Canadian Dividend All-Star List

The Canadian Dividend All-Star List is comprised of Canadian companies that have increased their dividend for 5 or more calendar years in a row. I used the dividend record date to determine the length of streaks. Each month I update the excel spreadsheet which can be downloaded below.

IMPORTANT CLARIFICATION: Sometimes there is confusion with readers thinking that this list contains my stock recommendations. This is not true. I created the list as an information source for dividend investors. The criteria to be on the list is based on the number of years the dividend has increased, it is not based on whether I think the stock is a good investment. Think of this list as a good starting point if you are looking for potential Canadian dividend growth candidates, not my personal stock recommendations.

Download the Canadian Dividend All-Star List here:

I’ve also included a Google Docs list of all the companies in the list with their streak length, but the excel spreadsheets provided above have a lot more information like the dividend yield, average highest yield for 3, 5 and 10 years, the past 10 years worth of dividends, and lots of other stock information.

How and why the Canadian Dividend All-Star List was created

Prior to starting this blog I did some research on how to make a blog and what I took away as the most important piece in creating a successful blog was to provide valuable content to your readers. Now you may be thinking, well obviously! And while this may seem obvious, it can be hard to put into practice on a regular basis. One way I plan to provide valuable content to my readers is by creating the Canadian Dividend All-Star List and updating it monthly.

I read a lot of different finance blogs on a regular basis, and it took me awhile to figure out how I was going to differentiate myself. After a month or so, I came up with the idea to provide the Canadian Dividend All-Star List. When I screen US dividend paying companies I use David Fish’s US Dividend Champions excel file. The file contains over 10 years of dividend history for companies that have raised their dividend for more than 5, 10 and 25 years in a row as well as regular stock information (share price, P/E, EPS, P/B, etc). This file is incredibly useful, especially when starting to screen for stocks. [David Fish’s US Dividend Champions List can be downloaded here.] Until February 2013 there was no Canadian equivalent. Enter the Canadian Dividend All-Star List. The Canadian Dividend All-Star List is comprised of Canadian companies that have increased their dividend for 5 or more calendar years in a row. I used the dividend record date to determine the length of streaks.

With limited spare time it took me about a month to compile all the data. There is no quick or easy way to get the annual dividend history for more than a decade for what started with 43 companies. Now that I have this information it should be less time consuming to update the file. I plan on updating the file on a monthly basis. A new version should come out at the beginning of each month.

It is my hope that you find the Canadian Dividend All-Star List useful and it helps you with your dividend growth strategy. While I certainly don’t expect donations, I do appreciate them. To create and update this file takes a lot time and effort, so donations are always welcome. You can use the donate button below or the Donation page.


Now for a few disclaimers, the first of which will be accuracy of the information. While I have tried my best to provide accurate information, I am subject to human error. Finding the dividend history to four decimal places can be difficult when looking at older payments and considering splits and rounding. The file contains a mix of information pulled from Yahoo! Finance and data I entered manually. Data entered by myself has come primarily from the company’s investor relations website, or their annual reports. The annual reports were taken from the company website or In the few instances where I was unable to find the dividend history from the company website or the annual report, I used TMX, Yahoo! Finance, Morningstar or Google Finance and compared the information. Some of the stock information is pulled directly from Yahoo! Finance, and while I am assuming it to be correct, I have not confirmed this. As you can see I have tried my hardest to provide accurate information, but I cannot guarantee the accuracy of the information. You have been warned.

Now for the second disclaimer: The intended use of the Canadian Dividend All-Star List. I am happy to share this information to as many individual investors as possible for free, but this list is not intended to be used for commercial use, unless you have received written permission by me.

If you have any suggestions on how to improve the Canadian Dividend All-Star List, please don’t hesitate to contact me or leave a comment on this page.

237 comments to Canadian Dividend All-Star List

  • terry chard

    very good thanks for the work

  • Dale

    Hi Michael, this a great site and I really appreciate all the work that you have put into it!



  • Guy Lachapelle

    Thanks for providing this list, I am just getting familiar with Dividend based investing. At the moment I am just educating myself. Could you provide a description of all the columns? (e.g. +/- % vs Graham, TTM P/E, etc..)

  • Mat

    This is great…i have been wanting such a list for some time now, but never had the time to compile it. Thanks so much for taking the time to develop this!

  • Matt

    Thanks for your effort in this. Do you accept donations in Bitcoin?

  • Michael,
    Thanks a lot for the list. It seems that Canada is one of very few countries with good dividend traditions and your list is very valuable for investors. I hope it become as popular as David Fish’s list.

    • Thanks for the comment. If my list gets close to as popular as David Fish’s I’ll be very happy. His list is a bit more detailed than mine at this point, but it’s always good to have something to strive for.

  • Michael,
    If you still in Australia and have time it seems worth to make their All-Star List. There are several good dividend payers.

    • Yeah I’m still in Australia, but I’ll be heading over to South-East Asia shortly. I should be back in Canada in August. When I first arrived in Australia I started looking at Australia companies. You can take a look at the Pan Pacific list:—p-rpa—. They cover companies that have increased dividend for 7 or more consecutive years in the S&P Pan Asia Broad Market Index (BMI). I couldn’t find a list that catered to Australia only companies, but a few Australia companies are covered in the Pan Pacific list.

      I’m basically living out of a van while I travel around, so it’s hard to find decent Internet time. I don’t think I’ll have time to do an Australian list and maintain it.

  • R. Albert

    This list/blog is really useful and I truly appreciate the effort to collect the info as it takes inordinate amount of time and your generosity to share it with others.

