“You have a pair of pants. In the left pocket, you have $100. You take $1 out of the left pocket and put in the right pocket. You now have $101. There is no diminution of dollars in your left pocket. That is one magic pair of pants.”

Month: November 2025

MP Market Review – November 21, 2025

Last updated by BM on November 25, 2025

Summary

 

Welcome to this week’s MP Market Review – your go-to source for insights and updates on the Canadian dividend growth companies we track on The List! While we’ve expanded our watchlists to include U.S. companies The List-USA, our Canadian lineup remains the cornerstone of our coaching approach.

Don’t miss out on exclusive newsletters and premium content that will help you sharpen your investing strategy. Explore it all at magicpants.substack.com.

Your journey to dividend growth mastery starts here – let’s dive in!

  • Last week, dividend growth of The List stayed the same with an average return of +7.1% YTD (income).
  • Last week, the price of The List was down from the previous week with an average return of +10.9% YTD (capital).
  • Last week, no companies on The List made a dividend announcement.
  • Last week, one company on The List released an earnings report.
  • This week, one company from The List will report their off-cycle earnings.

DGI Clipboard

 

“If you are just starting to invest in dividend growth stocks and you also hold bonds, I’d keep them for a while…until the dividend income starts to grow…until you realize what’s going on. Once your ‘yield on cost’ gets close to the yield on your bonds, you’ll know what to do.”

— Tom Connolly

Homes Didn’t Get Pricier. Your Dollar Got Weaker. The Investing Lesson No One Talks About.
Intro

 

I came across a chart in the article referenced in our “DGI News” section below that illustrates something we can all relate to: the erosion of purchasing power as seen through Canadian home prices. While home prices have surged dramatically in dollar terms, their value in forms of money with longer histories, like gold and silver, has barely changed in more than four decades.

In 1981, the average Canadian home cost about 4.5 kilograms of gold. Today, it costs almost exactly the same. Measured in silver, the average home is worth roughly 375 kilograms, virtually identical to its value back in 1986. This raises an obvious question: If homes do not cost more in real terms, why do they feel so much less affordable?

The answer lies in the nature of fiat currency. Modern money is not anchored to anything tangible. As governments expand the money supply, each dollar buys less over time. Homes have not become dramatically more valuable. Our money has simply become weaker.

Federal governments, particularly those with significant debt, increase the money supply to bring on inflation which will reduce the real value of their debt and boost tax revenue. Given the current state of government balance sheets, it’s reasonable to expect higher inflation will become more common in the future.

So, why discuss inflation in the context of dividend growth investing? Because it can have a profound impact on your retirement planning.

The chart below illustrates how much more you’ll need in 10, 20, or 30 years to cover $75,000 in expenses today at various inflation rates.

Now let’s apply the same concept to fixed income investing (Bonds) versus dividend growth investing.

In this example we look at a $100,000 Bond over 10, 20, or 30 years, as inflation steadily erodes its purchasing power.

Over time, a fixed coupon loses purchasing power, just like wages that do not keep up with inflation. Investors may think they are buying stability, but in real terms they may be locking in a long-term loss.

Dividend growth companies are different. They adjust. As earnings rise, so do dividends. Quality businesses with pricing power can pass inflation on to customers and grow their income streams in real terms. Dividend growth investors are not simply collecting a fixed payment. They own businesses that increase their distributions year after year, helping protect and expand purchasing power over time.

Takeaway

 

In an environment where money steadily loses value, fixed income stands still. Dividend growth compounds.

Become a paid partner, and I’ll show you exactly how I do it. With real money. In real stocks. In addition, gain full access to this post and exclusive, subscriber-only content. We do the work; you stay in control. Subscribe today and take your dividend growth investing to the next level!

DGI Scorecard

 
The List (2025)

 

The Magic Pants 2025 list includes 29 Canadian dividend growth stocks. Here are the criteria to be considered a candidate on ‘The List’:

  1. Dividend growth streak: 10 years or more.
  2. Market cap: Minimum one billion dollars.
  3. Diversification: Limit of five companies per sector, preferably two per industry.
  4. Cyclicality: Exclude REITs and pure-play energy companies due to high cyclicality.

Based on these criteria, companies are added or removed from ‘The List’ annually on January 1. Prices and dividends are updated weekly.

‘The List’ is not a portfolio but a coaching tool that helps us think about ideas and risk manage our model portfolio. We own some but not all the companies on ‘The List’. In other words, we might want to buy these companies when valuation looks attractive.

Our newsletter provides readers with a comprehensive insight into the implementation and advantages of our Canadian dividend growth investing strategy. This evidence-based, unbiased approach empowers DIY investors to outperform both actively managed dividend funds and passively managed indexes and dividend ETFs over longer-term horizons.

