I see dividend growth investors asking for dividend calendars quite often. I have seen a few dividend calendars for US dividend stocks but haven’t really seen any for Canadian dividend stocks. Since it seems to be hard to find a Canadian dividend calendar, I figured I’d spend the time and create one myself.
Since there are many Canadian companies that pay dividends regularly, I want to narrow down the scope of the Canadian dividend calendar. With that in mind, I decided to take a look at the Canadian dividend all star list from DGI&R (Dividend Growth Investing & Retirement) and create the calendar based on the Canadian dividend all star list.
I then used Morningstar.ca and Dividend History to check for dividend payment months and tabulated the information in an Excel spreadsheet.
Note: For some reason I couldn’t get the latest all star list so I used the Feb 2021 list. It’s not be the latest version but I think it’ll do the job.
What are dividends
When a company makes profits, there are a few ways of sharing these profits with its shareholders. The company can reinvest the money in the business, try to grow the business, and reward its shareholders by increasing the share price. The company can also share part of the profit with shareholders via a cash distribution, or a dividend.
For dividend payments, companies usually pay out quarterly dividends. Some companies, like REITs, income trusts, pay out monthly dividends. There are also a few companies that pay out dividends semi-annually or annually.
To make things more confusing, although some companies pay dividends quarterly, these payments may not be exactly every three months. Occasionally companies may decide to pay dividends in a different quarterly interval. Most of the time, it’s due to tax reasons (i.e. defer Dec dividend payment to the new year).
What are ex dividend dates
As a dividend investor, here are some of the key dividend dates you want to pay attention to.
- Dividend Announcement Date: This is the date when a company formally announces how much dividends it will pay out. Dividends must be approved by the shareholders before they can be paid.
- Ex-Dividend Date: This can also be called the ex-date. The ex-dividend date or ex-date is the date that the dividend eligibility expires. For example, if the ex-dividend date is on October 8, someone that buys the stock on the ex-dividend date (i.e October 8) or after this date won’t be eligible to receive the dividends.
- Record Date: The record date is set one day after the ex-dividend date. This date helps the company to determine which shareholders are eligible to receive a dividend.
- Payment Date: This is the date when the company issues the dividend payment. This is when the dividend cash is credited to the investor’s account.
When it comes to dividends, many people get confused with the ex-dividend date. What is the ex dividend date? Let’s create an example, if a company declares the ex dividend date as Thursday, Oct 8, you need to purchase the stock before this date, not on this date to be eligible to receive the next dividend payment.
Why? The Securities and Exchange Commission (SEC) requires a trade to settle in two business days for a trade to settle (T+2). So when you purchase a stock, you technically don’t “own” the stock until three days later.
Canadian Dividend All Star List
There are currently 99 stocks on the Canadian dividend all star list and the dividend frequency (M = monthly, Q = Quarterly):
