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) 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.

Cycle 1: dividends paid in January, April, July, and October (JAJO)

 * {| class="wikitable mw-datatable sortable"

! align="center" width="200" |Company ! align="center" width="200" |Stock Symbol ! align="center" width="200" |Sector ! align="center" width="100" |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
 * Cameco ||tsx: CCO ||Energy||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
 * North West Company ||tsx: NWC||Consumer Staples||CAD
 * Nutrien || tsx: NTR || Materials || USD
 * 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
 * }
 * IGM Financial ||tsx: IGM ||Financials||CAD
 * Imperial Oil ||tsx: IMO||Energy||CAD
 * North West Company ||tsx: NWC||Consumer Staples||CAD
 * Nutrien || tsx: NTR || Materials || USD
 * 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
 * }
 * 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
 * }
 * Telus ||tsx: T||Communication Services||CAD
 * TransAlta ||tsx: TA ||Utilities||CAD
 * Yamana Gold ||tsx: YRI||Materials||CAD
 * }
 * Yamana Gold ||tsx: YRI||Materials||CAD
 * }
 * }

Cycle 2: dividends paid in February, May, August, and November (FMAN)

 * {| class="wikitable mw-datatable sortable"

! align="center" width="200" |Company ! align="center" width="200" |Stock Symbol ! align="center" width="200" |Sector ! align="center" width="100" |Dividend currency
 * Bank of Montreal ||tsx: BMO ||Financials||CAD
 * Emera ||tsx: EMA||Utilities||CAD
 * Emera ||tsx: EMA||Utilities||CAD
 * Emera ||tsx: EMA||Utilities||CAD
 * Laurentian Bank ||tsx: LB||Financials||CAD
 * National Bank ||tsx: NA||Financials||CAD
 * Richelieu Hardware ||tsx: RCH||Consumer Cyclical||CAD
 * Royal Bank ||tsx: RY ||Financials||CAD
 * }
 * Royal Bank ||tsx: RY ||Financials||CAD
 * }
 * }

Cycle 3: dividends paid in March, June, September, and December (MJSD)

 * {| class="wikitable mw-datatable sortable"

! align="center" width="200" |Company ! align="center" width="200" |Stock Symbol ! align="center" width="200" |Sector ! align="center" width="100" | Dividend currency
 * Agnico-Eagle Mines||tsx: AEM||Materials||CAD
 * Alimentation Couche-Tard ||tsx: ATD.A ATD.B||Consumer Staples||CAD
 * Atco Ltd. ||tsx: ACO.X||Utilities||CAD
 * Barrick Gold ||tsx: ABX||Materials||USD
 * Brookfield Asset Management ||tsx: BAM.A||Financials||USD
 * Brookfield Infrastructure L.P. ||tsx: BIP.UN|| Utilities ||USD
 * Brookfield Renewable L.P. ||tsx: BEP.UN|| Utilities ||USD
 * Calian Technologies ||tsx: CTY ||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
 * Dorel Industries || tsx: DII.A DII.B||Consumer Discretionary||USD
 * Enbridge ||tsx: ENB||Energy||CAD
 * Enerplus||tsx: ERF||Energy||CAD
 * First Quantum Minerals||tsx: FM||Materials||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
 * Power Corp. ||tsx: POW||Financials||CAD
 * Saputo ||tsx: SAP||Consumer Staples||CAD
 * Silver Wheaton||tsx: SLW||Materials||USD
 * SNC-Lavalin Group||tsx: SNC||Industrials||CAD
 * Suncor Energy ||tsx: SU||Energy||CAD
 * Thomson Reuters||tsx: TRI||Consumer Discretionary||USD
 * }
 * Enerplus||tsx: ERF||Energy||CAD
 * First Quantum Minerals||tsx: FM||Materials||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
 * Power Corp. ||tsx: POW||Financials||CAD
 * Saputo ||tsx: SAP||Consumer Staples||CAD
 * Silver Wheaton||tsx: SLW||Materials||USD
 * SNC-Lavalin Group||tsx: SNC||Industrials||CAD
 * Suncor Energy ||tsx: SU||Energy||CAD
 * Thomson Reuters||tsx: TRI||Consumer Discretionary||USD
 * }
 * Magna ||tsx: MG||Consumer Discretionary||USD
 * Metro ||tsx: MRU||Consumer Staples||CAD
 * Power Corp. ||tsx: POW||Financials||CAD
 * Saputo ||tsx: SAP||Consumer Staples||CAD
 * Silver Wheaton||tsx: SLW||Materials||USD
 * SNC-Lavalin Group||tsx: SNC||Industrials||CAD
 * Suncor Energy ||tsx: SU||Energy||CAD
 * Thomson Reuters||tsx: TRI||Consumer Discretionary||USD
 * }
 * SNC-Lavalin Group||tsx: SNC||Industrials||CAD
 * Suncor Energy ||tsx: SU||Energy||CAD
 * Thomson Reuters||tsx: TRI||Consumer Discretionary||USD
 * }
 * Thomson Reuters||tsx: TRI||Consumer Discretionary||USD
 * }
 * }
 * }

Monthly dividends

 * {| class="wikitable mw-datatable sortable"

! align="center" width="200" |Company ! align="center" width="200" |Stock Symbol ! align="center" width="200" |Sector ! align="center" width="100" |Dividend currency
 * AltaGas ||tsx: ALA||Energy||CAD
 * Boardwalk REIT||tsx: BEI.UN||Financials||CAD
 * H&R REIT ||tsx: HR.UN||Financials||CAD
 * Inter Pipeline Fund ||tsx: IPL||Energy||CAD
 * Pembina Pipeline ||tsx: PPL||Energy||CAD
 * RioCan REIT||tsx: REI.UN||Financials||CAD
 * Shaw Communications||tsx: SJR.B||Communication Services||CAD
 * }
 * Pembina Pipeline ||tsx: PPL||Energy||CAD
 * RioCan REIT||tsx: REI.UN||Financials||CAD
 * Shaw Communications||tsx: SJR.B||Communication Services||CAD
 * }
 * Shaw Communications||tsx: SJR.B||Communication Services||CAD
 * }
 * }

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. 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. One method to eliminate the currency conversion cost is to hold stocks paying dividends in USD in the US dollar sub-account.