10 Best Canadian Dividend Aristocrat Stocks (February 2024)

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Here are 10 of the best Canadian dividend aristocrat stocks to consider adding to your portfolio in February:

1. Aecon Group Inc. (ARE)
2. Fiera Capital Corp. (FSZ)
3. Great-West Lifeco Inc. (GWO)
4. Chartwell Retirement Residences (CSH.UN)
5. BCE Inc. (BCE)
6. TC Energy Corp. (TRP)
7. Enbridge Inc. (ENB)
8. Power Corp. of Canada (POW)
9. Bank of Nova Scotia (BNS)
10. Canadian Imperial Bank of Commerce (CM)

1. Aecon Group Inc. (ARE)

Aecon Group Inc Logo

Aecon Group Inc

ARE
TSX

$14.18 CAD

  • -0.04
  • (0.28%)

Quote as of 02/28/2024

  • $878,461,824 CAD

    Market Cap

  • 27.34x

    Enterprise Value to EBITDA

  • 17.78x

    Forward PE

  • 5.19%

    Forward Annual Dividend Yield

Metrics as of 02/28/2024 10:00 ET


 

Aecon Group Inc. (ARE) is a top Canadian construction and infrastructure development firm.

Specializes in complex projects for public and private sectors.

Proven track record of delivering quality results.

Diverse project portfolio, expertise in transportation, mining, energy, and social infrastructure.

Solid financials with consistent revenue growth.

Generates strong cash flow for investing and dividends.

Founded 1877, over 140-year history of constructing Canada’s infrastructure.

Values: safety, integrity, collaboration, sustainability.

2. Fiera Capital Corp. (FSZ)

Fiera Capital Corp Logo

Fiera Capital Corp

FSZ
TSX

$7.98 CAD

  • +0.46
  • (6.12%)

Quote as of 02/28/2024

  • $790,404,608 CAD

    Market Cap

  • 9.65x

    Enterprise Value to EBITDA

  • 8.09x

    Forward PE

  • 10.42%

    Forward Annual Dividend Yield

Metrics as of 02/28/2024 10:00 ET


 

Fiera Capital Corp. (FSZ) has a reliable record of providing dividends to shareholders.

The company has a diverse range of assets and expertise in various investment strategies.

It offers solutions to both institutional and individual investors, tailored to their goals.

Fiera Capital integrates environmental, social and governance factors into its decisions, delivering financial returns while helping the environment and society.

3. Great-West Lifeco Inc. (GWO)

Great-West Lifeco Inc Logo

Great-West Lifeco Inc

GWO
TSX

$42.05 CAD

  • -0.40
  • (0.94%)

Quote as of 02/28/2024

  • $39,581,569,024 CAD

    Market Cap

  • N/A

    Enterprise Value to EBITDA

  • 9.41x

    Forward PE

  • 4.97%

    Forward Annual Dividend Yield

Metrics as of 02/28/2024 10:00 ET


 

GWO – Great-West Lifeco Inc. – is a reliable choice for dividend-seeking investors, since it has a long history of consistent dividend payments.

It has financial stability and a strong management team that have allowed it to keep dividend payments even through tough times.

Growth potential is also offered by GWO, as the company has successfully spread out its operations both domestically and internationally.

This diversification reduces risk and creates more opportunities for growth.

GWO is devoted to delivering value to its customers with innovative products and services.

This focus on the client has enabled the company to build up long-term relationships.

4. Chartwell Retirement Residences (CSH.UN)

Chartwell Retirement Residences Logo

Chartwell Retirement Residences

CSH.UN
TSX

$12.35 CAD

  • +0.01
  • (0.08%)

Quote as of 02/28/2024

  • $2,970,966,272 CAD

    Market Cap

  • 26.35x

    Enterprise Value to EBITDA

  • 1095x

    Forward PE

  • 1.65%

    Forward Annual Dividend Yield

Metrics as of 02/28/2024 11:05 ET


 

Chartwell Retirement Residences (CSH.UN) has a great history of paying out dividends to shareholders.

Its focus is on senior living communities, giving it an edge in this sector.

Chartwell operates more than 200 retirement residences throughout Canada.

It offers many services and amenities specifically tailored to seniors, ranging from independent living to personalized care.

Chartwell Retirement Residences aims to make life comfortable and supportive for its residents.

What sets Chartwell Retirement Residences apart is its commitment to quality and innovation.

It invests in modern facilities and is always looking for ways to improve the experience of its residents.

This forward-thinking attitude helps keep the company at the front of the senior living industry.

Plus, it stresses building strong relationships with its residents and their families.

