Here Are 4 Top Canadian Stocks That Just Raised Their Dividends

Are you looking for Canadian stocks that regularly increase their dividends? These four stocks just raised their dividends by a nice margin.

Robin Brown

Robin Brown has been a Motley Fool contributor since January 2020. He has lived in Canada, Norway, and Australia where he studied theology and business management. Robin works as a commercial real estate manager, as well as an investment research advisor for a private investment manager. Today, he provides equity research and analysis for a private family office. He enjoys traveling, hiking, fishing, and spending time with his wife and children.

Published August 8, 9:45 am EDT

The TSX has a long list of Canadian stocks that consistently raise their dividends every single year. They come from a wide mix of sectors and industries. The two things they all have in common are that they are best-in-class and they have a track record of smart capital allocation. Here are stocks that just raised their dividends.

Income and growth financial chart — Source: Getty Images

A top Canadian bank stock

Royal Bank of Canada (TSX:RY) has a great history of dividend increases. It has raised its dividend by a 7% compounded annual growth rate (CAGR) since 2014. In May 2026, it increased its dividend by 7% to $1.76 per share. It yields 2.4% today.

Royal has a leading banking empire in North America. It is exceptionally well-managed. A relentless focus on building long-term customer relationships has maintained its long-term dominance. This bank has everything you want in a solid Canadian dividend stock, except its valuation is elevated compared to historic levels right now.

A top energy stock

While Cenovus Energy (TSX:CVE) had to cut its dividend in 2020, it has been on a dividend-growth streak since 2022. Its stock is up 68% since 2022. It now exceeds where it was when it was cut in 2020. Cenovus raised its dividend again in May by 10% to $0.22 per share. Cenovus stock yields 2% today.

After adding MEG Energy to its portfolio, Cenovus has become one of Canada’s largest energy producers. It expects to hit one million barrels per day of energy production this year.

As an integrated energy producer, it is winning from both higher oil and gasoline spreads. With a quickly improving balance sheet, this Canadian stock is in a strong position to keep returning capital to shareholders.

A top Canadian transport stock

TFI International (TSX:TFII) has raised its dividend annually by a 13% CAGR over the past 10 years. After its second-quarter results, it raised its dividend by 4% to $0.47 per quarter. It yields 1.33% today.

TFI is one of Canada’s largest trucking and logistics companies. It has a long history of delivering strong returns using an efficient operating model and a consistent acquisition strategy.

It has been a tough freight market for the past few years. However, things appear to be turning around. This Canadian stock delivered a strong quarter where earnings per share rose 41%. TFI is generating strong cash flows, which provide ample options for further capital allocation in the year ahead.

A top railroad stock

Canadian Pacific Kansas City (TSX:CP) has aggressively increased since it completed its merger with Kansas City Southern. In April, it increased its quarterly dividend by 17.5% to $0.268 per share. That is after a 20% increase in the previous year.

Despite a volatile trade environment, Canadian Pacific has consistently been one of the best railroads in North America. Its Canada-U.S.-Mexico network has provided it with substantial optionality. It is enjoying record grain volumes this year.

CP is very well-managed and starting to generate substantial cash flows out of the merger. This Canadian stock is targeting mid-teens earnings-per-share growth over the coming years. An improved economic outlook could certainly help support that going forward.