5 Canadian Dividend Stocks to Buy Now and Hold for 20 More Years

There’s something comforting about dividend stocks. When the market zigs and zags and investors scramble to guess what’s next, dividends just keep rolling in. That’s why long-term investors often love dividend-paying companies, especially those with a track record of consistency. If you’re thinking about building a portfolio for the next 20 years, these five Canadian dividend stocks deserve a spot on your radar.

REITs

Let’s start with some real estate investment trusts (REIT) like H&R REIT (TSX: HR.UN). This REIT focuses on a mix of office, residential, industrial, and retail properties. Over the years, it has transformed itself to adapt to changing trends, including a recent pivot toward residential and industrial assets. As of early June 2025, shares trade around $8.27 with a dividend yield near 7.3%. HR.UN pays $0.05 monthly per unit. In its most recent quarterly earnings, H&R posted property operating income of $121.2 million, up slightly year over year. It’s a steadily performing REIT, and with rising demand for well-located residential housing and industrial properties, it’s positioned to keep rewarding patient investors.

Primaris REIT (TSX: PMZ.UN) might fly under the radar, but it offers something special: exposure to Canadian enclosed shopping centres. While the retail world has changed a lot in recent years, Primaris owns properties in strong locations with steady foot traffic. In 2024, revenue rose 22% to $501.9 million. Despite higher operating expenses, it still posted net income of $79.5 million. PMZ.UN pays a monthly distribution of $0.07, or $0.84 annually, yielding over 6% at today’s price of around $13.50.

Then there’s Granite REIT (TSX: GRT.UN). This REIT is all about industrial properties – think warehouses, logistics centres, and distribution hubs. With long-term tenants, it offers stability you can count on. In Q1 2025, Granite posted rental revenue of $146 million and funds from operations per unit of $1.46. It currently pays $0.267 monthly, or $3.20 annually, yielding just under 4.5%. With e-commerce and logistics not going away anytime soon, Granite looks like a rock-solid bet for the long term.

Long-term stability

Now let’s look at stocks that aren’t going anywhere. Canadian Utilities (TSX: CU) is one of the most reliable dividend payers in the country. It has increased its dividend every year for more than 50 years, with the longest streak of any publicly traded Canadian company. The dividend stock provides electricity, natural gas, and related infrastructure services across Alberta and globally. In its Q1 2025 earnings, it posted adjusted earnings of $232 million, compared to $203 million in the previous quarter. CU stock’s dividend yield is around 5.3%, and it pays out $0.4533 per quarter. For conservative investors who want reliability and compounding power, CU is tough to beat.

Finally, there’s Rogers Communications (TSX: RCI.B). Everyone knows Rogers. Whether it’s your phone bill or your internet connection, Rogers has a role in many households. It also owns a chunk of Canadian media through Sportsnet and its interest in Maple Leaf Sports & Entertainment. After a major merger with Shaw Communications, Rogers is now the biggest wireless provider in the country. In Q1 2025, it reported revenue of $3.5 billion and net income of $366 million. It pays a dividend of $2 annually, yielding about 5.5%. With wireless services essentially a utility now, Rogers offers both growth and income potential.

Bottom line

Each of these dividend stocks operates in a different sector, giving you natural diversification. Real estate, utilities, telecom – they all move differently, and that’s what makes them so appealing for a long-term investor. When one dips, another might hold steady, and over time, you can build wealth slowly and steadily.

So how much could you make from investing around $5,000 in each stock? That would shake out to about $1,248 annually, or about $104 on average per month with a mix of quarterly and monthly payouts.

The best part? You don’t need to time the market perfectly. If you reinvest the dividends, keep holding, and let time do the work, these stocks could pay off for decades.