | 6.8 | 36.4 | A |
10 | 10 | ENGH-T | Enghouse Systems Ltd. | $34.08 | 2.56% | 9.2 | 6 | 21.4 | 36.6 | A |
11 | 11 | CNQ-T | Canadian Natural Resources Ltd. | $90.61 | 4.44% | 5.6 | 18.8 | 12.6 | 37 | B |
12 | 12 | CVE-T | Cenovus Energy Inc. | $24.07 | 2.33% | 8.4 | 21.2 | 10 | 39.6 | B |
13 | 13 | MFC-T | Manulife Financial Corp. | $26.58 | 5.44% | 20.4 | 19.2 | 0.8 | 40.4 | B |
14 | 14 | RCH-T | Richelieu Hardware Ltd. | $43.00 | 1.39% | 9.6 | 12.8 | 18.4 | 40.8 | B |
15 | 15 | LNR-T | Linamar Corp. | $57.61 | 1.51% | 18 | 20 | 3 | 41 | B |
16 | 16 | TECK-B-T | Teck Resources Ltd. Class B | $51.12 | 0.99% | 8 | 22.8 | 10.4 | 41.2 | B |
17 | 17 | WPM-T | Wheaton Precious Metals Corp. | $66.35 | 1.22% | 14 | 3.2 | 26.2 | 43.4 | B |
18 | 18 | TIH-T | Toromont Industries Ltd. | $109.50 | 1.56% | 10.4 | 17.6 | 16.2 | 44.2 | B |
19 | 19 | WFG-T | West Fraser Timber CO Ltd | $98.42 | 1.51% | 3.2 | 8.8 | 32.4 | 44.4 | B |
20 | 20 | FRU-T | Freehold Royalties Ltd. | $13.93 | 7.64% | 18.8 | 12 | 14.8 | 45.6 | B |
21 | 21 | SU-T | Suncor Energy Inc. | $44.74 | 4.86% | 25.2 | 19.6 | 2.8 | 47.6 | C |
22 | 22 | WCP-T | Whitecap Resources Inc. | $9.38 | 7.74% | 30.4 | 15.2 | 2.4 | 48 | C |
23 | 23 | PAAS-T | Pan American Silver Corp. | $21.26 | 2.52% | 2.8 | 13.2 | 32.8 | 48.8 | C |
24 | 24 | ONEX-T | Onex Corp. | $91.79 | 0.43% | 15.2 | 27.6 | 7.4 | 50.2 | C |
25 | 25 | GIL-T | Gildan Activewear Inc. | $49.12 | 2.10% | 14.8 | 23.6 | 12.2 | 50.6 | C |
26 | 26 | MTL-T | Mullen Group Ltd. | $13.12 | 5.45% | 12 | 36 | 3.4 | 51.4 | C |
27 | 27 | CCL-B-T | CCL Industries Inc. Class B NV | $55.93 | 1.89% | 6 | 30.4 | 15.4 | 51.8 | C |
28 | 28 | WTE-T | Westshore Terminals Investment Corp. | $26.02 | 5.26% | 12.4 | 22.4 | 17 | 51.8 | C |
29 | 29 | X-T | TMX Group Ltd. | $29.30 | 2.51% | 17.2 | 14.8 | 20.2 | 52.2 | C |
30 | 30 | PXT-T | Parex Resources Inc. | $27.83 | 5.22% | 52 | 0.8 | 0.6 | 53.4 | C |
31 | 31 | SLF-T | Sun Life Financial Inc. | $68.52 | 4.32% | 20.8 | 24.4 | 9.4 | 54.6 | C |
32 | 32 | FNV-T | Franco-Nevada Corp. | $151.98 | 1.18% | 28.4 | 2.8 | 24.8 | 56 | C |
33 | 33 | NTR-T | Nutrien Ltd. | $72.58 | 3.90% | 22.4 | 24.8 | 10.8 | 58 | C |
34 | 34 | POU-T | Paramount Resources Ltd. | $26.72 | 5.78% | 50.8 | 5.6 | 2.2 | 58.6 | C |
35 | 35 | ATD-T | Alimentation Couche-Tard Inc. | $77.40 | 0.78% | 7.2 | 34.8 | 17.6 | 59.6 | C |
36 | 36 | MG-T | Magna International Inc. | $73.16 | 3.43% | 19.2 | 27.2 | 14.2 | 60.6 | C |
37 | 37 | HWX-T | Headwater Exploration Inc. | $7.10 | 5.70% | 51.2 | 1.6 | 9.2 | 62 | C |
38 | 38 | DPM-T | Dundee Precious Metals Inc. | $10.02 | 2.13% | 56.4 | 2 | 4.6 | 63 | C |
39 | 39 | MRU-T | Metro Inc. | $68.01 | 1.75% | 16.8 | 32.4 | 16 | 65.2 | C |
40 | 40 | IIP-UN-T | InterRent Real Estate Investment Trust | $12.09 | 2.92% | 29.6 | 4.8 | 31.2 | 65.6 | C |
41 | 41 | JWEL-T | Jamieson Wellness Inc. | $30.00 | 2.51% | 3.6 | 39.2 | 22.8 | 65.6 | C |
42 | 42 | SJ-T | Stella Jones Inc. | $78.12 | 1.17% | 14.4 | 37.6 | 14 | 66 | C |
