RRSP: 2 TSX Stocks With Decades of Dividend Growth

Granite Real Estate Investment Trust (TSX:GRT.UN) and Intact Financial (TSX:IFC) have decades-long histories of dividend growth.

Key Points
  • RRSPs provide tax relief now and tax‑deferred growth for retirement, making them ideal for long‑term dividend‑growth stocks.
  • RRSP picks: Granite REIT (GRT.UN) — Canada’s largest industrial REIT, ~98% occupancy, 15 years of distribution raises, ~4% yield; Intact Financial (IFC) — Canada’s biggest P&C insurer with strong underwriting/ROE and consistent dividend growth since 2004.
  • Five stocks our Foolish experts like even better than Intact Financial. 

The Registered Retirement Savings Plan (RRSP) is an important instrument in a Canadian investor’s toolbox. The RRSP gets a bad rap because it is not entirely tax-free like the Tax-Free Savings Account (TFSA).

However, it does offer a tax rebate (hopefully) when your income is high and tax deferral until your income is low in retirement. Over the time frame of an RRSP, it basically offers a nearly tax-free opportunity. The process just involves a bit of give and take.

Since withdrawals get taxed, I like to place very long-term stock holdings in my RRSP. Granite Real Estate Investment Trust (TSX: GRT.UN) and Intact Financial (TSX: IFC) are stocks with decades-long histories of dividend growth. They are a perfect fit for an RRSP, and here is why.

RRSP Canadian Registered Retirement Savings Plan concept

Source: Getty Images

Granite REIT: A perfect long-term dividend-growth stock for an RRSP

With a market cap of $5.2 billion, Granite REIT is Canada’s largest industrial real estate investment trust. It has over 135 warehouse, manufacturing, and logistics properties in Canada, the U.S., and Europe. These are infrastructure-like assets that form an important economic backbone in the regions they are built.

Granite’s portfolio has a diversified mix of high-quality tenants. While Magna continues to be an anchor tenant (around 25% of its revenue), it has drastically diversified its tenant exposure in the past few years.

Granite has delivered strong leasing momentum through 2025. Today, it sits with 98% occupancy. In fact, that resulted in 8.8% funds from operation (FFO) per unit growth for the first three quarters of 2025. That was better than most analysts expected.

This TSX stock has a sector leading balance sheet. It has moderate leverage and ample liquidity. That has afforded it sector leading distribution growth. It has increased its distribution for 15 consecutive years. It just raised its distribution by 4.4%, which was a pace increase from past years.

Granite stock yields 4% right now. For a TSX stock with over a decade of dividend growth, Granite is a rock-solid long-term bet for your RRSP.

Intact: A multi-decade TSX dividend-growth stock

Intact Financial has been another TSX dividend-growth stock that would be perfect for an RRSP.  It has a market cap of $47.4 billion. This stock has a delivered a great combination of returns for shareholders. Its stock is up 84% in the past five years and 222% in the past 10 years. If you add in dividends earned, those returns rise to 105% and 298%, respectively.

Intact has grown to become Canada’s largest property and casualty insurer. Property and casualty insurance is mandated by law or a necessity in most Canadian jurisdictions. As one of Canada’s largest overall insurers, it has the scale and local expertise to provide best pricing, coverage, and value for customers.

In 2025, it delivered a sub 90% operating ratio and an attractive 17% return on equity. Book value per share rose 14% to over $103 per share.

This TSX stock yields only 2% right now. Yet it has increased its dividend every year since its initial public offering in 2004. That dividend has grown by a 10% compounded annual growth rate for the past 15 years.

If you want a great inflation-hedge for your RRSP portfolio, this is the perfect type of stock to hold.

Fool contributor Robin Brown has no position in any of the stocks mentioned. The Motley Fool recommends Granite Real Estate Investment Trust, Intact Financial, and Magna International. The Motley Fool has a disclosure policy.

More on Dividend Stocks

people ride a downhill dip on a roller coaster
Dividend Stocks

Why I’m Holding This Dividend Stock Through Market Volatility

Worried about another market decline? Buy Fortis stock for a stable income stream and steady returns over the coming years.

Read more »

A worker gives a business presentation.
Dividend Stocks

Worried About the Economy? Waiting to Invest Could Actually Cost You More

Investing in Canada’s top dividend-paying stocks can calm investors’ fear of economic uncertainty.

Read more »

man shops in a drugstore
Dividend Stocks

TFSA vs. RRSP: Where I’d Put the Next $500 for Retirement

The next $500 can work harder when the account fits your tax situation, with Metro offering a fresh retirement-stock example.

Read more »

shoppers in an indoor mall
Dividend Stocks

A Perfect TFSA Stock: A 6.7% Payout Each Month

This Canadian stock offers a 6.7% annualized yield with monthly distributions, backed by strong retail occupancy and ongoing property developments,…

Read more »

A train passes Morant's curve in Banff National Park in the Canadian Rockies.
Dividend Stocks

2 Dividend Stocks I’d Happily Buy and Hold for Life

CN Rail (TSX:CNR) and another name that could be worth holding onto for decades or perhaps for a lifetime.

Read more »

senior relaxes in hammock with e-book
Dividend Stocks

3 TFSA Stocks for Worry-Free Passive Income

With their consistent cash flows, strong dividend payment histories, and promising growth prospects, these three Canadian dividend stocks offer compelling…

Read more »

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

The RRSP Deadline Is in March: Why Starting in November Gives You the Advantage

Many investors hold stocks like Shopify Inc (TSX:SHOP) in their RRSPs.

Read more »

groceries get more expensive as inflation rises
Dividend Stocks

What $25,000 in Manulife Could Add to Your Annual Dividend Income

A $25,000 Manulife budget provides about $755 annually, with a clear trade-off between spending and reinvesting.

Read more »