|Ticker||Company||Streak (Years)||Dividend Freq|
|TIH.TO||Toromont Industries Ltd||31||Q|
|CWB.TO||Canadian Western Bank||29||Q|
|ACO-X.TO||Atco Ltd., Cl.I,||27||Q|
|EMP-A.TO||Empire Company Ltd||26||Q|
|CNR.TO||Canadian National Railway||25||Q|
|CNQ.TO||Canadian Natural Resources||20||Q|
|TRP.TO||TC Energy Corporation||20||Q|
|CCL-B.TO||CCL Industries Inc.||19||Q|
|RBA.TO||Ritchie Bros. Auctioneers Inc||18||Q|
|CCA.TO||Cogeco Communications Inc.||17||Q|
|ADW-A.TO||Andrew Peller Ltd.||15||Q|
|XTC.TO||Exco Technologies Ltd||15||Q|
|BYD.TO||Boyd Group Services Inc.||14||Q|
|ENGH.TO||Enghouse Systems Limited||14||Q|
|BIP-UN.TO||Brookfield Infrastructure Partners LP||13||Q|
|TD.TO||Toronto Dominion Bank||10||Q|
|ATD-B.TO||Alimentation Couche-Tard Inc||11||Q|
|BEP-UN.TO||Brookfield Renewable Energy Partners LP||11||Q|
|MG.TO||Magna International Inc||11||Q|
|WCN.TO||Waste Connections Inc.||11||Q|
|AQN.TO||Algonquin Power & Utilities Corp.||10||Q|
|BNS.TO||Bank of Nova Scotia||10||Q|
|CM.TO||Canadian Imperial Bank of Commerce||10||Q|
|CTC-A.TO||Canadian Tire Corp Ltd A Nvtg||10||Q|
|EQB.TO||Equitable Group Inc||10||Q|
|EIF.TO||Exchange Income Corporation||10||M|
|GCG-A.TO||Guardian Capital Group Ltd.||10||Q|
|HDI.TO||Hardwoods Distribution Inc.||10||Q|
|MIC.TO||Sagen MI Canada Inc.||12||Q|
|RY.TO||Royal Bank of Canada||10||Q|
|TFII.TO||TFI International Inc.||10||Q|
|AP-UN.TO||Allied Properties REIT||9||M|
|BMO.TO||Bank of Montreal||9||Q|
|BAM-A.TO||Brookfield Asset Management Inc||9||Q|
|CAR-UN.TO||Canadian Apartment Properties REIT||9||M|
|FCD-UN.V||Firm Capital Property Trust||9||M|
|FN.TO||First National Financial Corp||9||M|
|WN.TO||George Weston Ltd||9||Q|
|L.TO||Loblaw Companies Limited||9||Q|
|BPY-UN.TO||Brookfield Property Partners L.P.||8||Q|
|CGI.TO||Canadian General Investments, Limited||8||Q|
|MAL.TO||Magellan Aerospace Corporation||8||Q|
|OTEX.TO||Open Text Corporation||8||Q|
|PBH.TO||Premium Brands Holdings Corp||8||Q|
|CPX.TO||Capital Power Corporation||7||Q|
|GWR.TO||Global Water Resources Inc.||7||M|
|INE.TO||Innergex Renewable Energy Inc.||7||Q|
|MFC.TO||Manulife Financial Corporation||7||Q|
|SGR-UN.TO||Slate Grocery REIT||7||M|
|CSH-UN.TO||Chartwell Retirement Residences||6||M|
|GWO.TO||Great-West Lifeco Inc.||6||Q|
|MFI.TO||Maple Leaf Foods Inc.||6||Q|
|POW.TO||Power Corporation of Canada||6||Q|
|QSR.TO||Restaurant Brands International||6||Q|
|QSP-UN.TO||Restaurant Brands International Partnership||6||Q|
|RAY-A.TO||Stingray Digital Group Inc.||6||Q|
|AEM.TO||Agnico Eagle Mines Limited||5||Q|
|BAD.TO||Badger Daylighting Ltd.||5||M|
|CP.TO||Canadian Pacific Railway Ltd||5||Q|
|H.TO||Hydro One Limited||5||Q|
|MRG-UN.TO||Morguard North American REIT||5||M|
|SVI.V||StorageVault Canada Inc.||5||Q|
|X.TO||TMX Group Limited||5||Q|
|WBR.TO||Waterloo Brewing Ltd.||5||Q|
It is nice to see that there are so many Canadian companies that have increased dividends for more than ten years. It’s also amazing that Canadian Utilities and Fortis have increased dividends for more than 40 years.
Canadian dividend calendar – Canadian dividend payout dates
As mentioned, I went through the 99 Canadian dividend all star list and used Morningstar.ca and Dividend History to check the dividend payment months and dividend payout dates. The payment months are recorded in an Excel spreadsheet to allow for an overall view.
