Investing in quality dividend stocks is a proven strategy for building long-term wealth. Their consistent payouts make them less vulnerable to market volatility, while reinvesting these dividends can significantly boost returns through the power of compounding. With that in mind, here are four top Canadian dividend stocks to consider for sustainable, long-term growth.
Enbridge
Enbridge (TSX:ENB) stands out as one of the top Canadian dividend stocks to include in your portfolio, thanks to its regulated and contracted operations, consistent dividend growth, and attractive yield. The company generates over 98% of its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) from regulated assets or take-or-pay contracts, with approximately 80% of its adjusted EBITDA indexed to inflation.
This stable business model provides Enbridge with strong and predictable cash flows, enabling it to pay dividends for 70 consecutive years. The company has also raised its dividend at an impressive compound annual growth rate of 9% since 1995 and currently offers a healthy yield of 5.61%.
Additionally, Enbridge continues to expand its asset base through annual capital investments of $9 billion to $10 billion. These investments can drive its financial growth in the coming years, with management targeting to return roughly $40–$45 billion to its shareholders over the next five years. Given its reliable cash flows, strong dividend history, and solid growth outlook, Enbridge appears to be an excellent long-term investment choice.
Canadian Natural Resources
Next on my list is Canadian Natural Resources (TSX:CNQ), which has increased its dividend at an impressive annualized rate of 21% over the past 25 years. The Calgary-based energy giant boasts a diversified and well-balanced portfolio of large, low-risk, high-value reserves. Its efficient operations and relatively low capital reinvestment requirements have reduced its breakeven point, enabling the company to generate strong cash flows and sustain robust dividend growth. At present, CNQ offers an attractive forward dividend yield of 5.24%.
Furthermore, the company continues to enhance its production capacity through both organic growth initiatives and strategic acquisitions. Management plans to invest approximately $6.68 billion this year and $6.43 billion next year to strengthen its production capabilities. As a result of these investments, CNQ expects its average daily production in 2026 to range between 1,590 thousand and 1,650 thousand barrels of oil equivalent per day (MBOE/d), with the midpoint representing an 18.9% increase over 2024 levels. These expansion initiatives, supported by prudent capital allocation, position CNQ for sustained dividend growth and long-term value creation.
Fortis
Fortis (TSX:FTS) operates a highly regulated natural gas and electricity utility business, with 93% of its assets focused on low-risk transmission and distribution operations. This structure makes its financial performance relatively resilient to economic cycles and market volatility, allowing the company to support steady dividend growth. Fortis has increased its dividend for 52 consecutive years, while its forward dividend yield currently stands at 3.56%.
The company is also expanding its rate base through capital investments of $5.6 billion in 2025. Looking ahead, it plans to invest an additional $28.8 billion between 2026 and 2030, targeting a 7% annualized rate base growth to reach $57.9 billion by 2030. Backed by these long-term expansion initiatives, management expects to continue raising its dividend by 4–6% annually through 2030, making Fortis a strong and reliable choice for income-focused investors.
Bank of Nova Scotia
Bank of Nova Scotia (TSX:BNS) offers a broad range of financial services across more than 50 countries. Its diversified revenue base supports strong cash flows, enabling the bank to pay dividends consistently since 1833. Over the past decade, it has increased its dividend at an impressive annualized rate of 4.9% and currently provides a solid forward yield of 4.67%.
Additionally, BNS is working on expanding its business in the low-risk North American market while rolling back its less profitable or higher-risk operations in Latin America. By focusing resources on higher-return opportunities, these initiatives aim to streamline operations and enhance profitability. Moreover, the Bank of Canada’s recent 25-basis-point rate cut could stimulate credit demand, thereby benefiting BNS. Considering its healthy growth prospects, I expect BNS to continue rewarding its shareholders with healthy yields.
