Canada markets open in 7 hours 40 minutes
  • S&P/TSX

    -94.40 (-0.44%)
  • S&P 500

    +13.80 (+0.25%)
  • DOW

    +56.76 (+0.15%)

    -0.0005 (-0.07%)

    -0.16 (-0.20%)
  • Bitcoin CAD

    -63.59 (-0.07%)
  • CMC Crypto 200

    +53.78 (+4.02%)

    +9.20 (+0.39%)
  • RUSSELL 2000

    +3.22 (+0.16%)
  • 10-Yr Bond

    0.0000 (0.00%)
  • NASDAQ futures

    +135.25 (+0.68%)

    +0.18 (+1.46%)
  • FTSE

    +13.82 (+0.17%)
  • NIKKEI 225

    +8.21 (+0.02%)

    0.0000 (0.00%)

Dividend Aristocrats: Canadian Stocks That Keep Paying Year After Year

dividends grow over time
Source: Getty Images

Written by Ambrose O'Callaghan at The Motley Fool Canada

The S&P/TSX Composite Index was down 41 points in early afternoon trading on June 7. A Canadian Dividend Aristocrat is a stock that has delivered at least five consecutive years of dividend growth. Today, I want to zero in on three Canadian stocks that qualify as Dividend Aristocrats at this stage in 2023. Let’s dive in.

This Dividend Aristocrat has delivered over 20 straight years of income growth

TC Energy (TSX:TRP) is the first Canadian stock I’d target for its impressive dividend-growth streak. Shares of this energy stock have dropped 1% month over month at the time of this writing. The stock is up 4.2% so far in 2023.


This company released its first-quarter fiscal 2023 earnings on April 28. TC Energy reported net income of $1.3 billion, or $1.29 per common share — up from $0.4 billion, or $0.36 per common share, in the previous year. Meanwhile, the company reaffirmed its comparable earnings before interest, taxes, depreciation, and amortization (EBITDA) growth rate, which it expects to be 5-7% higher than the prior year.

Shares of this Canadian stock currently possess a middling price-to-earnings (P/E) ratio of 34. This stock currently offers a quarterly dividend of $0.93 per share. That represents a tasty 6.6% yield. TC Energy has delivered 22 straight years of dividend growth.

Here’s a top Canadian stock in the telecom space you can trust for the long haul

BCE (TSX:BCE) is a Montreal-based communications company that provides wireless, wireline, internet, and television services to residential, business, and wholesale customers in Canada. Its shares have dropped 4.7% month over month as of early afternoon trading on June 7. The stock is up 1.6% in the year-to-date period.

Investors got to see BCE’s first-quarter fiscal 2023 results on May 4. The company delivered operating revenue growth of 3.5% to $6.05 billion. Meanwhile, adjusted net earnings dipped 4.8% year over year to $772 million. BCE reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $2.53 billion — down 1.8% compared to the first quarter of fiscal 2022. Despite the dip in earnings, BCE still achieved strong net subscriber additions, device net activations, and higher wireless service revenue.

This Canadian stock last had a solid P/E ratio of 21. BCE currently pays out a quarterly distribution of $0.968 per share, which represents a very strong 6.3% yield. The stock has achieved dividend growth for 14 consecutive years.

Scotiabank: A top Canadian stock that is also a Dividend Aristocrat

Scotiabank (TSX:BNS) is the third Canadian stock that qualifies as a Dividend Aristocrat that I want to focus on today. This top Canadian bank has seen its stock dip 1.4% over the past month. Its shares are still up 1.7% in the year-to-date period. Investors can see how volatile this bank stock has been by playing with the interactive price chart below.

In the second quarter of 2023, Scotiabank reported adjusted net income of $2.17 billion — down from $2.76 billion in the second quarter of fiscal 2022. Shares of this bank stock currently possess an attractive P/E ratio of 9.8. Meanwhile, it offers a quarterly dividend of $1.06 per share, representing a 6.3% yield. Scotiabank has delivered 12 straight years of dividend growth.

The post Dividend Aristocrats: Canadian Stocks That Keep Paying Year After Year appeared first on The Motley Fool Canada.

Should You Invest $1,000 In BCE?

Before you consider BCE, you'll want to hear this.

Our market-beating analyst team just revealed what they believe are the 5 best stocks for investors to buy in May 2023... and BCE wasn't on the list.

The online investing service they've run for nearly a decade, Motley Fool Stock Advisor Canada, is beating the TSX by 23 percentage points. And right now, they think there are 5 stocks that are better buys.

See the 5 Stocks * Returns as of 5/24/23

More reading

Fool contributor Ambrose O'Callaghan has no position in any of the stocks mentioned. The Motley Fool recommends Bank Of Nova Scotia. The Motley Fool has a disclosure policy.