3 Canadian Stocks That Paid Record Dividends in 2024

Some of the most potent dividend growers in 2024 are also worth considering in 2025, especially for their long-term holding potential.

| More on:
ways to boost income

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

Consistent dividend growth is one thing you can safely expect from Dividend Aristocrats. That’s one of the reasons most investors are interested in them in the first place and why they are an essential part of the retirement planning of many investors. Consistent and reliable dividend growth is critical to creating an inflation-resistant passive income.

However, in 2024, a few stocks exceeded their usual dividend-growth pattern. This has made their dividends even more attractive and worth considering for 2025, especially as long-term holdings.

A telecom giant

BCE (TSX:BCE) is the largest telecom company in Canada by market cap and a few other metrics. It’s currently the worst-hit stock in the telecom sector due to the onslaught brought on by regulatory challenges. It’s down 54% from its five-year peak, and the current trajectory doesn’t look promising either.

Created with Highcharts 11.4.3Bce PriceZoom1M3M6MYTD1Y5Y10YALL13 Apr 20208 Apr 2025Zoom ▾Jul '20Jan '21Jul '21Jan '22Jul '22Jan '23Jul '23Jan '24Jul '24Jan '2520212021202220222023202320242024202520252030405060www.fool.ca

The company’s dividend growth streak has ended after one-and-a-half decades, but it’s not cutting its dividends for now. At its current yield of 11.9%, it’s one of the most generous blue-chip dividend stocks currently trading on the TSX. This put its dividends in a class of its own throughout 2024 when the yield gradually increased and reached its current level.

A banking giant

Canadian Imperial Bank of Commerce (TSX:CM) was one of the best-growing banking stocks in 2024. Its yield has climbed over 43% in the last 12 months, which isn’t conducive to a high yield, but the bank’s yield is still quite attractive at 4.3%, thanks partly to the largest dividend hike in the last three years.

Created with Highcharts 11.4.3Canadian Imperial Bank Of Commerce PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.ca

The bank raised its payouts from $0.90 in the third quarter to $0.97 for the fourth quarter of 2024. While the yield is attractive enough if you want to buy the stock right now, its trajectory is shifting from bullish to bearish, and if a correction is coming, it would be prudent to wait for the stock to bottom out and lock in the best possible yield, maximizing the impact of the dividend growth.

An energy giant

Canadian Natural Resources (TSX:CNQ) is the country’s top oil producer, second-largest natural gas producer, and largest energy company by total reserves. It has also been one of the most stable upstream companies in the last decade, recovering from the 2014 slump before the post-pandemic bull market pushed most energy stocks up past the required level.

Created with Highcharts 11.4.3Canadian Natural Resources PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.ca

However, like most energy stocks in Canada, 2024 wasn’t a great year for the company, and the stock gradually slumped. The company still raised its dividends, maintaining its position as a Dividend Aristocrat by a decent margin.

Foolish takeaway

While the three stocks aren’t at or near the top of the companies that paid record dividends in 2024, they are among the most desirable picks from that pool. You can buy BCE now, assuming it has already hit rock bottom and will likely go up in 2025. For the other two, waiting for their current bearish phases to fully manifest might be brilliant.

Should you invest $1,000 in BCE right now?

Before you buy stock in BCE, 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 BCE 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 Adam Othman has no position in any of the stocks mentioned. The Motley Fool recommends Canadian Natural Resources. 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 overlooks an oil refinery plant.
Dividend Stocks

3 High-Yield Canadian Stocks I’d Consider for a $5,000 Investment

These three dividend stocks are excellent additions to your portfolio, given their healthy cash flows and high yields.

Read more »

Blocks conceptualizing Canada's Tax Free Savings Account
Dividend Stocks

How I’d Use My TFSA to Invest in Canadian Value Stocks for Long-Term Wealth

TFSA investors can mitigate bearish trends by shifting to value stocks that can deliver long-term wealth.

Read more »

The TFSA is a powerful savings vehicle for Canadians who are saving for retirement.
Dividend Stocks

TFSA ‘Forever Holdings’: 4 Canadian Stocks for Sustained Tax-Free Growth

Add these four TSX dividend stocks to your self-directed TFSA portfolio to generate tax-free passive income for decades.

Read more »

Beware of bad investing advice.
Dividend Stocks

Where I’D Invest $1,000 in 3 No-Brainer Canadian Stocks Under $150

Want to invest $1,000 in some great stocks? Here's a trio that investors can buy at a discount right now…

Read more »

Blocks conceptualizing Canada's Tax Free Savings Account
Dividend Stocks

The 1 Canadian Stock I’d Buy and Hold Forever in a TFSA

This Canadian stock is a strong option for any TFSA, and here's why.

Read more »

Man holds Canadian dollars in differing amounts
Dividend Stocks

Invest $25,000 in These Dividend Stocks for $1,267 in Annual Passive Income

Dividend stocks are strong options, but these two could be some of the best long-term options.

Read more »

investor looks at volatility chart
Dividend Stocks

I’m Adding This 12% Dividend Stock for a Recession-Resistant Portfolio

Despite boasting such a high dividend yield, this 12% dividend yield stock might be an excellent pick to build your…

Read more »

Make a choice, path to success, sign
Dividend Stocks

1 Undervalued TSX Stock Down 51% to Buy and Hold

This TSX stock plunged, but don't count it out, especially at these prices.

Read more »