3 Dividend Stocks I’d Consider Adding More of This Very Moment

With TSX dividends shining in Q2 2026, lock in juicy yields from these resilient payers. Here are 3 Canadian dividend stocks I’d buy more of today for passive income firepower!

Key Points
  • Nexus Industrial REIT (TSX:NXR.UN): Buy a 7.9% distribution yield, paid monthly, with improving AFFO coverage and a fresh credit upgrade that's fueling lower costs.
  • Whitecap Resources (TSX:WCP) stock touts a 4.8% monthly dividend payout backed by a 22% production surge post-merger, and strong cash flow growth.
  • Capital Power Corp. (TSX:CPX): A utility stock with a 4.1% yield, a proven 12-year dividend growth streak, with Q1 2026 cash flows surging 48.6%.

As the Canadian stock market moves deeper into the second quarter of 2026, the main focus for many dividend income seekers remains on TSX dividend stocks with respectable, reliable, sometimes juicy, but resilient recurring payouts supported by stable cash flows and disciplined capital allocations. Whether you are building a long-term retirement portfolio or simply looking to bolster your monthly passive income stream, the challenge is in finding dividend yields supported by structural growth.

Here are three TSX dividend stocks that offer a compelling mix of value and passive income potential right now.

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Nexus Industrial REIT

Nexus Industrial Real Estate Investment Trust (TSX: NXR.UN) stands out as a high-conviction play in the industrial real estate sector right now. An investment in the Canadian REIT today locks in a 7.9% distribution yield that may double one’s capital in just 9.1 years, according to the Rule of 72.

Beyond the current yield, the REIT’s key fundamentals are strengthening in 2026. The trust recently secured a credit rating upgrade and closed a $500 million unsecured debt issue at favourable rates to repay high-interest bank debt. The rating upgrade lowers the REIT’s cost of capital.

Most importantly, Nexus Industrial REIT’s payout has seen improved health recently. The REIT’s Adjusted Funds from Operations (AFFO) payout ratio, which peaked at 111.7% in 2024, improved to 103.2% in 2025. With management targeting a sub-100% payout for 2026, this monthly distribution is looking increasingly secure.

Rent escalations, lower debt financing costs, and sustained high portfolio occupancy rates should support, sustain and improve the distribution’s coverage going forward. Investor confidence in the high-yield monthly distribution is increasing.

Whitecap Resources

Fast-growing Canadian energy stock Whitecap Resources (TSX: WCP) is a monthly dividend payer that I could add more of today, regardless of its near 90% rally, as it underwent a massive transformation during the past 12 months to become a $19 billion powerhouse following its merger with Veren in May 2025. Now the fifth-largest Canadian crude oil and natural gas producer, Whitecap is targeting a 22% growth in annual production to 372,500 barrels of oil equivalent per day (boe/d). If oil prices average US$80 for the year, the company could generate over $4 billion in cash flow for 2026.

Whitecap stock’s monthly dividend still yields a juicy 4.8%. The energy stock’s payout should be well covered as free cash flow grows with higher production volumes, cost synergies with Veren, and higher oil prices. Management may deleverage the balance sheet by lowering net debt from the $3.4 billion seen at the start of the year, while share repurchases may complement shareholder returns.

Insiders have been heavy buyers, with 18 buy transactions totalling 159,228 shares in the last six months, showing their confidence in the monthly dividend stock’s future revenue, earnings, and cash flow growth potential.

Capital Power Corp.

A utility could be a good buy for a dividend growth portfolio, too. For defensive investors, power generation giant Capital Power Corp. (TSX: CPX) offers regulated stability and a track record of revenue and cash flow reliability. This North American utility giant operates 35 facilities producing roughly 12 gigawatts of power that is sold through regulated long-term contracts.

In its first-quarter (Q1 2026) report released today (April 29), Capital Power reported revenue of $1.2 billion, a 21.9% year-over-year increase. Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) grew 10% while cash flow from operations surged by 48.6% year over year. While adjusted funds from operations (AFFO) dipped 29% due to a tripling of sustaining capital expenditures, the first quarter dividend remained healthy with a 70% AFFO payout rate.

The utility is a dividend growth stock that has raised its quarterly payout for 12 consecutive years, including a 6% hike in July 2025. With a current yield of 4.1% and a five-year average annual growth rate of 6.2%, Capital Power stock’s dividend remains a premier choice for passive income and dividend growth.

3 TSX dividend stocks I’d buy now

In summary, here’s my list of the three Canadian dividend stocks I’d buy today, and why I would do so.

Dividend StockYieldFrequencyKey Highlight
Nexus Industrial REIT  (TSX: NXR.UN)7.9%MonthlyImproving AFFO payout & credit upgrade
Whitecap Resources (TSX: WCP)4.8%MonthlyMassive production growth & scale
Capital Power Corp. (TSX: CPX)4.1%Quarterly12-year dividend growth streak

These three dividend stocks provide wide sector diversity, an immediate yield boost from a REIT, exposure to Whitecap’s aggressive growth strategy, and reliable, regulated cash flow growth from Capital Power.

Fool contributor Brian Paradza has no position in any of the stocks mentioned. The Motley Fool recommends Capital Power, Nexus Industrial REIT, and Whitecap Resources. The Motley Fool has a disclosure policy.

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