RRSP Wealth: 2 Great Canadian Dividend Stocks to Buy in December

After dipping, these two Canadian dividend stocks could be great additions to RRSPs for long-term growth.

Key Points
  • FirstService (TSX:FSV) — a recurring‑revenue property‑services compounder with ~12 years of dividend increases and ~11% five‑year dividend growth, now trading ~27% below its 52‑week high after a Q3 pullback.
  • Brookfield Asset Management (TSX:BAM) — a global alternative‑asset manager offering ~3.3% yield and targeting double‑digit earnings/dividend growth as fee‑bearing capital scales toward roughly US$1.2T by 2030, providing higher income and long‑term growth to complement FirstService in an RRSP.
  • 5 stocks our experts like better than FirstService

The Registered Retirement Savings Plan (RRSP) is one of the most powerful wealth-building tools available to Canadians. Contributions reduce your taxable income today, while investments grow tax-deferred until you withdraw from it. 

Ideally, withdrawals occur in retirement, when your income — and tax rate — are lower. That structure rewards patience, consistency, and ownership of high-quality businesses that can compound steadily over time.

With market volatility creating selective opportunities, December can be an excellent time to add durable dividend payers to an RRSP. The following two Canadian companies combine long-term growth potential with income that can quietly snowball inside a tax-sheltered account.

Close up of an egg in a nest of twigs on grass with RRSP written on it symbolizing a RRSP contribution.

Source: Getty Images

A dividend grower built on essential services

FirstService (TSX: FSV) is a North American property services company that earns recurring revenue by managing and maintaining residential and commercial real estate. Its operations span property management — including condominiums and homeowner associations — and essential property services such as restoration, fire and water damage repair, HVAC, plumbing, and painting.

While FirstService’s dividend yield sits at a modest 0.7%, the company is a Canadian Dividend Aristocrat, having raised its payout for roughly 12 consecutive years. More importantly, its five-year dividend-growth rate of nearly 11% reflects a business that prioritizes disciplined capital allocation and long-term shareholder returns.

The stock has recently pulled back following its third-quarter earnings report, creating a potential entry point for patient investors. Revenue rose 3.7% year over year to US$1.45 billion, but fell short of analyst expectations amid a slowdown in restoration activity and softer consumer demand in home improvement services. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) still increased 3% to US$165 million, though diluted earnings per share (EPS) declined 7.5% to US$1.24.

Despite short-term pressures, year-to-date performance remains solid, with revenue up 6.8%, adjusted EBITDA climbing 13%, and EPS rising 2.7%. 

Trading about 27% below its 52-week high, FirstService looks like a classic example of a high-quality compounder temporarily out of favour — exactly the kind of stock that can quietly build RRSP wealth over time.

Brookfield Asset Management: Income meets global growth

Brookfield Asset Management (TSX: BAM) offers a very different source of dividend income. As one of the world’s leading alternative asset managers, it specializes in real assets such as infrastructure, renewable power, private equity, and real estate.

The stock has weakened in recent months, likely due to profit-taking, as the stock has been in a general upward trend since it was spun off from its parent company in late 2022. 

This pullback offers a reasonable entry point for long-term investors. BAM expects to double its business over the next five years, fueled by powerful secular trends including artificial intelligence infrastructure, decarbonization, and growing demand for alternative investments.

Management estimates that fee-bearing capital could grow from roughly US$581 billion today to about US$1.2 trillion by 2030. At recent prices, the stock offers a dividend yield of approximately 3.3%, with management targeting double-digit growth in earnings and dividends over time.

Building RRSP wealth the smart way

Together, FirstService and Brookfield Asset Management offer a blend of dividend growth, resilience, and long-term compounding potential. For Canadians focused on maximizing RRSP wealth, these are the kinds of businesses worth owning — not just for December, but for decades to come.

Fool contributor Kay Ng has positions in Brookfield Asset Management. The Motley Fool recommends Brookfield Asset Management and FirstService. The Motley Fool has a disclosure policy.

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