I’d Buy These 2 Dividend Giants for Decades of Passive Income

These two Canadian giants continue to grow their businesses while paying dividends that investors can count on.

Key Points
  • Large-cap dividend stocks could provide reliable passive income for decades.
  • Enbridge (TSX:ENB) strengthens dividends with energy transport and renewables.
  • Great-West Lifeco (TSX:GWO) offers dependable income with solid earnings growth.

When you’re investing for the long term, adding some large-cap dividend payers can give you peace of mind. But more importantly, they give you a growing stream of passive income. That’s why I continue to lean on stocks that not only generate reliable cash flow but also keep rewarding shareholders with attractive dividends, quarter after quarter.

In the last few decades, two companies have shown what dependable dividend income looks like. One has been transporting energy across North America for decades and continues to invest in meeting future demand. The other is helping millions prepare for retirement and financial security, and it’s seeing strong growth across key markets.

In this article, I’ll talk about these two TSX-listed dividend stocks that you can count on for decades of passive income.

Enbridge stock

Enbridge (TSX: ENB) is one of the most popular stocks among income investors in Canada, and there’s a good reason for that. It’s one of North America’s biggest energy infrastructure companies, with pipelines that transport oil and gas to millions of homes and businesses. And while it’s been around for decades, its growth story is far from over.

After climbing nearly 16% over the last year, ENB stock currently trades at $65.12 per share with a market cap of $142 billion. At this market price, it offers a juicy annualized dividend yield of 5.8%, paid out quarterly.

One key factor that has helped Enbridge remain stable over the years is its consistent cash flow and the scale of its diversified operations. In the second quarter, the energy infrastructure giant posted a 31.2% YoY (year-over-year) jump in its total revenue to $14.9 billion. Similarly, its adjusted quarterly earnings climbed 12% from a year ago to $0.65 per share. Despite pressures from higher operating costs, its EBITDA (earnings before interest, taxes, depreciation, and amortization) margin for the quarter remained solid at over 31%.

Meanwhile, Enbridge continues to focus on expanding its liquids pipelines and gas transmission networks. At the same time, it’s also investing in renewable energy projects, which could help it keep growing in the long run. These are some of the key factors that give Enbridge the potential to keep paying and raising its dividend for the years to come.

Pile of Canadian dollar bills in various denominations

Source: Getty Images

Great-West Lifeco stock

My next large-cap dividend pick is Great-West Lifeco (TSX: GWO), a Winnipeg-based financial services giant with a focus on insurance, retirement solutions, and wealth management. It mainly operates under brands like Canada Life, Empower, and Irish Life.

After rallying 24% so far in 2025, GWO stock currently trades at $58.83 per share with a market cap of $54.3 billion. And it offers an attractive 4.2% annualized dividend yield at this market price.

Its recent rally could mainly be attributed to its solid earnings, which have helped the company gain investor confidence. In the second quarter, Great-West Lifeco reported record base earnings of $1.15 billion, reflecting an 11% YoY increase, with the help of strong results in its wealth and group benefits businesses.

With its client assets now over $3 trillion and continued growth in retirement and wealth flows, Great-West Lifeco is aiming for further growth across North America and Europe. Given these strong fundamentals, this dividend giant could be a great choice, especially for investors looking for reliable long-term income.

Fool contributor Jitendra Parashar has positions in Enbridge. The Motley Fool recommends Enbridge. The Motley Fool has a disclosure policy.

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