The Best Canadian Blue Chip Stocks For 2024

Dividend Earner

Dividend Earner

Updated on

3 min read Affiliate Disclosure

Can blue chip stocks be part of your winning investment strategy? A successful long-term approach to investing is to pick winning dividend stocks to hold forever, and as you probably know, it’s a lot harder to do for a consistent period of time than you can imagine.

Many investors and stock analysts will share their opinions on many different stocks. Still, the reality is that there are proven businesses with a long history of growth and success through good and bad times.

Those blue chip companies often have a leg up on the competition and lead the way with consumers for recognition.

Here is what you will learn:

  • What a blue chip stock is
  • The complete list of blue-chip stocks on the Toronto Stock Exchange
  • The top 10 blue chip stocks

What Are Blue Chip Stocks?

A blue-chip stock has the following characteristics:

  • The company is a leader in market capitalization within its sector, its country and in its business segment.
  • The company will often have products well-known to everyone and established within the household.
  • The company will often pay a dividend and have paid a dividend consistently for many years. While it’s not required to pay a dividend or increase the dividend, they usually have established the pattern.

Blue chip stocks are considered more defensive and can weather stock market storms. It doesn’t mean the stock price will not go down, it means they are expected to recover due to their established business and strong foothold.

The blue-chip reference comes from the understanding that a blue chip is the most valuable poker chip if you are curious about the reference. Watch this video for a great explanation.

Stay on top of your next investment decision with the Dividend Snapshot Screeners. Review the Chowder Rule along with the 3, 5, and 10 year ratios for dividend growth, EPS growth and the payout ratio to pick a solid investment for your portfolio.

Canadian Blue Chip Stocks

Here is what I consider to be the complete list of blue-chip stocks on the Toronto Stock Exchange. I identified around 50 blue chip stocks from the Toronto Stock Exchange.

Top 10 Canadian Blue Chip Stocks

Below is the list of the best-ranked blue chip stocks from the Dividend Snapshot Screener. I own a number of the stocks listed; see my stock holdings for more details. All data points are accurate as of the time of writing.

What you may find interesting is that many of the Canadian Dividend Blue Chip Stocks also trade on the NYSE as cross-listed stocks. Please note that from a market capitalization perspective, none of the Canadian REITs have made it on the list below.

The following list represents Canadian dividend stocks to hold forever – if you were to evaluate the holdings of many ETFs or mutual funds, you would find those companies.

TSE RY SMALL

Royal Bank

tse:ry | Financial Services | Banks - Diversified

TSE ATD SMALL

Alimentation Couche-Tard

tse:atd | Consumer Defensive | Grocery Stores

TSE T SMALL

Telus

tse:t | Communication Services | Telecommunication Services

TSE TD SMALL

TD Bank

tse:td | Financial Services | Banks - Diversified

TSE BAM SMALL

Brookfield Asset Management

tse:bam | Financial Services | Asset Management

TSE TRI SMALL

Thompson Reuters

tse:tri | Industrials | Consulting Services

TSE MFC SMALL

Manulife

tse:mfc | Financial Services | Insurance - Life

TSE IFC SMALL

Intact Financial

tse:ifc | Financial Services | Insurance - Property & Casualty

TSE CNR SMALL

Canadian National Railway

tse:cnr | Industrials | Railroads

TSE CNQ SMALL

Canadian Natural Resources

tse:cnq | Energy | Oil & Gas E&P