Dividend cycles
Dividend paying companies mostly pay dividends quarterly, although some pay monthly. Over the course of a year, there are three dividend cycles that occur. Companies that make their quarterly dividend payments in:
- January, April, July and October
- February, May, August and November
- March, June, September and December.
Investors might use this information to structure their dividend income cash flow throughout the year.
The dividend cycles below are included for the convenience of investors, and are not meant as a recommendation. Also, some companies may switch from one month to another if the final day of one month or the first day of the next lies on a weekend or holiday.
The stock sector descriptions vary from source to source; those used are generally taken from the descriptions in iShares Core S&P/TSX Capped Composite Index ETF (XIC)[1] and are sometimes different from the sector descriptions used at the stock quotation source, the Toronto Stock Exchange. There are eleven sectors defined in the Global Industry Classification Standard (GICS) system.[2]
Cycle 1: dividends paid in January, April, July, and October (JAJO)
Company Stock Symbol Sector Dividend currency Ag Growth International TSX: AFN Industrials CAD AGF Management Ltd. TSX: AGF.B Financials CAD Algonquin Power TSX: AQN Utilities USD ARC Resources TSX: ARX Energy CAD Bank of Nova Scotia TSX: BNS Financials CAD BCE TSX: BCE Communication Services CAD Boyd Group Services TSX: BYD Industrials CAD Canadian Natural Resources TSX: CNQ Energy CAD Canadian Pacific Railway TSX: CP Industrials CAD Capital Power TSX: CPX Utilities CAD Canadian Imperial Bank Of Commerce (CIBC) TSX: CM Financials CAD Empire TSX: EMP.A Consumer Staples CAD George Weston TSX: WN Consumer Staples CAD Gildan Activewear TSX: GIL Consumer Discretionary USD IGM Financial TSX: IGM Financials CAD Imperial Oil TSX: IMO Energy CAD[note 1] North West Company TSX: NWC Consumer Staples CAD Nutrien TSX: NTR Materials USD[note 2] Rogers Communications TSX: RCI.A, RCI.B Communication Services CAD Stantec TSX: STN Industrials CAD Stella Jones TSX: SJ Industrials CAD Sun Life TSX: SLF Financials CAD TC Energy TSX: TRP Energy CAD TD Bank TSX: TD Financials CAD Teck Resources TSX: TECK.A, TECK.B Materials CAD Telus TSX: T Communication Services CAD TransAlta TSX: TA Utilities CAD Yamana Gold TSX: YRI Materials CAD
Cycle 2: dividends paid in February, May, August, and November (FMAN)
Cycle 3: dividends paid in March, June, September, and December (MJSD)
Company Stock Symbol Sector Dividend currency Agnico-Eagle Mines TSX: AEM Materials CAD Alimentation Couche-Tard TSX: ATD Consumer Staples CAD AltaGas TSX: ALA Energy CAD Atco Ltd. TSX: ACO.X Utilities CAD Barrick Gold TSX: ABX Materials USD[note 3] Brookfield Corporation TSX: BN Financials USD[note 4] Brookfield Infrastructure L.P. TSX: BIP.UN Utilities USD[note 5] Brookfield Renewable L.P. TSX: BEP.UN Utilities USD[note 6] Calian Group TSX: CGY Information Technology CAD Canadian Utilities TSX: CU Utilities CAD Canadian National Railways TSX: CNR Industrials CAD Canadian Tire Corp TSX: CTC, CTC.a Consumer Discretionary CAD Cenovus Energy TSX: CVE Energy CAD Corby Spirit and Wine TSX: CSW.A, CSW.B Consumer Discretionary CAD Corus Entertainment TSX: CJR.B Consumer Discretionary CAD Dollarama TSX: DOL Consumer Discretionary CAD Enbridge TSX: ENB Energy CAD Enerplus TSX: ERF Energy CAD Fortis TSX: FTS Utilities CAD Great West Lifeco TSX: GWO Financials CAD Hydro One Limited TSX: H Utilities CAD Industrial Alliance TSX: IAG Financials CAD Loblaw Companies TSX: L Consumer Staples CAD Manulife TSX: MFC Financials CAD Magna TSX: MG Consumer Discretionary USD Metro TSX: MRU Consumer Staples CAD Pembina Pipeline TSX: PPL Energy CAD Power Corp. TSX: POW Financials CAD Saputo TSX: SAP Consumer Staples CAD SNC-Lavalin Group TSX: SNC Industrials CAD Suncor Energy TSX: SU Energy CAD Thomson Reuters TSX: TRI Consumer Discretionary USD Wheaton Precious Metals TSX: WPM Materials USD
Monthly dividends
Semi-annual dividends
Annual dividends
Dividend currency notes
- ↑ Shareholders may choose to have their dividends paid in U.S. funds.
