Canadian Dividend Stocks That Make Your Money Multiply

These three dividend stocks are perfect options for investors looking to get a deal while it lasts, and see shares and income rise higher.

Amy Legate-Wolfe

Author Bio Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Social Media Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published June 12, 2023 1:30 pm EDT

| More on: BCEFTTTCL.A

Dividend stocks are still some of the best options to purchase on the TSX today. Canadian dividend stocks trade for a steal, even with the market showing some signs of recovery. Yet these are also some great long-term holds, as reinvesting dividend stocks can make your money multiply again and again.

So today, let’s go over three strong Canadian dividend stocks that could increase your cash flow over and over.

BCE

Telecommunications companies remain down as a Rogers and Shaw deal looks like it will become inevitable. However, this isn’t to be a downturn that will continue forever. A deal certainly will put pressure on companies like BCE (TSX:BCE) to perform, but BCE stock has done well for decades.

In fact, BCE stock remains a top choice as the country’s fastest internet provider. It also continues to hold the market share. Even if that changes slightly, it’s quite likely BCE stock will remain the top telecom company among the biggest providers.

So right now, you can latch on to one of the top dividend stocks while it trades down 7% in the last year. It holds a dividend yield at 6.31%, making it one of the top dividend stocks to make your money multiply for decades to come.

Finning International

Certain companies that fell out of demand in the pandemic have now come roaring back. One of them is Finning International (TSX:FTT), which deals in and distributes heavy-duty machinery. This equipment is needed for everything from mining to construction. Finning buys and sells used equipment both at home and abroad.

Shares of Finning stock are up 24% in the last year, but I would still consider it a deal. It’s one of the Canadian dividend stocks trading at just 11.1 times earnings. It now offers a dividend yield at 2.55% as well.

As the company continues to demolish earnings estimates quarter after quarter, Finning stock therefore looks like a great buy that investors should certainly consider. Especially if on the lookout for long-term dividend stocks.

Transcontinental

Finally, we have another essential service that Canadians may not have considered. That’s Transcontinental (TSX:TCL.A), a printer and flexible packaging provider from Canada. Its services range from printing for publishers, to providing packaging geared towards consumer goods.

Similarly to BCE stock, TCL.A stock isn’t down too much, but still a deal trading down 6% in the last year. It now trades at 10.8 times earnings, after beating earnings estimates last quarter, but falling short the quarter before that.

So if you’re looking to still get in on this deal, which currently offers a dividend yield at 6.04%, now might be the time. Especially as the ex-dividend date comes in just a few weeks. Therefore, you’ll want to hop on this stock on the TSX today before shares recover further, and while you can still lock up a solidly high dividend yield. Along with these other dividend payers, these stocks will provide Canadian investors with solid dividends that should continue paying out for years to come.