    May you prosper more than ever!

    Thank you very much!

  • jw.

    This is fantastic: this sort of analysis is exactly what I’ve been looking at doing myself. Thank you and great work.
    (One side note: special dividends cause a massive skew on the payout ratios. Not sure if this is something worth excluding or separating from your analysis.)

    Thanks again for this. Once I get my portfolio out of the disaster it’s currently in, I’ll be sure to drop you a donation.

    PS – If you’d like any VBA coding to help pull in the data from Y!, fire me a message.

    • Glad to here you like the site. I might have to take you up on the VBA coding help. Right now I just use someone else’s template that I downloaded to get the information from Yahoo Finance. I didn’t actually do any VBA coding myself, because I don’t know how. I’m pretty good with excel, but I have no experience with Visual Basic. It’d be nice to get a bit more automated information out of Yahoo Finance.

      The Canadian Dividend All-Star List basically ignores all special dividends, so the payout ratios you see in the excel file only use regular dividends. I’ve considered adding in some more columns or another row for special dividends, but this is likely a long ways off. Getting the accurate dividend history for multiple companies takes quite a long time, so it will probably be awhile before the list shows special dividends.



  • CK1985

    Thank you for sharing these sheets. This will save a ton of time researching DRIPs

  • Dude, thanks for this list. So much great info on US dividend stocks, but little on CDN ones. I have been looking for this list for a while now.

    That you have it in spreadsheet form is amazing. Thanks for your efforts

  • Jeremy

    Excellent list! Very well researched and thoroughly detailed. Keep up the amazing work!!! I really appreciate your efforts.

  • Peter

    Michael, your blog — which I recently discovered — fills a void that I didn’t expect would get filled, except perhaps, eventually, on a commercial basis. It’s especially nice seeing the small cap stocks, several of which are favorites of mine. Big thanks.

  • JIM

    i have a book on investing by graham .. the intelligent investor
    but i am unsure as to how to interpert the graham number you have assigned to each stock , and i do not know how to calculate this number any help would be appreciated

  • This is a great resource! Any chance you could include share buyback information?

  • Zack A.

    Great work. Thanks. In your opinion, how important is the debt ratio?

  • Tom & Patricia

    Just discovered your web site. It looks like a labor of love. Nice job. I have been watching Parkland Fuel lately. Unless I missed it I did not see them on your list. I took a position with BMO several months ago and am very happy with the results.

  • Found your site as a link from Dave Fish`s Div. Champions site. Thank you for putting this together. I`ve been having difficulty finding Canadian stocks and this gives me a Great starting point.

  • karly

    Thank you. Thank you. Thank you. LOVE that you’re sharing your great spreadsheets and strategies. Thank you!

  • Leslie

    I looked at your JAN 01 2014 spreadsheet, ran my eye down the yield column and noticed MKP, with a yield of 8.62% and a streak, according to the streak column, of 10 years. I then found MKP’s website and this page in particular: According to MKP, it paid interest dividends totalling $1.80 in 2011, $1.36 in 2012 and $1.15 in 2013. It also paid a capital gain dividend of $0.05 in 2012.

    I must be misunderstanding something about your spreadsheet.

    Can you please explain why you give the company a streak of 10 years?

    • The company pays out a regular dividend and then once a year they have an special dividend that is usually recorded on top of the regular dividend. The special dividend fluctuates from year to year which is why the totals fluctuate. My list ignores the special dividends. I used old annual reports on to determine the streak. The website doesn’t have the entire dividend history shown.

  • Dividend newbie

    Fantastic work – keep it up. Really appreciate this

  • Neil Cawley

    Thank you for this stellar effort! I, like everyone else have a tough time finding good information on our Canadian stocks. I use VectorVest for most of my “starting” research and I create a folder in there where I place your list, Then I can use some of their search criteria and apply it to your list. Dividend investing really rocks, and dividends that grow are the “piece de resistance”
    Your hard work is greatly appreciated!

  • ryszard21

    DGI&R (Michael?),
    I’ve just discovered your incredible site! The amount of time and effort you’ve devoted to creating this masterpiece is simply astounding! It’s exactly the data-rich Canadian resource, amplified by your investing experience and expertise, for which I’ve been searching for months — a virtual gold mine! I can’t thank you enough for your magnanimity and generosity of spirit. As the song goes, “I wish I had a million dollars…” (smile)

  • Helen_in_Toronto

    Hello! I just discovered your site and I must say that it’s great! Two quesions;
    1. THE LIST- is it best to just refer and download the latest list? Is is comprehensive of all the all-star companies, i.e.; a “master list”?
    2. What is a good rule I can follow when buying div. paying stocks? Example; BCE just declared a div. increase. So, from a timing perspective, when should I buy the stock? Anytime after the last quarter but before the end of the current quarter, so I can get the dividend payment for the current quarter?
    Thank you.

  • Neil Cawley

    Thank you for all your hard work, May I add that I believe IPL (Inter Pipeline) deserves a spot on the list also. I have checked with the “Canada Stock Channel” at and it seems to fit the requirements. It has increased the div for at least 5 years. Granted it was set up as a trust until last year when it changed to a corporation, but still has increased the div regularly.
    ,,, Neil

  • Neil Cawley

    That “other” list is a welcome addition. Thank you for thinking of it. There are some pretty fine companies here too and maybe some of them will graduate to the all star list. At least I hope that they will as I own a couple of them!
    … Neil (Here in the Great White North)

    • I agree. I really wanted to have information available about the Canadian banks, as I feel most Canadian dividend growth investors have these companies in their portfolio.