It provides great customer service and works to make a community feel in each residence.

5. BCE Inc. (BCE)

BCE Inc Logo

BCE Inc

BCE
TSX

$50.42 CAD

  • -0.07
  • (0.14%)

Quote as of 02/28/2024

  • $46,060,716,032 CAD

    Market Cap

  • 8.03x

    Enterprise Value to EBITDA

  • 15.73x

    Forward PE

  • 7.66%

    Forward Annual Dividend Yield

Metrics as of 02/28/2024 10:50 ET


 

BCE Inc., a Canadian telecoms company, has a long history of paying out dividends, and offers both stability and income.

Plus, there’s potential for capital growth too.

This business has several divisions, including Bell Wireline, Bell Wireless, and Bell Media.

This diversification gives BCE a reliable source of income that backs its dividends.

Moreover, BCE has a large customer base and benefits from its expansive network.

BCE has consistently done well.

6. TC Energy Corp. (TRP)

TC Energy Corp Logo

TC Energy Corp

TRP
TSX

$53.39 CAD

  • +0.06
  • (0.11%)

Quote as of 02/28/2024

  • $55,329,341,440 CAD

    Market Cap

  • 13.13x

    Enterprise Value to EBITDA

  • 12.15x

    Forward PE

  • 6.98%

    Forward Annual Dividend Yield

Metrics as of 02/28/2024 09:45 ET


 

TC Energy Corp. (TRP) is a major player in the energy sector, and has a great track record.

The company transports natural gas, produces power and stores energy resources.

It has an immense pipeline network throughout North America, making it a main piece of the continent’s energy infrastructure.

TC Energy has a history of consistent dividend growth, making it attractive to those who want income.

Furthermore, its operations offer stability and protection from market changes.

Here are some more reasons to invest in TC Energy Corp.:

  • Its long-term contracts provide a reliable revenue stream.
  • Its strategic acquisitions and expansions increase its growth potential.
  • It is set up to take advantage of the demand for clean energy solutions, which will not only bring in money, but also help the global sustainability agenda.

7. Enbridge Inc. (ENB)

Enbridge Inc Logo

Enbridge Inc

ENB
TSX

$46.67 CAD

  • +0.02
  • (0.04%)

Quote as of 02/28/2024

  • $99,158,777,856 CAD

    Market Cap

  • 13.43x

    Enterprise Value to EBITDA

  • 15.55x

    Forward PE

  • 7.84%

    Forward Annual Dividend Yield

Metrics as of 02/28/2024 10:45 ET


 

Enbridge Inc. (ENB), with steady cash flows and a record of regular dividends, is a great opportunity in the energy sector.

It maintains a vast energy infrastructure network covering oil and gas pipelines, storage, and renewable energy projects.

This diverse portfolio brings in revenue from various sources, cushioning it against market dips.

The company has increased its dividend payout for 25 years, making it a reliable dividend-paying stock in Canada.

This shows management’s dedication to giving back value to shareholders and providing a consistent income stream.

Enbridge also prioritizes sustainability and eco-friendliness.

It’s transitioning to cleaner energy and cutting down its carbon footprint.

By investing in renewable energy projects and utilizing advanced technologies, Enbridge is gearing up for ongoing success in a changing energy landscape.

Pro Tip

When evaluating dividend aristocrat stocks like Enbridge Inc., you need to assess their future potential as well as past performance. Do your due diligence and evaluate if your investment meets your financial goals and risk tolerance.

8. Power Corp. of Canada (POW)

Power Corp of Canada Logo

Power Corp of Canada

POW
TSX

$38.91 CAD

  • -0.03
  • (0.08%)

Quote as of 02/28/2024

  • $25,643,548,672 CAD

    Market Cap

  • N/A

    Enterprise Value to EBITDA

  • 8.89x

    Forward PE

  • 5.39%

    Forward Annual Dividend Yield

Metrics as of 02/28/2024 11:05 ET


 

Power Corp. of Canada (POW) has a diversified portfolio, spanning financial services, renewable energy and communications.

Through strategic investments, resilience and adaptability to changing market dynamics, POW has created value for its shareholders and contributed to the economy.

The company was founded in 1925 by Arthur and Peter Laing.

It started as an insurance company and gradually expanded into finance and utilities.

By nurturing strong relationships with its subsidiaries, POW created a strong foundation for sustainable growth.

POW has a strong financial track record, consistent dividend payouts and commitment to sustainability.

