TSX dividend stocks
Live delayed prices for the large TSX dividend payers, plus how the Canadian dividend tax credit, payout ratios and dividend growth streaks actually work for Canadian investors.
Canadian investors lean on dividends more than most, and the tax system is the reason: eligible dividends from Canadian corporations receive a dividend tax credit that can make them the most efficient form of investment income in a non-registered account. Foreign dividends get no such treatment.
Yield alone is a poor screen. A high yield often signals that the market expects a cut. The more useful checks are the payout ratio against free cash flow, the length of the dividend growth record, and whether the business is regulated or contracted — which is why utilities, pipelines, telecoms and banks dominate this list.
14 companies in this screen
Delayed or previous-close prices. Not investment advice.
Data last updated: (2 d ago)· Delayed exchange data
| Company | Symbol | Price | Change | Why it is here |
|---|---|---|---|---|
| EnbridgeTSX | ENB.TO | 68.14 CAD | −0.04(−0.06%)down | Pipeline operator with a long record of annual dividend increases. |
| TC EnergyTSX | TRP.TO | 86.01 CAD | −0.13(−0.15%)down | Regulated and contracted natural gas pipelines across North America. |
| BCETSX | BCE.TO | 30.90 CAD | −0.3(−0.96%)down | Telecom with a historically high payout ratio — worth checking against free cash flow. |
| TELUSTSX | T.TO | 12.31 CAD | −0.16(−1.28%)down | Telecom with a stated multi-year dividend growth programme. |
| Royal Bank of CanadaTSX | RY.TO | 284.45 CAD | −0.48(−0.17%)down | Largest Canadian bank by market capitalisation. |
| Toronto-Dominion BankTSX | TD.TO | 171.48 CAD | +1.11(+0.65%)up | Canadian and US retail bank. |
| Bank of Nova ScotiaTSX | BNS.TO | 131.63 CAD | −0.03(−0.02%)down | Canadian bank with significant Latin American exposure. |
| CIBCTSX | CM.TO | 161.03 CAD | +1.98(+1.24%)up | Domestically weighted Canadian bank. |
| FortisTSX | FTS.TO | 75.78 CAD | −0.44(−0.58%)down | Regulated utility with one of the longest dividend growth streaks in Canada. |
| EmeraTSX | EMA.TO | 69.03 CAD | +0.03(+0.04%)up | Regulated utility operating in Atlantic Canada and Florida. |
| Canadian UtilitiesTSX | CU.TO | 51.08 CAD | +0.14(+0.27%)up | Holder of the longest consecutive dividend increase record on the TSX. |
| Pembina PipelineTSX | PPL.TO | 66.51 CAD | −0.09(−0.14%)down | Midstream operator paying a monthly dividend. |
| Canadian Natural ResourcesTSX | CNQ.TO | 69.37 CAD | −1.46(−2.06%)down | Energy producer that has raised its dividend through multiple oil cycles. |
| Manulife FinancialTSX | MFC.TO | 62.06 CAD | +0.33(+0.53%)up | Insurer with Canadian, US and Asian operations. |
Frequently asked
- How are Canadian dividends taxed?
- Eligible dividends from Canadian corporations are grossed up and then reduced by the federal and provincial dividend tax credit, which typically leaves them taxed more lightly than interest income. Dividends inside a TFSA or RRSP are not taxed as received.
- What is a Canadian Dividend Aristocrat?
- An index construct for TSX companies that have raised their dividend for a set number of consecutive years. The label describes a track record, not a guarantee.
- Is a high dividend yield a good sign?
- Not by itself. Yield rises when the share price falls, so the highest yields on the TSX often belong to companies the market believes will cut.