  • Hi, I feel bad I wasn’t aware of your blog. It is a fantastic resource for Canadian investors!! I will certainly get the word out!

    Keep the great work. You are providing a valuable resource here…


  • Peter

    Thank you for your excellent efforts. This is truly a requirement for all of us who are DIY investors who wish to be more active than Warren B’s ‘buy an index fund’ type.

    The Canadian angle is specifically what I have been looking for. I have a few correspondents I will advise of your site.

    Peter in Guelph

  • Hi DGI&R,

    Thank you for sharing your holding, I have many of your holding in my portfolio. Great job! Let the money work for us.

  • T K

    The most recent copy asks for a linked file (MW CDN DIV CHAMPS (Yahoo & FinViz).xls]Yahoo’) when I open it in Excel. Ignoring the message leads to bad data in the file. Can you fix?

  • Neil Cawley

    I have no problem opening it with excel 2007. I can then save it to a folder of my choice.

  • henry

    Great resource for those looking to add a dividend paying company to their portfolio. Lots of data!!

    However, I wonder if you are being too restrictive by only having stocks that have increased their dividend for the past 5 years. The big banks are excluded because they stopped increasing their dividend during 2008 crisis. Would you sell them because they are no longer on your list? Many have paid dividends since the 1800′s and none cut their dividend during the crisis.

    I bought more of them to increase my holdings and increase my yield.

    Good work.

    • I added another tab for this very reason. If you look at the excel spreadsheet you’ll notice that there is an “Others” tab. In this tab I have dividend paying companies with less than 5 years of increases. You’ll find the banks and other companies in this tab. I haven’t come up with a set criteria for this extra tab, so if you think I should add some more companies let me know which ones. Generally I’m looking for companies that increase their dividend, but maybe not every year and that don’t have dividend cuts.



  • Neil Cawley

    I believe that you will find the Canadian Big Banks in the “other” list. Look for the tab at the bottom.

  • Bernie

    On your current list you don’t have the correct ticker for Plaza Retail REIT it was changed to PLZ.UN in January of this year when the company changed from a corporation to a REIT.

  • eli

    your missing the credit ratings on these companies which is first priority

    • Not all of the companies in the list are rated by the big agencies (Moody, S&P, etc). Also I pull information from yahoo finance and this information isn’t available from them. I don’t want to be responsible for manually entering the credit rating for each company and then updating each time it changes. Unfortunately the list won’t have credit ratings.



  • Jeremy Kraemer

    Fantastic spreadsheet. You were right on target when you figured out providing this spreadsheet as a Canadian equivalent to the US one would be unique and valuable.

  • Neil Cawley

    Amen to that. It helps all of us Canadian investors to sort though some of the best dividend stocks that Canada has to offer. Using this list as a starting point is so very, very helpful AND saves a lot of time. Research is of course still necessary, but to get going in the right direction is a boon to all of us.
    Thank you once again DGI&R

  • CWB didn’t increase the dividend in 2010: page 3 of annual report

    I think they should be taken right off the list no?

    • The bank’s year end is Oct 31st, so the annual report you linked to doesn’t show all the dividends recorded in the calendar year. I calculate the dividend streak based on the dividends recorded in each calendar year. In the 2009 calendar year CWB recorded $0.44 in dividends, and in the 2010 calendar year they recorded dividends of $0.46. CWB stays in the list.



    • Bernie


      If actual pay dates are used CWB paid the same $0.44 in 2009 & 2010 and the streak would have been broken.

      If dividend record dates are used the payouts become $0.44 & $0.46 respectively and the streak would stay intact. DGI&R uses this criteria.

    • Bernie

      CWB’s dividend history (from 2009 to current) can be viewed here –

  • Bernie


    I would say you are right if you use the dividend pay date to determine streaks. DGI&R uses the dividend record date to determine streaks so he is also right according to his criteria.

  • That’s a little confusing from a comparability standpoint. Is it done this way because calendar year is more convenient to measure then fiscal? This creates an interesting situation where this list doesn’t pick up companies for example that have been raising the dividend for 5 fiscal years but not 5 calendar years. One could argue for a list that shows companies that raise the dividend at least every 12 months but that might also have it’s own problems.

    • When I first started I found out that you can create a few different lists by using different dividend dates (ex, record, payable, etc) and a few more depending on fiscal or calendar years. I used calendar year so I could compare multiple companies in the same period of time. Now it’s just about being consistent.

  • Neil Cawley

    Blue Note, you might want to check here also:

    • Bernie


      The list on your link only confuses this one more level as ex-div dates are used in this site. Yahoo & Google also use ex-div dates.

      Unless one is playing the “dividend capture strategy” I don’t know why anyone would want any other date than the “payable date” which is the date they actually pay you the dividend!

  • Neil Cawley (Also in the "Great White North")

    You are doing a great job! Thank you for sharing all your hard work with the rest of us. I can only imagine how much time it takes to keep all of this up to date. Kudos to you and please do keep it up. Don’t take anything said by any of us as criticism. Most people just want to understand.

  • I agree that you’re doing a good job on this, very accurate, useful and consistent. I was thinking it would be useful to have three types of dividend streak measurements (calendar year, fiscal year and rolling 12 month) the rolling 12 month measure would show how many years the company increased the dividend for any 12 month period. It would eliminate the timing issues created by the other two methods. The user could just filter on the type of dividend growth streak they are interested in. I am not sure how easy it would be to implement though.

  • Neil Cawley

    I’m thinking that your suggestion is adding a lot of extra work onto a service that is a labour of love and probably created for his own benefit. I’m very grateful to have someone keep up this list as it now exists and to share it with the rest of us although perhaps he wouldn’t mind a little extra help. What do you folks think?

