Retirement isn’t just about savings in your bank account or Tax-Free Savings Account (TFSA) – it’s about building something that lasts. For Canadian investors eyeing a richer, more secure retirement, investing in the right mix of dependable stocks could make all the difference.
Especially now, as the TSX trades near record highs and interest rates remain unpredictable, the quality of stocks you own matters more than ever. In this article, I’ll highlight three top Canadian dividend stocks with growing dividends that could boost your retirement wealth in the years to come.
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Enbridge stock
One of the best stocks that could bring long-term stability and income to your retirement portfolio is Enbridge (TSX: ENB). It’s a North American energy infrastructure company based in Calgary, best known for transporting oil and gas across Canada and the United States.
ENB stock is currently trading at $62.41 per share with a market cap of $135.9 billion. At this market price, it offers a generous 6% annualized dividend yield, backed by strong cash flows.
In the first quarter of 2025, Enbridge posted adjusted earnings of $1.03 per share and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $5.8 billion, both up from a year ago. The company’s quarterly net profit also rose 14.7% YoY (year-over-year) with the help of higher volumes on its Mainline system and a strong boost from its U.S. gas utility business.
With a growing project backlog and a reliable business model, Enbridge keeps proving why it deserves a long-term spot in income-focused portfolios.
Pembina Pipeline stock
A second stock that could help long-term investors retire richer is Pembina Pipeline (TSX: PPL). Its business revolves around transporting oil and natural gas liquids across Canada and parts of the U.S., with a focus on fee-based contracts that bring in consistent cash flow.
As of now, PPL stock trades at $51.08 per share and has a market cap of $29.6 billion. What adds to its appeal for income investors is a solid 5.6% annualized dividend yield.
Pembina posted a 15% YoY jump in its net earnings for the first quarter to $502 million and saw adjusted EBITDA rise 12% to $1.2 billion. While quarterly volumes on its pipelines and facilities were up, the real strength is its expanding network and long-term take-or-pay agreements that make revenue more predictable.
Despite recent stock price weakness, Pembina’s growing cash flows, increasing dividends, and ongoing investments make it a very reliable stock for long-term investors.
TD Bank stock
Last but not least is Toronto-Dominion Bank (TSX: TD), a reliable banking stock that could support a more secure retirement.
TD is one of the largest banks in North America, offering everything from personal and business banking to wealth management and insurance services. TD stock has climbed 29% over the last year to currently trade at $96.46 per share with a market cap of $167.3 billion. At this price, it offers a 4.4% annualized dividend yield.
In its latest quarter (ended in April 2025), TD’s adjusted earnings slightly fell on a YoY basis to $1.97 per share, but its Canadian lending and deposit growth still showed strength. While its U.S. division is working through restructuring and regulatory challenges, TD’s strong capital base and digital banking investments make it a top dividend stock for retirement planning.
