Do you have $50,000 and a goal of turning it into consistent, reliable income? You don’t need to wait for retirement or rely on luck because the tools to build lasting wealth and monthly cash flow are already available on the TSX. By investing in the right mix of dividend-paying stocks with strong fundamentals, you could create a passive-income portfolio that works for you — month after month and year after year.
In this article, I’ll talk about two of Canada’s most dependable stocks that could help you turn $50,000 into a powerful income-producing machine.
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Enbridge stock
So, let’s kick things off with a top Canadian energy stock, Enbridge (TSX: ENB), that truly lives up to the idea of steady income and staying power. Based in Calgary, this is one of Canada’s most dependable dividend stocks that transports oil and natural gas through an extensive pipeline network.
Currently, ENB stock trades at $63.44 per share with a market cap of $137.8 billion, and it offers a solid annualized dividend yield of nearly 6% — with payouts coming in quarterly. While the broader market has had its ups and downs, Enbridge stock has quietly climbed over 30% in the last year.
In 2024, the company’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 13% YoY (year over year) to a record $18.6 billion. A big part of this growth came from its acquisition of three U.S. gas utilities with a $19 billion deal that boosted its scale and cash flow.
On top of that, Enbridge brought $5 billion worth of new projects into service in 2024 and sanctioned another $8 billion in future developments. From expanding its Gulf Coast energy infrastructure to securing long-term solar and wind contracts with companies like Amazon and Toyota, it’s setting itself up to stay relevant and profitable in the years to come. That’s why, for anyone looking to turn $50,000 into passive income, ENB stock offers the kind of stability and scale that’s hard to beat.
Scotiabank stock
Another dependable Canadian stock you can consider for building your passive-income portfolio is Bank of Nova Scotia (TSX: BNS), or Scotiabank. With a market cap of $86.5 billion, this is currently the fourth-largest bank in Canada, offering everything from everyday banking to wealth management and international financial services.
After surging by 11.4% over the last nine months, BNS stock currently trades at $69.68 per share and offers a juicy annualized dividend yield of 6.1%, paid quarterly — making it a solid pick for income-focused investors.
| COMPANY | RECENT PRICE | INVESTED MONEY | NUMBER OF SHARES | DIVIDEND PER SHARE | PAYOUT FREQUENCY | TOTAL ANNUAL PAYOUT |
| Enbridge | $63.44 | $25,000 | 394 | $0.9425 | Quarterly | $1,485 |
| Bank of Nova Scotia | $69.68 | $25,000 | 358 | $1.060 | Quarterly | $1,518 |
| Total Annual Payout | $3,003 | |||||
| Prices as of Mar 25, 2025 |
In its latest quarter ended in January, Scotiabank’s adjusted net profit rose 6.8% YoY to $2.36 billion. This increase was driven by strength in its wealth and capital markets divisions, along with higher net interest income.
The bank is consistently making efforts to simplify its international operations while sharpening its focus on North America. These efforts, along with its strong dividend, make Scotiabank a steady pick for long-term income.
