Retirement can sometimes change the way you invest. Stocks that once looked attractive because of their growth potential may no longer feel like the best fit if they don’t provide dependable income or if their share prices swing too much. That’s why many retirees focus on high-yield dividend stocks that could deliver regular payouts while giving them exposure to businesses with the potential to generate steady cash flow over the long run.
Here are two TSX-listed dividend stocks that offer attractive yields and income potential for retirees.
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A high-yield energy income pick
For retirees who prioritize dividend income, Parex Resources (TSX:PXT) is worth considering. The Calgary-based firm focuses on oil and gas exploration and production in Colombia, with operations across the Llanos, Magdalena, and Putumayo basins.
At the time of writing, PXT stock traded at $20.85 per share, giving the company a market cap of about $2 billion. Despite recent market volatility, the stock has climbed 46% over the last year while offering an attractive 7.4% dividend yield through quarterly payouts.
Although Parex reported a small adjusted loss in the first quarter of 2026, it remained focused on strengthening the business for the long term. The company generated US$114 million in funds flow from operations and US$133 million in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) during the quarter while maintaining its regular quarterly dividend.
Parex has also taken major steps to expand its business. It recently completed the acquisition of Frontera Energy‘s Colombian upstream assets, making it Colombia’s largest independent oil and gas producer. The company now expects second-half 2026 production of 82,000 to 91,000 barrels of oil equivalent per day, supported by the acquired assets, new production from the Magdalena Basin, and continued exploration success.
Moreover, Parex continues to target shareholder returns through a stable dividend while using excess free cash flow primarily to reduce debt. These factors make it an appealing choice for retirees seeking a combination of high income and exposure to the energy sector.
A telecom dividend option
Another high-yield income stock retirees may want to add to their portfolio is Cogeco Communications (TSX:CCA). The company provides internet, wireline phone, and wireless services to residential and business customers across Canada and the United States through its Cogeco, oxio, Breezeline, and welo brands.
Cogeco stock recently traded at $63.42 per share with a market capitalization of $2.7 billion. While its shares have declined 13% over the last year, the pullback has pushed its annualized dividend yield to an attractive 6.2%, with quarterly dividend payments.
The company’s latest quarterly results show that the business continues to generate solid cash flow while making progress on its long-term growth plans. In the second quarter of fiscal 2026 (ended in February), Cogeco generated $155 million in free cash flow, up 33% year over year, while adjusted earnings rose to $1.96 per share. It also increased its quarterly dividend by 7%, reflecting management’s confidence in the company’s ability to continue rewarding shareholders.
Beyond its financial performance, Cogeco is investing in future growth. The company is expanding its wireless business in both Canada and the U.S., recently launched its new U.S. digital brand, welo, and remains on track with its three-year transformation program to improve efficiency.
For retirees, the combination of a high yield, quarterly dividend growth, and steady free cash flow makes Cogeco look like a practical income stock to hold through market ups and downs.
