Canadian Top 10 Dividend Aristocrats for April 2025 

What Are Dividend Aristocrats?

The term dividend aristocrat in Canada is slightly different than in the United States. While south of the border, a dividend aristocrat has to have raised its dividend for 25 consecutive years, in Canada, that threshold is only five years.

Here are the exact requirements to be a Canadian dividend aristocrat:

1. Be listed on the Toronto Stock Exchange.
2. Be a constituent of the S&P Global BMI.
3. The company has increased dividends for at least five years. Within those five years, the company can maintain the same dividend for a maximum of two consecutive years.
4. The float-adjusted market capitalization must be greater than $300 million.

Unfortunately, being a Canadian dividend aristocrat is not as noble as it is in the United States. A five-year range for dividend growth is not a large enough sample size to ensure future dividend growth.

That said, many of the companies on the list have grown their dividends for much longer than five years. The list is a great place to start your research on Canadian dividend stocks, but always look more in-depth into the company and determine if future dividend growth is a likely outcome.

Top Canadian Dividend Aristocrats

1. Royal Bank of Canada

• Ticker Symbol: RY.TO
• Market Capitalization: $222.163 Billion
• 52-week trading range: 131.57 – 180.45
• Dividend Yield: 3.76%
• 1-Year Return: 18.82%
• P/E Ratio: 12.81

Royal Bank of Canada needs no introduction to Canadian investors. It is the largest consumer bank in Canada and the 10th largest investment bank in the world. With nearly 1,200 branches and over 15 million Canadian customers, RBC is the premier financial institution in our country.

As for the dividend, RBC has raised its distribution to shareholders for 13 consecutive years. More importantly, it has not decreased its dividend payout for 33 years, proving that it is more than worthy of being one of Canada’s top dividend aristocrat stocks to own.

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2. Fortis Inc

• Ticker Symbol: FTS.TO
• Market Capitalization: $32.423 Billion
• 52-week Trading Range: $51.02 – 67.52
• Dividend Yield: 3.81%
• 1-Year Return: 29.6%
• P/E Ratio: 19.95

Fortis is a utility company based out of St. John’s, Newfoundland, that operates across Canada, the US, the Caribbean, and Central America. It pales in comparison to other companies in the list in terms of market capitalization, but Fortis is one of the more popular dividend stocks among Canadian dividend investors.

Why is it so popular? Fortis has an impressive 50 consecutive-year streak of raising its quarterly dividend payout to shareholders.

3. Toronto-Dominion Bank

• Ticker Symbol: TD.TO
• Market Capitalization: $141.98 billion
• 52-week trading range: $73.22 – 87.99
• Dividend Yield: 5.18%
• 1-Year Return: 7.97%
• P/E Ratio: 17.17

Right on the heels of RBC is the Toronto-Dominion Bank. It is Canada’s second-largest consumer bank and has an ever-expanding footprint in the United States as well. TD has over 1,100 branches in Canada and over 14 million customers from coast to coast.

TD stock pays out a generous dividend yield of 5.18%.

4. Telus Inc

• Ticker Symbol: T.TO
• Market Capitalization: $30.631 Billion
• 52-week Trading Range: $19.10 – 23.43
• 1-Year Return: -1.97%
• Dividend Yield: 7.95%
• P/E Ratio: 30.19

Telus Inc., better known as Telus Canada, is one of the largest telecommunications companies in Canada, along with Rogers and Bell. All three of these make for good dividend investments in Canada. Telus has more than 18 million customers across its wireless, voice, and television products.

For the past several years, Telus has raised its quarterly dividend each year. Over that period, the dividend has grown at a CAGR of about 5.04%. Telus reported a 7.3% increase in cash flow in 2023, which is an excellent sign that the company will continue raising its dividend.

5. Enbridge Inc

• Ticker Symbol: ENB.TO
• Market Capitalization: $130.86 Billion
• 52-week Trading Range: $42.75 – $54.05
• Dividend Yield: 6.28%
• 1-Year Return: 35.54%
• P/E Ratio: 25.66

Enbridge is another popular dividend stock among Canadian investors due to its high yield and consistent dividend growth. It is Canada’s largest oil pipeline company by market capitalization, and its Enbridge transports about 65% of U.S.-bound Canadian production. Enbridge also operates over 38,000 kilometres of natural gas pipelines that span from Canada to the Gulf of Mexico.

The company’s strong, utility-like cash flows allow it to pay out some of the best dividends in Canada. Enbridge has raised its dividend for 28 consecutive years and has provided an annual total shareholder return (TSR) of about 12% since 2002.

6. Dollarama

• Ticker Symbol: DOL.TO
• Market Capitalization: $44.807 billion
• 52-week trading range: $74.36 – $103.96
• Dividend Yield: 0.26%
• 1-Year Return: +43.6%
• P/E Ratio: 38.88

With retail prices increasing across the board, Dollarama has benefited from consumers who are looking for cheaper options. Dollarama has been one of the best-performing stocks on this list over the past year and has seen a nearly 30% return.

While this list is focused on dividend-earning stocks, Dollarama is unique in that it has seen a rapid increase in stock price alongside a steady dividend.

