Many Canadian stocks pay dividends, and some offer attractive yields. But only a select few have what it takes to be long-term winners. The best Canadian dividend stocks not only offer a high yield but also have a strong record of consistent dividend payments with sustainable payout ratios. Moreover, these TSX stocks can grow earnings year after year and continue paying dividends in any market.
If you’re looking for high-yield Canadian dividend stocks that you can confidently own for the next 10 years, here are two top picks.
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High-Yield dividend stock #1: Enbridge
Investors looking for a reliable high-yield dividend stock to own for the next 10 years could consider Enbridge (TSX: ENB). It has paid dividends for over 70 years and increased its payout every year since 1995. The resilience of its payouts makes the energy infrastructure giant a dependable dividend payer.
Enbridge’s diversified portfolio of regulated and contracted assets, including crude oil and natural gas pipelines, storage facilities, gas utilities, and renewable energy projects, generates solid cash flow. In addition, much of Enbridge’s revenue comes from long-term, take-or-pay contracts, providing steady earnings regardless of commodity price swings. About 80% of its EBITDA is also linked to inflation, helping protect earnings over time.
The company’s extensive network connects major energy-producing regions with key markets, supporting strong asset utilization and steady distributable cash flow (DCF). Meanwhile, management maintains a disciplined payout ratio of 60% to 70% of DCF, leaving room to fund future growth.
Enbridge currently offers a quarterly dividend of $0.97 per share, yielding more than 5%. Its $39 billion secured capital project backlog, largely supported by long-term contracts, provides a strong base for future earnings and cash flow.
In addition, rising electricity demand from AI-driven data centres and ongoing investments in energy transition infrastructure could create additional growth opportunities. Overall, Enbridge is well-positioned to keep growing its earnings and DCF and reward investors with annual dividend increases.
High-Yield dividend stock #2: Whitecap Resources
Whitecap Resources (TSX: WCP) is another high-yield stock to own for the next 10 years. The company has rewarded shareholders with consistent monthly dividends, returning more than $3.2 billion since 2013 across various commodity cycles. This shows the resilience of its distributions.
Whitecap’s diversified portfolio of high-quality assets across multiple premier basins, disciplined capital allocation, and efficient operations support its payouts.
Whitecap’s recent acquisition of Veren has further enhanced its long-term growth prospects. The deal expands production, increases operational scale, and creates opportunities to reduce costs, all of which should help drive higher free cash flow over time.
Whitecap currently pays a monthly dividend of $0.06 per share, yielding about 5% based on its July 7 closing price of $14.87.
The company recently delivered a strong first-quarter performance. Average production came in better than expected, driven by robust well performance, resilient base production, and improved operational execution. Funds flow per share increased 12% year over year, supported by higher production, stronger commodity prices, and lower operating costs.
During the quarter, Whitecap returned $221 million to shareholders through dividends and significantly reduced its net debt. With a conservative dividend payout target of 20% to 25%, Whitecap appears well positioned to maintain its dividend while preserving financial flexibility across commodity price cycles.
