TSX Dividend Aristocrats Index

After their annual review, Standard and Poor's announced a flurry of changes to its Canadian Dividend Aristocrats Index. The result, one addition and 15 deletions as many of Canada's dividend stalwarts either cut or maintained their dividend for the year. The number of constituents in the index will fall to 56 from 70. To qualify for the Canadian Index, a company must increase their dividend for 5 consecutive years. It is much tougher to be part of the U.S. version of this index which requires 25 consecutive years of dividend increases.

Prior to the changes, the index had a 46% weighting in Financial stocks. The index becomes much more balanced after the removal of several Banks, Insurers and REITs.

Additions:

• Cogeco Inc.

Deletions:

• Astral Media Inc.
• Bank of Montreal
• Boardwalk REIT
• Calloway REIT
• CIBC
• First Capital Realty
• Manulife Financial
• National Bank of Canada
• Northern Property REIT
• Primaris Retail REIT
• Reitman's
• Royal Bank of Canada
• Sherritt International
• Sun Life Financial
• Yellow Pages Income Fund

Passive investors can follow this index by purchasing the Claymore TSX Canadian Dividend ETF (CDZ).