7. National Bank of Canada

• Ticker Symbol: NA.TO
• Market Capitalization: $44.36 billion
• 52-week trading range: $105.43 – 141.15
• Dividend Yield: 4.02%
• 1-Year Return: +2.10%
• P/E Ratio: 10.43

The National Bank of Canada is often overlooked by investors as it is not one of Canada’s Big 5 banks. It is the sixth-largest commercial bank in Canada and operates primarily in the Province of Quebec. National Bank has over 2.6 million customers across Canada, with branches in most Provinces and Territories.

Earlier this year, the National Bank raised its dividend yet again, making it more than a decade of consistent annual dividend growth. Over the past ten years, the dividend has grown at a CAGR of about 9.4%. With a payout ratio of 40%, National Bank is well-equipped to continue raising its dividend for the foreseeable future.

8. First National Financial Corporation

• Ticker Symbol: FN.TO
• Market Capitalization: $2.451B
• 52-week trading range: $32.86 – 41.80
• Dividend Yield: 2.41%
• 1-Year Return: 3.45%
• P/E Ratio: 4.13

With 16 dividend increases since 2006, First National is a great option for those looking for stable, long term returns. The company operates in the financial sector, providing commercial and residential mortgages. First National is one of the largest mortgage brokers in Canada by market share.

First National had $137.8 billion in mortgages under their administration as of 2023. With the real estate market remaining an important part of Canada’s economy, dividend yields are projected to continue rising. 

9. Canadian Natural Resources

• Ticker Symbol: CNQ.TO
• Market Capitalization: $79.184 Billion
• 52-week trading range: $34.92 – 54.69
• Dividend Yield: 6.23%
• 1-Year Return: -28%
• P/E Ratio: 13.24

Canadian Natural Resources is one of Canada’s largest oil and gas companies that operates primarily in Western Canada and the prairies. It also owns energy assets in the UK, Africa, and across North America, giving it one of the most diversified energy portfolios in the world.

CNQ stock is also one of Canada’s top dividend aristocrat stocks. It has raised its quarterly dividend for 23 consecutive years with a staggering dividend CAGR of 21% over that period.

10. Canadian Apartment Properties REIT

• Ticker Symbol: CAR-UN.TO
• Market Capitalization: $6.37 Billion
• 52-week trading range: $37.28 – 56.71
• Dividend Yield: 3.95%
• 1-Year Return: -6.05%
• P/E Ratio: 22.68

The last stock on the list is a Real Estate Investment Trust or REIT. These are companies that own physical real estate and pay out a large chunk of their net income from rent to shareholders as distributions. In exchange, they do not pay any corporate income tax. Canadian Apartment REITs owns over 65,000 units in Canada and Europe, with an overall occupancy of more than 95%.

REITs are fantastic dividend stocks, and CAR is no exception. This REIT stock pays monthly dividends and has raised its distribution each year since 2011. Even at a time when Canadian residential real estate is on shaky ground, CAPREIT continues to pay out and grow its monthly dividends.

Pros of Investing in Dividend Aristocrats

Dividend aristocrat stocks come with nice dividend growth over time. But they also provide stability as they are usually mature companies that have a lot of free cash flow each year.

Adding to dividend aristocrat stocks can enable a steady growth to your portfolio when used with a DRIP system.

During times of market volatility, dividend aristocrat stocks tend to outperform growth stocks.

Cons of Investing in Dividend Aristocrats

If you are young, you should focus more on long-term capital appreciation. Dividend aristocrat stocks will not see major increases in stock price over time.

Dividends can get cut anytime, as we learned during the COVID-19 pandemic. Do not rely only on dividends for portfolio growth.

Five years is not a long enough period to forecast future dividend growth for Canadian stocks.

How To Buy Canadian Dividend Aristocrat Stocks in 2025

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Canadian Dividend Aristocrat Stocks

Note: All of these figures below are accurate as of 2024.

Should You Invest in Canadian Dividend Aristocrats?

Dividend investing can be a polarizing subject among investors. Ultimately, it will come down to your risk tolerance, investment goals, and investment horizon.

For younger investors, investing in Canadian dividend aristocrats might not be the best strategy. While you will surely be able to grow your portfolio over time, you are potentially missing out on investing in massive growth stocks instead.

Older investors looking for stability and income in retirement can rely on dividend aristocrat stocks to defend their capital.

Canadian Dividend Aristocrats ETFs

Given that nearly 80 dividend aristocrat stocks are in Canada, you might think it would be easier just to buy an ETF. Luckily, Blackrock has an ETF that tracks the Canadian dividend aristocrat stock index.

The iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) is the ETF that tracks that index the closest. Some of its top holdings include Great WestLife Co, Power Corporation of Canada, BCE Inc., and Enbridge Inc.

This ETF holds 90 Canadian dividend aristocrat stocks and pays out a monthly distribution yield of 4.04%. The MER for CDZ is 0.66%, which means for every $10,000 you have invested, you will pay $66.00 in annual fees.

Methodology

For Canadian investors with a low-risk appetite, dividend aristocrat stocks can be great additions to your portfolio. When choosing Canadian dividend aristocrat stocks, I usually look at the track record for dividend growth, as well as the total shareholder returns.

On top of that, it helps to look at the company’s payout ratio, which shows how much of its profit it pays out in dividends each year. Do not chase a high dividend yield, as consistent dividend growth over time is far more valuable.

FAQs