RBC Dividend Dates 2023: Ex Dates, Record Dates

RBC Dividend from stocks is traded on TSX and NYSE  exchanges with the ticker symbol RY.

As of the time of writing, RBC has 138.59B USD market capitalisation and 1.39B outstanding shares.

Quarterly, dividends are paid to eligible shareholders after being approved by the RBC board of directors.

This post covers the RBC dividend dates for 2023, ex-dividend dates, record dates, dividend reinvestment plan, and other related information.

Photo credit: RBC

Key Terms  

Before we get into the details, it’s important to explain the following key terms which we shall be using frequently throughout the posts. 

• Ex-dividend date: This refers to the day you trade a stock without being eligible for the next declared dividend. In most cases, the ex-dividend date comes a day before the record date. When you trade stock on the ex-dividend date or after, you wouldn’t be eligible for the next dividend payment.
• Record date: This is the date that the board of directors determines who is eligible to receive stock dividends. To be eligible, your name must be on the company’s book or shareholders register.
• Dividend payment date: This refers to the date that eligible shareholders are disbursed the declared dividends. 

RBC Dividend Dates 2023

As with other Canadian big banks, RBC distributes dividends quarterly to eligible shareholders. 

The following are the 2023 RBC dividend dates for common and preferred shares. 

Source: RBC

Note that the upcoming RBC dividend amount is $1.32 per share and the current share price is $134.69 as of April 20, 2023.

RBC Historical Dividend Payment Dates

As with returns, dividends also change regularly. While past dividends don’t guarantee future ones, they inform stock potentials.

Below is a glance at some of the past dividend payment dates of RBC along with the ex-dividend dates and dividend amounts.

Source: RBC

About RBC Dividends

On March 1 2023, RBC announced the declaration of a $1.32 per share dividend for May 24, 2023 payment.

The dividend is payable to common shareholders that were on record as of April 25, 2023. In other words, you need to be on the RBC shareholder register by April 25, 2023, to qualify for the upcoming quarterly payment of May 24, 2023.

The upcoming $1.32/share dividend amount is a $0.12 increase on the same quarterly payment of 2022 ($1.20).

If you also look at the above past RBC dividends carefully, you will notice a consistently slight increase in the dividend amounts. 

That said, below are the declared dividends for the RBC Non-Cumulative First Preferred Shares for the second quarter of 2023 (payable on May 23, 2023, to shareholders on record on April 25, 2023).

In addition, the RBC board of directors has declared a US$16.875 per share on series C-2 Non-Cumulative First Preferred Shares. 

If you hold this share and are on record on April 28, 2023, you will receive the dividend on May 8, 2023.

RBC Dividend Reinvestment Plan (DRIP)

Like other Canadian Banks, RBC also offers a Dividend Reinvestment Plan (DRIP). This plan allows you to automatically reinvest your dividend amount by acquiring more shares.

Whether you’re a holder of RBC common or preferred shares, you can elect for the RBC DRIP and have your dividends reinvested instead of receiving cash. 

When you opt for DRIP, RBC will invest your dividend in additional shares either from the secondary market or treasury. 

However, RBC currently reinvests dividends only from the treasury at the moment. Although there’s a 2% discount from the average market plan that automatically applies to the reinvestment of dividends from the treasury.

To register for the RBC dividend reinvestment plan as an existing RBC shareholder, you need to obtain an enrollment form from the Computershare Trust Company of Canada website or call them on phone at 1-866-586-7635. 

After filing the form, you need to submit it to

Computershare Trust Company of Canada at:

• 100 University Avenue, 8th Floor, Toronto, Ontario M5J 2Y1 

The deadline for the submission of form is April 25, 2023 for the May 24, 2023 dividend payment.

But if not a registered holder of RBC stock, you need to contact your financial institution or broker to set up the DRIP.

If you’re already registered to the plan and want to opt out, you need to submit a written notice to Computershare Trust Company of Canada using the above address (before April 25, 2023, if you’re expecting the May 24, 2023 dividend payment).

Read More on RBC

• RBC High-Interest eSavings Account Review
• RBC New Account Promotions Review
• RBC Mortgage Promotions Review 
• How to Close RBC Account 

Other Canadian Banks’ Dividend Payment Dates

As noted earlier, other big banks in Canada also offer quarterly dividend payments to shareholders. 

Below are the 2023 dividend payment dates of TD, BMO, Scotiabank (BNS), and CIBC: 

TD Dividend Payment Dates

• January 31, 2023
• April 30, 2023
• July 31, 2023
• October 31, 2023

BMO Dividend Payment Dates

• February 28, 2023
• May 26, 2023
• August 26, 2023
• November 28, 2023

BNS Dividend Payment Dates

• January 27, 2023
• April 26, 2023
• July 27, 2023
• October 27, 2023

CIBC Dividend Payment Dates

• January 27, 2023
• April 28, 2023
• July 28, 2023
• October 2027, 2023

Dividend Stocks vs Dividend ETFs

Dividend-paying stocks like RY provide you with the dividends of an individual company.

So if you’re looking to get the dividends of the Canadian big banks, you will need to invest in the stocks individually. Plus you will have to face the challenge of rebalancing each of the stocks from time to time. 

Fortunately, you can easily diversify your portfolio with ease and get more frequent dividend payments using dividend-paying ETFs of Canadian banks such as:

• RBC Canadian Bank Yield Index ETF (RBNK)
• BMO Equal Weight Banks Index ETF (ZEB)
• iShares S&P/TSN Capped Financials Index ETF (XFN)
• CI First Asset CanBanc Income Bank ETF (CIC)

With a dividend-paying ETF, you will get exposure to multiple companies within a single portfolio at a cheaper price. 

Instead of buying individual dividend-paying stocks, you can invest in a single ETF that tracks the performance of your favorite companies.

This not only makes it easier to manage your portfolio but reduces your investment risk and costs as ETFs cost less than individual stocks. 

However, one drawback of ETFs is that they usually come with a management expense ratio (MER) that is charged by the fund providers. The MER can range from 0.20 to 0.75%+ depending on the ETF strategy.

In addition, ETF doesn’t provide you the opportunity to influence the allocation of the underlying stocks you invest in. This is because the ETF portfolio manager is solely responsible for the portfolio decisions.

Learn about the best all-in-one ETFs in Canada.

Final Thoughts

There you have the RBC dividend payment dates, ex-dividend dates, and the declared dividend 2023.

As the RBC board of directors declares the subsequent dividends of 2023, we shall review this post to keep you updated. Kindly drop a comment below to get notified about the updates.

For more information about the Investing industry, visit our Investing Archive.

FAQs on RBC Dividend Payment Dates 2023

How often does RBC pay a dividend?

RBC pays investors dividends quarterly. However, you have to be on the RBC record date to qualify for any declared dividend. You can decide to cash out your dividend or have it reinvested.

How much does RBC pay per share?

RBC’s dividend per share varies subject to the stock performance. However, on March 1 2023, RBC announced the declaration of a $1.32 per share dividend for May 24, 2023 payment. 

Is RBC stock a good buy now?

No doubt, RBC stock (RY) is one of the most stable stocks in Canada. This is due to the historical performance of the stock, company profile, and potential. As such, you can’t go wrong investing in RBC stock. But as with every investment, RBC stock comes with risks.

Who owns the most RBC stock?

Most RBC shares are owned by investors within RBC. CNN confirms that over 45% of RBC shares are owned by institutional investors.

How many shares does RBC have?

As of April 20, 2023, RBC has 1,392.46 shares on the TSX exchange and 1,390.61 shares on NYSE.