43 | 43 | CP-T | Canadian Pacific Kansas City Ltd. | $97.69 | 0.78% | 16.4 | 29.6 | 20.6 | 66.6 | C |
44 | 44 | TFII-T | TFI International Inc. | $160.56 | 1.20% | 11.2 | 36.8 | 18.6 | 66.6 | C |
45 | 45 | FTT-T | Finning International Inc. | $34.51 | 2.92% | 34.8 | 26.8 | 5.6 | 67.2 | C |
46 | 46 | IFC-T | Intact Financial Corp. | $210.30 | 2.04% | 21.6 | 22 | 25.2 | 68.8 | C |
47 | 47 | CTC-A-T | Canadian Tire Corp. Cass A NV | $141.15 | 4.98% | 10 | 46.4 | 13.4 | 69.8 | C |
48 | 48 | STLC-T | Stelco Holdings Inc. | $44.11 | 3.75% | 54 | 7.6 | 8.6 | 70.2 | C |
49 | 49 | BTO-T | B2Gold Corp. | $4.58 | 4.67% | 52.8 | 6.4 | 11.8 | 71 | C |
50 | 50 | GWO-T | Great-West Lifeco Inc. | $43.37 | 4.76% | 31.2 | 23.2 | 18 | 72.4 | C |
51 | 51 | GSY-T | Goeasy Ltd. | $133.28 | 2.88% | 1.6 | 62 | 9.8 | 73.4 | D |
52 | 52 | DFY-T | Definity Financial Corp. | $36.97 | 1.45% | 58.4 | 8.4 | 7 | 73.8 | D |
53 | 53 | QBR-B-T | Quebecor Inc Class B SV | $30.11 | 4.04% | 0.8 | 66 | 8.4 | 75.2 | D |
54 | 54 | DOO-T | BRP Inc. | $83.80 | 0.76% | 6.8 | 64.8 | 3.8 | 75.4 | D |
55 | 55 | CNR-T | Canadian National Railway Co. | $157.46 | 2.03% | 15.6 | 40.4 | 20 | 76 | D |
56 | 56 | RUS-T | Russel Metals Inc. | $38.28 | 3.84% | 53.6 | 16.8 | 5.8 | 76.2 | D |
57 | 57 | SII-T | Sprott Inc. | $44.26 | 3.07% | 45.2 | 10.8 | 20.4 | 76.4 | D |
58 | 58 | WPK-T | Winpak Ltd. | $39.19 | 0.31% | 63.2 | 2.4 | 11 | 76.6 | D |
59 | 59 | MTY-T | MTY Food Group Inc. | $51.50 | 1.94% | 12.8 | 52.8 | 11.2 | 76.8 | D |
60 | 60 | CCA-T | Cogeco Communications Inc. | $52.09 | 6.56% | 19.6 | 55.6 | 1.8 | 77 | D |
61 | 61 | OGC-T | Oceanagold Corp. | $2.38 | 1.14% | 59.6 | 11.2 | 6.2 | 77 | D |
62 | 62 | ASTL-T | Algoma Steel Group Inc. | $11.42 | 2.31% | 56 | 9.6 | 12 | 77.6 | D |
63 | 63 | CPX-T | Capital Power Corp. | $36.90 | 6.24% | 29.2 | 44.4 | 5.2 | 78.8 | D |
64 | 64 | OR-T | Osisko Gold Royalties Ltd. | $19.88 | 1.20% | 36.4 | 14.4 | 28.6 | 79.4 | D |
65 | 65 | PSI-T | Pason Systems Inc. | $14.40 | 3.29% | 66.4 | 6.8 | 6.6 | 79.8 | D |
66 | 66 | TCL-A-T | Transcontinental Inc Cl A Sv | $11.12 | 7.92% | 40.4 | 33.2 | 6.4 | 80 | D |
67 | 67 | NA-T | National Bank of Canada | $89.92 | 4.26% | 20 | 52.4 | 7.8 | 80.2 | D |
68 | 68 | EMP-A-T | Empire Company Ltd. | $36.88 | 1.99% | 21.2 | 48.4 | 10.6 | 80.2 | D |
69 | 69 | TRI-T | Thomson Reuters Corp. | $189.58 | 1.43% | 38.8 | 18 | 23.6 | 80.4 | D |
70 | 70 | WCN-T | Waste Connections Inc. | $183.79 | 0.86% | 11.6 | 43.2 | 26 | 80.8 | D |
71 | 71 | EQB-T | EQB Inc. | $76.40 | 1.81% | 7.6 | 68.8 | 4.8 | 81.2 | D |
72 | 72 | KMP-UN-T | Killam Apartment REIT | $17.12 | 4.09% | 42.4 | 35.2 | 4 | 81.6 | D |
73 | 73 | ZZZ-T | Sleep Country Canada Holdings Inc, | $23.70 | 3.89% | 32 | 43.6 | 7.2 | 82.8 | D |
74 | 74 | TOY-T | Spin Master Corp. | $33.00 | 0.72% | 61.2 | 7.2 | 15.2 | 83.6 | D |
75 | 75 | SAP-T | Saputo Inc. | $26.38 | 2.84% | 41.2 | 26 | 16.8 | 84 | D |
