2 Stocks Ready for Dividend Hikes in 2024

Building a passive income is one way to keep up with and even beat inflation. These two stocks can help you.

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Due to the rise of inflation, many Canadians realized the requirement of more than one revenue to fulfill their needs. Creating a source of passive income is becoming popular to ensure individuals can meet their financial goals. 

Thus, as a Canadian citizen, here are two TSX dividend stocks with high dividend offerings that you must take advantage of in 2024.


Fortis (TSX:FTS) operates and owns 10 distribution and utility transmission assets in Canada and the United States. It serves approximately 3.4 million customers in the region and has smaller stakes in multiple Caribbean utilities and electricity generation assets. The company offers energy services to its customers for which it gets compensated with a recurring revenue stream. 

It is one of the greatest defensive stocks on the Toronto Stock Exchange and one of the largest utility service providers in the North American region. The company’s unique business model generates a recurring and consistent revenue stream, making it a must-add stock to your investment portfolio. In addition, Fortis has been providing investors with consistently higher dividends for the past 50 years and showing no intention of slowing down anytime soon. 

Currently, Fortis has a dividend yield of 4.42%, and the company plans to increase it by the end of the financial year 2024. Furthermore, the company’s market capitalization is CA$26 billion, with a Beta (5Y monthly) of 0.17, indicating the low volatility nature of the stock. Thusly, the company’s positive performance helped it to grow from CA$400 million to CA$66 billion in less than four decades. 

Restaurant Brands

Restaurant Brands (TSX:QSR) is a quick-service restaurant network with worldwide operations. The restaurant generates sales from royalty fees and company-owned restaurants, and lease income from franchised stores. Restaurant Brands International owns the famous Burger King, Tim Hortons, Firehouse Subs, and Popeyes Louisiana Kitchen. 

Restaurant Brands International has a dividend yield of 2.92%, and the company is focused on increasing it in the upcoming years by expanding its operations. Moreover, the restaurant chain plans to enhance its business by opening restaurants in new countries, helping it to gain more global presence. 

These factors attract Canadian investors to this stock, as it has the potential for dividend hikes in 2024 by expanding its operations. Presently, Restaurant Brands International has a market capitalization of CA$45.3 billion, with a Beta (5Y monthly) of 0.92 and earnings per share of CA$5.11. 

In addition, Restaurant Brands International aims to open 7,000 new restaurants in the international market in the next five years. To do this, the company focuses on enhancing its penetration in established and strong markets globally. It also aims to reach systemwide sales of CA$60 billion by 2028, with an adjusted operating income of CA$3.3 billion. Long-term investors in this company can enjoy the benefits of higher profits by getting higher dividends. 

Bottom line

To sum up, these two magnificent stocks are ready to provide dividend hikes to Canadian investors in 2024. These companies plan to grow and expand their business, which will help Canadian investors to appreciate their capital during their investment period. Henceforth, you must not hesitate to add these two stocks to your portfolio in 2024. 

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 Chris MacDonald has positions in Restaurant Brands International. The Motley Fool recommends Fortis and Restaurant Brands International. The Motley Fool has a disclosure policy.

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