Performance of ‘The List’

 

Last week, dividend growth stayed the same, with an average return of +7.1% YTD (income).

The price of ‘The List’ was down from the previous week, with an average YTD return of +10.9% (capital).

Last week’s best performers on ‘The List’ were Loblaw Companies Limited (L-T), up +4.16%.; Waste Connections (WCN-N), up +3.96%; and Royal Bank of Canada (RY-T) up +2.88%.

Stantec Inc. (STN-T) was the worst performer last week, down -10.75%.

SYMBOL COMPANY YLD PRICE YTD % DIV YTD % STREAK
ATD-T Alimentation Couche-Tard Inc. 1.1% $72.02 -8.89% $0.78 8.3% 15
BCE-T Bell Canada 8.8% $32.60 -2.74% $2.87 -28.1% 16
BIP-N Brookfield Infrastructure Partners 4.9% $35.21 10.51% $1.72 6.2% 17
CCL-B-T CCL Industries Inc. 1.5% $83.77 13.79% $1.28 10.3% 23
CNR-T Canadian National Railway 2.7% $131.11 -10.68% $3.55 5.0% 29
CTC-A-T Canadian Tire 4.3% $166.65 8.42% $7.10 1.4% 14
CU-T Canadian Utilities Limited 4.4% $41.84 20.30% $1.83 1.0% 53
DOL-T Dollarama Inc. 0.2% $197.68 41.00% $0.41 18.1% 14
EMA-T Emera 4.4% $66.78 24.75% $2.92 1.2% 18
ENB-T Enbridge Inc. 5.6% $67.60 9.26% $3.77 3.0% 29
ENGH-T Enghouse Systems Limited 5.8% $20.13 -25.61% $1.16 16.0% 18
FNV-N Franco Nevada 0.8% $191.30 57.93% $1.52 5.6% 17
FTS-T Fortis Inc. 3.4% $72.66 21.87% $2.49 4.2% 51
GSY-T goeasy Ltd. 4.7% $124.43 -25.56% $5.84 24.8% 10
IFC-T Intact Financial 1.9% $284.19 8.07% $5.32 9.9% 20
L-T Loblaw Companies Limited 0.9% $63.03 32.53% $0.55 15.2% 13
MFC-T Manulife Financial 3.6% $48.66 10.74% $1.76 10.0% 11
MGA-N Magna 4.0% $48.26 15.62% $1.94 2.1% 15
MRU-T Metro Inc. 1.5% $100.19 11.11% $1.48 10.4% 30
RY-T Royal Bank of Canada 2.9% $211.38 22.70% $6.04 7.9% 14
SJ-T Stella-Jones Inc. 1.5% $84.26 15.44% $1.24 10.7% 20
STN-T Stantec Inc. 0.7% $132.65 17.28% $0.89 7.3% 13
T-T Telus 8.8% $18.71 -4.69% $1.64 7.0% 21
TD-T TD Bank 3.6% $115.59 51.10% $4.20 2.9% 14
TFII-N TFI International 2.1% $85.95 -35.19% $1.80 12.5% 14
TIH-T Toromont Industries 1.3% $158.98 40.57% $2.08 8.3% 35
TRI-Q Thomson Reuters 1.8% $135.00 -16.86% $2.38 10.2% 31
TRP-T TC Energy Corp. 4.5% $75.98 11.37% $3.40 3.3% 24
WCN-N Waste Connections 0.7% $175.30 3.17% $1.30 10.7% 15
Averages 3.2% 10.9% 7.1% 21

Note: Stocks ending in “-N or -Q” declare earnings and dividends in US dollars. To achieve currency consistency between dividends and share price for these stocks, we have shown dividends in US dollars and share price in US dollars (these stocks are listed on a US exchange). The dividends for their Canadian counterparts (-T) would be converted into CDN dollars and would fluctuate with the exchange rate.

PAID subscribers enjoy full access to our enhanced weekly newsletter, premium content, and easy-to-follow trade alerts so they can build DGI portfolios alongside ours. This service provides the resources to develop your DGI business plan confidently. We do the work; you stay in control!

It truly is the subscription that pays dividends!

The greatest investment you can make is in yourself. Are you ready to take that step? 

For more articles and the full newsletter, check us out on magicpants.substack.com.

MP Market Review – November 14, 2025

Last updated by BM on November 18, 2025

Summary

 

Welcome to this week’s MP Market Review – your go-to source for insights and updates on the Canadian dividend growth companies we track on The List! While we’ve expanded our watchlists to include U.S. companies The List-USA, our Canadian lineup remains the cornerstone of our coaching approach.

Don’t miss out on exclusive newsletters and premium content that will help you sharpen your investing strategy. Explore it all at magicpants.substack.com.

Your journey to dividend growth mastery starts here – let’s dive in!

