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Income Investors: Craft the Perfect RRSP With These 3 Dividend Stocks

Having passed the deadline for 2018 RRSP contributions, investors should gear up to re-evaluate their retirement portfolios for the year ahead. Stocks are pricey as we head into March, which is just one reason to target dividend stocks ahead of the spring season.

Back in February I’d explained why investors should not necessarily chase high-yields, but should aim for a mix of yield and dividend growth. Today we are going to cover three stocks that possess the type of attributes we are looking for in order to craft the perfect RRSP in 2019.


Fortis stock had climbed 4.2% in 2019 as of close on February 28. Shares were up 13.1% year over year. Fortis is an elite option for investors on the hunt for income on the TSX. The company boasts a wide moat and has been committed to achieving dividend-growth for decades.

Fortis reported solid progress and a move to expand its capital expenditure plan in 2018. The company increased its five-year expenditure plan to $17.3 billion. It expects to boost its rate base from $26.1 billion in 2018 to $32 billion in 2021 and $35.5 billion in 2023. This will support annual dividend-growth of 6% into 2023.

Fortis last paid out a quarterly dividend of $0.45 per share, which represents a 3.7% yield. The company has achieved 45 consecutive years of dividend growth.

Enbridge (TSX:ENB)(NYSE:ENB)

Enbridge stock has only increased 4% over a five-year span as of close on February 28. However, its rock-solid yield has consistently attracted Canadian investors over this period. Enbridge is the largest energy infrastructure company in North America. It boasts a wide economic moat and the company has achieved dividend growth for 23 consecutive years.

In late December 2018, Enbridge announced that it would pay a quarterly dividend of $0.738 per share on March 1, 2019. This represents an attractive 6% yield. Enbridge has a massive project pipeline and is expected to hike its dividend another 10% in 2020 before re-evaluating its growth trajectory into the next decade.

Inter Pipeline (TSX:IPL)

Inter Pipeline stock had climbed 9.4% in 2019 as of close on February 28. However, the stock was still down 5.1% year over year. Inter Pipeline has often flown under the radar, but its sky-high dividend yield means that it is a stock worth paying attention to.

Inter Pipeline has been hit by analysts in the past because of its muted growth trajectory. In its most recent fourth-quarter report, the company reported record annual funds from operations of $1.1 billion. Net income climbed 12% year-over-year to a record $593 million. The company was carried by a great performance in its NGL processing business, although positive market conditions played a sizeable role.

Inter Pipeline last paid out a monthly dividend of $0.1425 per share, which represents an 8% yield. The company announced a dividend increase for the 10th consecutive year in its most recent quarterly report.

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Fool contributor Ambrose O'Callaghan has no position in any of the stocks mentioned. Enbridge is a recommendation of Stock Advisor Canada.

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