2 Canadian Dividend Giants I’d Buy With Rates on Hold

With the Bank of Canada holding at 2.25%, two Canadian dividend giants look well-positioned to pay you while you wait.

Amy Legate-Wolfe

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Before joining Motley Fool Canada, she wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote: “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published February 9, 4:40 pm EST

| More on: MFCNTR

Key Points

Manulife’s dividend looks steady because core earnings are growing and rates are less volatile.
Nutrien offers income tied to fertilizer demand, but its results can swing with commodity prices.
Both stocks can fit an income portfolio, as long as you accept market and execution risks.

When rates sit on hold, dividend “giants” can shine, but you still need to stay picky. The Bank of Canada held its policy rate at 2.25% on Jan. 28, 2026, which takes some immediate pressure off borrowers and keeps income investors from constantly second-guessing the next move. Still, rates on hold do not erase risk. You want dividends backed by real earnings, conservative payout ratios, and balance sheets that can handle a surprise slowdown.

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MFC

Manulife Financial (TSX:MFC) fits the moment as it operates across insurance, wealth, and asset management segments, with a big footprint in Asia and a strong Canadian base. It benefits when long-term rates stabilize because it can price products more confidently and invest its float with less whiplash. It also tends to look better when investors want income but still want some growth. Over the last year, it kept its dividend steady at $0.44 per quarter, which matters for anyone who wants reliability instead of a roller-coaster payout.

The latest earnings numbers show why the dividend stock has had more life. In the third quarter (Q3) of 2025, Manulife delivered core earnings of $2.0 billion and core earnings per share (EPS) of $1.16, up 16% from a year earlier. It also reported net income attributed to shareholders of $1.8 billion and EPS of $1.02. That mix supports the dividend and leaves room for capital returns, even if a few quarters get messy.

Looking ahead, the case for Manulife in a “rates on hold” world is pretty simple. Stable rates help reduce valuation drama, and the business can still grow through wealth and Asian demand. The valuation also looks reasonable, trading at 16.6 times earnings with a 3.43% yield. This dividend stock rarely blows up, but it can disappoint if markets turn.

NTR

Nutrien (TSX:NTR) is a different kind of dividend giant. It sells the inputs that keep global crop yields high, including potash, nitrogen, and retail agricultural services. Farmers do not buy fertilizer for fun, but they do buy it when the soil needs nutrients and food demand stays stubborn. That gives Nutrien a long runway, even if any single year gets choppy. In a rate-hold environment, investors often rotate back toward real-economy cash generators, and Nutrien tends to fit that bill when the cycle cooperates.

The last year also brought very real headlines. Nutrien initiated a controlled shutdown of its Trinidad nitrogen operations in October 2025 due to uncertainty around port access and challenges around reliable, economic gas supply. That story highlights a risk investors often ignore: operational and geopolitical friction can punch holes in “steady” cash flow. Around the same time, Nutrien launched a strategic review of its phosphate business, which signals management wants a simpler, higher free-cash-flow portfolio.

The earnings print backed up the idea that the fertilizer cycle still has legs. In Q3 2025, Nutrien reported net earnings of $500 million, or $0.96 per diluted share. It posted adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $1.4 billion and adjusted net EPS of $0.97. It reported total sales of $6.01 billion in the quarter, up from $5.35 billion a year earlier, with potash sales rising 27% to $1.12 billion. For outlook and valuation, the appeal comes from income plus a potential tailwind if potash demand stays healthy in 2026. In fact, it reported that Nutrien expects higher global potash demand in 2026 and that it is evaluating options for the phosphate business.

Bottom line

So, could these dividend stocks be buys with rates on hold? They could, if you want dependable dividend payers with different drivers. Manulife offers a smoother compounding profile tied to markets and long-term savings behaviour, but it can sag if markets wobble or credit cracks. Nutrien offers a tangible, global cash-flow story and a decent yield, but it lives and dies by fertilizer pricing and operational execution. Yet you can still earn income from even $7,000 invested in each.