  • Last week, dividend growth of The List stayed the same with an average return of +7.1% YTD (income).
  • Last week, the price of The List was up from the previous week with an average return of +11.8% YTD (capital).
  • Last week, no companies on The List made a dividend announcement.
  • Last week, four companies on The List released earnings reports.
  • This week, one company from The List will report on earnings.

DGI Clipboard

 

“Current yield, using its own historic yield as a guide, is, in my view, a fine valuation measure.”

— Tom Connolly

The Timely Ten: Finding Value Before The Crowd
Intro

 

Our Timely Ten lists remain the fastest way to spot potential value opportunities, which explains why they continue to be the most-read articles every month.

Timely Ten (CDN)

goeasy Ltd. climbed to the number three spot in this month’s Timely Ten after a sharp 25% pullback following its Q3 2025 earnings release. Investors clearly were not impressed, but the decline has pushed the stock into more attractive valuation territory.

Magna moved in the opposite direction, slipping to number eight from number five last month. The market responded favourably to its Q3 results.

Our two recent Canadian model portfolio additions, Metro Inc. (MRU-T) and Waste Connections (WCN-N), went in opposite directions with Metro Inc. moving down the list on price strength and Waste Connections cracking the Timely Ten on weakness.

Among this month’s Timely Ten, goeasy Ltd. stands out as the most compelling opportunity. A starting yield above 4.5 percent, a 25 percent dividend increase in 2025, and a payout ratio of under 40 percent all indicate a company that warrants further research from dividend growth investors.

Outside of a deeper dive on goeasy Ltd., we remain comfortable staying patient with our Canadian model portfolio and continue collecting our growing dividends. Unless something meaningfully shifts in the market, there is no need to force new positions.

Timely Ten (USA)

Most of the Timely Ten barely budged this month, with the top eight still firmly in undervalued territory. United Parcel Service remains in the number one spot, although a 17 percent gain since last month has made it slightly less attractive. There is plenty of debate around the safety of its dividend, so we are content to watch from the sidelines for now.

The real story this month is the movement from two exceptional dividend growth companies. One is a dividend king, the other one of the best compounders of the past twenty years. They now sit at number nine and ten on the list. For those new to dividend growth investing, a company earns the title of dividend king after raising its dividend for 50 consecutive years.

Automatic Data Processing jumped from number seventeen last month to number nine. In its most recent earnings release, both revenue and earnings increased, making the market’s negative reaction somewhat hard to explain. Some of the price weakness appears tied to concerns about AI-related disruption to its business model.

Visa, another long-term compounder, enters the Timely Ten in the tenth position. It is rare to find a company with Visa’s combination of sustained dividend growth and strong price appreciation trading above its average yield. When dividend growth and price growth align over long investment horizons, the results can be remarkable. Here is Visa’s ten-year dividend growth and price growth chart:

The price growth recently dropped below the dividend growth, which has historically been a good entry point for this quality dividend growth company.

Each month, the Timely Ten lists surface real, actionable ideas. Some require more research, while others are ready to act on today. This disciplined framework keeps us focused on quality and valuation, not market noise.

Here’s a recap on how we select our Timely Ten:

Step three in our process involves monitoring our quality dividend growers regularly, which can become quite challenging depending on the number of companies we track. Fortunately, we rely on ‘The List’ instead of the vast array of stocks in the index, which streamlines our task. Nevertheless, we continually seek methods to enhance our efficiency. Through dividend yield theory, we’ve discovered an approach that has proven remarkably effective in aiding us with our efforts over the years.

Dividend yield theory is a simple and intuitive approach to valuing dividend growth stocks. It suggests that the dividend yield of quality dividend growth stocks tends to revert to the mean over time, assuming that the underlying business model remains stable. In practical terms, if a stock pays a dividend yield above its ten-year average annual yield, its price will likely increase to return the yield to its historical average. Knowing that price and yield go in opposite directions, this theory helps us find stocks poised for a favourable price correction.

We have pre-screened our candidates using the criteria we initially laid out in building our watchlists. This helps us considerably narrow the universe of investable stocks.

  1. Dividend growth streak: 10 years or more.
  2. Market cap: Minimum one billion dollars.
  3. Diversification: Limit of five companies per sector, preferably two per industry.
  4. Cyclicality: Exclude REITs and pure-play energy companies due to high cyclicality.

Next, we rank our Canadian and American watchlists based on how far each stock’s price is below its fair value (Low Price), as determined by dividend yield theory. To find fair value, divide the current dividend (Dividend) by the stock’s historical high yield (High Yield).

Since price and yield move in opposite directions, a lower price results in a higher yield, and vice versa. The ten companies above the thick black line have a current price (Price) below fair value (Low Price). Put simply, these stocks have a current dividend yield higher than their historically high yield. According to dividend yield theory, these companies are sensibly priced and have the highest probability of a price increase in the short term. These are our Timely Ten.