  • Yeah I think you’d need regular access to an accurate and convenient data dump of dividend data to make it worthwhile. With the data dump you could probably just set up a spreadsheet to do all the heavy lifting. Nonetheless this spreadsheet probably captures 80-90% of what I am interested in and it’s free so I am not complaining!

  • Bernie

    A good addition to your list in the other category would be Alaris Royalty (AD.TO). They have a 4 year streak going. I’ve been long on them for 3 years.

  • Neil Cawley

    Good thought from Bernie.
    BTW, DGI&R, what is your criteria for the “other” list? Maybe more of us could help with suggestions if we knew how you go about deciding what to add.

    • I don’t really have a criteria for the “other” tab. It started because I felt like the big Canadian banks should be in the list even though the streak wasn’t at 5 or more years. Then I added some companies from the Canadian dividend aristocrats list that had less than 5 years. Then I added a few companies by request. There isn’t really a set criteria. Generally I want to see some regular dividend growth with no dividend cuts in the past 10 years.

  • Neil Cawley

    Hi DGI&R,
    I was wondering if you would consider adding MG.TO (Magna International) to the list. I see David Fish has it included in the USA list as having 5 years in it’s streak.
    Just a thought.
    Thanks again for all your hard work.

  • Bernie

    FYI…The streak for Alaris Royalty (AD.TO) becomes 5 years in mid December.

  • Neil Cawley

    Hi DGI&R
    Another one for you is UFS.TO (Domtar). David Fish has this one on the USA list as a challenger having a streak of 5 years now. Perhaps it should be added to our Canadian list now? Just a thought

  • Tim

    Just found this site – great stuff! Nice of you to compile / maintain the list. Good for us US investors not to forget companies run by our fine Canadian friends as we look for potential DGI candidates.

  • Bernie


    Two more companies that should be added to the All Star List are Brookfield Infrastructure Partners (BIP.UN) and Brookfield Renewable Energy Partners (BEP.UN). My calculations show a 6 year streak for BIP.UN and a 5 year streak for BEP.UN. These streaks will be bumped up another year when raises are announced within a month.

  • Neil Cawley (Also in the "Great White North")

    Thanks Bernie, I have now added them to my additions list. Hope our “leader” reads our posts too? His last update didn’t include our suggestions though. Respectfully, I guess that he has his reasons but we can still add to our lists.
    Neil Cawley (Also in the “Great White North”)

    • Hey Neil,

      Of course I read the posts. I had a look at the previous comments, but with the exception of Domtar I couldn’t figure out companies you guys were suggesting that I didn’t include in the list. Which ones were you hoping to have added? Also if you’ve got some companies you want added to the Others tab let me know. I’ve got a bit of extra time this weekend that I want to spend updating the list. If you let me know soon I can add them to the Jan 31st version.

  • Bernie

    AD.TO was added to the Dec 31st list, however, nothing on UFS.TO yet.

    • With Domtar (UFS.TO) I was getting mixed information on their dividend history and I couldn’t figure out which source was correct so I left it out. I’ll take another crack at it and put in the Jan 31st version. The last 5 years are OK, but if you go back further it gets complicated.

  • Neil Cawley

    I was watching UFS.TO and I noticed that Dave Fish placed it on his list, so I thought that it was a candidate for the CDN list also.I think that you have covered all the other suggestions.
    My apologies for even thinking that you weren’t reading the posts. There was no ill intent. I thought that everyone gets busy. Especially someone who works full time too. Even old retired guys like myself get busier than un-retired people think we do. A hearty thank you for all your hard work!

    • No worries Neil.

      I like the comments I’ve been getting from you and Bernie. It’s always helpful to have a few people keeping an eye out for companies that have increased their dividend streak. I usually miss a few, and have to add them after the fact so keep the comments coming. :)



  • Bernie

    I discovered another Canadian Dividend All-Star. Richelieu Hardware (RCH.TO) has at least a 5 year streak of dividend growth. The streak would run back to 2003 had they not froze and kept the distributions the same in 2009. The raise this year makes it 6 years I believe.

  • Bernie

    One more for your “Others” category…
    Canadian Energy Services (CEU.TO) has a 4 year streak.

  • Chris

    PBH has been a great performer. Take a look at their numbers.

  • Bernie


    Could you please add Corby Spirit and Wine (CSW.B) to your lists. I believe they will get to a 5 year streak at some point this year. In addition to growing their regular dividends since 2011 they also pay attractive special dividends on occasion.

  • Neil Cawley

    Good one Bernie. I’ll certainly add it to my watch list too.

  • Thanks for providing this information to all us DIY investors!

  • Tanweer Khalfay

    Thanx for the worksheet. It has made my life a lot easier.

  • Bernie

    FYI…I believe Mullen Group (MTL) should also be on the 5 year list but with no increase yet this year the streak may be in jeopardy by year end.

  • Bernie

    FYI for all…
    I had a detailed look at the current top 10 yielders on the “Canadian Dividend Aristocrat” list this morning as shown on another blog. Six of the 10 should not be on the list by virtue of their short or non-existent streaks. Another stock EIF.TO made the list because CDA determines annual distributions by pay dates instead of record dates used here.

  • Well done! This is an enormous amount of work! Thank you for sharing this.

  • Dan Cooper

    Thanks for the great work!! I screwed up on my first post!

  • Keith

    Thank you for the list. I am frustrated with my limited RRSP/mutual fund build up, and want to dive into my own investments in, perhaps, this type of investment. I purchased Derek Fosters book, but find it now out of date (Thanks Mike Holman). What is the best advice for someone with $200k CDN currently losing 2% in mutual funds?

