Last updated by BM on January 31, 2025
The Magic Pants 2025 list includes 29 Canadian dividend growth stocks. Here are the criteria to be considered a candidate on ‘The List’:
- Dividend growth streak: 10 years or more.
- Market cap: Minimum one billion dollars.
- Diversification: Limit of five companies per sector, preferably two per industry.
- Cyclicality: Exclude REITs and pure-play energy companies due to high cyclicality.
Based on these criteria, companies on ‘The List’ are added or removed 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.
| SYMBOL | COMPANY | YLD | PRICE | YTD % | DIV | YTD % | STREAK |
|---|---|---|---|---|---|---|---|
| ATD-T | Alimentation Couche-Tard Inc. | 1.0% | $76.75 | -2.91% | $0.78 | 8.3% | 15 |
| BCE-T | Bell Canada | 11.5% | $34.61 | 3.25% | $3.99 | 0.0% | 16 |
| BIP-N | Brookfield Infrastructure Partners | 5.2% | $32.81 | 2.98% | $1.72 | 6.2% | 17 |
| CCL-B-T | CCL Industries Inc. | 1.6% | $72.19 | -1.94% | $1.16 | 0.0% | 23 |
| CNR-T | Canadian National Railway | 2.3% | $151.82 | 3.43% | $3.55 | 5.0% | 29 |
| CTC-A-T | Canadian Tire | 4.3% | $163.62 | 6.45% | $7.10 | 1.4% | 14 |
| CU-T | Canadian Utilities Limited | 5.4% | $33.95 | -2.39% | $1.83 | 1.0% | 53 |
| DOL-T | Dollarama Inc. | 0.3% | $137.53 | -1.90% | $0.37 | 5.1% | 14 |
| EMA-T | Emera | 5.3% | $55.22 | 3.16% | $2.90 | 0.7% | 18 |
| ENB-T | Enbridge Inc. | 6.0% | $62.85 | 1.58% | $3.77 | 3.0% | 29 |
| ENGH-T | Enghouse Systems Limited | 3.8% | $27.59 | 1.96% | $1.04 | 4.0% | 18 |
| FNV-N | Franco Nevada | 1.1% | $135.96 | 12.24% | $1.52 | 5.6% | 17 |
| FTS-T | Fortis Inc. | 4.0% | $61.90 | 3.82% | $2.46 | 3.1% | 51 |
| GSY-T | goeasy Ltd. | 2.6% | $176.93 | 5.84% | $4.68 | 0.0% | 10 |
| IFC-T | Intact Financial | 1.9% | $258.15 | -1.83% | $4.84 | 0.0% | 20 |
| L-T | Loblaw Companies Limited | 1.1% | $181.98 | -4.33% | $2.05 | 7.0% | 13 |
| MFC-T | Manulife Financial | 3.7% | $43.46 | -1.09% | $1.60 | 0.0% | 11 |
| MGA-N | Magna | 4.8% | $39.67 | -4.96% | $1.90 | 0.0% | 15 |
| MRU-T | Metro Inc. | 1.6% | $90.81 | 0.71% | $1.48 | 10.4% | 30 |
| RY-T | Royal Bank of Canada | 3.3% | $177.18 | 2.85% | $5.92 | 3.5% | 14 |
| SJ-T | Stella-Jones Inc. | 1.6% | $70.13 | -3.92% | $1.12 | 0.0% | 20 |
| STN-T | Stantec Inc. | 0.7% | $112.47 | -0.57% | $0.84 | 1.8% | 13 |
| T-T | Telus | 7.6% | $21.08 | 7.39% | $1.61 | 5.2% | 21 |
| TD-T | TD Bank | 5.1% | $82.91 | 8.38% | $4.20 | 2.9% | 14 |
| TFII-N | TFI International | 1.4% | $131.81 | -0.60% | $1.80 | 12.5% | 14 |
| TIH-T | Toromont Industries | 1.7% | $115.89 | 2.47% | $1.92 | 0.0% | 35 |
| TRI-N | Thomson Reuters | 1.3% | $168.25 | 3.61% | $2.16 | 0.0% | 31 |
| TRP-T | TC Energy Corp. | 5.0% | $65.49 | -4.00% | $3.29 | 0.0% | 24 |
| WCN-N | Waste Connections | 0.7% | $183.77 | 8.16% | $1.26 | 7.7% | 15 |
| Averages | 3.3% | 1.65% | 3.3% | 21 |
Note: Stocks ending in “-N” 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.
Q4 2024 Earnings Calendar
Last updated by JM on January 31, 2025
Here is ‘The List’ sorted by reporting date, complete with the market’s consensus estimates and actual reported results. Red numbers show earnings that are below the previous year for the same time period.
| SYMBOL | COMPANY | DATE | ESTIMATE | RESULT | LY RESULT |
|---|---|---|---|---|---|
| ATD-T | Alimentation Couche-Tard Inc. | 26-Nov | $0.77 | $0.74 | $0.82 |
| DOL-T | Dollarama Inc. | 4-Dec | $0.98 | $0.98 | $0.92 |
| RY-T | Royal Bank of Canada | 4-Dec | $3.01 | $3.07 | $2.78 |
| TD-T | TD Bank | 5-Dec | $1.82 | $1.72 | $1.83 |
| ENGH-T | Enghouse Systems Limited | 12-Dec | $0.41 | $0.41 | $0.45 |
| MRU-T | Metro Inc. | 28-Jan | $1.09 | $1.10 | $1.02 |
| CNR-T | Canadian National Railway | 30-Jan | $1.96 | $1.82 | $2.02 |
| BIP-N | Brookfield Infrastructure Partners | 30-Jan | $0.15 | $0.31 | -$17.00 |
| BCE-T | Bell Canada | 6-Feb | $0.72 | $0.76 | |
| TRI-N | Thomson Reuters | 6-Feb | $0.97 | $0.98 | |
| IFC-T | Intact Financial | 11-Feb | $4.28 | $4.22 | |
| GSY-T | goeasy Ltd. | 11-Feb | $4.51 | $4.01 | |
| TIH-T | Toromont Industries | 11-Feb | $1.72 | $1.87 | |
| WCN-N | Waste Connections | 12-Feb | $1.20 | $1.11 | |
| T-T | Telus Corp. | 13-Feb | $0.22 | $0.24 | |
| CTC-A-T | Canadian Tire | 13-Feb | $4.29 | $3.38 | |
| FTS-T | Fortis Inc. | 14-Feb | $0.81 | $0.72 | |
| TRP-T | TC Energy | 14-Feb | $0.98 | $1.35 | |
| MGA-N | Magna | 14-Feb | $1.51 | $1.33 | |
| ENB-T | Enbridge Inc. | 14-Feb | $0.73 | $0.64 | |
| TFII-N | TFI International | 19-Feb | $1.65 | $1.71 | |
| CCL-B-T | CCL Industries Inc. | 19-Feb | $1.01 | $0.74 | |
| MFC-T | Manulife Financial | 19-Feb | $0.95 | $0.92 | |
| L-T | Loblaw Companies Limited | 20-Feb | $2.22 | $2.00 | |
| EMA-T | Emera Inc. | 24-Feb | $0.75 | $0.63 | |
| CU-T | Canadian Utilities Limited | 26-Feb | $0.73 | $0.71 | |
| STN-T | Stantec | 26-Feb | $0.99 | $0.82 | |
| SJ-T | Stella-Jones Inc. | 26-Feb | $0.74 | $0.98 | |
| FNV-N | Franco Nevada | 10-Mar | $0.92 | $0.90 |
