Canadian investors have had a lot to digest lately. Inflation is cooling, but it’s still higher than many would like. The latest Statistics Canada data showed inflation hovering around 2.7% in May, just above the Bank of Canada’s 2% target. At the same time, economic growth has been sluggish, with Gross Domestic Product (GDP) flatlining and retail sales slipping for a second straight month.
The Bank of Canada held rates steady in June 2025, but it left the door open to possible cuts by the end of summer. While all this may sound like a red flag, it’s also creating some strong buying opportunities. With $30,000 to invest, now could be the perfect time to look at high-quality Canadian stocks like Canadian Natural Resources (TSX:CNQ) and Telus (TSX:T).
CNQ
Canadian Natural Resources is one of the biggest and most reliable energy stocks on the TSX. In its most recent quarterly earnings report, the company brought in $8.2 billion in revenue. Net earnings came in at $1.3 billion, or $1.19 per share, well ahead of expectations. On top of that, CNQ generated over $3.2 billion in adjusted funds flow. That kind of cash flow gives it the flexibility to pay substantial dividends while also reinvesting in future growth.
At its current share price of around $90, CNQ offers a dividend yield of around 5%. CNQ has increased its dividend every year for the last 24 years, showing just how committed it is to returning cash to shareholders. And it continues to reduce debt, making it even stronger in the face of future volatility.
The energy sector can be bumpy, but CNQ has built its business to withstand the ups and downs. It’s not just an oil company; it has operations in natural gas, oil sands, and offshore drilling. That mix helps balance the risks which come with commodity price swings. CNQ also buys back its own shares, which can support the stock price over time. If oil prices recover or even hold steady, there’s room for share appreciation alongside the dividend income.
Telus
Now let’s turn to Telus. This telecom stock may not grab headlines, but it plays a critical role in Canada’s communications infrastructure. Telus delivers wireless, internet, and TV services across the country. It has also expanded into new areas like digital healthcare and agriculture technology, giving it additional revenue streams. In its most recent earnings report, Telus posted $5 billion in revenue and $252 million in net income. Earnings per share (EPS) were $0.17.
What makes Telus appealing right now is its high dividend yield of about 7.7%. Telus pays dividends quarterly and has increased its dividend nearly every year for more than a decade. While its stock price has dipped lately due to higher interest rates, the long-term case remains strong, especially with rate cuts possibly on the way.
Bottom line
Together, these two Canadian stocks provide a mix of income, stability, and growth. A $30,000 portfolio split evenly between CNQ and Telus would give you roughly $1,905.04 per year in dividend income! And that income is tax-free if held in a Tax-Free Savings Account (TFSA). This combination also spreads your investment across two essential sectors, helping to reduce risk while generating dependable returns.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL PAYOUT | FREQUENCY | TOTAL INVESTED |
|---|---|---|---|---|---|---|
| CNQ | $46 | 326 | $2.35 | $766.10 | Quarterly | $14,996 |
| T | $22 | 682 | $1.67 | $1,138.94 | Quarterly | $15,004 |
With Canadian consumers still worried about inflation and economic uncertainty, smart investing has never been more important. Now is the time to take advantage of discounted prices on top TSX stocks. CNQ and Telus each offer something different, but both deliver what investors are looking for today: strong income, resilience, and long-term value. While the economy may be cooling, your portfolio doesn’t have to. Investing $30,000 in these two Canadian stocks is a strong move in a market that’s full of noise but short on clear direction.
