3 Canadian Dividend Stocks for Lazy Investors

Lazy Motley Fool investors who want cash in their pocket don’t have to dig deep, just choose the best of these dividend stocks.

| More on:
money while you sleep

Image source: Getty Images

Motley Fool investors likely already know that long-term holding is a fantastic way to make money. But what if you can’t wait that long to see cash come in? It might feel like you need to sell stocks just to bring in returns. But with dividend stocks, that couldn’t be further from the truth.

What’s more, laziness is one of the best ways to take advantage of dividend stocks. You can bring in significant income long-term by simply finding the best blue-chip companies on the market. And since you’re a lazy investor, I’ve already done that for you.

Enbridge

There’s a reason Motley Fool investors are told time and time again that Enbridge (TSX:ENB)(NYSE:ENB) is one of the best dividend stocks. It currently has a dividend yield of 6.49%. That dividend was also recently increased by 3%, which should come into affect on the March 1 payment.

What’s more, during a recent update, Enbridge stock reaffirmed its full-year guidance of between $13.9 and $14.3 billion in EBITDA for 2021. Furthermore, it announced its 2022 guidance to be between $15 and $15.6 billion. It now has $1.1 billion in new capital projects to keep up with its growth, and $6 billion per year in “conventional and low-carbon organic growth opportunities” through 2024.

Enbridge stock is one of the top dividend stocks when it comes to creating opportunities through organic growth. As it continues growing towards net-zero emission opportunities, this is one of the best dividend stocks for long-term investors to consider.

TD Bank

Another obvious choice has to be Toronto-Dominion Bank (TSX:TD)(NYSE:TD). Sure, it’s trading near or at all-time highs. But who cares? This is one of the best dividend stocks for lazy investors looking for a solid long-term choice. TD stock offers a dividend yield of 3.55% as of writing, after boosting it by 13%. But analysts believe more is yet to come, given that the dividend yield is still under 4%.

During the last quarter, TD stock reported full-year earnings per share of $7.72, up from $6.43 the year before along with $14.3 billion in net income, up from $11.9 billion. It also acquired financial services company Schwab to continue its U.S. expansion.

TD stock is one of the top growth stocks among the Big Six Banks, which is why lazy investors should love it. You get returns from its credit card, U.S., digital, and loans sectors. Yet it still provides solid income throughout all this expansion. And of course, it proved to be one of the best defensive stocks during the market crash.

BCE

Finally, for all you lazy investors you definitely need to consider adding BCE (TSX:BCE)(NYSE:BCE) to your list. Again, it’s an obvious choice. But I’m not here to find the diamonds in the rough. I’m here to give you stability and BCE stock offers that. It’s one of the dividend stocks offering a dividend yield of 5.27% as of writing, and is coming out with earnings on February 3.

During the third quarter, net earnings grew 9.9% year over year to $813 million. Its revenue and adjusted EBITDA returned to pre-COVID levels, with quarterly wireless service revenue and adjusted EBITDA up 5% and 5.6% respectively. BCE stock also reaffirmed its 2021 full-year guidance of between 2% and 5% in revenue and adjusted EBITDA growth.

When earnings are announced, Motley Fool investors will also be treated to a 2022 outlook. And it’s likely strong. The company continues to hold 60% of the telecommunications market. Furthermore, it recently expanded its fibre-to-the-home network, giving users incredibly fast internet access.

Bottom line

These may be obvious dividend stocks to choose. But if you’re a lazy investor, that shouldn’t matter. What you want is security, stability, and cash in your pocket. With these three that have decades of dividend payments behind them, you’re sure to get it for as long as you have a portfolio in place.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Amy Legate-Wolfe owns ENBRIDGE INC and TORONTO-DOMINION BANK. The Motley Fool recommends Enbridge.

More on Dividend Stocks

A stock price graph showing growth over time
Dividend Stocks

2 Safe TSX Stocks to Add to Your TFSA Amid Rising Volatility

Given their stable underlying businesses and healthy growth prospects, I'm bullish on these two low-volatility TSX stocks.

Read more »

A golden egg in a nest
Dividend Stocks

How to Turn $5 Into $50,000 for Retirement

Can you invest in your retirement goals even in this volatile market? The answer is yes, and an investment amount…

Read more »

Glass piggy bank
Dividend Stocks

Compound Interest: 3 Dividend Stocks That Can Make You Rich

If you're looking to maximize the incredible powers of compound interest while investing for the long haul, here are three…

Read more »

IMAGE OF A NOTEBOOK WITH TFSA WRITTEN ON IT
Dividend Stocks

TFSA Wealth: How Top Dividend Stocks Can Turn $10,000 Into $185,000

Here's how owning top TSX dividend stocks can help you build TFSA retirement wealth.

Read more »

Pixelated acronym REIT made from cubes, mosaic pattern
Dividend Stocks

Passive Income Seekers: Buy These 6%+ Dividend Stocks Before It’s Too Late!

These three dividend stocks all offer passive income above 6.5%! But don't plan on these valuable rates lasting long.

Read more »

money cash dividends
Stocks for Beginners

New Investors: The 2 Best Options to Earn Regular Passive Income

The stock market is heading into a new downturn, allowing investors to buy quality stocks for a bargain. Here are…

Read more »

A worker gives a business presentation.
Dividend Stocks

2 Top TSX Dividend Stocks to Buy in This Uncertain Market

Here's why Manulife (TSX:MFC)(NYSE:MFC) and SmartCentres REIT (TSX:SRU.UN) are two top TSX dividend stocks to consider right now.

Read more »

Businessperson's Hand Putting Coin In Piggybank
Dividend Stocks

RRSP Wealth: 2 Undervalued TSX Stocks to Buy Now and Own for 25 Years

RRSP investors can now buy top TSX stocks at discounted prices.

Read more »