76 | 76 | ARX-T | ARC Resources Ltd. | $21.64 | 2.89% | 63.6 | 18.4 | 3.6 | 85.6 | E |
77 | 77 | BDGI-T | Badger Infrastructure Solutions Ltd. | $40.96 | 1.71% | 22 | 40.8 | 23 | 85.8 | E |
78 | 78 | NWC-T | North West Company Inc. | $35.77 | 4.37% | 38.4 | 34.4 | 13.2 | 86 | E |
79 | 79 | TOU-T | Tourmaline Oil Corp. | $65.68 | 1.57% | 57.2 | 8 | 21 | 86.2 | E |
80 | 80 | CJT-T | Cargojet Inc. | $98.38 | 1.27% | 25.6 | 39.6 | 21.6 | 86.8 | E |
81 | 81 | VET-T | Vermilion Energy Inc. | $17.14 | 2.34% | 69.6 | 17.2 | 0.2 | 87 | E |
82 | 82 | POW-T | Power Corporation of Canada Sv | $37.55 | 5.46% | 28.8 | 44 | 14.4 | 87.2 | E |
83 | 83 | CRT-UN-T | CT Real Estate Investment Trust | $13.62 | 6.63% | 37.2 | 38 | 12.4 | 87.6 | E |
84 | 84 | FFH-T | Fairfax Financial Holdings Ltd. | $1,247.27 | 1.07% | 60 | 25.2 | 3.2 | 88.4 | E |
85 | 85 | STN-T | Stantec Inc. | $101.12 | 0.80% | 26.4 | 37.2 | 25 | 88.6 | E |
86 | 86 | FSV-T | FirstService Corp. | $212.94 | 0.58% | 18.4 | 42.8 | 27.6 | 88.8 | E |
87 | 87 | BAM-T | Brookfield Asset Management Ltd. | $47.51 | 3.54% | 54.4 | 0.4 | 35.2 | 90 | E |
88 | 88 | SRU-UN-T | SmartCentres Real Estate Investment Trust | $23.09 | 8.12% | 45.6 | 41.2 | 4.4 | 91.2 | E |
89 | 89 | CG-T | Centerra Gold Inc. | $8.31 | 3.37% | 54.8 | 5.2 | 31.4 | 91.4 | E |
90 | 90 | AOI-T | Africa Oil Corp. | $2.53 | 2.66% | 55.2 | 4.4 | 32.2 | 91.8 | E |
91 | 91 | L-T | Loblaw Companies Ltd. | $117.00 | 1.48% | 24.4 | 49.6 | 18.2 | 92.2 | E |
92 | 92 | PEY-T | Peyto Exploration & Development Corp. | $12.51 | 10.31% | 68.4 | 21.6 | 2.6 | 92.6 | E |
93 | 93 | PMZ-UN-T | Primaris REIT | $13.35 | 5.98% | 50.4 | 25.6 | 17.2 | 93.2 | E |
94 | 94 | MFI-T | Maple Leaf Foods Inc. | $24.13 | 3.37% | 13.2 | 46 | 34.4 | 93.6 | E |
95 | 95 | BTE-T | Baytex Energy Corp. | $5.23 | 0.44% | 61.6 | 31.6 | 1 | 94.2 | E |
96 | 96 | PPL-T | Pembina Pipeline Corp. | $45.39 | 5.93% | 35.2 | 40 | 19.6 | 94.8 | E |
97 | 97 | TD-T | Toronto-Dominion Bank | $82.74 | 4.67% | 24.8 | 56.4 | 13.6 | 94.8 | E |
98 | 98 | PBH-T | Premium Brands Holdings Corp. | $88.33 | 3.46% | 17.6 | 52 | 25.6 | 95.2 | E |
99 | 99 | LUG-T | Lundin Gold Inc. | $16.30 | 2.45% | 55.6 | 16 | 23.8 | 95.4 | E |
100 | 100 | QSR-T | Restaurant Brands International Inc. | $96.51 | 3.21% | 6.4 | 67.2 | 21.8 | 95.4 | E |
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Rank | Symbol | Stock name | Price (as of Nov. 30, 2023) | Dividend yield | Yield score | Stability score | Valuation score | Total score | Grade |
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Enbridge does not appear in top dividend stocks….why?
Thanks for your question. Enbridge scored 109th on the rankings, so it was in the middle range of companies. It was OK but not as well balanced as the other high scoring companies. While it scored high in terms of yield metrics, it was “weaker” in the profitability side, which carried a higher weighting. Remember, the rankings are not simply based on high dividend yields.