Some companies reward shareholders by distributing a portion of their profits as dividends. However, dividends are never guaranteed. Investors should therefore look beyond dividend yields and carefully evaluate a company’s underlying business strength, cash flows, and long-term growth prospects. A strong indicator of reliability is consistent dividend growth, which often reflects solid fundamentals. With this in mind, let’s take a closer look at three top Canadian stocks with impressive dividend-growth records that have recently raised their payouts.
Telus
Telus (TSX:T) remains an excellent dividend stock, thanks to its consistent dividend growth and attractive yield of 8.34%. Like other telecom companies, Telus benefits from stable and recurring revenue streams supported by long-term subscription and service contracts, which generate strong and predictable cash flows. Backed by this financial strength, the company raised its quarterly dividend earlier this month by 4% to $0.4184 per share, marking its 29th increase since launching its multi-year dividend-growth program in May 2011.
Meanwhile, demand for telecommunications services continues to rise, driven by the increasing digitalization of enterprises, the rapid expansion of the Internet of Things (IoT), and the growing prevalence of remote work and online learning. To meet this demand, Telus plans to invest approximately $70 billion through 2029 to expand and enhance its broadband and 5G networks across Canada, build artificial intelligence data centres, and support various technology initiatives.
The company is also seeing solid momentum in its healthcare segment, supported by strategic investments, new product launches, expanded sales channels, and disciplined cost management. Given these strong growth drivers, Telus appears to be an attractive long-term pick for income-focused investors.
Fortis
Fortis (TSX:FTS) is another company that recently raised its dividend. Earlier this month, the electric and natural gas utility provider reported a strong third-quarter performance, with adjusted earnings per share (EPS) rising 2.4% to $0.87. Growth in its utility asset base and favourable currency translation helped offset higher costs associated with rate base expansion—that are yet to be reflected in customer rates—as well as the expiry of specific regulatory incentives and increased financing expenses.
Backed by its solid financials, Fortis increased its quarterly dividend by 4.1% to $0.64 per share, marking the company’s 52nd consecutive year of dividend growth. Meanwhile, its dividend yield currently stands at 3.49%. Looking ahead, Fortis has unveiled a new five-year capital investment plan worth $28.8 billion for the period from 2026 to 2030. These investments can expand its rate base at a compound annual growth rate of 7%, reaching $57.9 billion by 2030, which should support continued financial and earnings growth.
Management remains confident in sustaining dividend increases and has reaffirmed its target of 4–6% annual dividend growth through 2030.
Waste Connections
My final pick is Waste Connections (TSX:WCN), which raised its quarterly dividend by 11.1% last month to $0.35, translating into a forward yield of 0.82%. This increase marks the company’s 15th consecutive year of double-digit dividend growth since 2010. Waste Connections continues to strengthen its business through a combination of organic growth and strategic acquisitions, both of which have supported its financial performance and cash flow generation. While its dividend yield is relatively modest, investors can still benefit from strong capital appreciation potential and consistent dividend growth.
Looking ahead, WCN’s management expects to sustain its acquisition momentum, supported by robust cash flows and a solid balance sheet. The company is also leveraging technology to enhance employee safety, boost operational efficiency, and improve overall productivity. Improved employee engagement and stronger safety metrics have reduced voluntary turnover, contributing to margin expansion. Given these favourable growth drivers, WCN appears well-positioned to continue delivering steady dividend increases in the years ahead.
