Investors seeking passive income for 10 years or more can buy and hold high-quality dividend stocks. Further, Canadian stocks offering high, sustainable yields can be a better option for boosting the income potential of your portfolio.
With that in mind, here are two Canadian dividend stocks with high yields over 5% that are worth owning for the next 10 years.
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High-yield stock #1
SmartCentres REIT (TSX:SRU.UN) is an attractive high-yield stock to buy and hold for the next 10 years or more. The real estate investment trust pays cash every month and has a solid history of durable distributions. At present, SmartCentres pays a monthly dividend of $0.154 per unit, yielding roughly 6.4% annually.
SmartCentres’ payouts are reliable, supported by its diversified retail and mixed-use properties portfolio, located in high-traffic areas. These prime locations help the REIT maintain strong occupancy levels and secure higher rental rates, driving growth in net operating income (NOI) and supporting future dividend payments.
The REIT’s diversified tenant base further strengthens its investment appeal. Strong leasing demand, favourable rent renewals, and consistent rent collection provide a stable stream of cash flow, helping SmartCentres weather economic uncertainty while continuing to reward unitholders.
SmartCentres’ latest quarterly results highlight the resilience of its business. In the first quarter of 2026, occupancy remained strong at 97.6%, while same-property NOI increased 3.4%. Leasing activity also remained healthy, with 80% of 2026 lease maturities already renewed at higher rental rates. Excluding anchor tenants, renewal rents increased by 11.5%, reflecting the strong pricing power of its retail portfolio. Rent collection remained exceptionally high, exceeding 99%.
Beyond its existing properties, SmartCentres is investing in a growing pipeline of residential and mixed-use developments that could unlock additional long-term value. These projects diversify the revenue stream and will support future payouts.
High-yield stock #2
Another high-yield dividend stock worth buying is Enbridge (TSX:ENB). The Canadian energy infrastructure leader has been rewarding shareholders with higher distributions year after year. For instance, Enbridge has paid dividends for over seven decades and has increased them annually since 1995. Further, the stock offers a high dividend yield of over 5%.
The company’s payouts are well-protected by its resilient business model. A significant portion of Enbridge’s revenue comes from regulated assets and long-term contracts, helping it to generate stable cash flow regardless of short-term swings in commodity prices. In addition, its sustainable payout ratio provides the company with sufficient financial flexibility to invest in growth projects while continuing to grow its dividend.
Enbridge’s long-term growth outlook further strengthens its appeal as a high-yield dividend investment. Management expects distributable cash flow (DCF) and earnings per share to grow in 2026, with earnings and cash flow projected to increase by approximately 5% annually thereafter. Supporting this outlook is the company’s secured $39 billion project backlog, much of which is backed by regulated frameworks or long-term contracts that provide strong revenue visibility.
The company is also well-positioned to benefit from rising energy demand and emerging opportunities in energy transition initiatives.
With stable cash flows, a strong financial position, and multiple long-term growth drivers, Enbridge remains well-positioned to continue delivering attractive, growing dividends for years to come.
