The Best Dividend Stocks in Canada for 2024

Investors love dividends, and it’s no secret that dividends can play a crucial role in long-term returns. Thanks to the value of compound interest, if yields are consistently reinvested, returns from dividend stocks can far outperform their non-dividend-paying peers. Some dividend investors may be quick to buy stocks boasting the highest yields. However, it is dangerous when income-seeking investors neglect a stock’s core metrics. Just because a stock offers a high yield does not mean it will outperform in the long run. Dividend payments are not guaranteed, it is essential to diversify your portfolio to spread risk and earn consistent income under all market conditions.

As we enter 2024, numerous investors are seeking to optimize their portfolios for success in the new year. Stocks represent ownership in a corporation and entitle the holder to a portion of its earnings and assets. However, with a plethora of industries and companies to select from, identifying the most promising opportunities for growth and returns can be a challenge.

When evaluating potential stocks to purchase, it’s crucial to monitor earnings announcements that could influence stock prices. Furthermore, familiarizing oneself with the sector and specific stocks being considered is essential. While it’s impossible to predict the future with complete accuracy, certain companies possess strong fundamentals, growth potential, and the resilience to withstand market fluctuations.

InvestCAN	InvestRESP	InvestUSA	RetireCAN	RetireMGN
$99.99 CAD	$12.99 CAD	$79.99 USD	$99.99 CAD	$9.99 USD

 
 
 
 
 
 
 
  
 
 
 
  
 
 
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What is the Best Canadian Dividend Stock?

1. ENB.TO: Enbridge Inc.
2. BCE.TO: BCE Inc.
3. AQN.TO: Algonquin Power & Utilities Corp.
4. TRP.TO: TC Energy Corporation
5. BNS.TO: The Bank of Nova Scotia
6. PPL.TO: Pembina Pipeline Corporation
7. CM.TO: Canadian Imperial Bank of Commerce
8. MFC.TO: Manulife Financial Corporation
9. TD.TO: Toronto-Dominion Bank
10. CPG.TO: Crescent Point Energy Corp.

Here is a table comparing similar dividend stocks in Canada as of December 31, 2023.

10. Crescent Point Energy Corp.

Crescent Point Energy is a leading North American oil producer focused on the development of high-return resource plays. Based in Calgary, Alberta, they aim to create value for their shareholders by advancing our asset base through exceptional operational performance centered on safety, costs and the environment.

• Resource Base: Crescent Point Energy Corp. focuses on the acquisition and development of oil and natural gas reserves. The size and quality of its resource base, including proven and probable reserves, can be a positive factor.
• Operational Presence: The company operates primarily in Western Canada, where it has assets in key oil and gas-producing provinces like Alberta and Saskatchewan. A strategic and well-managed operational presence in resource-rich areas can be advantageous.
• Production Levels: Assessing the company’s production levels and its ability to maintain or increase production over time is crucial. Consistent or growing production may be viewed positively by investors.
• Financial Performance: Examining the financial health of the company, including revenue, earnings, and cash flow, is essential. Strong financials can indicate the company’s ability to weather economic downturns and invest in future growth.
• Dividend and Shareholder Returns: For income-focused investors, a company that pays dividends can be attractive. Evaluating the dividend history and the company’s commitment to returning value to shareholders is important.
• Management and Strategy: The effectiveness of the company’s management team and its strategic initiatives, such as cost management and capital allocation, can significantly impact its long-term success.

9. The Toronto-Dominion Bank

As a top 10 North American bank, TD aims to stand out from its peers by having a differentiated brand – anchored in our proven business model, and rooted in a desire to give our customers, communities and colleagues the confidence to thrive in a changing world.

