Investors seeking steady passive income could consider high-quality Canadian dividend stocks. Notably, many of these TSX stocks have uninterruptedly paid and increased their dividends for years and maintain sustainable payouts. These are primarily large-cap firms with a solid earnings base and strong cash flows. The resilience of their distributions in all economic situations makes them rock-solid dividend payers.
Against this background, here are two Canadian dividend stocks that are attractive options for investors seeking steady passive income.
Rock-solid dividend stock #1: Canadian Utilities
Utility stocks have long been one of the top investments for investors seeking steady passive income. Their businesses are regulated, defensive in nature, and built around essential services. This structure leads to predictable cash flows, even during periods of economic uncertainty, allowing utilities to maintain and grow dividend payments across market cycles.
Within this sector, Canadian Utilities (TSX:CU) is one of the top bets due to its solid dividend growth record. It has increased its dividend for 53 consecutive years, reflecting its ability to generate steady earnings and cash flow across all market conditions, and the resilience of its payouts.
Canadian Utilities is well-positioned to maintain its dividend growth streak. Its highly contracted and regulated earnings base will drive future payouts. The company has consistently invested and expanded its global regulated rate base to $15.9 billion. Between 2025 and 2027, Canadian Utilities plans to invest approximately $6.1 billion in its regulated utility operations. These investments are expected to further expand the rate base and drive higher earnings and cash flow over the long term.
In addition, Canadian Utilities is also focusing on new growth opportunities, including electricity generation, clean energy, and energy storage. These areas offer the potential for stronger long-term growth and will diversify its revenue sources.
Canadian Utilities’ strong dividend growth history, contracted and regulated cash flow, and a growing low-risk earnings base make it a rock-solid dividend stock for steady income.
Rock-solid dividend stock #2: TC Energy
TC Energy (TSX:TRP) is another rock-solid dividend stock for steady passive income. This energy infrastructure company operates a highly contracted and regulated business, supporting its payouts. For instance, TC Energy has increased its dividend for 25 consecutive years and is well-positioned to continue growing it.
Notably, 97% of its cash flow is generated from regulated assets or take-or-pay contracts, which significantly reduces exposure to swings in commodity prices. This structure allows the company to remain financially resilient even during periods of energy market turbulence, providing investors with a high degree of income stability.
Further, TC Energy’s extensive pipeline network plays a critical role in North America’s energy system, connecting low-cost natural gas supplies with major population and industrial centres across Canada, the United States, and Mexico. Thanks to its extensive infrastructure, its systems witness high utilization.
Beyond pipelines, the company also has exposure to nuclear, natural gas, wind, and solar assets, giving it a diversified portfolio that aligns with the gradual global transition toward cleaner and lower-emission energy sources.
Looking ahead, TC Energy is well-positioned to benefit from rising global energy demand and the growing need for reliable infrastructure to support lower-carbon energy solutions. The company plans to invest between $6 billion and $7 billion in long-term, low-risk projects through 2026, strengthening its earnings base. Further, management expects long-term dividend growth of 3% to 5% annually. Overall, TC Energy stock is an attractive option for steady passive income.