Takeaway

 

History shows the Timely Ten is fertile ground for finding attractive entry points into high-quality dividend growers. Whether or not you act on the names, the list serves its purpose: to surface opportunities when quality meets value.

When making investment decisions, always prioritize a company’s ‘quality’ over a ‘sensible price’. For more details on our quality indicators, download our Free Guide to Finding Quality Dividend Growth Stocks here.

Become a paid partner, and I’ll show you exactly how I do it. With real money. In real stocks. In addition, gain full access to this post and exclusive, subscriber-only content. We do the work; you stay in control. Subscribe today and take your dividend growth investing to the next level!

DGI Scorecard

 
The List (2025)

 

The Magic Pants 2025 list includes 29 Canadian dividend growth stocks. Here are the criteria to be considered a candidate on ‘The List’:

  1. Dividend growth streak: 10 years or more.
  2. Market cap: Minimum one billion dollars.
  3. Diversification: Limit of five companies per sector, preferably two per industry.
  4. Cyclicality: Exclude REITs and pure-play energy companies due to high cyclicality.

Based on these criteria, companies are added or removed from ‘The List’ annually on January 1. Prices and dividends are updated weekly.

‘The List’ is not a portfolio but a coaching tool that helps us think about ideas and risk manage our model portfolio. We own some but not all the companies on ‘The List’. In other words, we might want to buy these companies when valuation looks attractive.

Our newsletter provides readers with a comprehensive insight into the implementation and advantages of our Canadian dividend growth investing strategy. This evidence-based, unbiased approach empowers DIY investors to outperform both actively managed dividend funds and passively managed indexes and dividend ETFs over longer-term horizons.

Performance of ‘The List’

 

Last week, dividend growth stayed the same, with an average return of +7.1% YTD (income).

The price of ‘The List’ was up from the previous week, with an average YTD return of +11.8% (capital).

Last week’s best performers on ‘The List’ were CCL Industries Inc. (CCL-B-T), up +10.89%.; Loblaw Companies Limited (L-T), up +6.87%; and TC Energy Corp. (TRP-T) up +5.72%.

goeasy Ltd. (GSY-T) was the worst performer last week, down -5.03%.

SYMBOL COMPANY YLD PRICE YTD % DIV YTD % STREAK
ATD-T Alimentation Couche-Tard Inc. 1.1% $70.30 -11.07% $0.78 8.3% 15
BCE-T Bell Canada 9.0% $32.01 -4.50% $2.87 -28.1% 16
BIP-N Brookfield Infrastructure Partners 4.9% $35.40 11.11% $1.72 6.2% 17
CCL-B-T CCL Industries Inc. 1.5% $87.74 19.18% $1.28 10.3% 23
CNR-T Canadian National Railway 2.6% $134.81 -8.16% $3.55 5.0% 29
CTC-A-T Canadian Tire 4.1% $171.80 11.77% $7.10 1.4% 14
CU-T Canadian Utilities Limited 4.3% $42.40 21.91% $1.83 1.0% 53
DOL-T Dollarama Inc. 0.2% $194.93 39.04% $0.41 18.1% 14
EMA-T Emera 4.3% $67.13 25.41% $2.92 1.2% 18
ENB-T Enbridge Inc. 5.6% $67.16 8.55% $3.77 3.0% 29
ENGH-T Enghouse Systems Limited 5.8% $19.99 -26.13% $1.16 16.0% 18
FNV-N Franco Nevada 0.8% $196.96 62.60% $1.52 5.6% 17
FTS-T Fortis Inc. 3.4% $73.33 23.00% $2.49 4.2% 51
GSY-T goeasy Ltd. 4.7% $122.95 -26.45% $5.84 24.8% 10
IFC-T Intact Financial 1.9% $282.18 7.31% $5.32 9.9% 20
L-T Loblaw Companies Limited 0.9% $60.51 27.23% $0.55 15.2% 13
MFC-T Manulife Financial 3.6% $48.26 9.83% $1.76 10.0% 11
MGA-N Magna 4.0% $49.09 17.61% $1.94 2.1% 15
MRU-T Metro Inc. 1.5% $98.04 8.73% $1.48 10.4% 30
RY-T Royal Bank of Canada 2.9% $205.46 19.27% $6.04 7.9% 14
SJ-T Stella-Jones Inc. 1.5% $84.87 16.28% $1.24 10.7% 20
STN-T Stantec Inc. 0.6% $148.63 31.40% $0.89 7.3% 13
T-T Telus 8.0% $20.38 3.82% $1.64 7.0% 21
TD-T TD Bank 3.7% $114.05 49.08% $4.20 2.9% 14
TFII-N TFI International 2.1% $85.69 -35.38% $1.80 12.5% 14
TIH-T Toromont Industries 1.3% $159.56 41.08% $2.08 8.3% 35
TRI-Q Thomson Reuters 1.7% $141.13 -13.09% $2.38 10.2% 31
TRP-T TC Energy Corp. 4.4% $77.45 13.53% $3.40 3.3% 24
WCN-N Waste Connections 0.8% $168.63 -0.75% $1.30 10.7% 15
Averages 3.1% 11.8% 7.1% 21