• Financial Stability: TD Bank is known for its financial stability, a crucial factor for a banking institution. The bank’s strong financial position is often reflected in its balance sheet, capital ratios, and credit ratings.
• Diversified Operations: TD Bank has a diversified range of financial services, including retail banking, commercial banking, wealth management, and insurance. Diversification can help the bank navigate various economic conditions.
• International Presence: While TD Bank is headquartered in Canada, it has a significant international presence, especially in the United States. This diversification across different markets can contribute to a more resilient business model.
• Customer Base: The bank has a broad and diverse customer base, including retail customers, small and medium-sized enterprises, and larger corporations. A strong and growing customer base is often indicative of a well-regarded financial institution.
• Digital Innovation: TD Bank has invested in digital innovation, providing customers with online and mobile banking services. This commitment to technology and convenience aligns with changing consumer preferences.
• Dividend History: Historically, TD Bank has been known for its consistent payment of dividends. For income-oriented investors, a reliable dividend history can be an attractive feature.
• Risk Management: Effective risk management practices are crucial in the banking industry. A bank’s ability to identify, assess, and manage risks, including credit and operational risks, is vital for its overall stability.
• Community Involvement: Many banks, including TD Bank, engage in corporate social responsibility initiatives and community involvement. Positive contributions to the community can enhance the bank’s reputation.

8. Manulife Financial Corporation

Manulife is a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions.

• Global Presence: Manulife has a significant international presence, operating in various countries across Asia, North America, and other regions. This global footprint provides diversification and access to different markets.
• Insurance and Wealth Management: Manulife is a major player in the insurance and wealth management sectors. Its diverse range of insurance products, investment solutions, and retirement planning services cater to the needs of individual and institutional clients.
• Financial Strength: The company’s financial strength is a key factor in its ability to meet its obligations and withstand economic challenges. Manulife’s solid financial position is often reflected in its capital adequacy ratios and credit ratings.
• Innovation and Technology: Manulife has shown a commitment to innovation and technology in the financial services industry. Embracing digital platforms and technological advancements can enhance customer experience and operational efficiency.
• Distribution Channels: Manulife utilizes multiple distribution channels, including financial advisors, brokers, bancassurance, and digital platforms. A diverse and widespread distribution network can contribute to reaching a broad customer base.
• Investment Management: Manulife Asset Management is the company’s investment management arm, providing a range of investment solutions. The ability to effectively manage and grow assets under management is a positive indicator.
• Dividend History: Historically, Manulife has been known for its dividend payments. For income-focused investors, a reliable and growing dividend history can be an attractive feature.
• Risk Management: Effective risk management is crucial in the financial services industry. Manulife’s risk management practices, including managing insurance and investment risks, are essential for its overall stability.
• Corporate Social Responsibility: Like many major corporations, Manulife engages in corporate social responsibility initiatives. Positive contributions to communities and responsible business practices can enhance the company’s reputation.

7. Canadian Imperial Bank of Commerce

CIBC seeks to create value for our shareholders by generating consistent and sustainable earnings while achieving strategic growth.

• Diverse Financial Services: CIBC provides a comprehensive range of financial services, including retail banking, commercial banking, wealth management, and capital markets. A diversified set of services can attract a broad customer base.
• Strong Domestic Presence: CIBC has a significant presence in the Canadian market, serving individuals, businesses, and institutions. A strong domestic presence can contribute to stability and a deep understanding of local market conditions.
• International Operations: While CIBC’s primary focus is on the Canadian market, the bank also has a presence in international markets, including the United States and other global financial centers. International operations can provide additional growth opportunities.
• Risk Management: Effective risk management practices, including credit risk management and regulatory compliance, are crucial in the banking industry. CIBC’s risk management practices contribute to its overall stability.
• Digital Innovation: CIBC has invested in digital innovation to enhance customer experience and operational efficiency. Embracing technology is important in the evolving landscape of financial services.
• Stable Financial Position: Evaluating the financial health of CIBC is crucial. The bank’s balance sheet, capital adequacy ratios, and credit ratings are important factors that impact its ability to fund operations and growth initiatives.
• Community Engagement: Many banks, including CIBC, engage in corporate social responsibility initiatives and community engagement. Positive contributions to communities can enhance the bank’s reputation.
• Dividend Payments: Historically, CIBC has been known for its dividend payments. For income-focused investors, a reliable dividend history and the bank’s commitment to returning value to shareholders can be positive factors.
• Customer-Centric Approach: CIBC emphasizes a customer-centric approach, aiming to meet the evolving needs of its clients. A focus on customer satisfaction and relationships can contribute to long-term success.

6. Pembina Pipeline Corporation

Pembina Pipeline Corporation is a dynamic energy transportation and midstream provider, serving customers for more than 65 years.