What I found from this exercise:
- 18 Canadian dividend stocks pay out monthly dividends
- 81 Canadian dividend stocks pay out quarterly dividends
- Out of the 81 quarterly payers, 11 stocks pay out irregular quarterly dividends. These dividend stocks are – Sapputo (SAP.TO), Stella-Jones (SJ.TO), Tecsys Inc (TCS.TO), Alimentation Couche-Tard (ATD.B), Waste Connections (WCN.TO), Sagen MI Canada (MIC.TO), Loblaw (L.TO), Quecbecor (QBR.B), Restaurant Brand International (QSR.TO), Restaurant Brand International Partnership (QSR.UN), Waterloo Brewing (WBR.TO)
- One company, Power Corp (POW.TO) seemed to have different dividend distribution months over the last few years.
February is the month with the lowest number of companies paying out dividends. May, August, and November follow behind February closely in terms of a low number of companies paying out dividends. Funny enough, this seems to line up with our monthly dividend income trend.
The monthly dividends breakdown is as follow:
- January: 51 companies pay out dividends, including Canadian Natural Resources, TC Energy, Telus, TD, and Bank of Nova Scotia.
- February: 28 companies pay out dividends, including Emera, National Bank, Royal Bank, and Power Corp.
- March: 54 companies pay out dividends, including Canadian Utilities, Fortis, Atco, Enbridge, Intact Financial, Magna International, Waste Connection, and Sunlife.
- April: 53 companies pay out dividends, including CIBC, Algonquin Power & Utilities Corp, and Loblaw.
- May: 30 companies pay out dividends, including Cogeco, Dollarama, and Bank of Montreal.
- June: 55 companies pay out dividends, including Canadian National Railway, Canadian Tire, and Brookfield Renewable Energy Partners.
- July: 50 companies pay out dividends, including Empire, Imperial Oil, BCE, and Alimentation Couche-Tard Inc.
- August: 30 companies pay out dividends, including Waste Connections, SmartCentre REIT, and Keyera.
- September 54 companies pay out dividends, including Canadian Western Bank, Brookfield Asset Management, Open Text Corporation, and goeasy Ltd.
- October: 52 companies pay out dividends, including Saputo, Telus, and Premium Brands Holding Corp.
- November: 30 companies pay out dividends, including Metro, Enghouse Systems Limited, and Parkland Corporation.
- December: 53 companies pay out dividends, including Thomson Reuters, CCL Industries Inc, Exco Technologies Ltd, and Manulife Financial.
Canadian dividend calendar – Overview
Here’s an overview of the Candian dividend calendar.
|Toromont Industries Ltd||Y||Y||Y||Y|
|Canadian Western Bank||Y||Y||Y||Y|
|Atco Ltd., Cl.I,||Y||Y||Y||Y|
|Empire Company Ltd||Y||Y||Y||Y|
|Canadian National Railway||Y||Y||Y||Y|
|Canadian Natural Resources||Y||Y||Y||Y|
|TC Energy Corporation||Y||Y||Y||Y|
|CCL Industries Inc.||Y||Y||Y||Y|
|Ritchie Bros. Auctioneers Inc||Y||Y||Y||Y|
|Cogeco Communications Inc.||Y||Y||Y||Y|
|Andrew Peller Ltd.||Y||Y||Y||Y|
|Exco Technologies Ltd||Y||Y||Y||Y|
|Boyd Group Services Inc.||Y||Y||Y||Y|
|Enghouse Systems Limited||Y||Y||Y||Y|
|Brookfield Infrastructure Partners LP||Y||Y||Y||Y|
|Toronto Dominion Bank||Y||Y||Y||Y|
|Alimentation Couche-Tard Inc||Y||Y||Y||Y|
|Brookfield Renewable Energy Partners||Y||Y||Y||Y|
|Magna International Inc||Y||Y||Y||Y|
|Waste Connections Inc.||Y||Y||Y||Y|
|Algonquin Power & Utilities Corp.||Y||Y||Y||Y|
|Bank of Nova Scotia||Y||Y||Y||Y|
|Canadian Imperial Bank of Commerce||Y||Y||Y||Y|
|Canadian Tire Corp Ltd A Nvtg||Y||Y||Y||Y|
|Equitable Group Inc||Y||Y||Y||Y|
|Exchange Income Corporation||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y|
|Granite Real Estate Investment Trust||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y|
|Guardian Capital Group Ltd.||Y||Y||Y||Y|
|Hardwoods Distribution Inc.||Y||Y||Y||Y|
|Sagen MI Canada Inc.||Y||Y||Y||Y|
|Royal Bank of Canada||Y||Y||Y||Y|
|TFI International Inc.||Y||Y||Y||Y|
