How Splitting $30,000 Across 3 Stocks Could Generate $1,350 in Annual Passive Income

These three quality dividend stocks can deliver a healthy passive income of over $1,350 annually.

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Key Points
  • Enbridge, Bank of Nova Scotia, and RioCan Real Estate Investment Trust are three high-quality Canadian dividend-paying stocks that can generate over $1,350 in annual passive income from a $30,000 investment, each offering robust yields and consistent dividends.
  • Enbridge benefits from inflation-protected earnings and strategic growth initiatives, Bank of Nova Scotia leverages a diversified revenue base and strategic geographic shifts, and RioCan relies on a well-diversified retail portfolio and positive industry trends, providing stable income and potential dividend growth for investors.

A steady stream of passive income can strengthen your financial stability by helping offset the impact of inflation. Moreover, reinvesting these regular payouts allows investors to benefit from compounding, potentially accelerating the achievement of their financial goals. With this in mind, let’s explore three high-quality Canadian dividend stocks that can generate over $1,350 in annual passive income from a $30,000 investment.

COMPANYRECENT PRICENUMBER OF SHARESINVESTMENTDIVIDENDTOTAL PAYOUTFREQUENCY
ENB$74.58134$9,993.72$0.97$129.98Quarterly
BNS$106.0594$9,968.70$1.1$103.40Quarterly
REI.UN$21.34468$9,987.12$0.0965$45.16Monthly
Total$1,475.46Annually
dividend stocks are a good way to earn passive income

Source: Getty Images

Enbridge

Enbridge (TSX: ENB) is a highly contracted midstream energy company, with approximately 98% of its earnings derived from long-term take-or-pay agreements or regulated assets. Additionally, about 80% of its earnings are indexed to inflation, helping protect its financial performance from rising costs. This resilient business model supports stable cash flows, enabling the company to pay dividends for over 70 years and increase them consistently for 31 consecutive years. It currently offers a quarterly dividend of $0.97 per share, yielding around 5.2%.

Looking ahead, Enbridge continues to advance its $39 billion secured capital program, with several projects expected to come online in the coming years. The company has planned to invest $10–$11 billion annually to support this growth pipeline. These initiatives are likely to enhance its financial performance, positioning Enbridge to sustain and potentially grow its dividend, making it an attractive choice for income-focused investors.

Bank of Nova Scotia

Another dividend stock well-suited for income-focused investors is Bank of Nova Scotia (TSX: BNS). The bank has an impressive track record, having paid dividends since 1833 and growing them at an annualized rate of 4.7% over the past decade. Its diversified revenue base—spanning a wide range of financial services across multiple geographies—supports stable and predictable cash flows, enabling consistent dividend payments. Currently, it offers a quarterly dividend of $1.10 per share, yielding about 4.15%.

Looking ahead, Scotiabank is prioritizing its more stable and higher-margin North American operations while reducing its exposure to riskier, lower-margin Latin American markets. This strategic shift, combined with improving operating efficiency and financial performance, positions the bank to sustain and potentially grow its dividend, making it an appealing choice for income-oriented investors.

RioCan Real Estate Investment Trust

My final pick is RioCan Real Estate Investment Trust (TSX: REI.UN), which owns and operates 168 properties totalling approximately 31 million square feet of net leasable area, with most of its assets located in Canada’s major urban markets. The REIT benefits from a well-diversified portfolio, with no single tenant contributing more than 5% of total revenue. This diversified, retail-focused tenant base supports consistently high occupancy levels, even during challenging economic conditions.

Favourable industry dynamics also support RioCan’s outlook. Strong demand for retail space, coupled with limited new supply due to elevated construction costs, continues to benefit existing property owners. In addition, the REIT plans to recycle $1.3–$1.4 billion this year, largely through RioCan Living sales and condominium proceeds.

These initiatives, along with rising same-property net operating income, positive leasing spreads on renewals, and stable occupancy, should drive steady financial growth. Management expects diluted core funds from operations (FFO) to grow at an annualized rate of 3.5% through 2028, reinforcing the sustainability of its distributions. Currently, RioCan offers a monthly payout of $0.0965 per unit, yielding approximately 5.43%, making it an attractive option for income-focused investors.

Fool contributor Rajiv Nanjapla has no position in any of the stocks mentioned. The Motley Fool recommends Bank Of Nova Scotia and Enbridge. The Motley Fool has a disclosure policy.

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