I Want to Talk About the Best Dividend Stocks in Canada. My main focus will be on companies that can provide income stability as well as growth opportunities over time.
These types of investments come from a range of industries such as oil & gas, banks, REITs and utilities, which guarantees consistent returns with solid performance.
Therefore, among all these Canadian businesses that pay dividends regularly, there must be one or two outstanding candidates for investment.
Key Point & Best Dividend Stocks Canada
| Company | Key Point |
|---|---|
| Enbridge | One of the largest energy infrastructure companies in North America, specializing in oil and gas pipelines. |
| Toronto-Dominion Bank (TD) | One of Canada’s “Big Five” banks, offering a wide range of financial products and services globally. |
| Sun Life Financial | A leading international financial services organization, offering insurance, wealth, and asset management. |
| Telus | A major Canadian telecommunications company, providing a range of communication products and services. |
| Fortis | A diversified North American electric and gas utility company with operations across Canada, the U.S., and the Caribbean. |
| Emera | An energy and services company, investing in electricity generation, transmission, and distribution. |
| Algonquin Power & Utilities Corp. | A diversified utility and renewable energy company with assets in North America and internationally. |
| Allied Properties REIT | A real estate investment trust focused on owning, managing, and developing urban office spaces in Canada. |
| First National Financial | One of Canada’s largest non-bank mortgage lenders, specializing in residential and commercial mortgages. |
| Goeasy Ltd. | A leading provider of non-prime leasing and lending services in Canada, offering loans to consumers with low credit. |
10 Best Dividend Stocks Canada
1. Enbridge
Enbridge Inc. is one of the best dividend stocks in Canada because it pays reliable dividends.
As a reputable energy infrastructure business, it has always been giving out dividends without fail.
It is known for having various oil and gas pipelines, natural gas distribution systems, and renewable power projects that generate steady cash flows that ensure sustainability for investors seeking income.
Moreover, this company’s dedication to clean power sources and increasing renewable energy facilities makes it more attractive as a long-range dividend share, too.
| Metric | Value |
|---|---|
| Ticker | ENB.TO |
| Forward Dividend Yield | 7.69% |
| Dividend Payout Ratio | 234.83% |
| Dividend Yield (12-Month Trailing) | 7.11% |
| Upcoming Dividend Date | Jun 01, 2024 |
| Market Cap | $107.01 Billion |
2. Toronto Dominion
Canada’s top dividend stock, Toronto-Dominion Bank (TD), is renowned for being stable and consistent when it comes to paying dividends.
Being one of Canada’s largest banks, TD has a solid financial base because of its retail banking, wholesale banking and wealth management units that cut across the country.
The reason why this bank can afford to give dependable dividends lies in its healthy profits as well as careful risk control – qualities loved by many investors who depend on them to earn an income year after year.
It has always been reliable, too; not only does it have a long record for raising dividends, but it also strives towards maintaining strong balance sheets, which should make future generations happy about having their money invested with such institutions.
| Metric | Value |
|---|---|
| Ticker | TD.TO |
| Forward Dividend Yield | 4.96% |
| Dividend Payout Ratio | 68.57% |
| Dividend Yield (12-Month Trailing) | 4.96% |
| Upcoming Dividend Date | Jul 31, 2024 |
| Market Cap | $140.55 Billion |
3. Sun Life Financial
Sun Life Financial is a top-tier Canadian dividend stock that pays dividends consistently and at higher rates.
Sun Life is among the largest insurance providers in Canada, offering broad wealth management and asset management services as well as life insurance policies.
Such diversification ensures stable income streams upon which reliable shareholder distributions can be based.
Its international operations across North America and Asia, combined with long-term growth ambitions, position it uniquely as an investment opportunity for those looking for stable financial sector dividends worldwide.
| Metric | Value |
|---|---|
| Ticker | SLF.TO |
| Forward Dividend Yield | 4.50% |
| Dividend Payout Ratio | 46.89% |
| Dividend Yield (12-Month Trailing) | 4.47% |
| Upcoming Dividend Date | Jun 28, 2024 |
| Market Cap | $39.50 Billion |
4. Telus
Telus Corporation is a prominent dividend stock in Canada known for its reliable payouts that keep increasing year after year.