Note: Stocks ending in “-N or -Q” declare earnings and dividends in US dollars. To achieve currency consistency between dividends and share price for these stocks, we have shown dividends in US dollars and share price in US dollars (these stocks are listed on a US exchange). The dividends for their Canadian counterparts (-T) would be converted into CDN dollars and would fluctuate with the exchange rate.

PAID subscribers enjoy full access to our enhanced weekly newsletter, premium content, and easy-to-follow trade alerts so they can build DGI portfolios alongside ours. This service provides the resources to develop your DGI business plan confidently. We do the work; you stay in control!

It truly is the subscription that pays dividends!

The greatest investment you can make is in yourself. Are you ready to take that step? 

For more articles and the full newsletter, check us out on magicpants.substack.com.

MP Market Review – November 7, 2025

Last updated by BM on November 11, 2025

Summary

 

Welcome to this week’s MP Market Review – your go-to source for insights and updates on the Canadian dividend growth companies we track on The List! While we’ve expanded our watchlists to include U.S. companies The List-USA, our Canadian lineup remains the cornerstone of our coaching approach.

Don’t miss out on exclusive newsletters and premium content that will help you sharpen your investing strategy. Explore it all at magicpants.substack.com.

Your journey to dividend growth mastery starts here – let’s dive in!

  • Last week, dividend growth of The List stayed the same with an average return of +7.1% YTD (income).
  • Last week, the price of The List was up from the previous week with an average return of +10.3% YTD (capital).
  • Last week, there were three dividend announcements from companies on The List.
  • Last week, there were fourteen earnings reports from companies on The List.
  • This week, four companies from The List will report on earnings.

DGI Clipboard

 

“Earnings are the principal factor determining market value, provided they are reasonably stable and subject to careful analysis.”

– Benjamin Graham

Earnings Growth and Dividend Growth: Two Sides of the Same Coin
Intro

 

With roughly half of The List reporting earnings last week, it’s a good time to revisit why earnings matter so much in our dividend growth investing strategy and how they ultimately drive the income and long-term returns we are building toward.

The Significance of Earnings in Dividend Growth Investing

When it comes to dividend growth investing, earnings are the engine that drives everything. They determine not only how much a company can pay shareholders today, but also how much it can sustainably grow those payments in the future. Benjamin Graham, the father of value investing, put it best when he said, “In the short run, the market is a voting machine, but in the long run, it is a weighing machine.” What it weighs, of course, is earnings power, the ability of a business to generate consistent, growing profits.

For dividend growth investors, that principle sits at the core of every decision we make. Our strategy is built on identifying high-quality companies that can reliably grow earnings over time. Why? Because earnings growth funds dividend growth, and dividend growth fuels long-term total returns. In fact, over the long run, the two are almost always aligned. When a company’s earnings compound steadily, its dividends tend to follow a similar upward path.

Earnings: The Foundation of Dividend Safety

A company that earns more each year can afford to raise its dividend without jeopardizing its balance sheet. When earnings stagnate or decline, the payout ratio, the percentage of profits paid out as dividends, begins to creep higher, and that is when risk enters the picture. The most sustainable dividend growth stories are those backed by stable, predictable earnings streams.

That is why our process emphasizes quality first. We look for businesses with durable competitive advantages, recurring revenues, and management teams that allocate capital wisely. These companies tend to produce consistent earnings regardless of economic cycles. Think of regulated utilities, consumer staples, or railways, sectors where steady demand supports steady profits. When earnings are predictable, dividend growth becomes predictable too.

The Power of Compounding Earnings

Earnings growth does not just support dividends; it multiplies value. Over time, compounding earnings translate into higher share prices, creating the classic “double double” effect of dividend growth investing: rising income and rising capital value.

John Bogle, another investing legend, famously summarized expected market returns as:


Future Returns = Dividend Yield + Earnings Growth (Dividend Growth) ± Change in Valuation.


That middle term, earnings growth, is what really moves the needle over decades. Even if valuations fluctuate, companies that consistently grow earnings at 8 to 10 percent annually tend to deliver similar total returns over the long run. Dividend growth often mirrors that same pace, since management teams typically aim to keep payout ratios steady as profits increase.