  • Randy

    Just curious why Potash Corp is not on the list, the dividend is 4.84% and the CAPEX for expansion is coming to an end with modest increse in potash pricing ex. 3-5% per annum it could grow over 5%. Going forward they will have a lot of free cash flow and they have a record of share buy backs


  • Thank you as always. I really enjoy it every month!

  • Bernie

    Could you please add Agrium (AGU.TO) to the Others list. I believe it has a 4 year streak. Thanks.

  • Wen

    Wow, I never knew this site existed. I just found it today on a google search for Canadian Dividend companies. Thanks for compiling this extensive list of Canadian Dividend companies and your explanations on how the list is maintained and evaluated. Keep up the good work!

  • Chet

    Super Resource! Many thanks. Any consideration for adding the former THI (8 years) now QSR at least on the other list. Thank you

  • Kc w

    Hi, do you have an opinion on Corus entertainment?

    • It looks pretty cheap which is enticing, but I don’t plan to buying it right now. I don’t think they have a long term sustainable competitive advantage and earnings have been flat for about the past 5 years. I haven’t looked into the dividend sustainability, which should be done for such a high yield.

      What are your thoughts on the company?

  • First off, thanks so much for compiling this data, it’s very helpful. I think I may have found another candidate:

    Melcor Developments Ltd (MRD) is in at least its 6th year of dividend increase.
    2015: On pace for .60
    2014: .58
    2013: .50 there was also a special .50 dividend in 2013 which may make it seem like it declined in 2014
    2012: .45
    2011: .40
    2010: .35

    Also trading at .5 book value and P/E of 5.3, take a look value hunters.

  • zaman

    How about Canadian Tire? – raising Dividends since 2002.

  • Neil Cawley

    Thank you once again for all your hard work!

  • Neil Makohoniuk

    Thanks for all your work on this – Love it.

    Note – I own XTC and it does have a DRIP program now

  • Great resource.

    That is alot of work!

    Curious as to why cineplex CGX.TO is not on the list?

  • Daniel

    Phenomenal – thank you for all your work!

    Have you considered adding another Payout %Ratio column based on cash flow instead of earnings? Cash Flow is harder to manipulate with accounting than Earnings and Cash Flow can be a more accurate representation of how much a company can afford to pay out.

    Often a company’s Payout Ratio can be lower if it’s based on Cash Flow because the earnings can be affected by items like depreciation that have no bearing on how much real cash is available.

  • Chet

    Hello — If you are considering adding columns that are available on Yahoo, any possibility of adding ROE and ROA? I do additional data extraction from Yahoo and add it to your spreadsheet. Thank you

  • Neil Cawley

    Just a question,
    As Sun Life did raise it’s dividend in 2015, it is listed in the “other” list as 0 increases. Is this an oversight or am I missing the reasoning?

  • August Brown

    Michael !
    Your work is amazing! It seems that Canada is one of very few countries with good dividend traditions and your list is very valuable for investors. I hope it become very popular. Thanks for providing this list, I am just getting familiar with Dividend based investing. At the moment I am just educating myself. And by the way, could you please provide a description of all the columns? Using this list as a starting point is so very, very helpful AND saves a lot of time. Research is of course still necessary, but to get going in the right direction is a boon to all of us.
    THX, for making our life easier.

  • Kevin Boyes

    Thank you for this list. Very helpful.

    How confident are you that you aren’t missing several companies on the list? For example, I noticed in the comments that someone pointed out Inter Pipeline wasn’t included, and then you added it the next month. Is it possible there are others like this? What is your method for screening them and how foolproof is it?

    • Hi Kevin,

      Glad you like the list. I’d like to say that the list is foolproof, but it isn’t. This blog is a one-man operation and it can be difficult to get reliable historic dividend data. A lot of the work to determine dividend streaks is manual and involves looking at a variety of different sources. The hardest part of the list is finding the new companies so I will miss companies. Also if one of the companies has a stock split this can difficult to catch sometimes. If I do miss a company and someone points it out to me I add it to the list, like the Inter Pipeline example you gave.

      Hope that helps,


  • Westerley

    Thank you so very much for all your work on this! Its very much a help as I get started with dividend investing.

    Question: In the Apr. 30 2015 list, Fortis occupies the #1 spot in the sequence with a streak of 41 years, followed by Canadian Utilities with a streak of 32 years.

    In the May 31 2015 list (and thereafter), Canadian Utilities occupies the #1 spot with a streak of 43 years, followed by Fortis with a streak of 41 years.

    Is there a typo in Canadian Utilities streak that vaulted them to the #1 position in the sequence?

    • With the really long dividend streaks it is hard to find data going back that far, so in the April list and prior, my streak count for Canadian Utilities was wrong. If you look at the revisions tab of the excel file you’ll see that on May 15, 2015 I updated it with the correct information.

      May 15, 2015 – Adjusted the dividend streak for Canadian Utilities (CU.TO) to 43 years from 32 years old based on the 2014 annual report:

      “The Board of Directors has approved an increase in Canadian Utilities’ common share dividends each year since 1972; a track record we are very proud of.”

  • Westerley

    Ah! Now I see (didn’t see the tabs before :-P) Thankw again

  • Bernie

    Could you possibly include ROE in your monthly updates?

  • Neil

    Anyone wanting ROE could always try
    They have it for any stock.

  • Wow what an extensive list thanks!!!!!!

  • jonialifeJon

    Thank you for doing this. I’ve been looking and using this list for a long time now.

