Want to Gain $1,000 in Annual Dividend Income? Invest $16,675 in These 3 High-Yield Dividend Stocks

Are you looking for cash right now? These are likely your best options to make over $1,000 in annual dividend income in 2024.

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Are you looking for dividend income? Investors better make sure that income is safe. Luckily, today, we’re going to look for three reliable dividend stocks that Canadians can lock up now. Ones that will provide years of income and could create $1,000 in annual dividend income each and every year. So, let’s get into it.

NorthWest REIT

NorthWest Healthcare Properties REIT (TSX:NWH.UN) has been through a lot over the years. The company expanded too much too soon. This resulted in the stock needing to cut back, selling non-core assets in the process.

From there, the company has renegotiated its higher interest loans, and brought its finances back under control. Yet shares are still a fraction of what they used to be. And it still operates in the secure sector of healthcare properties.

So, with a dividend yield at 7.36% as of writing, NorthWest stock is certainly a company that I would consider for dividend income. If you were to make $334 in annual dividend income, here is what that would look like for investors.


Northland Power

Another company with a higher dividend yield that’s been improving is Northland Power (TSX:NPI). The company owns a vast range of renewable energy projects around the world. And these continue to expand, ranging from offshore wind farms to solar power.

The company continues to struggle a bit during this high interest rate environment but has seen improvements in its balance sheet. So, now could be a great time for investors wanting both dividend income and returns.

With a dividend yield of 5.58%, this is yet another I would consider for dividend income. So, if you want to make an additional $333, let’s see what that would mean for investors.



Finally, if you want stability from your dividend income, go to the Big Six banks. These companies enjoy an oligopoly in Canada that simply cannot be matched. Among them all, Canadian Imperial Bank of Commerce (TSX:CM) offers the best in terms of dividend income.

While CIBC stock may struggle during downturns, the company has proven to retain its clients and offer expansion after these downturns. Meanwhile, it still remains secure from its provisions for credit losses. And with shares rising back to 52-week highs, again, now could be an excellent time to get in on the stock while it’s growing.

Shares currently offer a 5.49% dividend yield, so if you want an additional $333 or so, here is what investors would need to put into the stock.


Bottom line

In total, by investing $16,675.04 on the TSX today, you can make over $1,000 in dividend income this year alone, not to mention the returns you’ll receive.

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 has positions in Canadian Imperial Bank Of Commerce and NorthWest Healthcare Properties Real Estate Investment Trust. The Motley Fool recommends NorthWest Healthcare Properties Real Estate Investment Trust. The Motley Fool has a disclosure policy.

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