As the economic uncertainties and escalating global trade tensions continue to take a toll on the Canadian stock market in 2025, cautious investors are shifting their focus from chasing gains to building income. Steady, predictable cash flow could be a powerful antidote to short-term market volatility. Fortunately, several TSX-listed stocks offer reliable dividends and strong fundamentals, even as the broader market continues to wobble.
In this article, let’s look at top Canadian dividend stocks that could help you generate passive income in 2025 and beyond, whether you’re seeking long-term stability, yield, or both.
Source: Getty Images
Telus stock
Telus (TSX:T) might be exactly the kind of stock cautious investors are leaning toward in 2025 — steady, reliable, and generous when it comes to dividends.
Based in Vancouver, Telus is one of Canada’s largest telecom players, offering a wide mix of services, from wireless and internet to health tech. The stock is currently trading at $19.99 per share with a market cap of about $30.3 billion. One of the biggest reasons income-focused investors love this stock is its outstanding annualized dividend yield of 8.1%, paid quarterly.
While the broader TSX rallied last year, Telus stock is still down over 10% in the 12 months. But that hasn’t stopped the company from posting solid financial numbers. In the fourth quarter of 2024, its revenue climbed by 3.5% YoY (year over year) to $5.4 billion due mainly to strong demand for mobile and internet services, as well as solid gains in its health and agriculture segments. Similarly, its adjusted net profit for the quarter jumped 11% from a year ago to $380 million.
Even with pressure on mobile average revenue per user and higher costs in some areas, Telus saw a 7% YoY boost in adjusted quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) for its technology solutions segment with the help of cost efficiencies and smart bundling.
With continued investments in its PureFibre and 5G networks, along with growing contributions from health and agriculture, Telus has the potential to deliver not just income but also long-term value regardless of where the market goes in the short term.
Gibson Energy stock
That brings us to another interesting pick for passive-income seekers: Gibson Energy (TSX:GEI). Now, this Calgary-based company might not be as well-known as Telus, but it plays a crucial role in North America’s energy infrastructure. It mainly focuses on storing, processing, and gathering liquids and refined products through its network of terminals, pipelines, and rail facilities.
GEI stock currently trades at $22.58 per share with a market cap of about $3.7 billion, and what really grabs attention is its generous 7.6% annualized dividend yield.
In the latest quarter ended December 2024, the company’s revenue rose 6% sequentially but dropped on a YoY basis, mostly due to tighter margins in its marketing segment. During the quarter, its adjusted EBITDA also dipped, while net profit came in slightly negative.
That said, Gibson’s full-year results still hit a record with the help of record volumes at its Gateway and Edmonton terminals and successful re-contracting efforts. Moreover, the company’s focus on cost-saving debt refinancing and long-term infrastructure expansions make it a solid dividend pick for income investors in 2025.
