The top Canadian dividend-paying stocks are compelling investments to generate worry-free passive income. While distributions are not guaranteed, these Canadian companies have a strong history of paying and increasing their dividends and have sustainable payouts. Their resilient business models, growing earnings base, and focus on rewarding shareholders make them the best income-generating options to buy now.
With this backdrop, here are the five best Canadian dividend stocks to buy now.
Best Canadian dividend stock #1: Fortis
Fortis (TSX:FTS) remains one of Canada’s most reliable dividend plays, backed by a rate-regulated utility business focused on electricity transmission and distribution. By avoiding direct exposure to commodity swings and power-generation volatility, the company delivers steady, predictable cash flow, which enabled it to increase its dividend for 52 consecutive years.
Looking ahead, Fortis’s $28.8 billion capital plan is set to expand its regulated asset base and strengthen its low-risk earnings profile. Moreover, rising electricity demand from data centres and other sectors further strengthens Fortis’s long-term outlook. Management expects the rate base to increase by about 7% annually through 2030, supporting dividend growth of 4% to 6% annually. With its defensive model and strong balance sheet, Fortis is well-positioned to pay and increase its dividend.
Best Canadian dividend stock #2: Enbridge
Enbridge (TSX:ENB) is one of the best Canadian dividend stocks, backed by nearly three decades of uninterrupted dividend growth. Its diversified portfolio of more than 200 energy and utility assets, along with its low-risk commercial framework, helps the company maintain stable performance amid shifting economic and commodity cycles.
Most of Enbridge’s revenue is secured by regulated or take-or-pay contracts and long-term power-purchase agreements, enabling it to deliver solid cash flow and reliable earnings. Further, high utilization across its North American pipelines, expanding utility operations, and a growing renewable energy portfolio support its long-term outlook. With management targeting mid-single-digit dividend growth and planning to return $40–$45 billion to shareholders over the next five years, Enbridge is a compelling stock for income-focused investors.
Best Canadian dividend stock #3: Canadian National Railway
Canadian National Railway (TSX:CNR) is another top TSX stock to buy now for a worry-free dividend. Its extensive rail network enables trade and is the backbone of the national supply chain, ensuring steady demand and supporting reliable earnings. This strength has allowed CNR to raise its dividend for 29 consecutive years.
Since 1996, its dividend has grown at a 15% annual rate. This dividend growth streak is likely to continue thanks to its resilient earnings and sustainable payouts. With ongoing expansion projects, exposure to diversified sectors, and continuous efficiency improvements, CNR is well positioned to keep strengthening its cash flows and growing dividend. For investors seeking stability and regular income, CNR is a reliable, long-term dividend stock.
Best Canadian dividend stock #4: Canadian Natural Resources
Canadian Natural Resources (TSX:CNQ) is another top dividend stock to own now. This oil and gas giant has raised its dividend for 25 straight years, delivering a compound annual growth rate (CAGR) of 21% over that period. The high-quality assets and solid cash flow position CNQ well to pay and increase its dividend at a solid pace.
Looking ahead, Canadian Natural’s high-quality assets, a balanced production mix, and long-life, low-decline reserves will drive its earnings and payouts. Further, with low-risk projects, disciplined operations, and a vast undeveloped land base offering years of drilling potential, the company appears well-positioned to sustain its distributions.
Best Canadian dividend stock #5: Telus
Telus (TSX:T) is a compelling high-yield dividend pick, offering long-term income backed by a strong payout history. The company has returned more than $24 billion to shareholders since 2004 and continues to lift its quarterly dividend. Further, the telecom company offers a high yield of 8.8%.
Its growing customer base, focus on premium subscribers, attractive bundled services, and consistently low churn support stable earnings that support ongoing dividend growth. With cost efficiencies improving, revenue streams expanding, and capital spending expected to ease, Telus appears well-positioned to sustain and increase its payouts. Management targets a 60–75% free cash flow payout ratio and plans to grow dividends by 3–8% annually through 2028.