• Diverse Asset Portfolio: Pembina Pipeline operates a diversified portfolio of energy infrastructure assets, including pipelines, gas processing facilities, and storage terminals. Diversification can contribute to stability and resilience in various market conditions.
• Midstream Services: The company’s midstream services play a crucial role in the energy value chain, facilitating the transportation and processing of oil, natural gas, and other energy products. Midstream activities often generate stable and recurring revenue streams.
• Integrated Value Chain: Pembina is involved in various aspects of the energy value chain, from production to end-users. This integrated approach may provide the company with strategic advantages and flexibility.
• Strategic Location: The company’s infrastructure is strategically located in key energy-producing regions, including Western Canada. Proximity to major resource areas can enhance the efficiency of transportation and processing services.
• Long-Term Contracts: Many of Pembina’s contracts are structured with long-term commitments from customers. Long-term contracts can provide revenue visibility and stability, reducing exposure to short-term market fluctuations.
• Sustainable Practices: Pembina has demonstrated a commitment to sustainability and environmental responsibility. This includes efforts to reduce the environmental impact of its operations and investments in renewable energy projects.
• Financial Strength: Evaluating the financial health of Pembina is crucial. The company’s financial strength, including its balance sheet, cash flow, and debt management, can impact its ability to fund operations and growth initiatives.
• Dividend Payments: Pembina has historically paid dividends to its shareholders. For income-focused investors, a reliable dividend history and the company’s commitment to returning value to shareholders can be positive factors.
• Growth Initiatives: Pembina may engage in growth initiatives, such as expansions and acquisitions, to capitalize on opportunities in the energy sector. Successful growth strategies can enhance shareholder value.

5. The Bank of Nova Scotia

As one of Canada’s largest banks with a strong presence across the Americas, Scotiabank’s vision is to be our clients’ most trusted financial partner, to deliver sustainable, profitable growth and maximize total shareholder return.

• ternational Presence: Scotiabank has a significant international footprint, with operations in various countries, particularly in Latin America, the Caribbean, and Asia. This global presence provides the bank with diversification and access to emerging markets.
• Retail Banking Services: Scotiabank provides a comprehensive suite of retail banking services, including personal and commercial banking, mortgages, and wealth management. A broad range of services can attract a diverse customer base.
• Stable Financial Position: The bank’s financial stability, as reflected in its balance sheet, capital adequacy ratios, and credit ratings, is a crucial factor for investors. A strong financial position enhances the bank’s ability to weather economic challenges.
• Digital Innovation: Scotiabank has invested in digital innovation to enhance customer experience and operational efficiency. Embracing technology is important in the evolving landscape of financial services.
• Diversified Revenue Streams: The bank operates in various segments, including retail and commercial banking, wealth management, and capital markets. Diversification across revenue streams can contribute to stability.
• Risk Management: Effective risk management practices, including credit risk management and regulatory compliance, are critical in the banking industry. Scotiabank’s risk management practices contribute to its overall stability.
• Dividend Payments: Historically, Scotiabank has been known for its dividend payments. For income-focused investors, a reliable dividend history and the bank’s commitment to returning value to shareholders can be positive factors.
• Community Engagement: Many banks, including Scotiabank, engage in corporate social responsibility initiatives and community engagement. Positive contributions to communities can enhance the bank’s reputation.
• Customer Focus: Scotiabank emphasizes customer-centric strategies, aiming to meet the evolving needs of its clients. A customer-focused approach can contribute to long-term relationships and customer loyalty.

4. TC Energy Corporation

For more than 70 years, TC Energy has proudly operated pipelines, storage facilities and power-generation plants that support life in Canada, the U.S. and Mexico. Our facilities operate safely, reliably and quietly. Explore our core operations below.

