The 9 Best Canadian Dividend Stocks

Itziar Morte

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If you are looking to invest, but have no idea about different Canadian dividend stocks, then it might harm your dividend portfolio. Therefore in this article, we will be discussing the best Canadian dividend stocks we can buy. But first, we will discuss what they actually are and why we should Canadian dividend stocks.

Why To Choose Canadian Dividend Stocks?

If we are talking about Canadian dividend stocks, then one thing you may not know is that they are immensely encouraging and have increased very recently. According to research data, it is expected that in the coming year, many big Canadian banks will resume boosting their dividends in the coming years. Those banks include Royal Bank of Canada, Toronto Dominion Bank, Bank of Nova Scotia, and more.

All these banks, on average, enjoy a dividend yield of 3.3% if compared to other sectors of the median of 2.5%. This could also increase from 10% for Scotiabank to 34% for the national bank. They are certainly amongst the top picks regarding dividend investors’ choices. This is also the reason why Canadian bank stocks are also slowly making their way to reach the list.

Now, let’s discuss the nine best Canadian dividend stocks investors should look forward to buying in order to get profitable results.

1. BCE Inc. (NYSE:BCE)

Number of Hedge Fund Holders: 15

Dividend Yield: 5.1%

BCE Inc. is a Canadian communication services company that provides wireline, wireless internet, and television services. The company operates its services through Bell Wireless, Bell Media, and Bell Wireline. According to our research data, elite hedge funds at BCE Inc of NYSE are the largest shareholder of the company.

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2. Enbridge Inc. (ENB.TO)

Dividend yield: 6.25%

Market cap: $105 billion

Energy is one of the most stable industries, so it is best to invest your time in adding a few energy companies to your portfolio. Enbridge INC is one of the largest energy infrastructure companies in North America that serves almost 3.7 million customers in Canada and the United States. It operates through five different segments that include pipelines, gas transmission, gas distribution, energy marketing services, storage, supply management, and more.

3. Canadian Imperial Bank of Commerce (CM.TO)

Dividend Yield:5.76%

Market Cap: $48 billion

Industry: Banking

The 150-year-old Canadian Imperial Bank of Commerce is one diversified financial institution that offers many financial products to different business and personal sectors. It is one of the best Canadian dividend stocks to invest in because it has a great dividend yield of 5.76% that acts as a great investment option. The bank also has a great reach all over the world with different business units like Canadian Commercial Banking, Wealth Management, Capital markets, and more.

4. Bank of Nova Scotia

Number of Hedge Fund Holders: 17

Dividend Yield: 4.27%

Number of Years of Dividend Growth: 5

The Bank of Nova Scotia is a Canadian bank that offers financial products and services through its Canadian Banking, Global Wealth Management, International Banking, and other marketing segments. The bank also provides debit and credits cards loans amongst its other products. According to our experts, the stock of Bank of Nova Scotia has multiple positive ratings and is going to rise in the future as well.

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5. Great West Lifeco INC.

Number of Hedge Fund Holders: N/A

Dividend Yield: 4.5%

Number of Years of Dividend Growth: 6

Great West Lifeco Inc is a financial service holding company that is currently operating gin the life and health insurance industry. it is amongst the best candian dividend stocks investors can think about while investing in dividends. It offers benefit plan solutions for life disability, health, dental protection and creditor insurance products amongst other range of products. The company has consistently and effectively grown its dividend for the past six years. In fact the company’s EPS in the third quarter was around $0.73 and revenue was approximately $13.14 billion making it a great investment option.

6. Power Financial Corporation

Dividend Yield: 5.14%

Market Cap: $23 billion

Industry: Insurance

Power financial corporation is one great Canadian dividend stock you can invest in. The company offers financial services all through Canada, Europe, Asia, and United States. It sells a wide range of financial products including life disability insurance, critical illness, and many more health insurance products. it also provides retirement accounts, wealth savings, and employer-sponsored products. The company sells its products through a network of third-party financial advisors, consultants, and independent financial advisors.

7. Inc. (GWO.TO)

Dividend Yield: 4.95%

Market Cap: $31 Billion

Industry: Insurance

Great-West Lifeco is financial services holding company that engages in life and health insurance, investment, retirement savings, and reinsurance business across Canada and United States. They also have a large portfolio of products for businesses, families, individuals, and organizations under various brand names. The company distributes its products through a network of advisors, dealers, agencies, consultants, and financial planners. If you see its dividend yield and market cap, this company sounds like a good dividend stock investment option.

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8. Power Corporation of Canada

Dividend Yield: 4.84%

Market Cap: $13 Billion

Industry: Insurance

Power Corporation of Canada is a diversified international management and holding company that has its foot into different financial services. Additonally, The company has a great dividend yield of 4.84% and also has its fleet in asset management and sustainable energy sectors. The company furthermore also generates renewable energy through solar and wind facilities, zero-emission vehicles, and more, making it one company that has great potential to grow in the future as well.

9. Bank of Montreal

Number of Hedge Fund Holders: 12

Dividend Yield: 3.5%

Industry: Banking

Bank of Montreal is a diversified financial services company located in North America. In addition to that, It is amongst the best picks from us when it comes to choosing Canadian dividend stock to purchase. The bank offers personal banking products and services that include checking and saving accounts along with other commercial banking products. The company has also been steadily increasing its dividend yield from the past six years, which sounds great as well.

In conclusion, we can say that according to our experts, the above-mentioned stocks are Canada’s best dividend stocks to invest in at the moment. Also, the dividend-paying stocks are presently a good place to choose right if you are actually looking for yields.

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