Top Canadian dividend stocks offering high yields are a compelling option for retirees to generate steady income. Notably, many TSX stocks have a long history of consistently paying dividends, making them particularly attractive for those looking to supplement their retirement income. These companies have fundamentally strong businesses and generate resilient earnings across all market conditions, which support their payouts.
Against this backdrop, here are three high-yield Canadian stocks that are dependable bets for retirees and are paying at least a 5% yield.
Telus stock
For retirees seeking a reliable income, Telus (TSX:T) is an attractive option considering its resilient and growing payouts and a high yield exceeding 7.5%. The Canadian communications company has a long track record of rewarding shareholders, returning over $23 billion in dividends since 2004 and raising its quarterly distributions 27 times in the past 14 years. Moreover, its high yield is supported by a sustainable payout ratio of 60–75% of free cash flow.
Telus’ strategic investments in its PureFibre and 5G networks continue to attract new customers. Moreover, it has managed to retain customers as its churn rate has remained below 1% for over a decade. Looking ahead, its expansion into high-growth areas like IoT and Telus Health will likely support its financials and payouts. Moreover, operational efficiency and disciplined capital spending further strengthen the company’s ability to sustain dividends.
Looking ahead, Telus’s management targets 3% to 8% annual dividend increases through 2028, supported by a growing subscriber base, diversified revenue, and ongoing cost controls. For retirees, Telus offers high yield, reliable payouts, and dividend growth in the coming years.
Enbridge stock
Enbridge (TSX:ENB) is a worthy addition to your retirement portfolio for generating steady income. This energy infrastructure giant has a decades-long history of rewarding shareholders with consistent dividend growth. Enbridge operates a vast network of liquid pipelines and energy infrastructure, linking key supply and demand zones across North America. Its assets enjoy high utilization and generate predictable earnings, with nearly all EBITDA coming from regulated returns or long-term contracts, shielding the company from commodity price swings.
Enbridge balances rewarding investors with disciplined capital management, maintaining a payout ratio of 60% to 70% of distributable cash flow. This strategy allows it to reinvest in growth while continuing to deliver reliable dividends.
Since 1995, it has increased its dividend every year, navigating economic shocks with consistency. ENB stock pays a quarterly dividend of $0.943 per share, translating to an attractive 5.6% yield. For retirees seeking income and stability, Enbridge provides a compelling mix of reliable payouts, predictable cash flow, and long-term dividend growth potential.
SmartCentres REIT stock
SmartCentres REIT (TSX:SRU.UN) is a reliable stock for retirees seeking high and durable yields. With 197 strategically located properties, the REIT enjoys strong tenant demand and high occupancy, generating steady net operating income. Its portfolio spans retail centres, self-storage, apartments, offices, industrial spaces, and even condo and townhome sales, creating diversified and predictable cash flow.
SmartCentres’ recent performance shows continued demand for its properties. Its same-property net operating income rose 4.8% year-over-year in the second quarter, while occupancy reached 98.6%. Moreover, leases maturing this year were renewed or finalized at an impressive 8.5% rent growth.
SmartCentres is also expanding into mixed-use developments, leveraging its extensive land holdings in major Canadian cities to diversify income and drive growth. Further, its disciplined approach to financing strengthens the balance sheet while supporting sustainable dividend payments.
Overall, SmartCentres’ high occupancy, diversified revenue streams, and strategic pipeline growth position the REIT to continue generating steady cash flow, grow funds from operations, and enhance long-term shareholder value.
