Dividend stocks offer regular income and steady capital gains over the long term. The best ones deliver consistent payouts today and are well-positioned to steadily increase their dividends in the years ahead. With that long-term mindset, I’m zeroing in on the top Canadian dividend payers I’d feel good about holding for the next two decades. These TSX-listed companies stand out for their durability, strong cash flow, and proven ability not just to pay dividends but to increase them consistently over time.
Against this background, here are two dividend stocks to hold for the next two decades.
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Long-term dividend stock #1: Fortis
Fortis (TSX: FTS) is one of the top dividend stocks best suited for long-term dividend income. The company operates primarily in the regulated transmission and distribution of electricity, a defensive and low-risk business segment with a predictable revenue framework.
Fortis is an electric utility company with a substantial regulated asset base that generates predictable, growing cash flow across economic cycles. This structural stability enables it to reward shareholders with higher dividend payments.
It has increased its dividend for more than five decades, placing it among a select group of elite dividend growers globally. The most recent increase of 4.1% in November 2025 marked its 52nd consecutive year of dividend growth.
Looking ahead, Fortis plans to deploy about $28.8 billion over the next five years, mainly into regulated utility infrastructure. This investment is expected to expand its rate base to roughly $58 billion by 2030. Since earnings in regulated utilities are closely tied to the size of this rate base, such expansion offers strong visibility into future profit growth. Management expects this to support annual dividend increases of 4% to 6% through the end of the decade.
From a broader industry perspective, Fortis is also well-positioned to capitalize on structural demand tailwinds. Rising electricity consumption, driven by electrification trends, industrial activity, and the expansion of data centres, will drive its earnings and payouts. In addition, Fortis’s ongoing portfolio optimization, including the divestiture of non-core assets, has strengthened its balance sheet and improved financial flexibility to pursue growth opportunities.
Overall, Fortis offers stability, growth, and income, which make it a reliable stock I’d feel good about holding for the next two decades.
Long-term dividend stock #2: TC Energy
TC Energy (TSX: TRP) is another reliable long-term dividend stock, supported by its extensive natural gas transmission and storage network. By linking low-cost production regions with high-demand markets and export channels, the company ensures strong asset utilization, which drives cash flow and consistent dividend payments.
A key strength lies in its operating model. Most of TC Energy’s earnings come from regulated assets or long-term take-or-pay contracts. This operating structure shields the company from fluctuations in commodity prices, making its income stream more predictable and lower risk.
This stability has enabled TC Energy to raise its dividend for 26 consecutive years, reflecting both the durability of its assets and disciplined capital allocation.
Looking ahead, several long-term trends support the company’s continued growth. Increasing electrification, expanding liquefied natural gas (LNG) export capacity, and rising energy demand from data centres are expected to drive sustained demand for natural gas infrastructure. The company forecasts EBITDA growth of 6% to 8% in 2026, followed by annual increases of 5% to 7% over the next three years.
Additionally, TC Energy’s portfolio of secured projects provides solid visibility into future earnings. Backed by long-term contracts, these developments are expected to strengthen cash flow and gradually reduce debt, positioning the company to maintain steady dividend growth of 3% to 5% annually.
