Many Canadian stocks are known for their durable dividend payouts. Among these reliable dividend payers, a few have been consistently increasing their dividends regardless of the economic situation. Moreover, these companies are well-positioned to continue growing their dividends for decades. Thus, these are the dividend stocks I think every investor should own to build passive income.
In this context, here are three dividend stocks to consider now. These fundamentally strong companies have a solid earnings base and sustainable payouts.
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Top dividend stock #1: Enbridge
Enbridge (TSX: ENB) is a no-brainer, and every investor should own this stock for worry-free dividend income. The company has paid dividends for more than 70 years. In addition, it has consistently increased its dividends since 1995.
Its current quarterly payout of $0.97 per share translates into a high yield of 5.2%. Moreover, this energy infrastructure company is well-positioned to continue rewarding shareholders through consistent dividend growth.
Enbridge generates stable and predictable cash flow through its vast network of oil and natural gas pipelines. Because these assets connect major demand and supply markets and are essential to energy transportation, they maintain strong utilization rates and generate reliable earnings that support consistent dividend payments.
A large portion of Enbridge’s EBITDA comes from regulated operations and long-term take-or-pay contracts, which protect the business from short-term fluctuations in commodity prices. Further, it has a payout ratio of 60% to 70% of distributable cash flow (DCF), which is sustainable.
Looking ahead, Enbridge’s diversified revenue base, high utilization of its liquids pipeline network, and a secured backlog of capital projects are expected to support steady earnings growth. In addition, increasing energy demand further strengthens the company’s long-term outlook. Enbridge plans to increase its dividend at a mid-single-digit rate in the long run, making it a compelling income stock
Top dividend stock #2: Canadian Utilities
Canadian Utilities (TSX: CU) is another reliable dividend stock that I think every investor should own. Backed by a defensive utility business and highly regulated cash flows, the company has consistently paid and increased its dividend. Notably, Canadian Utilities has increased its dividend for 54 consecutive years, which is the longest dividend-growth streak of any Canadian company.
The utility company’s long-term outlook is encouraging. Management plans to invest approximately $12 billion into regulated utility assets between 2026 and 2030. The move is expected to steadily expand its rate base and drive predictable earnings growth.
At the same time, Canadian Utilities is maintaining a strong focus on securing long-term contracts, which improves cash flow visibility and helps reduce earnings volatility. Overall, Canadian Utilities is well-positioned to continue increasing its dividends in the coming years.
Top dividend stock #3: Emera
Emera (TSX: EMA) is another dividend stock that every investor should own for reliable income. The utility company generates reliable cash flow through its regulated electric and natural gas operations, helping shield the business from economic volatility while supporting steady dividend payments.
Emera has raised its dividend for 19 straight years, highlighting the resilience of its earnings and disciplined capital allocation.
Looking ahead, the company plans to invest more than $20 billion by 2030 in grid upgrades, renewable energy, storage, and natural gas infrastructure. These investments are expected to drive annual earnings growth of 5% to 7% and support modest but sustainable dividend increases. With dependable income, defensive characteristics, and consistent growth potential, Emera remains an attractive long-term investment.