Why We Focus on Earnings Trends

In our model portfolios, we spend less time predicting next quarter’s numbers and more time studying long-term earnings trajectories. We look for a track record of at least ten years of growth, the accuracy of analyst forecasts, and how management has performed against those expectations. These trends tell us far more about the reliability of future dividends than any headline or market forecast.

When we find companies that pair consistent earnings growth with sensible valuations, we are willing to be patient owners. As earnings compound, dividends follow, and so does total shareholder wealth.

Takeaway

 

Dividends may be what we see and collect, but earnings are what make them possible. Over time, dividend growth and earnings growth move hand in hand, reinforcing one another. For the dividend growth investor, understanding and respecting that relationship is the difference between chasing yield and building lasting wealth. In the end, it is not the market’s opinion that counts, it is the steady, growing earnings behind the businesses we own that do the heavy lifting.

Become a paid partner, and I’ll show you exactly how I do it. With real money. In real stocks. In addition, gain full access to this post and exclusive, subscriber-only content. We do the work; you stay in control. Subscribe today and take your dividend growth investing to the next level!

DGI Scorecard

 
The List (2025)

 

The Magic Pants 2025 list includes 29 Canadian dividend growth stocks. Here are the criteria to be considered a candidate on ‘The List’:

  1. Dividend growth streak: 10 years or more.
  2. Market cap: Minimum one billion dollars.
  3. Diversification: Limit of five companies per sector, preferably two per industry.
  4. Cyclicality: Exclude REITs and pure-play energy companies due to high cyclicality.

Based on these criteria, companies are added or removed from ‘The List’ annually on January 1. Prices and dividends are updated weekly.

‘The List’ is not a portfolio but a coaching tool that helps us think about ideas and risk manage our model portfolio. We own some but not all the companies on ‘The List’. In other words, we might want to buy these companies when valuation looks attractive.

Our newsletter provides readers with a comprehensive insight into the implementation and advantages of our Canadian dividend growth investing strategy. This evidence-based, unbiased approach empowers DIY investors to outperform both actively managed dividend funds and passively managed indexes and dividend ETFs over longer-term horizons.

Performance of ‘The List’

 

Last week, dividend growth stayed the same, with an average return of +7.1% YTD (income).

The price of ‘The List’ was up from the previous week, with an average YTD return of +10.3% (capital).

Last week’s best performers on ‘The List’ were Intact Financial (IFC-T), up +7.09%.; Canadian Tire (CTC-A-T), up +6.93%; and Magna (MGA-N) up +5.63%.

goeasy Ltd. (GSY-T) was the worst performer last week, down -23.24%.

SYMBOL COMPANY YLD PRICE YTD % DIV YTD % STREAK
ATD-T Alimentation Couche-Tard Inc. 1.1% $68.51 -13.33% $0.78 8.3% 15
BCE-T Bell Canada 8.8% $32.53 -2.95% $2.87 -28.1% 16
BIP-N Brookfield Infrastructure Partners 4.9% $35.22 10.55% $1.72 6.2% 17
CCL-B-T CCL Industries Inc. 1.6% $79.12 7.47% $1.28 10.3% 23
CNR-T Canadian National Railway 2.7% $133.31 -9.18% $3.55 5.0% 29
CTC-A-T Canadian Tire 4.1% $171.99 11.89% $7.10 1.4% 14
CU-T Canadian Utilities Limited 4.5% $41.08 18.11% $1.83 1.0% 53
DOL-T Dollarama Inc. 0.2% $184.94 31.91% $0.41 18.1% 14
EMA-T Emera 4.3% $67.23 25.59% $2.92 1.2% 18
ENB-T Enbridge Inc. 5.6% $66.94 8.19% $3.77 3.0% 29
ENGH-T Enghouse Systems Limited 5.5% $20.98 -22.47% $1.16 16.0% 18
FNV-N Franco Nevada 0.8% $192.12 58.61% $1.52 5.6% 17
FTS-T Fortis Inc. 3.5% $71.96 20.70% $2.49 4.2% 51
GSY-T goeasy Ltd. 4.5% $129.46 -22.55% $5.84 24.8% 10
IFC-T Intact Financial 1.9% $280.17 6.54% $5.32 9.9% 20
L-T Loblaw Companies Limited 1.0% $56.62 19.05% $0.55 15.2% 13
MFC-T Manulife Financial 3.8% $46.85 6.62% $1.76 10.0% 11
MGA-N Magna 3.9% $49.87 19.48% $1.94 2.1% 15
MRU-T Metro Inc. 1.6% $95.01 5.37% $1.48 10.4% 30
RY-T Royal Bank of Canada 3.0% $204.01 18.42% $6.04 7.9% 14
SJ-T Stella-Jones Inc. 1.5% $83.75 14.74% $1.24 10.7% 20
STN-T Stantec Inc. 0.6% $151.44 33.89% $0.89 7.3% 13
T-T Telus 7.9% $20.77 5.81% $1.64 7.0% 21
TD-T TD Bank 3.7% $113.58 48.47% $4.20 2.9% 14
TFII-N TFI International 2.1% $87.34 -34.14% $1.80 12.5% 14
TIH-T Toromont Industries 1.3% $160.98 42.33% $2.08 8.3% 35
TRI-Q Thomson Reuters 1.7% $137.57 -15.28% $2.38 10.2% 31
TRP-T TC Energy Corp. 4.6% $73.26 7.39% $3.40 3.3% 24
WCN-N Waste Connections 0.8% $166.18 -2.20% $1.30 10.7% 15
Averages 3.2% 10.3% 7.1% 21

