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.
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 January 10th, 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. Brompton Lifeco Split Corp Class A - LCS.TO
Brompton Lifeco is a life insurance investment portfolio managed by Brompton Funds. This fund consists of roximately equal weigh of common shares of the four largest publicly-listed life insurance companies in Canada.
2. Capital Power Corp - CPX.TO
Capital Power is a growth-oriented power producer, headquartered in Edmonton, Alberta. They deliver reliable and affordable power today while building decarbonized power systems for tomorrow and creating real net zero power solutions for our customers. Currently, they own approximately 9,300 MW of power generation capacity at 32 facilities.
3. Whitecap Resources Inc - WCP.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 markets through three distinct business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.
4. Cogeco Communications Inc - CCA.TO
Cogeco provides 1.6 million residential and business customers with telecommunications services. Cogeco Communications Inc. provides Internet, video and phone services in Canada as well as in thirteen states in the United States.
5. 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 markets through three distinct business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.
6. Algoma Central - ALC.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 markets through three distinct business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.
7. Mullen Group Ltd - MTL.TO
Mullen Group is one of the largest logistics providers in North America. It is headquartered in Okotoks, Alberta, and it operates in Canada and the United States. They operate as a network of independently operated businesses and provide a range of services, including less-than-truckload, truckload, warehousing, logistics, and hauling services.
8. 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.
9. Aecon Group Inc - ARE.TO
Aecon Group is a construction company that works with private and public sectors to design and build structures in Civil and Urban Trasnportation as well as Nuclear, Utilities and Industrial sectors. Aecon focuses on priject development, financing, insvestment and management services within their projects.
10. 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 markets, crude 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.
11. 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.
12. 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.
13. 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.
14. Tree Island Steel Ltd - TSL.TO
Three Island Steel is a North American supplier of premium quality steel wire and wire products. It operates three steel production facilities in North America, including its flagship facility in Richmond, British Columbia. Their business focuses on the quality of their work and products, the responsiveness of their team, and a strong organizational culture.
15. Total Energy Services Inc - TOT.TO
Total Energy Services Inc is a diversified energy services supplier to the Canadian and international marketplace. Through their distinct business lines they can provide equipment and expertise for drilling, completion, production, transportation, oil and gas process equipment and natural gas compression needs.
16. Magna International Inc - MG.TO
Magna International Inc is one of the world’s largest suppliers in the automotive space. They have 179,000 employees and an organizational structure designed to innovate like a startup. Their global network includes 342 manufacturing operations and 104 product development, engineering and sales centres spanning 28 countries.
17. Sleep Country Canada Holdings Inc - ZZZ.TO
Sleep Country is one of Canada's largest mattress and bedding retailers. They have physical stores across Canada as well as an online store that can deliver anywhere in Canada. Founded in 1994 in Vancouver, British Columbia, the chain grew to include over 265 stores across Canada.
18. Transalta Corp - TA.TO
TransAlta Corporation focuses on electricity power generation and wholesale electricity marketing. It is headquartered in Calgary, Alberta, with 76 power plants operating in Canada, the United States, and Australia. Their vision is to become a leader in clean electricity generation committed to a sustainable future.
19. Ces Energy Solutions Corp - CEU.TO
CES Energy Solutions a leading provider of technically advanced consumable chemical solutions throughout the life-cycle of the oilfield. The Corporation’s two core businesses are drilling fluids and production and specialty chemicals which combined represent over 90 percent of the Corporation’s current revenue stream.
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 market chain. Empire Company has approximately $31.5 billion in annual sales with $16.5 billion in assets and employs around 131,000 people.