Canadian investors are about to receive 12% higher quarterly dividend paycheques for 2026 from MTY Food Group (TSX: MTY) following the $960 million restaurant franchisor and quick service food industry stock’s massive dividend raise on January 21. The payout bump is awesome, but the yield could be better. Six other top-tier Canadian dividend stocks, offering juicier yields, will pay higher quarterly dividends starting in 2026.
Here are the seven top dividend stocks that recently bumped their payouts. Hint: Canadian bank stocks rule.
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MTY Food
The MTY Food Group announced its 13th dividend raise on January 21, 2026. The massive 12% increase to quarterly dividends for 2026 to $0.37 per share gives momentum to the recent 11.8% rebound in MTY stock during the past month. The international franchisor has grown its quarterly dividend by 722% from as low as $0.045 per share in 2010.
MTY Dividend data by YCharts
Management is extending an investor friendly policy of returning capital to shareholders as the business continues to thrive and generate free cash flow despite economic headwinds impacting the restaurant sector.
The raised dividend should yield 3.5% for 2026 for investors who buy MTY stock before the record date of February 3, 2026.
Canadian Utilities
No Canadian dividend stock rivals Canadian Utilities (TSX: CU) stock’s dividend growth spree. The $11.9 billion gas and electric utility announced its 54th consecutive dividend raise on January 8, 2026. The 1% dividend bump increases the quarterly payout to $0.4623 per share to yield 4.2% for 2026.
Canadian Utilities’ dividend remains fully covered by reported earnings, which could continue to grow as gas prices firm with growing demand for electricity generation supported, in part, by sprouting artificial intelligence data centres.
Enbridge
Enbridge (TSX: ENB) raised its quarterly dividend by 3% to $0.97 per share on December 3, 2025. This marked the pipelines giant’s 31st consecutive year of dividend raises, and the magnitude was consistent with management’s guided distributable cash flow growth rate for 2026. The company’s latest five-year capital investment plan could support 5% annual growth rates in distributable cash flow through 2030.
The bumped up dividend on Enbridge stock should yield 5.9% annually to generate substantial passive income in investor portfolios.
4 Canadian banks raise dividends for 2026
Canadian bank stocks will pay significantly higher dividends in 2026, extending their dividend growth sprees as follows:
TD Dividend data by YCharts
Royal Bank of Canada (TSX: RY), or RBC, announced a 6.5% dividend hike in December to $1.64 per share, starting this quarter. Its Canada’s largest bank with $2 trillion in assets, and its dividend bump was the highest among the BIG 6. RBC stock averaged an 8.5% dividend growth rate over the past three years, yet its earnings payout rate improved to 43% during the second half of 2025. It has capacity to sustain above average dividend growth rates in the near term. The raised dividend payout yields 2.8% annually.
The National Bank of Canada’s (TSX: NA) latest 5.1% dividend raise to $1.24 per share in December takes the yield to 3% annually. The Canadian bank stock boasts 16 consecutive years of dividend raises. It runs one of the most efficient banking business in Canada with best-in-class efficiency rates and continues to outperform peers after closing an accretive acquisition of Canadian Western Bank.
Investors in the Bank of Montreal (TSX: BMO) stock recently received a 2.5% dividend raise to $1.67 per share this quarter. This translates to 5% annual dividend growth, as the bank stock raises payouts twice a year. BMO has paid uninterrupted dividends for nearly 200 years. The bumped up payout remains well covered by recurring earnings. It yields 3.5% annually.
Lastly, the Toronto-Dominion Bank’s (TSX: TD) 2.9% dividend raise in December to $1.08 per share was attached to an exciting change in the second-largest Canadian bank stock’s dividend policy. TD Bank is moving to semi-annual dividend increases. The new payout yields 3.3% annually. Given a low earnings payout rate under 38%, TD Bank could raise its dividend at an impressive pace without endangering dividend safety for years to come.