    It seems that AQN changed their dividends into CAD. Looking at their website they were using USD only for five quarters and then switched back.

    • I had a look at their website and it is a little deceiving as it only shows some quarters as USD on their dividends page and it doesn’t specify the others even though they still declare dividends in USD. This is from their most recent dividend announcement: “OAKVILLE, ON, March 10, 2016 /CNW/ – Algonquin Power & Utilities Corp. (“APUC” or the “Company”) (TSX: AQN, AQN.PR.A, AQN.PR.D) announced today that the Board of Directors of APUC (the “Board”) has declared a dividend of U.S. $0.09625 per common share, payable on April 15, 2016 to the shareholders of record on March 31, 2016 for the period from January 1, 2016 to March 31, 2016. Shareholders can elect to receive the dividend in the amount of Cdn $0.1287. “

      • Chet

        Sorry to take so long to get back to you about the ROE and ROA information. What I have basically done is scrape from the Yahoo website (which appears to be more stable with links which were experiencing hiccups late in the year). Approximately 80 rows per company. The data I scrape is directly from the Yahoo Key Statistics page eg)
        All of the fields are available to be used.
        I have a 3 sheet folder with Statistics, followed by a worksheet of all the main selection holdings (5year) and a separate worksheet for the other category. I then update appropriately, usually just after you release the monthly report. I will be glad to share whatever I have with you. The only anomalies are that some of the data is missing for some of the stocks eg) MG.TO and some have no data like some of the REITS for which I have setup place holders on the sheets and populate the info from other sites. If you check out Magna there is information on Yahoo for MGA on the NYSE but no stats for MG.TO; however, I pick up the missing Canadian data from either the TMX site, Globe&Mail sites etc

  • Chet

    In your May Spreadsheet… What happened to Number 66? You dropped… only 87? did not move to other it appears

    • Hi Chet,

      Thanks for pointing that out. I removed Autocanada Inc. as they cut their quarterly dividend from $0.25 to $0.10. This was number 66 in the list, but I forgot to adjust the numbering as I just deleted the row. I’ve updated the spreadsheet so it is showing the correct numbering now.

      FYI – In the “Additions and Deletions” tab I mention when a company has been dropped or added.

      Thanks again!


  • Bernie

    Could you please advise why CIX is listed under the “Others” tab. They haven’t cut their dividend since 2009.

    • Hi Bernie,

      You are right. For some reason on Jan 1, 2016 I made a note in the
      “Additions and Deletions” tab that they didn’t increase their 2015 dividend compared to 2014, but this is just wrong. CIX has a dividend streak of 6 years and their 2015 dividend was higher than 2014, so I’ve moved them back to the All-Star tab. I’ve made the change to the May 31, 2016 version of the list.

      Sorry about that, not sure what happened there.



  • Neil Cawley

    I just wanted to thank you for adding the “Financially strong list”. That sure is an impressive amount of work and is very much appreciated here.

  • peter

    Great job, keep up the good work

  • Kurt

    Great work and thank you very much.

  • Keith Charles Cowan

    Just getting serious about divvies and pleased to use your work. Thanks.

  • robertsandsjr

    DGI&R, Great work and very much appreciated. I also appreciate the similarity in format to David Fish CCC spreadsheet as I have a core exposure to USD dividend growers and an explore exposure to CAD div. growers.

    I use Excel auto-filter extensively and I have the following request,…could you (like David Fish) change the `Other`tab on your spreadsheet to `All`. In this way, I can sort 3yr vs. 5yr div growth companies, etc.

    Having all company data on one page allows me to filter exactly what is important to me and to perform calculations on the data by opening up a new column.

    For the wishlist, I would like to add a column called the Chowder Rule (see D.F. spdsheet) and if you could add the share price `beta`(5yr), that would be a valuable addition you your spdsheet.

    Thanks you, Bob

  • Kevin Boyes

    Unless I missed it, Parkland Fuels (PKI) seems to be missing from your Others list. It has raised the dividend every year since 2013 for a streak of 4 years. Just a heads up. Thanks again for the valuable resource that I use often in screening stocks.

  • Kevin Boyes

    Just a small correction on BIP.UN. The dividend yield of 6.98% is not accurate as it does not reflect the recent 3:2 stock split. The new dividend amount is $0.39 instead of $0.59 and so the yield should be 4.61%. I’m sure you’ll update it at the end of November. Didn’t want anyone to buy the stock thinking they were getting a 7% yield. It is a great stock, though, as are all the Brookfield companies. Thanks again for all your research which I use often and really appreciate.

  • Bernie

    I believe ESI, PSI, CMG and ET should be removed from the list for failure to raise in consecutive years.

    • Hi Bernie, I wait until the year is over to update streaks unless there was a dividend cut in which case they are taken out in the month the dividend cut occurred.

      Also I don’t think ESI has declared their last dividend for the year so they could still maintain their streak. I think they’ll be announcing soon though.

  • Bernie

    ESI did announce their Q4 dividend on Aug 8 for payment on Oct 5. That’s 8 consecutive payments @ $0.12.

    • The dividend streaks in my list use the record date not the payment date so there is still one more dividend that will likely be recorded in December, but paid in 2017.

  • Bernie

    I found another one for the list. Boston Pizza Royalties Income Fund (BPF.UN) has a 5 year streak.

  • Ron

    Unless I’m missing something, you might want to check your market cap numbers, column AG. I think you have 3 too many zeros on every company.

  • Bernie

    Just wondering about your source for #streak you show for CU.TO. The dividend history graph shown on Canadian Utilities website shows annual payments from 1972 through 2016. Would this not make 44 years of consecutive increases instead of the 45 you show on the list, year #1 being 1973?

