Secure Your Future: 3 Safe Canadian Dividend Stocks to Anchor Your Portfolio Long Term

Here are three of the safest Canadian dividend stocks you can consider adding to your portfolio right now to secure your financial future.

| More on:
A red umbrella stands higher than a crowd of black umbrellas.

Source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s premium investing services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

When the stock market is booming — like the TSX Composite’s impressive 22% gain in 2024 — investors often try to chase growth stocks. But as thrilling as a rally can be, it’s just as important for Foolish investors to think long term and prepare their portfolios for potential downturns. The market may not continue moving in one direction forever. That’s why anchoring your portfolio with safe, reliable investments could be a smart way to secure your financial future.

That’s where stable Canadian dividend stocks come into play. Such stocks not only yield consistent income for years but also provide a defensive cushion during uncertain times, making them perfect for any investor following a long-term approach. Let’s look at three of the safest Canadian dividend stocks that can help you build a solid financial base and protect your portfolio from any potential downturns.

Enbridge stock

The Canadian Dividend Aristocrat Enbridge (TSX:ENB) is known for raising annual dividends for three decades, making it one of the most dependable dividend stocks in Canada. After rallying by nearly 26% year to date, ENB stock currently trades at $60.05 per share with a market cap of $130.9 billion. At this market price, it offers an attractive annualized dividend yield of 6.2%.

Over the last 12 months, Enbridge’s total revenue rose 6.1% YoY (year over year), while its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) improved by 8.2%.

The Canadian energy infrastructure giant recently announced a 3% dividend increase, marking its 30th consecutive year of annual dividend increases. With a new annualized dividend of $3.77 per share starting March 2025, Enbridge continues to show its commitment to delivering steady returns to investors. Additionally, the company’s reaffirmed growth outlook and strong EBITDA projections for 2025 clearly highlight its ability to generate reliable cash flow across market cycles.

Scotiabank stock

Bank of Nova Scotia (TSX:BNS), or Scotiabank, is the second dividend stock on my list that investors can count on for long-term stability and income. It currently has a market cap of $98.5 billion as BNS stock trades at $79.17 per share with 23% year-to-date gains. Its annualized dividend yield stands at 5.4% at this market price.

Created with Highcharts 11.4.3Enbridge + Bank Of Nova Scotia + Brookfield Renewable Partners PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.ca

Interestingly, Scotiabank has been rewarding its investors with attractive dividends every year since 1983. Its fiscal year 2024 (ended in October 2024) financial performance reflected the bank’s continued efforts to improve efficiency and accelerate growth. With a focus on core markets and streamlined operations, the bank managed to achieve a notable 8.5% YoY annual revenue growth despite macroeconomic challenges. This positive momentum in Scotiabank’s financials, paired with its strong capital ratios and disciplined cost management, make it a very reliable dividend stock in Canada.

Brookfield Renewable stock

Another trustworthy name to consider for anchoring your portfolio is Brookfield Renewable Partners (TSX:BEP.UN). This global renewable energy giant has a high-quality asset portfolio, which includes hydroelectric, wind, solar, and energy storage facilities. Brookfield Renewable currently has a market cap of $9.7 billion as its stock trades at $34.10 per share after witnessing a 4% rise over the last three months. At this market price, the stock offers a 5.8% annualized dividend yield.

Besides its large portfolio of renewable assets, Brookfield’s ability to secure long-term contracts, monetize assets, and expand its development pipeline clearly reflects its potential for sustained performance. As the global demand for clean energy surges in the years to come, this dividend stock could stand out as a dependable dividend stock for long-term investors.

Should you invest $1,000 in Dream Industrial REIT right now?

Before you buy stock in Dream Industrial REIT, consider this:

The Motley Fool Stock Advisor Canada analyst team just identified what they believe are the Top Stocks for 2025 and Beyond for investors to buy now… and Dream Industrial REIT wasn’t one of them. The Top Stocks that made the cut could potentially produce monster returns in the coming years.

Consider MercadoLibre, which we first recommended on January 8, 2014 ... if you invested $1,000 in the “eBay of Latin America” at the time of our recommendation, you’d have $20,697.16!*

Stock Advisor Canada provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month – one from Canada and one from the U.S. The Stock Advisor Canada service has outperformed the return of S&P/TSX Composite Index by 29 percentage points since 2013*.

See the Top Stocks * Returns as of 3/20/25

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 Jitendra Parashar has positions in Enbridge. The Motley Fool recommends Bank Of Nova Scotia, Brookfield Renewable Partners, and Enbridge. The Motley Fool has a disclosure policy.

Confidently Navigate Market Volatility: Claim Your Free Report!

Feeling uneasy about the ups and downs of the stock market lately? You’re not alone. At The Motley Fool Canada, we get it — and we’re here to help. We’ve crafted an essential guide designed to help you through these uncertain times: "5-Step Checklist: How to Prepare Your Portfolio for Volatility."

Don't miss out on this opportunity for peace of mind. Just click below to learn how to receive your complimentary report today!

Get Our Free Report Today

More on Dividend Stocks

A worker gives a business presentation.
Dividend Stocks

Market Dip: Opportunity or Risk This April?

This market dip might have investors worried, but should they be excited instead?

Read more »

Blocks conceptualizing Canada's Tax Free Savings Account
Dividend Stocks

Why I’d Add This Top TSX Dividend Stock to My TFSA During the Current Dip

The market is full of volatility right now. Fortunately, this top TSX dividend trades at a discount and pays a…

Read more »

Pile of Canadian dollar bills in various denominations
Dividend Stocks

Invest $20,000 in 2 TSX Stocks for $1,421.09 in Passive Income

Are you looking to bump up your passive income? Then consider these two TSX stocks.

Read more »

A plant grows from coins.
Dividend Stocks

Where I’d Invest in Canadian Value Stocks for Long-Term Compounding

When markets plunge, Warren Buffett's wisdom shines: Get greedy when others are fearful. Canadian value stocks like Scotiabank await patient…

Read more »

analyze data
Dividend Stocks

How I’d Invest $28,000 in Canadian Natural Resource Stock to Amass Personal Wealth

Investing in TSX dividend stocks such as Enbridge can help you earn a passive-income stream in 2025.

Read more »

hand stacks coins
Dividend Stocks

Got $400? How I’d Start Building Income With 3 High-Yield Stocks for the Long Term

These high-yield dividend stocks have a solid payout history, making them compelling investments to generate passive income.

Read more »

A close up color image of a small green plant sprouting out of a pile of Canadian dollar coins "loonies."
Dividend Stocks

I’d Put $15,000 in These 3 Dividend-Growth Champions for Increasing Income Potential

Want to offset some volatility? Here are three defensive dividend-growth champions that can generate a juicy yield right now.

Read more »

Blocks conceptualizing Canada's Tax Free Savings Account
Dividend Stocks

Transform Your TFSA Into a Cash-Creating Machine With $7,000

Discover how the Tax-Free Savings Account can be your golden goose for generating cash without losing your investment.

Read more »