Source: About Imperial Oil - Dividend & tax information, viewed December 3, 2014. - ↑ "Dividends". Nutrien. Retrieved February 22, 2018.
- ↑ Shareholders with an address in Canada will be paid in CAD; shareholders with an address in Australia will be paid in AUD; all other shareholders will be paid in USD. Dividend payments paid in CAD or AUD are converted from USD at the noon rate of exchange of the Bank of Canada on the record date for the relevant dividend payment.
Source: Barrick Gold Corporation - Investors - Share Price & Dividend, viewed December 3, 2014. - ↑ Please note that the quarterly dividend payable on Brookfield's Class A Limited Voting Shares is declared in US dollars. Registered shareholders who are U.S. residents receive their dividends in U.S. dollars, unless they request the Cdn. dollar equivalent. Registered shareholders who are Canadian residents receive their dividends in the Cdn. dollar equivalent, unless they request to receive dividends in U.S. dollars. The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada noon exchange rate on the record date or, if this falls on a weekend or holiday, on the following business day.
Source: Stock & Dividend Info | Common Shares | Brookfield Asset Management, viewed December 3, 2014. - ↑ Beginning with the Q2 2015 distribution, registered unitholders and beneficial unitholders whose units are registered in the name of CDS or a name other than their own name (i.e., generally those holding their LP Units with a Canadian brokerage), may opt to receive their distributions in either U.S. dollars or the Canadian dollar equivalent. Unless they request the Canadian dollar equivalent, unitholders will continue to receive their distributions in U.S. dollars. The Canadian dollar equivalent of the quarterly distribution will be calculated based on the Bank of Canada noon exchange rate on the record date or, if the record date falls on a weekend or holiday, on the Bank of Canada noon exchange rate of the preceding business day.
Source: Investor Relations | Distributions | Brookfield Infrastructure Partners L.P., viewed February 4, 2016. - ↑ The quarterly distributions payable on L.P. Units of Brookfield Renewable Energy Partners are declared in U.S. dollars. Registered and beneficial shareholders who are resident in Canada or the United States may opt to receive their distributions in either U.S. dollars or the Canadian dollar equivalent. Unless they request the Canadian dollar equivalent, shareholders will continue to receive distributions in U.S. dollars (which may be converted for them by the broker or other intermediary, as may currently be the case). The Canadian dollar equivalent of the quarterly distribution will be based on the Bank of Canada noon exchange rate on the Record Date or, if the Record Date falls on a weekend or holiday, on the Bank of Canada noon exchange rate of the preceding business day.
Source: Investor Relations | Distributions | Brookfield Renewable Energy Partners, viewed February 4, 2016.
Brokers and currency conversion
Most Canadian discount brokers now offer Canadian dollar and US dollar sub-accounts. When holding a USD paying dividend paying stock in a CAD denominated account, there is no consistent method of handling the USD-CAD conversion and the imbedded foreign exchange charge that results.[3] Your first step should be to understand how your broker handles the conversion and at what, if any, cost of conversion exist for stocks that pay their dividends in USD.[4] One method to eliminate the currency conversion cost is to hold stocks paying dividends in USD in the US dollar sub-account.
See also
References
- ↑ Blackrock, iShares Core S&P/TSX Capped Composite Index ETF | XIC, viewed January 8, 2016.
- ↑ Global Industry Classification Standard (GICS) - MSCI, viewed October 29, 2018.
- ↑ Financial Wisdom Forum topic: "Canadian Stocks Paying $US Dividends", viewed January 12, 2016.
- ↑ Financial Wisdom Forum topic: "TDDI U.S. Exchange Rate for U.S. dividends", viewed January 12, 2016.
Further reading
- Financial Wisdom Forum topic: "Dividend and distribution hikes (2019)"
- Financial Wisdom Forum topic: "Dividend and distribution hikes (2020)"
- Financial Wisdom Forum topic: "Dividend and distribution hikes (2021)"
- Financial Wisdom Forum topic: "Dividend and distribution hikes (2022)"
- Financial Wisdom Forum topic: "Canadian Stocks Paying $US Dividends"
External links
- "Shakespeare's Primer", Dividend Cycles for Canadian Companies
- S&P/TSX Composite Dividend Index (CAD) - S&P Dow Jones Indices, the index includes all stocks in the S&P/TSX Composite with positive annual dividend yields as of the latest rebalancing of the S&P/TSX Composite.
- TMX Money now offers a dividend calendar (requires signup).
- Balakrishnan, Ram (August 22, 2012). "Canadian Stocks Paying US Dollar Dividends". Canadian Capitalist.
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