Note: Stocks ending in “-N or -Q” declare earnings and dividends in US dollars. To achieve currency consistency between dividends and share price for these stocks, we have shown dividends in US dollars and share price in US dollars (these stocks are listed on a US exchange). The dividends for their Canadian counterparts (-T) would be converted into CDN dollars and would fluctuate with the exchange rate.

PAID subscribers enjoy full access to our enhanced weekly newsletter, premium content, and easy-to-follow trade alerts so they can build DGI portfolios alongside ours. This service provides the resources to develop your DGI business plan confidently. We do the work; you stay in control!

It truly is the subscription that pays dividends!

The greatest investment you can make is in yourself. Are you ready to take that step? 

For more articles and the full newsletter, check us out on magicpants.substack.com.

MP Market Review – October 31, 2025

Last updated by BM on November 4, 2025

Summary

 

Welcome to this week’s MP Market Review – your go-to source for insights and updates on the Canadian dividend growth companies we track on The List! While we’ve expanded our watchlists to include U.S. companies The List-USA, our Canadian lineup remains the cornerstone of our coaching approach.

Don’t miss out on exclusive newsletters and premium content that will help you sharpen your investing strategy. Explore it all at magicpants.substack.com.

Your journey to dividend growth mastery starts here – let’s dive in!

  • Last week, dividend growth of The List was up with an average return of +7.1% YTD (income).
  • Last week, the price of The List was down from the previous week with an average return of +10.0% YTD (capital).
  • Last week, there was one dividend announcement from a company on The List.
  • Last week, there were four earnings reports from companies on The List.
  • This week, fourteen companies from The List will report on earnings.

DGI Clipboard

 

“The stock market is a device for transferring money from the impatient to the patient.”

– Warren Buffett

7% Income Growth and Counting: The Real Story Behind the DGI Scorecard
Intro

 

DGI Scorecard Review

In the final newsletter of each month, we feature both our Canadian and American watchlists in the DGI Scorecard section below. A quick glance at the averages at the bottom of each list shows that year-to-date price returns are not spectacular, especially when compared to high-flying AI stocks, gold miners, or tech-heavy indexes. But this should not discourage you.

Remember, these are equally weighted watchlists, not portfolios. They are designed to track high-quality dividend growth companies, not chase short-term trends. More importantly, the year-to-date dividend growth performance of both watchlists continues to impress, averaging over 7% again this year. That is the real story.

For dividend growth investors, the ultimate goal is to own enough high-quality companies that the income your portfolio produces covers your living expenses. At that point, your dividends effectively become your paycheque in retirement, and the best part is that you can look forward to a raise every year as those companies continue to increase their payouts, no matter what the stock market is doing.

While our strategy emphasizes steady income growth, we never lose sight of capital appreciation. The beauty of compounding is that it often works quietly in the background, gaining momentum over time. Its full impact is rarely visible in the short term but becomes increasingly powerful as dividends are reinvested and earnings grow. Patience is essential during these early phases, as compounding tends to reward consistency rather than speed.

We will take a closer look at how this dynamic is unfolding inside our model portfolios when we release our quarterly performance updates later in November.

Takeaway

 

Even though prices may fluctuate, the dependable growth in our income does not. Stay the course. You will be happy you did.

Become a paid partner, and I’ll show you exactly how I do it. With real money. In real stocks. In addition, gain full access to this post and exclusive, subscriber-only content. We do the work; you stay in control. Subscribe today and take your dividend growth investing to the next level!

DGI Scorecard

 
The List (2025)

 

The Magic Pants 2025 list includes 29 Canadian dividend growth stocks. Here are the criteria to be considered a candidate on ‘The List’:

  1. Dividend growth streak: 10 years or more.
  2. Market cap: Minimum one billion dollars.
  3. Diversification: Limit of five companies per sector, preferably two per industry.
  4. Cyclicality: Exclude REITs and pure-play energy companies due to high cyclicality.

Based on these criteria, companies are added or removed from ‘The List’ annually on January 1. Prices and dividends are updated weekly.