9. Bank of Nova Scotia (BNS)

Bank of Nova Scotia-The Logo

Bank of Nova Scotia-The

BNS
TSX

$65.08 CAD

  • -0.82
  • (1.24%)

Quote as of 02/28/2024

  • $80,005,242,880 CAD

    Market Cap

  • N/A

    Enterprise Value to EBITDA

  • 9.44x

    Forward PE

  • 6.5%

    Forward Annual Dividend Yield

Metrics as of 02/28/2024 10:10 ET


 

Bank of Nova Scotia, otherwise known as Scotiabank, has an impressive record of dividend payments.

The bank’s success over the years has made it a leader in the Canadian banking industry.

Its global reach and different business divisions make it resilient even during tough times.

Besides its dividend history, Scotiabank stands out due to its dedication to innovation and technology.

By taking on digital transformation, the bank is continually adjusting to customer needs and market shifts.

Investing in Bank of Nova Scotia not only brings attractive dividends, but also makes you part of a reputed organization that continuously delivers value.

With its capability to go through economic uncertainties and drive growth, Scotiabank is a desirable option for dividend-focused investors.

10. Canadian Imperial Bank of Commerce (CM)

Canadian Imperial Bank of Commerce Logo

Canadian Imperial Bank of Commerce

CM
TSX

$62.83 CAD

  • -0.06
  • (0.10%)

Quote as of 02/28/2024

  • $58,491,437,056 CAD

    Market Cap

  • N/A

    Enterprise Value to EBITDA

  • 9.16x

    Forward PE

  • 5.74%

    Forward Annual Dividend Yield

Metrics as of 02/28/2024 10:05 ET


 

Canadian Imperial Bank of Commerce (CM) often shows solid financial performance and pays out regularly, making it an attractive option.

Plus, the bank has a good record of upping dividends over time, giving stability and potential for capital growth.

CIBC has a diversified model, operating in various areas such as personal banking, business banking, wealth management, and capital markets.

This reduces risks from any one sector.

Investors should assess CM’s financial health and stability.

Criteria like earnings growth, return on equity, and debts can give insight into its performance.

It’s also good to monitor industry trends and the competitive landscape; this can help investors predict CM’s future growth.

Overall, CIBC is a strong contender amongst the top Canadian dividend aristocrat stocks.

What is a Canadian Dividend Aristocrat?

Canadian Dividend Aristocrats are companies that, amongst other criteria, have increased their dividend payout for at least five consecutive years.

This criterion ensures only the most financially stable and well-managed companies make it into this exclusive group.

Investors get reliable income from these companies as they have a proven track record of generating steady cash flows.

How Many Canadian Dividend Aristocrat Stocks Are There?

The amount of Canadian Dividend Aristocrat stocks can change. These stocks are known for consistent dividend payments and good financial performance.

Most recently, there were about 100 stocks on the TSX that met the criteria of a Canadian Dividend Aristocract.

These stocks come from various sectors like

  • Companies have a history of increasing dividend payouts, which indicates commitment to shareholders and potential future growth.
  • Investing in different Dividend Aristocrat stocks can help diversify a portfolio and reduce risk.
  • Also, reinvesting dividends into buying more shares can help with compounding growth over time.

    Is there a Canadian Dividend Aristocrat ETF I Can Buy?

    When it comes to Canadian Dividend Aristocrat ETFs, investors have lots of choices.

    These exchange-traded funds are made to follow a basket of Canadian companies that have regularly raised their dividend payouts.

    Not only do these ETFs offer a simple way for investors to get access to a diversified portfolio of dividend-paying stocks, but they also give the possibility for long-term capital appreciation.

    One well-known Canadian Dividend Aristocrat ETF is the iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ).

    This ETF looks to replicate the performance of the S&P/TSX Canadian Dividend Aristocrats Index, which includes companies that have a record of increasing their dividends for at least five straight years.

    Investing in CDZ gives investors exposure to different sectors and industries within the Canadian market and the consistent income provided by dividend-paying stocks.

    Another option is the BMO Canadian Dividend ETF (ZDV).

    This ETF looks to give exposure to high-quality dividend-paying stocks in Canada.

    It follows the performance of the Dow Jones Canada Select Dividend Index and gives investors access to a diversified portfolio of established companies with strong records of paying dividends.

    ZDV offers investors the chance to benefit from both income production and long-term growth opportunities.

    Frequently Asked Question

    • What are Canadian Dividend Aristocrat stocks?
    • Why should I consider investing in Canadian Dividend Aristocrat stocks?
    • What are the risks associated with investing in Canadian Dividend Aristocrat stocks?
    • Are Canadian Dividend Aristocrat stocks suitable for all investors?
    • How can I buy Canadian Dividend Aristocrat stocks?
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