The TSX continues to hit new record highs after the sharp rebound from the April market pullback. Investors who missed the rally are wondering which Canadian dividend stocks might still be good to buy for a self-directed Registered Retirement Savings Plan (RRSP) portfolio focused on high-yield dividend stocks.
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Canadian Natural Resources
Canadian Natural Resources (TSX:CNQ) is a giant in Canada’s oil and gas sector with a current market capitalization of nearly $88 billion. The stock trades around $42 at the time of writing. This is up from $35 during the April plunge, but still way off the $55 it fetched at one point last year.
CNRL operates oil, natural gas liquids, and natural gas production assets. The company’s diversified products, along with its strong balance sheet, help it ride out volatility in the energy markets. Management is good at moving capital around the portfolio to get the best returns, and CNRL has a solid track record of taking advantage of weak market conditions to buy strategic assets at discounted prices.
CNRL increased the dividend annually for the past 25 years. Investors who buy CNQ stock at the current level can get a dividend yield of 5.6%.
Telus
Telus (TSX:T) trades near $22.50 at the time of writing. The stock is up 15% in 2025, but still has a long way to go to get back to the $34 it reached in the first half of 2022 before interest rate hikes by the Bank of Canada sent telecoms and utilities into an extended downturn. Rate cuts in 2024 didn’t help much, as Telus fought a price war with competitors that hurt margins. Telus also took a hit last year on declining revenue at its Telus Digital (previously Telus International) subsidiary.
Looking ahead, the worst should be in the rearview mirror for the company. Prices for mobile plans are rising across the industry, and Telus intends to take Telus Digital private. Telus actually reported decent first-quarter (Q1) 2025 results and is providing solid guidance for 2025 and beyond. The board intends to keep raising the dividend by 3% to 8% per year through 2028. Investors who buy Telus at the current price can get a dividend yield of 7.3%.
Enbridge
Enbridge (TSX:ENB) raised its dividend in each of the past 30 years. The energy infrastructure and utility operator is working on a $28 billion capital program that will boost adjusted earnings per share (EPS) and distributable cash flow by 3% to 5% over the medium term. This should support ongoing dividend growth in the same range.
Enbridge is large enough and has the financial firepower to make strategic acquisitions to further grow revenue and profits. The company’s US$14 billion purchase of three natural gas utilities in the United States last year is a good example of the type of deals the company can pursue.
Enbridge trades near $62 per share at the time of writing. That’s down a bit from the 2025 high around $65. Investors who buy the dip can get a dividend yield of 6%.
The bottom line
CNRL, Telus, and Enbridge pay attractive dividends that should continue to grow. If you have some cash to put to work in a self-directed RRSP, these stocks deserve to be on your radar.
