5 Canadian Dividend Stocks That Could Grow Your Paycheque Over Time

Dividend “paycheques” grow fastest when payouts are covered by earnings or FFO and management keeps raising them responsibly.

Key Points
  • Scotiabank and CIBC offer dependable bank dividends, but dividend growth depends on credit losses staying manageable.
  • Brookfield Renewable can grow distributions if development and recycling keep lifting FFO, though refinancing costs matter.
  • Choice and Crombie provide REIT income backed by grocery-led properties, with rate sensitivity as the main risk.

Dividend stocks can grow your “paycheque” when the payout per share rises, and when reinvesting those payouts increases your share count. For durable growth, prioritize coverage and balance sheets that leave room for regular raises on the TSX. Today, we’re going to narrow that down to five stocks that investors should consider first and foremost.

cookies stack up for growing profit

Source: Getty Images

BNS

Bank of Nova Scotia (TSX: BNS) is a Big Six bank, so its dividend is powered by lending, deposits, and fee-based services tied to everyday economic activity. In the fiscal first quarter (Q1) of 2026, total revenue was $9.65 billion, adjusted net income was $2.7 billion, and adjusted diluted earnings per share (EPS) were $2.05, up from $1.76 a year earlier.  BNS stock holds a market cap of about $124.3 billion and an annual dividend yield of 4.4%. If credit costs stabilize and expense control holds, earnings growth can support continued dividend growth. However, the main risk is a sharper credit downturn for investors to watch.

CM

Canadian Imperial Bank of Commerce (TSX: CM) is a Canadian and U.S. lender where dividend growth tends to follow loan growth and fee income. In Q1 2026, revenue was $8.4 billion, adjusted net income was $2.69 billion, adjusted diluted EPS was $2.76, and the common equity tier-one ratio was 13.4%. The board declared a $1.07 quarterly common dividend, and CM showed a market cap of around $126.7 billion with an annual dividend yield of 3.1%, trading at 16 times earnings. A softer-rate environment can help loan demand and credit stress for CM, but dividend growth would likely slow if provisions rise meaningfully.

BEP

Brookfield Renewable Partners L.P. (TSX: BEP.UN) owns and develops renewable power assets. For income investors, funds from operations (FFO) matter more than International Financial Reporting Standards net income. In 2025 results, it generated FFO of $1.334 billion, or $2.01 per unit, up 10% per unit year over year; Q4 FFO was $0.51 per unit. The dividend stock also announced a 5% distribution increase and declared a quarterly distribution of US$0.392 per unit, while highlighting demand drivers such as a hydro framework agreement with Google for up to 3,000 megawatts of hydro capacity. BEP.UN trades with a distribution yield of around 5.2%. For this dividend stock, distribution growth can continue if development and capital recycling keep lifting FFO, though refinancing costs are a key sensitivity.

CHP

Choice Properties Real Estate Investment Trust (TSX: CHP.UN) is Canada’s largest real estate investment trust (REIT), built around grocery-anchored retail plus industrial and logistics. These are cash flows tied to necessities and supply chains. In 2025, it reported FFO per unit diluted of $1.069, up 3.6%, and occupancy improved to 98.2%. The dividend stock guided to 2026 FFO per unit of about $1.08 to $1.10 and announced a distribution increase to $0.78 per unit annually from $0.77.  The dividend stock trades at a market cap of about $11.4 billion with an annual distribution yield of 4.86%. Necessity tenants and industrial demand support steady net operating income (NOI), while rates and development execution are the main swing factors for cash-flow growth.

CRR

Crombie Real Estate Investment Trust (TSX: CRR.UN) is an “essential retail” REIT with grocery-led properties and monthly income. In year-end 2025 reporting, it delivered Q4 FFO of $0.33 per unit and adjusted FFO (AFFO) of $0.29. Meanwhile, for full-year 2025, FFO per unit was $1.30 and AFFO per unit was $1.15, alongside record committed occupancy of 97.7%. It then announced a higher monthly distribution of $0.075 per unit for February 2026.  While CRR.UN holds a market cap of about $3.04 billion, and it also boasts an annual distribution yield of 5.5%. Investors will need to watch AFFO growth that supports the payout, while debt refinancing costs remain the core risk.

Bottom line

These dividend names are tied to the real economy, making them ideal dividend stocks. And a $7,000 investment in each can bring in immense income.

COMPANYRECENT PRICENUMBER OF SHARESANNUAL DIVIDENDANNUAL TOTAL PAYOUTFREQUENCYTOTAL INVESTMENT
BNS$100.4769$4.40$303.60Quarterly$6,932.43
CM$137.3550$4.28$214.00Quarterly$6,867.50
BEP.UN$41.44168$2.14$359.52Quarterly$6,961.92
CHP.UN$15.83442$0.77$340.34Monthly$6,998.86
CRR.UN$16.26430$0.90$387.00Monthly$6,991.80

If cash flow per share continues to improve, dividend increases and reinvestment can turn today’s income into a meaningfully larger “paycheque” over time.

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Alphabet, Bank Of Nova Scotia, and Brookfield Renewable Partners. The Motley Fool has a disclosure policy.

More on Dividend Stocks

person on phone leaning against outside wall with scenic view at airbnb rental property
Dividend Stocks

Is BCE Still a Buy? Here’s My Verdict

Down 60% from its peak, BCE stock now offers a 6.1% yield. Is this Canadian telecom giant a dividend trap…

Read more »

senior man and woman stretch their legs on yoga mats outside
Dividend Stocks

2 TFSA Habits That Work While Saving But Backfire in Retirement

These two common TFSA habits may become less effective once you enter retirement.

Read more »

man looks worried about something on his phone
Dividend Stocks

Is Telus Still a Buy Right Now? Here’s My Verdict

Telus stock has been hit hard in 2026, but its push to reduce debt and improve cash flow could give…

Read more »

Paper Canadian currency of various denominations
Dividend Stocks

Forget GICs — This 6.93% Dividend Stock Pays You Monthly

SmartCentres is a monthly dividend stock yielding 6.93% and paying investors monthly. Here’s why this Canadian REIT could appeal.

Read more »

man touches brain to show a good idea
Dividend Stocks

You’ve Already Missed a Year of Dividends: Here’s Why I Wouldn’t Miss Another

You may have missed a year of dividends from one of Canada’s largest banks, but its growing income stream can…

Read more »

data analyze research
Dividend Stocks

Before You Buy a Dividend Stock for Retirement, Check This Number

A tempting dividend yield means little if the company doesn't generate enough earnings or cash flow to support it.

Read more »

happy woman throws cash
Dividend Stocks

The Dividend Stock for People Who Are Tired of Worrying About Money

This Canadian dividend stock offers a 4.3% yield supported by regulated utility operations and a multibillion-dollar growth plan through 2030.

Read more »

A family watches tv using Roku at home.
Dividend Stocks

Why I Keep Passing on Telus and BCE for This Dividend Stock Instead

Rogers may not offer the highest telecom dividend yield, but its improving cash flow, lower capital spending, and valuable sports…

Read more »