Top Canadian Dividend Stocks

 |  Includes: BMO, BNS, BPO, CNI, CNQ, ENB, IMO, MFC, RY, SLF, TD
by: David Hunkar

Last August I wrote an article about the Top Canadian Dividend stocks trading on US markets. These stocks are part of the S&P TSX Canadian Dividend Aristocrats Index.

Since dividends account for one third of the total returns of the TSX Composite Index, it pays to keep an eye on the current yields. This is especially true in times like these where many companies are suspending or reducing dividend payments. Fortunately not many Canadian companies have slashed dividends.

The following is the list of the 11 Canadian dividend stocks with the current yields:

1. Bank of Montreal - BMO
Dividend Yield - 10.80%

2. Bank of Nova Scotia Halifax - BNS
Dividend Yield -7.69%

3. Brookfield Properties Corp - BPO
Dividend Yield - 10.16%

4. Canadian National Railways - CNI
Dividend Yield - 2.41%

5. Canadian Natural Resources Limited - CNQ
Dividend Yield - 0.99%

6. Enbrdige Inc - ENB
Dividend Yield - 3.88%

7. Imperial Oil Ltd - IMO
Dividend Yield - 1.04%

8. Manulife Financial Corp - MFC
Dividend Yield - 7.66%

9. Royal Bank of Canada - RY
Dividend Yield - 7.01%

10. Sun Life Financial Serv Canada - SLF
Dividend Yield - 7.29%

11. Toronto-Dominion Bank - TD
Dividend Yield - 7.12%

Note: The above yield info. is as of Feb 25, 2009.

Disclosure: Long all four banks listed above and CNI.