‘The List’ is not a portfolio but a coaching tool that helps us think about ideas and risk manage our model portfolio. We own some but not all the companies on ‘The List’. In other words, we might want to buy these companies when valuation looks attractive.

Our newsletter provides readers with a comprehensive insight into the implementation and advantages of our Canadian dividend growth investing strategy. This evidence-based, unbiased approach empowers DIY investors to outperform both actively managed dividend funds and passively managed indexes and dividend ETFs over longer-term horizons.

Performance of ‘The List’

 

Last week, dividend growth was up, with an average return of +7.1% YTD (income).

The price of ‘The List’ was down from the previous week, with an average YTD return of +10.0% (capital).

Last week’s best performers on ‘The List’ were Toromont Industries (TIH-T), up +3.63%.; Magna (MGA-N), up +2.16%; and TD Bank (TD-T) up +1.60%.

Canadian Tire (CTC-A-T) was the worst performer last week, down -6.86%.

SYMBOL COMPANY YLD PRICE YTD % DIV YTD % STREAK
ATD-T Alimentation Couche-Tard Inc. 1.1% $71.28 -9.83% $0.78 8.3% 15
BCE-T Bell Canada 9.0% $32.06 -4.36% $2.87 -28.1% 16
BIP-N Brookfield Infrastructure Partners 5.0% $34.17 7.25% $1.72 6.2% 17
CCL-B-T CCL Industries Inc. 1.6% $78.24 6.28% $1.28 10.3% 23
CNR-T Canadian National Railway 2.6% $134.49 -8.37% $3.55 5.0% 29
CTC-A-T Canadian Tire 4.4% $160.85 4.65% $7.10 1.4% 14
CU-T Canadian Utilities Limited 4.7% $39.28 12.94% $1.83 1.0% 53
DOL-T Dollarama Inc. 0.2% $182.31 30.04% $0.41 18.1% 14
EMA-T Emera 4.4% $66.68 24.57% $2.92 1.2% 18
ENB-T Enbridge Inc. 5.8% $65.40 5.71% $3.77 3.0% 29
ENGH-T Enghouse Systems Limited 5.6% $20.81 -23.10% $1.16 16.0% 18
FNV-N Franco Nevada 0.8% $186.63 54.07% $1.52 5.6% 17
FTS-T Fortis Inc. 3.5% $70.50 18.25% $2.46 3.1% 51
GSY-T goeasy Ltd. 3.5% $168.65 0.89% $5.84 24.8% 10
IFC-T Intact Financial 2.0% $261.63 -0.51% $5.32 9.9% 20
L-T Loblaw Companies Limited 1.0% $55.74 17.20% $0.55 15.2% 13
MFC-T Manulife Financial 3.9% $45.39 3.30% $1.76 10.0% 11
MGA-N Magna 4.1% $47.21 13.10% $1.94 2.1% 15
MRU-T Metro Inc. 1.6% $93.49 3.68% $1.48 10.4% 30
RY-T Royal Bank of Canada 2.9% $205.47 19.27% $6.04 7.9% 14
SJ-T Stella-Jones Inc. 1.6% $79.61 9.07% $1.24 10.7% 20
STN-T Stantec Inc. 0.6% $155.32 37.32% $0.89 7.3% 13
T-T Telus 8.0% $20.51 4.48% $1.64 7.0% 21
TD-T TD Bank 3.6% $115.16 50.54% $4.20 2.9% 14
TFII-N TFI International 2.0% $89.73 -32.34% $1.80 12.5% 14
TIH-T Toromont Industries 1.2% $168.51 48.99% $2.08 8.3% 35
TRI-Q Thomson Reuters 1.6% $153.06 -5.74% $2.38 10.2% 31
TRP-T TC Energy Corp. 4.8% $70.38 3.17% $3.40 3.3% 24
WCN-N Waste Connections 0.8% $167.68 -1.31% $1.30 10.7% 15
Averages 3.2% 10.0% 7.1% 21

Note: Stocks ending in “-N or -Q” declare earnings and dividends in US dollars. To achieve currency consistency between dividends and share price for these stocks, we have shown dividends in US dollars and share price in US dollars (these stocks are listed on a US exchange). The dividends for their Canadian counterparts (-T) would be converted into CDN dollars and would fluctuate with the exchange rate.

PAID subscribers enjoy full access to our enhanced weekly newsletter, premium content, and easy-to-follow trade alerts so they can build DGI portfolios alongside ours. This service provides the resources to develop your DGI business plan confidently. We do the work; you stay in control!

It truly is the subscription that pays dividends!

The greatest investment you can make is in yourself. Are you ready to take that step? 

For more articles and the full newsletter, check us out on magicpants.substack.com.

We buy quality individual dividend growth stocks when they are sensibly priced and hold for the growing income.