• Diverse Asset Portfolio: TC Energy operates a diversified portfolio of energy infrastructure assets, including natural gas pipelines, liquids pipelines, and power generation facilities. Diversification can contribute to stability and resilience in different market conditions.
• Critical Infrastructure: The company’s pipelines play a crucial role in transporting energy resources, including natural gas and liquids, across North America. As an essential part of the energy supply chain, the company’s infrastructure is considered critical.
• Long-Term Contracts: Many of TC Energy’s projects are backed by long-term contracts or regulated agreements, providing a predictable revenue stream. Long-term commitments from customers can contribute to financial stability.
• Geographic Reach: TC Energy has a significant presence in both Canada and the United States, with a network of pipelines that spans across North America. This geographic reach positions the company strategically in key energy-producing regions.
• Financial Strength: Evaluating the financial health of TC Energy is crucial. The company’s financial strength, including its balance sheet, cash flow, and debt management, can impact its ability to fund operations and growth initiatives.
• Focus on Sustainability: TC Energy has shown a commitment to sustainability and responsible energy development. The company’s efforts to incorporate environmentally friendly practices and invest in renewable energy projects align with evolving industry trends.
• Dividend Payments: TC Energy has a history of paying dividends to its shareholders. For income-focused investors, a reliable dividend history and the company’s commitment to returning value to shareholders can be positive factors.
• Project Development: The company may engage in new project development and expansions to capitalize on opportunities in the energy sector. Successful project execution and growth initiatives can enhance shareholder value.
• Regulatory Experience: Given the regulated nature of the energy industry, TC Energy’s experience in navigating regulatory processes and compliance is an important aspect. The company’s ability to work within regulatory frameworks is crucial for project approvals.

3. Algonquin Power & Utilities Corp.

Algonquin Power & Utilities Corp. is committed to providing safe, reliable and cost effective rate-regulated natural gas, water, and electricity generation, transmission and distribution utility services to over 1 million customer connections, largely in North America.

• Renewable Energy Portfolio: Algonquin has a significant presence in the renewable energy sector, with a portfolio that includes wind, solar, hydroelectric, and thermal power generation. The focus on renewable energy aligns with growing global interest in sustainable and clean energy sources.
• Diversification of Assets: The company operates a diversified set of assets, including power generation facilities, utility distribution networks, and renewable energy projects. Diversification can contribute to stability and resilience in different market conditions.
• Geographic Presence: Algonquin operates in North America, with a presence in both the United States and Canada. This geographic diversity can mitigate risks associated with regional economic or regulatory changes.
• Long-Term Contracts: Many of Algonquin’s projects are backed by long-term power purchase agreements (PPAs) or utility contracts, providing a predictable and stable revenue stream. Long-term commitments from customers can enhance financial stability.
• Sustainable Practices: Algonquin has demonstrated a commitment to sustainability and environmental responsibility. The company’s efforts to reduce its carbon footprint and invest in clean energy projects align with broader environmental and social considerations.
• Infrastructure Investments: Algonquin may engage in strategic infrastructure investments and expansions to capitalize on opportunities in the utility and energy sectors. Successful project development and growth initiatives can enhance shareholder value.
• Dividend Payments: The company has a history of paying dividends to its shareholders. For income-focused investors, a reliable dividend history and the company’s commitment to returning value to shareholders can be positive factors.
• Financial Strength: Evaluating the financial health of Algonquin is crucial. The company’s balance sheet, cash flow, and debt management are important factors that impact its ability to fund operations and growth initiatives.
• Regulated Utility Operations: Some of Algonquin’s operations fall within regulated utility frameworks. Regulatory oversight can provide a level of stability and predictability for certain aspects of the business.

2. BCE Inc.

BCE delivers a wide range of innovative products and services to consumers, businesses and government customers across Canada by leveraging the power of our world-class wireless and fibre networks. These include mobile data and voice plans for our 4G LTE, 5G and 5G+ wireless networks, Fibe Internet and TV, Wireless Home Internet, residential and business voice services, cloud-based services, mobile edge computing, Internet of Things (IoT) and other business solutions. Bell Media operates media brands, such as CTV, RDS, Crave and iHeartRadio. Additionally, Bell Media is a leading investor in Canadian content creation, including local television and radio news, sports and entertainment programming, and other original TV and film productions. Bell Media partners with advertisers to help connect brands to consumers through video, audio, out‑of‑home and digital platforms, as well as through our advanced advertising technology products.