As one of Canada’s giant telecoms, it offers wireless, internet and television services, among others, thus ensuring stable revenues.
Moreover, the company has been continuously building on innovative solutions while expanding into digital and health technologies, which further solidifies its financial standing.
Telus’ dedication to maximizing shareholder value can be seen through its consistent dividend hikes, making this stock very popular with income-seeking investors who want some stability along with growth potential from within the telecommunication industry.
| Metric | Value |
|---|---|
| Ticker | T.TO |
| Forward Dividend Yield | 5.96% |
| Dividend Payout Ratio | 264.70% |
| Dividend Yield (12-Month Trailing) | 6.84% |
| Upcoming Dividend Date | Jul 02, 2024 |
| Market Cap | $32.05 Billion |
5. Fortis
In Canada, Fortis Inc. is considered one of the best dividend stocks known for its regular and increasing dividend payments.
Being a significant utility company, it works in the regulated electric power generation industry as well as natural gas distribution services, both of which guarantee fixed incomes that can be anticipated easily.
Its business operates throughout North America; therefore, this firm has many different types of assets with various risks attached to them, making long-term plans achievable while still growing sustainably, thus enabling continuous payment of good dividends over time by the company. It supports such things, too.
A strong track record of consecutively raising annual dividends makes Fortis Inc. an attractive choice among other utilities where income reliability matters most to investors.
| Metric | Value |
|---|---|
| Ticker | FTS.TO |
| Forward Dividend Yield | 4.29% |
| Dividend Payout Ratio | 73.14% |
| Dividend Yield (12-Month Trailing) | 4.16% |
| Upcoming Dividend Date | Jun 01, 2024 |
| Market Cap | $27.64 Billion |
6. Emera
Emera Inc. is an outstanding dividend stock in Canada and is known for paying consistent dividends that keep on growing year after year.
It’s an energy and services company, which means it primarily works with electricity or natural gas-regulated sectors throughout North America as well as in the Caribbean.
With this type of business being regulated all over the place where they operate, there comes stable cash flow, hence steady returns to their investors.
Additionally, it has positioned itself strategically towards sustainable power generation through renewable investments; this move alone will significantly improve its financial muscle even more than what we see now. If reliability coupled with growth potential were ever necessary from any other player within the utility industry, then it should be Emera Inc.
| Metric | Value |
|---|---|
| Ticker | EMA.TO |
| Forward Dividend Yield | 5.94% |
| Dividend Payout Ratio | 63.59% |
| Dividend Yield (12-Month Trailing) | 5.87% |
| Upcoming Dividend Date | Aug 15, 2024 |
| Market Cap | $13.87 Billion |
7. Algonquin Power and Utilities
Algonquin Power & Utilities is known as a top dividend stock in Canada. The company operates wind, solar, hydroelectric and thermal energy facilities across North America, which provides it with diversified renewable power generation capabilities.
It ensures steady cash flow through this emphasis on clean power and necessary utility services that underpin its ability to pay consistent dividends.
Investors interested in income together with long-term growth from renewable energy and utilities may find Algonquin attractive due to its sustainability commitments as well as strategic expansion plans.
| Metric | Value |
|---|---|
| Ticker | AQN.TO |
| Forward Dividend Yield | 6.96% |
| Dividend Payout Ratio | N/A |
| Dividend Yield (12-Month Trailing) | 5.16% |
| Upcoming Dividend Date | Jul 15, 2024 |
| Market Cap | $5.82 Billion |
8. Allied Properties REIT
Allied Properties REIT is a famous Canadian dividend stock because it pays a reliable dividend, which provides a stable income for investors.
Allied is a real estate investment trust that specializes in office buildings and data centres located in cities across Canada, primarily focusing on major metropolitan areas.
