List of Best Dividend Stocks in Canada
What You Should Know
- A dividend-paying stock pays a certain amount of money to a shareholder periodically.
- Shareholders usually vote during shareholders' meetings on the amount and date of a dividend payout.
- The dividend yield is the ratio of the last dividend payment to the current price of a stock.
- A high dividend yield does not necessarily mean that a stock is a good investment because the price of a stock may decrease before the dividend cut is announced.
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What Is a Dividend?
A dividend distributes a company’s profits to dividend-paying shares. A dividend-paying share is a stock that pays a certain amount of money to every shareholder for each share they hold. A dividend is usually a small fraction of the share price, meaning that the amount paid off can be written as a fraction of the share price. A shareholder can receive a dividend on a stock they hold if they don’t sell it before the dividend payout date. Some online trading platforms offer dividend reinvestment plans (DRIP) which automatically reinvests dividend into more shares.
Many shares do not have a fixed dividend. A dividend may be cut if a company doesn’t earn enough money. A dividend cut may lead to a lower price of a share. Because of the lower price, the dividend yield may look high temporarily, but it will decrease once the dividend cut is announced. An extremely high dividend yield does not indicate a good investment.
20 Highest Dividend Stocks in Canada
The information about the stocks has last been updated on October 9, 2024.
A high-dividend stock does not mean that it is a good investment. It is important to be aware of the business activities and risks involved in investing in that type of business before buying their stock. The following list provides 20 stocks and ETFs with some of the highest dividend yields currently available.
1. Global Dividend Growth Split Corp - GDV.TO
Global Dividend Growth Split Corp. by Brompton Funds is an actively managed portfolio of lobal large capitalization companies that focus on dividend growth. This portfolio includes companies from 8 countries located in North America, Europe and Asia. A large allocation includes the following sectors: Financials, IT, Healthcare, Industrials and Consumer Staples.
2. Cogeco Inc - CGO.TO
Cogeco provides 1.6 million residential and business customers with telecommunications services. It is a parent company that holds Cogeco Communications Inc. and Cogeco Media. Cogeco Communications Inc. subsidiary provides wireless services in Canada and 13 US States. Cogeco Media owns and operates 21 radio stations and a news agency.
3. Wajax Corp - WJX.TO
Wajax Corp is Canada’s longest-standing and most diversified industrial products and services providers. They operate an integrated distribution system providing sales, parts and services to a broad range of customers in diverse sectors of the Canadian economy. Wajax Corp currently has over 120 branches, 3000 employees and 32,000 customers.
4. Power Corp of Canada - POW.TO
Power Corporation is an international management and holding company that rovides financial services in North America, Europe and Asia. Their services focus on insurance, retirement, wealth management and investment businesses. Their goal is to create a long-term value for their stakeholders.
5. Capital Power Corp - CPX.TO
Capital Power is a growth-oriented power producer, headquartered in Edmonton, Alberta. They deliver reliable and affordable power, build decarbonized power systems and create real net zero power solutions. Currently, they own approximately 9,300 MW of power generation capacity at 32 facilities.
6. Cogeco Communications Inc - CCA.TO
Cogeco Communications Inc. is a subsidiary of Cogeco, and it provides Internet, video and phone services in Canada as well as in thirteen states in the United States. It uses Cogeco Connexion, oxio and Breezeline brand names for their services.
7. Algoma Central - ALC.TO
Algoma provide sustainable mode of transporting dry and liquid bulk cargo to their customers. They currently have 86 ships in their fleet with 17 ships under construction. They have 1600 employees operating all over the world with 125 years of established history.
8. AGF Management Ltd - AGF-B.TO
AGF Management Limited is an asset management firm that was founded in 1957. Their companies deliver excellence in investing in the public and private through three distinct business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.
9. Suncor Energy Inc - SU.TO
Suncor Energy produces and supplies energy that is safe, reliable, cost-efficient, and environmentally responsible. Their business focuses on producing oil from oil sands, exploration of international energy oil refining, low-carbon power production, renewable fuel investments, supply and trading, and operating Petro-Canada gas stations. Suncor Energy has four pillars of focus: employees, reliability, process and personal safety management, and environmental excellence.
10. Total Energy Services Inc - TOT.TO
Total Energy Services Inc is a diversified energy services supplier to the Canadian and international customers. They offer services with equipment and expertise for drilling, completion, production, transportation, oil and gas process equipment and natural gas compression needs.
11. National Bank of Canada - NA.TO
National Bank is the 6th largest bank in Canada and the leading bank in Quebec. They have made a series of ESG commitments to demonstrate their dedication to the well-being of future generations. They provide a variety of services for personal and business clients, and they also provide wealth management services.
12. Royal Bank of Canada - RY.TO
Royal Bank of Canada RBC is one of the 6 largest Canadian banks. It operates multinationally with a focus on North America and Canada in particular. The bank serves over 20 million clients and has more than 100,000 employees worldwide. It provides a wide range of services including personal and business banking, loans, incsurance and investment services.
13. Secure Energy Services Inc - SES.TO
SECURE provides waste management solutions to a diverse group of customers. Their services provide Waste Management Facilities, Industrial Landfills, Pipeline Operations, Metals & Mining, and Specialty Chemicals, Energy Infrastructure including Blending & Facility Supply and Trading & Storage. They provide Waste management with 75+ waste management facilities strategically located across western Canada and North Dakota.
14. IA Financial Corp Inc - IAG.TO
iA Group is one of the largest insurance and wealth management groups in Canada that offers financial services that include insurance, savings, retirement, and loan products for individuals and businesses. It has $207.8 billion in assets, more than 4 million clients, over 9,000 employees, and more than 50,000 representatives.
15. BMTC Group Inc - GBT.TO
BMTC Group manages and operates one of the largest furniture, appliance and electronics retail networks in Quebec. Their corporation is governed by the Business Corporations Act Quebec and are listed on Toronto Stock Exchange.
16. CDN Western Bank - CWB.TO
Canadian Western Bank provides expert advice and specialized financial services such as business and personal banking and wealth management. The bank offers specialty banking services for small and medium-sized companies with a focus on general commercial, equipment financing, construction financing, commercial real estate financing, real estate construction and project financing, equipment financing, and leasing.
17. Mty Food Group Inc - MTY.TO
MTY Food Group has been delivering quick service and casual dining experiences for over 40 years. It controls over 90 brands in over 40 countries with over 7,100 locations worldwide. MTY strives to provide quality food from a diverse group of cuisines and develop innovative concepts to serve people all over the world.
18. Urbana Corp - URB.TO
Urbana is an asset management company in Toronto that was founded in 1947. It has a small team with nine upper-management employees. Apart from providing asset management services, they also provide their market thoughts and a podcast about current market conditions.
19. Canadian National Railway Co. - CNR.TO
Canadian National Railway is a leading North American transportation and logistics company. The CN team of around 23,971 employees transports more than $250 billion in goods annually. CN railway network of approximately 18,600 miles spans across Canada and mid-America. The company earned $17.9 billion in revenues and a 59.9% operating ratio in 2022.
20. Empire Company Ltd - EMP-A.TO
Empire Company Limited is a Canadian conglomerate that focuses on food retail and corporate investments. It was founded in 1963 and is headquartered in Stellarton, Nova Scotia. It owns the Sobeys Company, it has $31.5 billion in annual sales with $16.5 billion in assets, and it employs around 131,000 people.
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