• Leading Telecommunications Provider: BCE is a major player in the Canadian telecommunications industry, providing a wide range of services, including wireless and wireline communications, internet, and television. Its leading market position can be a strength in a vital industry.
• Diverse Service Offerings: BCE offers a diverse portfolio of services, including wireless and wireline communications, internet, and media. This diversification allows the company to serve a broad customer base and adapt to changing consumer preferences.
• Strong Market Presence: BCE has a strong market presence in Canada, serving millions of customers across the country. A well-established presence can contribute to customer loyalty and stable revenue streams.
• Investment in Network Infrastructure: The company has historically invested in building and upgrading its network infrastructure. A robust and modern network is essential for providing high-quality telecommunications services.
• Media and Entertainment Assets: BCE owns media and entertainment assets, including television and radio stations, as well as a streaming service. Diversification into the media sector can provide additional revenue streams and content offerings.
• Strategic Partnerships: BCE has formed strategic partnerships, including content distribution agreements and collaborations with other industry players. Strategic alliances can enhance the company’s competitiveness and market reach.
• Dividend Payments: BCE has a history of paying dividends to its shareholders. For income-focused investors, a reliable dividend history and the company’s commitment to returning value to shareholders can be positive factors.
• Focus on Innovation: The company has shown a commitment to innovation and adapting to technological advancements. Staying at the forefront of technological changes is important in the rapidly evolving telecommunications industry.
• Customer Service and Satisfaction: BCE emphasizes customer service and satisfaction. A positive customer experience can contribute to customer retention and positive brand perception.

1. Enbridge Inc.

Enbridge Inc. is a Canadian multinational pipeline and energy company headquartered in Calgary, Alberta, Canada. Enbridge owns and operates pipelines throughout Canada and the United States, transporting crude oil, natural gas, and natural gas liquids, and also generates renewable energy. Enbridge’s pipeline system is the longest in North America and the largest oil export pipeline network in the world. Its crude oil system consists of 28,661 kilometres (17,809 miles) of pipelines. Its 38,300 kilometre (23,800 mile) natural gas pipeline system connects multiple Canadian provinces, several US states, and the Gulf of Mexico. The company was formed by Imperial Oil in 1949 as the Interprovincial Pipe Line Company Limited to transport Alberta oil to refineries. Over time, it has grown through acquisition of other existing pipeline companies and the expansion of their projects.

• Extensive Energy Infrastructure: Enbridge owns and operates an extensive network of energy infrastructure, including pipelines, storage facilities, and power generation assets. This infrastructure provides essential services for the transportation of oil, natural gas, and renewable energy.
• Diversified Asset Portfolio: The company has a diversified asset portfolio that spans across various energy sectors, including liquids pipelines, natural gas pipelines, and renewable energy projects. Diversification can contribute to stability and risk mitigation.
• Critical Energy Transportation: Enbridge’s pipelines play a crucial role in the transportation of energy resources, supporting North American energy supply chains. The importance of its infrastructure is reflected in its designation as critical energy infrastructure.
• Regulated Operations: Many of Enbridge’s operations fall within regulated frameworks, providing a level of stability and predictability for certain aspects of its business. Regulatory oversight can provide assurance for investors and stakeholders.
• Long-Term Contracts: Enbridge often operates under long-term agreements and contracts, including take-or-pay contracts. These long-term commitments from customers can provide a steady and predictable revenue stream.
• Geographic Diversification: Enbridge’s operations extend across North America, with a significant presence in both Canada and the United States. Geographic diversification can help mitigate risks associated with regional economic or regulatory changes.
• Sustainable Practices: Enbridge has made commitments to sustainability and environmental responsibility. The company is involved in renewable energy projects and has set goals to reduce its environmental footprint, aligning with broader ESG (environmental, social, and governance) considerations.
• Stable Cash Flow: Enbridge’s business model, with a focus on fee-based contracts and regulated operations, contributes to stable and reliable cash flows. This can be attractive for income-oriented investors.
• Dividend Payments: Enbridge has a history of paying dividends to its shareholders. The company’s dividend payments and its track record of returning value to investors can be positive factors for income-focused investors.
• Strategic Growth Initiatives: Enbridge may engage in strategic growth initiatives, including expansions, acquisitions, and investments in new projects. Successful growth initiatives can enhance shareholder value.