Dividend stocks are excellent tools for long-term wealth creation, offering investors a combination of regular income and potential capital appreciation. Reinvesting these payouts can further boost returns through compounding over time. Additionally, dividend-paying companies are often mature businesses with stable cash flows and resilient business models, making them less vulnerable to economic volatility and commodity price swings.
Against this backdrop, here are four top dividend stocks that I am bullish on right now.
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Enbridge
Enbridge (TSX: ENB) is a diversified energy infrastructure company that generates approximately 98% of its earnings from long-term take-or-pay contracts and regulated assets. Also, inflation-indexed mechanisms protect a significant portion of its cash flows. This resilient business model enables the company to deliver stable, predictable earnings and cash flows regardless of commodity price fluctuations or economic conditions.
Supported by these reliable cash flows, Enbridge has paid dividends for more than 70 consecutive years and increased its payout for 31 straight years. The stock currently offers an attractive forward dividend yield of 4.9%.
Meanwhile, Enbridge is advancing its $40 billion secured capital program to capitalize on growing demand for energy infrastructure services amid rising oil and natural gas production across North America. These investments could support growth in annual earnings per share and distributable cash flow per share of approximately 5% through 2030. Given its stable operations, visible growth opportunities, and strong dividend track record, Enbridge remains an attractive buy for income-focused investors.
SmartCentres Real Estate Investment Trust
SmartCentres Real Estate Investment Trust (TSX: SRU.UN) is another dividend stock that I am bullish on right now. The REIT owns approximately 200 strategically located properties across Canada, with about 90% of Canadians living within 10 kilometres of at least one of its locations. Its tenant base is also highly resilient, with 95% of tenants operating regionally or nationally and around 60% providing essential services.
Supported by its high-quality assets and strong tenant mix, SmartCentres maintains healthy occupancy levels. Also, the ongoing lease-up activities and rising rental rates continue to drive financial growth and cash flow. The REIT currently pays a monthly distribution of $0.15 per unit, yielding 6.2% on an attractive forward basis.
Meanwhile, SmartCentres continues to expand its portfolio, with 0.8 million square feet under construction and approximately 87 million square feet in various stages of development, supporting its long-term growth outlook. Considering its resilient business model, reliable cash flows, high yield, and visible growth prospects, SmartCentres is an attractive investment today.
Bank of Nova Scotia
Bank of Nova Scotia (TSX: BNS) is another dividend stock that offers an attractive buying opportunity. The bank offers a range of financial services across multiple countries, and its diversified revenue streams generate stable earnings and cash flows. This financial strength has enabled the bank to pay dividends continuously since 1833. Its quarterly dividend of $1.14 per share currently yields 3.7%.
Looking ahead, the bank is sharpening its focus on its highly profitable, lower-risk North American operations while streamlining its less profitable, riskier Latin American businesses. In addition, the relatively elevated interest-rate environment could continue to support lending profitability through healthy net interest margins.
BNS is also advancing its share repurchase program, which could lower its outstanding share count by up to 15 million shares through April 2027. Supported by its resilient business model, strong capital position, shareholder-friendly initiatives, and long dividend history, the bank remains an appealing investment in today’s uncertain economic environment.
Northland Power
Northland Power (TSX: NPI) is my final dividend pick. The company operates a diversified portfolio of energy infrastructure assets with approximately 3.5 gigawatts of power-generating capacity. Around 95% of its revenue comes from contracted sources, primarily long-term power purchase agreements, enabling it to generate stable, predictable cash flows regardless of broader market conditions. This stability supports its monthly dividend of $0.06 per share, yielding 3.2% forward.
Looking ahead, Northland Power aims to double its generating capacity to 7 gigawatts by the end of the decade, with planned capital investment of $5.8–$6.6 billion over the next five years to support this expansion. The company is also pursuing operational efficiency initiatives expected to deliver approximately $50 million in annual cost savings beginning in 2028. Supported by these growth initiatives and cost-optimization efforts, Northland Power appears well-positioned to continue delivering attractive returns to shareholders.
