3 TSX stocks set to increase dividends in 2021


In 2021, there will be no shortage of dividend increases on the TSX. Despite this year’s recession, Canada’s largest companies appear determined to keep dividends paid next time around. Here are three TSX companies that have already announced dividend increases in the coming year.


Enbridge (TSX: ENB) (NYSE: ENB) is an energy stock that had a pretty tough year in 2020. Like most energy companies, it struggled with falling demand for oil. amid the COVID-19 pandemic. In the first quarter, it suffered a significant loss of $ 1.4 billion. This was mainly due to non-monetary factors such as losses on derivatives. Without that in the equation, he made a profit of $ 1.6 billion. In the second quarter, profits declined slightly; in the third quarter, they were up slightly.

Overall, this year has been a bit difficult for Enbridge. But it hasn’t been as bad as other energy companies. He recently announced a 3% dividend increase. This dividend will be paid on March 1 if you own the shares before February 12.


Dollarama (TSX: DOL) is a retail stock that has performed very well with COVID-19. In its most recent quarter, it increased sales by 12.3%, same-store sales by 7.1% and net income by 18.2%. These are all solid income indicators in the COVID-19 era. The company also reported strong earnings gains in the first few months of the pandemic, but revenues fell due to pandemic payroll and other expenses related to COVID-19.

Dollarama announced a 6.8% dividend increase in its third quarter earnings report. The dividend will be paid on February 5 and you will need to own the stock before January 8 to get it.

Canadian tire

Canadian tire (TSX: CTC.A) is another Canadian stock that will increase its dividend next year. This company has had a wild ride amid the COVID-19 pandemic. The first quarter of the pandemic saw it lose money, thanks to declining gas sales and restrictions on purchases. However, the company was a game changer in the third quarter. During this quarter, Canadian Tire reported an 18% increase in same store sales and a 42% increase in normalized EPS.

Much of this was due to e-commerce sales, which grew 180% year over year. Consumers turned to the Internet to make purchases they couldn’t make in-store, which helped Canadian Tire’s bottom line.

Based on its recent results, Canadian Tire increased its dividend by 3.3%. It’s not a massive increase in dividends, but it is something. The company’s shares have been in shambles since March, rising 132%. So even with the dividend hike ahead, you might have gotten a higher return on the stock early in the year than next year. Nonetheless, the increase in CTC.A’s dividend shows the company’s confidence in its future growth and prosperity. This is certainly a TSX dividend stock worth owning.

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Andrew Button, a silly contributor, has no position in any of the stocks mentioned. The Motley Fool owns shares and recommends Enbridge.


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