Have you maxed out your RRSP contribution for the year?
If you haven’t, the deadline is fast approaching this week, and there is a nearly infinite number of investments to shore up your portfolio before that deadline passes that could provide you with years of growth.
Here’s a look at some investments to add today.
BCE Inc. (TSX: BCE)(NYSE: BCE) is a dividend all-star investment. The telecom has a massive network infrastructure set up to provide coast-to-coast coverage for subscribers of the core internet, wireless, wired, and TV services.
One of the fascinating and overlooked aspects of BCE is that the company has not one, but two massive moats that work to its advantage.
The first moat is the sheer reach of BCE. BCE invests in everything from a vast array of media holdings to professional sports teams, all of which converge nicely into the company’s core subscription services. Over the course of a typical day, most Canadians will have used data, called, texted or consumed content from at least one BCE-owned asset.
The second moat is that impressive infrastructure itself, which allows the company to provide a very generous dividend. Investors contemplating an investment in BCE will benefit from the sensational quarterly dividend, which provides a yield of 5.33%; the yield has steadily grown over the years and is likely to continue to grow.
Fortis Inc. (TSX: FTS)(NYSE: FTS) is another interesting investment option. As a utility, Fortis generates most of its revenue through regulated contracts with the communities it serves. These agreements can span multiple decades, which provides a steady stream of stable, recurring income to Fortis, translating into a handsome dividend for investors.
Fortis has an established record of annual dividend growth which spans over four decades, and the current quarterly dividend provides a yield of 4.03%.
Some people think that utilities lack growth prospects, and investors would be best served by swapping out that stable revenue for a more aggressive, growth-minded stock.
Fortis has addressed this concern through a series of aggressive acquisitions, all of which have resulted in fueling growth for the company as well as exposing the company to new markets.
The market correction earlier this month has made Fortis one of several great discounted stocks to buy.
While most, if not all of Canada’s big banks offer dividends that outperform their peers in the U.S., Bank of Montreal (TSX: BMO)(NYSE: BMO) continues to hold a soft spot for dividend-seeking investors for a few reasons.
Bank of Montreal was the first company to pay a dividend to investors and did so well before Canada was even a country, and it has never missed a payment. That factor alone qualifies Bank of Montreal as a great buy-and-forget option.
The current 3.74% yield provides a respectable return, and Bank of Montreal’s mix of holdings within Canada as well as its growing exposure to the U.S. market through its BMO Harris Bank network make this a well-diversified pick for any portfolio.
High Liner Foods Inc. (TSX: HLF) is one of several great food investments often overlooked by investors. The frozen seafood company offers an incredible quarterly dividend with a yield of 4.95%; that yield will cause investors to second-guess passing on this company, which stocks the frozen food aisle.
As for why high Liner is a great investment, there are two key reasons investors should contemplate.
First, High Liner is a market leader in the frozen seafood segment, which gives the company an advantage over smaller competitors in releasing new variations of seafood that cater to the changing tastes of consumers. In other words, High Liner can afford to add a steamed or grilled fish option without upsetting the legacy deep-fried product.
Second, High Liner is more prominent than most investors know. In addition to its namesake brand, High Liner also has several other brands and provides both store-branded as well as bulk store products to stores and restaurants in multiple markets.