It has many valuable properties that are always occupied, thus generating regular money inflow.
The company’s decision to concentrate on central business districts (CBD) and flexible offices meets current corporate needs, thereby boosting its prospects for expansion.
If you want steady dividends from real estate investments in Canada, then consider buying shares in one of the leading companies, such as Allied Properties REIT.
| Metric | Value |
|---|---|
| Ticker | AP-UN.TO |
| Forward Dividend Yield | 9.65% |
| Dividend Payout Ratio | 398.95% |
| Dividend Yield (12-Month Trailing) | 10.29% |
| Upcoming Dividend Date | Aug 15, 2024 |
| Market Cap | $2.27 Billion |
9. First National Financial
First National Financial is one of the best dividend stocks in Canada, and its dividends are highly regarded due to their being both predictable and impressive.
The lender is among the biggest non-bank mortgage providers in Canada, specializing in residential as well as commercial property loans.
Concentrating on secure long-term mortgage assets means that there will always be stable cash inflows that can support paying dividends regularly without fail.
Besides having a strong competitive advantage within its industry coupled with disciplined risk management strategies, these factors enable it to generate consistent earnings for distribution among shareholders year in and year out.
If you’re an income investor looking for steady returns from financial sector investments, then First National Financial could be a good choice.
| Metric | Value |
|---|---|
| Ticker | FN.TO |
| Forward Dividend Yield | 6.36% |
| Dividend Payout Ratio | 58.01% |
| Dividend Yield (12-Month Trailing) | 6.32% |
| Upcoming Dividend Date | Aug 15, 2024 |
| Market Cap | $2.28 Billion |
10. Goeasy
With its impressive growth and consistent dividend payments, Goeasy Ltd. has become a well-known Canadian stock option for investors interested in dividends.
It provides non-traditional banking services such as loans and leases to customers without access to these through its leading alternative financial service.
Their earnings have been consistently strong, which has allowed them to keep raising dividends each year as their customer base continues expanding.
This company is attractive because not only does it offer high returns from capital gains but also pays out a good amount of money in terms of regular income for those who are looking forward to getting into financial sector investments that could generate both types of returns at once.
| Metric | Value |
|---|---|
| Ticker | FN.TO |
| Forward Dividend Yield | 6.36% |
| Dividend Payout Ratio | 58.01% |
| Dividend Yield (12-Month Trailing) | 6.32% |
| Upcoming Dividend Date | Aug 15, 2024 |
| Market Cap | $2.28 Billion |
Choosing the Right Dividend Stock
There are several key factors to consider when choosing a good stock for dividends.
Dividend Yield
A stock with a high but sustainable dividend yield should be sought. Avoid those with very high yields that may signal financial instability.
Dividend History
Investigate the company’s history of dividend payments. Consistent and increasing dividends over time suggest reliability.
Payout Ratio
This is the proportion of earnings paid as dividends; check this out. A lower payout ratio represents future room for a dividend increase.
Financial Health
The best way to gauge the financial health of a company is by examining its balance sheet and income statement. Dividends can only remain stable if the underlying fundamentals of a company are strong enough to support them.
Industry Stability
Prefer industries characterized by predictable revenue streams and also companies that operate in such sectors since these companies have a higher chance of maintaining dividends.
Growth Potential
Consider firms that can grow their earnings, which will result in increased dividend payments later on.
Conclusion
In summary, Canada has many attractive dividend stocks for investors looking for a safe income and financial security.
Enbridge, Toronto-Dominion Bank, Sun Life Financial, Telus, Fortis, Emera, Algonquin Power & Utilities, Allied Properties REIT, First National Financial and Goeasy are examples of companies that pay dividends consistently while also holding strong positions in the market.
These stocks offer a mix of stable cash flows and growth potential as well as diversification across sectors such as energy, finance, telecommunications services provision, utilities management, real estate development or alternative lending platforms, among others, so they may be considered by some as being one-stop shops when it comes to building sustainable wealth through investing activities meant primarily for generating passive incomes over time.
