If you were to look at my portfolio or even at the stocks that I tend to cover on The Motley Fool, then you’d quickly realize that I tend to focus on growth stocks. However, I understand the value and benefits that dividend stocks offer. Because of that, I hold a small number of dividend-paying companies in my portfolio. I intend to continue adding to those positions before the end of the year. In this article, I’ll discuss three Canadian dividend stocks I’ll be buying hand over fist in December 2023.
One of the largest positions in my portfolio
Brookfield Corporation (TSX:BN) is one of my favourite stocks in the world. I have been holding shares of this company for years, and I’ve been steadily adding to this position over time. What I really like about this company is its outstanding portfolio. Brookfield manages a portfolio of assets valued at more than $850 billion. This company has exposure to the insurance, infrastructure, renewable utility, real estate, and private equity markets.
Brookfield is headed by its longtime chief executive officer, Bruce Flatt. He’s one of two very impressive Canadian executives that you should know about (unfortunately, the other won’t be mentioned in this article). I’m of the opinion that as long as Mr. Flatt continues as the leader of this company, Brookfield should be on the right path. As such, I’ll continue to buy shares and put my trust in this company’s journey. For those that aren’t aware, Brookfield stock has gained about 23% so far this year.
My favourite dividend stock
One of the longest-paying dividend stocks in Canada, Bank of Nova Scotia (TSX:BNS) is another stock that I’ll be adding to before the end of the year. This company is a component of the Big Five. It’s one of the largest banks in Canada in terms of assets under management, market capitalization, and revenue. Aside from its dividend history, what stands out for me, with respect to Bank of Nova Scotia, is its focus on its international presence. Uniquely positioned in the Pacific Alliance, I think this company has lots of growth ahead.
As mentioned previously, Bank of Nova Scotia has been paying shareholders a dividend for a very long time — since July 1, 1833, to be exact. Since then, the company has never missed a dividend payment. That means Bank of Nova Scotia has successfully paid its shareholders a dividend for 190 straight years. There are very few companies that can make the same claim. Today, Bank of Nova Scotia stock still sits lower than its all-time highs. Investors can take advantage of a very attractive 6.70% forward dividend yield.
A company I rely on a lot
Many Canadians, especially out west, rely on Fortis (TSX:FTS) to provide them with utilities. All considered, Fortis serves more than three million customers across Canada, the Caribbean, and the United States. However, aside from the services this company provides, in terms of utilities, many Canadians also rely on Fortis for its strong dividend history.
Fortis has managed to increase its dividend distribution in each of the past 50 years. That makes it a leader among Canadian Dividend Aristocrats. Fortis has also announced its plans to continue raising its dividend through to 2028. It plans to do so at a rate of 4-6%. As far as Canadian dividend stocks go, Fortis is among the best. That’s why I’ll continue to add shares of this company to my portfolio before the end of the year.