    • When I calculate the streaks I count the dividend initiation as the 1st increase year (ie. dividends were increased from $0 to whatever). So in this case I’d count 1972 as year #1.

  • Bernie


    Royal Gold (RGL.TO) was delisted from the Toronto Stock Exchange in July. It now only trades on NASDAQ.

  • Chris

    May it be possible that CWB and FTT are now discredited from their long dividend streaks? if I verify CWB last increase was 12/11/2015 and FTT last ex-date is 05/19/2015.

    • The streaks are counted based on total dividends recorded in the year compared to the next. In both companies cases the 2016 dividends recorded are higher than 2015 so the streaks are maintained.

  • Mike

    Outstanding list. Thanks so much for providing this info; I’ve been using it to strategize my portfolio. Have you ever considered tracking the payout ratio in terms FCF instead of Earnings?

    • It would be a nice addition to have FCF, but I don’t have a reliable source for FCF for all the companies in the list so it’s not something I’ll be able to add at this time unfortunately. EPS is more available and reliable from a data integrity standpoint.

  • Bernie

    FYI…TCS.TO & should not be on the main list. Your info shows TCS.TO had a dividend cut in 2015 and GCG-A.TO had a cut in 2014.

  • Bernie

    Correction: TCS.TO & GCG-A.TO should not be on the main list. Your info shows TCS.TO had a dividend cut in 2015 and GCG-A.TO had a cut in 2014.

    • Hi Bernie,

      If you look at the notes column you’ll see an explanation of why I left them in the list. I’ve copied those comments below:


      “GCG switched from an annual dividend of $0.20 to quarterly dividends of $0.05 in 2013 so dividends in 2013 were $0.30 ($0.20 + 0.05 + 0.05) which was higher than 2014, but quarterly dividends where increased in 2014 so the dividend streak was maintained.”


      “Dividends in 2015 were lower than 2014 because in 2014 dividends changed from semi-annual to quarterly so 1 semi-annual dividend of $0.04 and three quarterly payments of $0.0225 were recorded in 2014 which inflated dividends in 2014. The quarterly dividend was increased to $0.025 in 2015 so the streak was maintained.”

  • WOW, I am a French Canadian and I am very happy to found that spreadsheet. SUCH an incredible work.
    GOOD job man.

    I have recently joined the stock market world and definitely wants to follow the dividend growth path.

    I have recently purchase 66 of COMINAR and noticed that it was not in your list. Did i make a mistake purchasing it ?

    • Bernie

      Patrick, Cominar is not a dividend grower, not that very many Canadian REITs are. CUF.UN has not raised since Sep 2014. Their distribution appears covered for the time being but with a 10% yield I’d be a bit nervous about the chance of a dividend cut. Also their stock price has been in decline since mid 2012 and they’re underperforming the REIT index.


      theres only 2 reits that fit the bill. Canadian Reit (15 year) and Plaza Reit (14 year)……….Plaza is the one to go with. 14 years of dividend increases….higher yield than canadian reit…..higher annual dividend increase (3-4% annual increase vs 1-1.8% for canadian reit) and a lower payout ratio than canadian reit.


    theres only 2 reits that fit the bill. Canadian Reit and Plaza Reit……….Plaza is the one to go with. 14 years of dividend increases….higher yield than canadian reit…..higher annual dividend increase (3-4% annual increase vs 1.1.8 for canadian reit) and a lower payout ratio than canadian reit.

  • Hello Everyone. I am new to Dividend growth investing and I just found this website. Before learning about this spreadshhet I had started to build my own. I also tracked the dividend streak without being cut, but I ended up with different results. I used the data on For example, for Fortis (FTS), shows a dividend cut in 2003, 2004 and 2005. But it is on a 43 year old streak on the spreadsheet? Can someone explain? Thanks

  • Great list. I friend was just asking me for some dividend growth stocks and I found your list and forwarded it on.

  • totopops

    Thank you for the excellent work in developing and maintaining this resource. It has been a helpful tool in my quest to develop my dividend growth portfolio. I have taken your spreadsheet and applied my criteria to filter down to a shortlist of stocks for investment consideration. It truly has made my task easy to execute with some very productive and rewarding results.

  • Jon-Jon

    Awesome site! Noticed that HCG announced DRIP program on January 12, 2017.

    • Hi Jon-Jon,

      I’ve added the DRIP details to the April 30th version for HCG. That said I wouldn’t be surprised if the company announced a dividend cut in May in which case I’ll be removing it anyways.

      Thanks for letting me know.


  • Djay

    Home capital is probably dead. You should remove it from your list. What a shame such an excellent compagny ending like that.

  • demonikaan

    Awesome list, thanks for the effort you have put into this. I have one question regarding SJR.B though, if I look at their dividend history on their website I see that their last increase was in March 2015. Am I missing something here?


    • The dividend streaks are based on the calendar years and the record date for the dividend. SJR.B recorded annual dividends of $1.1850 $1.1708 $1.0867 in 2016, 2015 and 2014 so the streak is correct even though the dividend hasn’t been increased since March 2015 as you pointed out.

      If total dividends recorded in one calendar year are higher than the previous year then the streak remains intact. Streaks are re-evaluated at the end of the year so if Shaw increases their dividend sometime in the remainder of 2017 they will still have their streak intact too. Hope that makes sense?


