It’s no secret that dividend investing is one of the most powerful ways to build long-term wealth. Whether you’re looking to supplement your income, reinvest for compound growth, or just add stability to your portfolio, a steady stream of cash flow from high-quality Canadian dividend stocks can make all the difference.
But not all dividend stocks are created equal, and chasing the highest yield can sometimes lead to disappointment.
In fact, one of the biggest mistakes investors make is focusing purely on yield without considering the sustainability behind it.
A high payout might look attractive on the surface, but if it’s not backed by consistent earnings and strong fundamentals, it’s at risk of being cut. And once a dividend gets slashed, not only does the income disappear, but the stock often takes a hit, too.
That’s why it’s far more important to look for reliability than raw yield. The best dividend stocks aren’t the ones paying out the most; they’re the ones with the financial strength to keep paying for years to come through any and all market conditions. These are the companies you can count on for steady, growing income without surprises.
So, with that in mind, here are three Canadian stocks offering ultra-safe dividend yields that are built to last.
One of the best Canadian dividend stocks to buy and hold for the long haul
It’s no surprise that one of the best Canadian dividend stocks you can buy is Enbridge (TSX:ENB), the massive $134 billion energy infrastructure stock.
Enbridge is an ideal stock for passive income seekers for many reasons. First off, it provides essential services and is crucial to the North American economy. In addition, it’s also well-diversified, is a dominant player in an industry with massive barriers to entry, and owns tonnes of long-life assets that allow it to generate significant free cash flow.
It’s this reliable business model combined with solid management that has made Enbridge one of the best Canadian dividend stocks you can buy. In addition, it’s also what’s allowed Enbridge to raise its dividend every year for three straight decades.
And this year, according to Enbridge’s guidance, the company expects to generate distributable cash flow of $5.50 to $5.90 per share. Therefore, even if Enbridge only hits the bottom of that range, its payout ratio would still only be 69%, showing how sustainable its dividend is.
So, if you’re looking for high-quality Canadian dividend stocks to buy now, Enbridge and its current yield of 6.1% are certainly a top choice.
Two top Canadian REITs to buy for passive income
In addition to Enbridge, two more of the best and most reliable dividend stocks on the TSX are CT REIT (TSX:CRT.UN) and Granite REIT (TSX:GRT.UN).
The real estate sector is full of high-quality dividend stocks due to the reliability of the sector and the fact that these stocks are constantly generating millions in cash flow.
For example, CT REIT is a retail REIT that’s largely owned by Canadian Tire, but also earns roughly 90% of its income from the retailer as well.
Therefore, CT REIT is one of the most reliable retail REITs on the market, which, in turn, makes it one of the best dividend stocks you can buy.
Not only does it offer an attractive yield, currently sitting at just over 6%, but it’s also increased its dividend every year since it went public. Furthermore, although it continues increasing its dividend, its payout ratio of adjusted funds from operations (AFFO) has actually been declining, and in the first quarter this year, it was just 72%.
Meanwhile, Granite is another high-quality Canadian dividend stock to buy now. It offers a slightly lower dividend yield, currently just below 5%. However, it also offers more long-term growth potential due to the growing demand for industrial real estate.
In addition, just like CT REIT, Granite has been consistently increasing its dividend, yet its payout ratio has been declining. In fact, for 2025, Granite estimates its payout ratio of AFFO will be just 59%, showing just how sustainable its dividend is.
So, if you’re looking for high-quality Canadian dividend stocks to buy now and hold for years, these two REITs are among the best on the TSX.
