DIVIDEND ALERT! 3 of Canada’s Biggest Banks Pay Dividends This Week

Three of Canada’s Big Five banks are putting money in the pockets of shareholders this week. Will you be receiving some?

| More on:

The Big Five Canadian banks have always been a reliable source of dividends. Many investors who own shares in the Big Five do so primarily because of the dividends. This is especially true in the era of ultra-low interest rates. With dividends being such a central component of the investment thesis for the Big Five, dividend investors should rejoice! Three of the Big Five are set to pay quarterly dividends later this week.

CIBC

Canadian Imperial Bank of Commerce (TSX:CM)(NYSE:CM) pays a quarterly dividend tomorrow, July 28. CIBC will pay a quarterly dividend of $1.46 per share. This is the same amount CIBC paid shareholders for the Q1 dividend back in April. The Q1 quarterly dividend increased $0.02 per share, or 1.4%, from the Q4 dividend of the previous year. However, the increase was declared at the end of February, before the true scale of the pandemic had become known to the markets.

CIBC stock went ex-dividend on June 26. This means that you would have had to buy the stock before June 26 to be eligible to receive the upcoming dividend payment. Do not buy the stock today in hopes of receiving the dividend tomorrow.

The next dividend payment will occur on October 28. The October quarterly dividend will likely be $1.46 per share, the same amount as the July dividend. Those who want to be eligible to receive the next dividend payment from CIBC should purchase the shares before September 25.

CM Dividend Chart

Scotiabank

Bank of Nova Scotia (TSX:BNS)(NYSE:BNS) pays a quarterly dividend this Wednesday, July 29. Scotiabank will pay a quarterly dividend of $0.90 per share. This is the same amount that Scotiabank has paid for the previous three quarters. This is unusual for Scotiabank, as Scotiabank usually increases the dividend twice per year, once in April and once in October. The last dividend raise came in October 2019. However, given the tough economic conditions, this isn’t terribly concerning.

Scotiabank stock went ex-dividend on July 6. Again, don’t go piling into Scotiabank stock now and expect to collect the dividend tomorrow. You will have to wait for the next quarterly dividend.

To collect the next dividend payment, you must purchase Scotiabank shares before October 5. The next dividend will be paid on October 28, the same date as CIBC’s next dividend payment. Scotiabank has not yet indicated whether the dividend will remain at $0.90 per share, or whether the dividend will be increased, for the October dividend payment. However, I wouldn’t worry about a dividend cut.

BNS Dividend Chart

TD

Toronto-Dominion Bank (TSX:TD)(NYSE:TD) is set to pay a quarterly dividend this Friday, July 31. TD will pay a quarterly dividend of $0.79 per share. This is the same amount as TD paid to investors in April. TD’s April dividend payment marked a $0.05-per-share raise from the January dividend. This $0.05 raise equated to just under a 7% increase to the dividend. This dividend increase was less than last year’s 10% increase. However, this is understandable given the current economic climate.

TD stock went ex-dividend on July 9. This means that investors would have had to own the stock before July 9 to receive this dividend. Purchasing the stock today or tomorrow will not entitle the purchaser to Friday’s dividend payment.

For investors to collect the next dividend payment, which will also likely be $0.79 per share, investors will need to purchase TD shares before October 8. This is the ex-dividend date for the next quarterly dividend payment. The next quarterly dividend will be paid on October 31. Happy Halloween!

TD Dividend Chart

Takeaway

Dividend investors that hold CIBC, Scotiabank, and TD should be happy this week. One of the best feelings associated with owning dividend stocks is the joy of seeing those regular payments hitting your account. Naturally, this often comes with the excitement of knowing that it’s time to start looking for other stocks to buy with your newfound cash.

Should you invest $1,000 in The Bank of Nova Scotia right now?

Before you buy stock in The Bank of Nova Scotia, consider this:

The Motley Fool Stock Advisor Canada analyst team just identified what they believe are the Top Stocks for 2025 and Beyond for investors to buy now… and The Bank of Nova Scotia wasn’t one of them. The Top Stocks that made the cut could potentially produce monster returns in the coming years.

Consider MercadoLibre, which we first recommended on January 8, 2014 ... if you invested $1,000 in the “eBay of Latin America” at the time of our recommendation, you’d have $21,345.77!*

Stock Advisor Canada provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month – one from Canada and one from the U.S. The Stock Advisor Canada service has outperformed the return of S&P/TSX Composite Index by 24 percentage points since 2013*.

See the Top Stocks * Returns as of 4/21/25

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

The Motley Fool recommends BANK OF NOVA SCOTIA. Fool contributor Kyle Walton has no position in the companies mentioned.

Confidently Navigate Market Volatility: Claim Your Free Report!

Feeling uneasy about the ups and downs of the stock market lately? You’re not alone. At The Motley Fool Canada, we get it — and we’re here to help. We’ve crafted an essential guide designed to help you through these uncertain times: "5-Step Checklist: How to Prepare Your Portfolio for Volatility."

Don't miss out on this opportunity for peace of mind. Just click below to learn how to receive your complimentary report today!

Get Our Free Report Today

More on Dividend Stocks

TFSA (Tax free savings account) acronym on wooden cubes on the background of stacks of coins
Dividend Stocks

How I’d Invest $7,000 in My TFSA for $660 in Tax-Free Annual Income

Canadians looking for ways to make the most of the new TFSA contribution room should consider investing in these two…

Read more »

Doctor talking to a patient in the corridor of a hospital.
Dividend Stocks

This Dividend King Paying 7.5% in Monthly Income Is a Must-Have

This high-yield TSX stock might not be a textbook Dividend King, but its reliable monthly payouts and improving financials make…

Read more »

path road success business
Dividend Stocks

How to Invest $50,000 of Tax-Free Cash as Canada-US Trade Uncertainty Escalates

Few Canadian stocks are as easy a choice as this one, making it perfect during volatile periods.

Read more »

monthly desk calendar
Dividend Stocks

How I’d Generate $200 in Monthly Income With a $7,000 Investment

Want to establish $200 in monthly income (or even more?) Here's an easy way to start today that will provide…

Read more »

Printing canadian dollar bills on a print machine
Dividend Stocks

Got $25,000? Turn it Into $250,000 in a TFSA as the Canadian Dollar Rises

Investing doesn't have to be risky or difficult, especially with this top stock.

Read more »

A woman shops in a grocery store while pushing a stroller with a child
Dividend Stocks

Where Will Loblaw Be in 3 Years?

Loblaw (TSX:L) stock could be a stellar performer as tariffs and headwinds move in on Canada's economy.

Read more »

customer uses bank ATM
Dividend Stocks

Where Will National Bank Be in 5 Years?

National Bank of Canada (TSX:NA) stock still looks like a great deal at these levels.

Read more »

A worker overlooks an oil refinery plant.
Dividend Stocks

The Smartest Industrial Stock to Buy With $3,000 Right Now

Aecon is a value stock that's benefiting from strong infrastructure spending today and in the years to come.

Read more »