    #29 on the list ACCORD FINANCIAL is wrong on your list.
    As seen here on Morningstar

    Accord financial NEVER raised their dividend for 2 years August 2012-May 2014…………as well they have been at 0.09c since August 2015-current July 2017…..another 2 year run without an increase

  • Marlene

    Thanks for your spreadsheet! Great resource!
    Agrium appears not to have raised dividend since June 2015, and has been $0.875U.S. since then. The CAD$ div varies a bit due to currency exchange.

    • The dividend streaks are based on the calendar years and the record date for the dividend. Agrium recorded annual USD dividends of $3.5000 $3.4050 $3.0300 in 2016, 2015 and 2014 so the streak is correct even though the dividend hasn’t been increased since June 2015 as you pointed out. In Agrium’s case the streaks are based on the USD dividends recorded not the Canadian equivalent. The Canadian conversion is shown in the spreadsheet, but the USD amounts (also shown in the spreadsheet) are used to determine the streak length so that the currency conversion which the company can’t control doesn’t impact streak length. All Canadian listed companies that pay dividends in USD are treated this way in the list.

  • alan

    you are right tko1. it should not be on the list as seen. good eye.

  • The dividend streaks are based on the calendar years and the record date for the dividend so Accord Financial is correct. If total dividends recorded in one calendar year are higher than the previous year then the streak remains intact. Streaks are re-evaluated at the end of the year so if Accord increases their dividend sometime in the remainder of 2017 they will still have their streak intact too. Hope that makes sense?

  • Kevin Boyes

    Hi. Thanks again for the great info. I believe Corus (CJR.B) has not raised its dividend since 2015, so should no longer be on your list. Great company and safe dividend, however.

  • Pete

    Great work here. Can I somehow use the data to find AVERAGE 10 year yields? I want to use that to get an idea if a stock may be undervalued at any given time.

  • Andrew

    Great resource you’ve compiled here!

    I believe there’s an error for Toromont Industries (TIH.TO) on the “Others” page. The excel spreadsheet lists them as having a 4 year streak with dividends having dropped from 2010 to 2011 ($0.620 to $0.480). However, Toromont’s records show a 26 year streak, and that 2010 dividends were $0.344 (

    • I had a look at their dividends page and at the bottom it states:

      “The historical dividend information provided is for informational purposes only, and is not intended for trading purposes. The historical dividend information is provided by Mergent, a third party service, and Toromont Industries Ltd. does not maintain or provide information directly to this service.”

      I think what has happened is that they’ve adjusted their historical dividends for the Enerflex spin-off in 2011. If you look at the Ten Year Summary the dividend for the company matchs my list:

      My list shows the actual dividends that the company recorded per the financial statements, so that is why my list numbers are different from the Enerflex adjusted ones shown on their website.

      Hope that made sense.

  • Bernie

    Any chance you can add another column which shows the number of days since the last dividend increase?

  • Doug Bennett

    I really appreciate the Canadian Dividend All-star List, it has been a huge help as I’ve learned about DGI. I’ve created a tracking spreadsheet based on pulling information from Yahoo, which again broke on Nov. 2nd. Did you find a fix or are you using another means to update your document?

  • Randy

    Thank you for your work preparing this list every month.
    It’s great that you’re also working to improve the list. Something to consider for the future is that rearranging columns will mess things up for those, like me, who do additional analysis with the data.

    • Sorry about the change, I know what a pain it can be when the source data is changed. I try to minimize column changes etc where I can. I had to change some of my sources of information this month (The old system went down permanently and I was scrambling a bit). My new sources of information resulted in slightly different information so I had to delete a few columns. The good news is that I was able to add some new columns like ROE, debt ratios, analyst ratings, etc. Since at that point I had already deleted and added columns I decided to rearrange the data in what I hope is a more useful manner. I’m going to be gathering more feedback on the list for the rest of the year so you might see some more changes between now and the end of the year, but by 2018 it should be more consistent. Hopefully you can hang in there until then.

  • Stefan

    Wonderful resource – thank you! Have you considered adding a column which indicates whether the dividend is an “eligible” Canadian dividend, or partly eligible, or not at all?

  • Great job updating the list. One suggestion. Logically, I think it makes sense to move the industry/sector back the one of the first few columns. It looks out of place in the middle of the document.

  • JC

    You and your worksheets are both “All-Stars”! Great detail in work and your efforts are greatly appreciated.

    Outstanding! Thanks again.


  • Derek

    Shouldn’t Toromont be on this list?

    • It’s in the Dec 31, 2017 version with a 5 year streak.

      I had a look at their dividends page and at the bottom it states:

      “The historical dividend information provided is for informational purposes only, and is not intended for trading purposes. The historical dividend information is provided by Mergent, a third party service, and Toromont Industries Ltd. does not maintain or provide information directly to this service.”

      I think what has happened is that they’ve adjusted their historical dividends for the Enerflex spin-off in 2011. If you look at the Ten Year Summary the dividend for the company matches my list:

      My list shows the actual dividends that the company recorded per the financial statements, so that is why my list numbers are different from the Enerflex adjusted ones shown on their website.

      Hope that made sense.

  • Jake Kim

    Thank you for your hard work all the time. This is great website and informative.

  • Bernie


    (1) Re: CGX – The number of days since last dividend increase and date of last increase (columns Z & AA) are incorrect. Cineplex announced their last raise of $0.005) in May 2017 for their June payment.

    (2) Could you please add Summit Industrial Income REIT (SMU.UN) to the “Others” database. I believe their streak is 4 years.

    Thanks for all you do to keep Canadian dividend investors informed!

  • Bernie

    Please add Brookfield Real Estate Service (BRE) to the list. They appear to have a 5 year streak.

Leave a Reply