|Allied Properties REIT||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y|
|Bank of Montreal||Y||Y||Y||Y|
|Brookfield Asset Management Inc||Y||Y||Y||Y|
|Canadian Apartment Properties REIT||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y|
|Firm Capital Property Trust||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y|
|First National Financial Corp||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y|
|George Weston Ltd||Y||Y||Y||Y|
|Loblaw Companies Limited||Y||Y||Y||Y|
|Brookfield Property Partners L.P.||Y||Y||Y||Y|
|Canadian General Investments, Limited||Y||Y||Y||Y|
|Magellan Aerospace Corporation||Y||Y||Y||Y|
|Open Text Corporation||Y||Y||Y||Y|
|Premium Brands Holdings Corp||Y||Y||Y||Y|
|Capital Power Corporation||Y||Y||Y||Y|
|Global Water Resources Inc.||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y|
|Innergex Renewable Energy Inc.||Y||Y||Y||Y|
|Manulife Financial Corporation||Y||Y||Y||Y|
|Slate Grocery REIT||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y|
|Chartwell Retirement Residences||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y|
|Great-West Lifeco Inc.||Y||Y||Y||Y|
|Maple Leaf Foods Inc.||Y||Y||Y||Y|
|Power Corporation of Canada||Y||Y||Y||Y|
|Restaurant Brands Inc.||Y||Y||Y||Y|
|Restaurant Brands Partnership||Y||Y||Y||Y|
|Stingray Digital Group Inc.||Y||Y||Y||Y|
|Agnico Eagle Mines Limited||Y||Y||Y||Y|
|Badger Daylighting Ltd.||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y|
|Canadian Pacific Railway Ltd||Y||Y||Y||Y|
|Hydro One Limited||Y||Y||Y||Y|
|Morguard North American REIT||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y||Y|
|StorageVault Canada Inc.||Y||Y||Y||Y|
|TMX Group Limited||Y||Y||Y||Y|
|Waterloo Brewing Ltd.||Y||Y||Y||Y|
Since I wanted this post to be a resource for Canadian dividend investors, I have decided to share the master Canadian dividend calendar. It is also easier to work in the spreadsheet than looking at the table above. You can download the master spreadsheet here.
Building a dividend portfolio
It’s understandable that some dividend investors prefer receiving dividend income each month and prefer to build their dividend portfolio that way. It’s definitely a nice feeling to see dividend pay cheques deposited in your investment account each month.
If I take the 10 best Canadian dividend stocks that I selected, the monthly dividend payment would look something like this:
Only two companies, Royal Bank and National Bank, pay out dividends in February, May, August, and November. Since there are only ten dividend stocks, two of them have to be repeated.
If we want to have a different company logo for each month, we can add two companies that pay dividends on these four months. Looking at the list I’d pick Emera and Enghouse Systems and the Canadian dividend calendar would look something like this:
If you are looking to build your dividend portfolio, I’d suggest checking out these articles:
- How to start investing in dividend stocks
- How to start dividend investing with as little as $1,000
- Dividend FAQs
Some investors may want to get dividends each month. For those investors, you may want to take a look at the 13 Best Canadian monthly dividend stocks that I put together.
Summary – Canadian Dividend Calendar
This post has turned out a bit longer than I anticipated due to all the tables and information. I hope many of you will find this Canadian dividend calendar useful.
A word of caution, rather than focusing on receiving dividends each month, dividend investors should focus on investing high quality dividend paying stocks to pay safe and reliable dividends. Focus on the long term stability and growth of the dividends, rather than whether you get paid each month or not.
Please let me know if you find this information useful by leaving a comment or send me an email.
33 thoughts on “Canadian dividend calendar”
Great information for EU investors.
Fantastic info on canadian dividend stocks. Hope you keep updating the master spreadsheet. Thanks
Thanks Bob, for this great list here and the amount of work you’ve put into it.
It’s going to be of great help to me.
Very much appreciated!
You’re welcome, Claude.
Thanks Bob, this is a lot of your time spent to give a very clear picture of DIY and plan. Thanks again and keep it going.
You’re very welcome.
Can you explain the thinking of holding an ETF with for example, bank stocks in it and also purchasing bank stocks individually? If you have them in one, what is the benefit of “double dipping” instead of putting your money into something else?
Please see here – https://www.tawcan.com/canadian-bank-etfs/
Not sure if I understand what you meant by double dipping…
I’m sorry, I’ll be clear, is there a logic to owning a ETF with certain stocks in it but also owning the same individual stocks outside of an ETF?
Yes. For example we own XAW and individual stocks like Apple, Johnson & Johnson, P&G that are part of the XAW’s overall holdings.
I’m the same. I “double dip”. I own XAW and also own individual stocks like Johnson & Johnson, etc., that are held within XAW – XAW gives me much more diversification than I would ever be able to get trying to replicate its holdings. In Canada, it’s easier to avoid an ETF because replicating the Canadian market via individual stocks is much easier.
Thanks for compiling the list of Canadian dividend all-starts. I own many of them but the list has introduced me to a few I haven’t considered and need to research further. Dividend Daddy particularly appreciates the dividend calendar.
You’re very welcome. 🙂
Thanks much for this!
This is detailed! 🙂 Must have spent a lot of time making this chart, thanks.
I found an app called Dividend Predictor which has been helpful- however they have a subscription required. I am on the fence as to whether to pay $12 for one year but I think I will splurge, haha!
Scotia iTrade platform has dividend income projections embedded.
You’re welcome GYM. Yup spent a lot of time to put this together. I’ll take a look at Dividend Predictor.
Thanks for the list, Tawcan! It’s nice to know what companies pay each month. I’ve been looking for some new positions to add since it’s more difficult to find value lately. You have certainly given me a lot of stocks to consider. Enjoy your weekend!
You’re welcome Graham.
Thank you for this chart. It focuses on a gap in the information I find to increase my knowledge. Well done!
You’re welcome. 🙂
Dividend all-star list! That’s what the Internet’s been missing all along, Bob.
I haven’t dabbled in dividend investing at all, just the S&P 500 which pays dividends every quarter. I hope to get into the dividend investing game soon when I have a lot more capital and money to play around with. There’s just so many other kind of investing I want to do before I get in into it!
Bob, your posts are so well prepared and helpful! Since I always read it but never comment, I just wanted to say that I appreciate it very much! Kudos to you!
You’re very welcome.
Thanks for putting the list together Bob!
One suggestion: IMO you should change your list name to the “Canadian Dividend Growth Calendar” or to the “Canadian Dividend All-Star Calendar”.
The dividend companies covered in your list are actually Dividend Growers, ie; all have raised their dividend for at least 5 consecutive years per the CDASL you draw the companies from. Calling the list the “Canadian Dividend Calendar” is misleading as it doesn’t include the dozens of Canadian dividend paying stocks which still pay but have NOT raised for 5 consecutive years for various reasons.
Good point, I thought about calling it All-Start Calendar but decided not to to make it more generic.
Thanks, Bob! Wonderful list. Appreciate you putting the time! Now, if I can just have a way for Microsoft Excel to get the Ex-date and $ pulled automatically. I am not a fan of Google Sheet. If I can’t, I am planning on having it pulls the info from Questrade. We shall see how that works out.
You’re welcome. I’m not sure if there’s a way to pull ex-date and $ in Excel. There are probably add-ons to do that.
Great info! Super useful chart.
We have been T+2 since 2017 though.
Thanks for this. I have corrected the article.
Thanks so much Bob for sharing with us all these statistics / data concerning canadian dividends stocks. All these informations will help for sure a lot of people / investors. I have a lot of these company already into my portfolio ✓
You’re welcome. Hopefully this is helpful.