When you’re investing in dividend stocks for the long term, say, a decade, look for the businesses that can consistently generate earnings, produce healthy cash flow, and reward shareholders year after year. The best dividend stocks are those that have consistently demonstrated the ability to grow their dividends across both strong and challenging market conditions.
That’s why investors with a long-term outlook should focus on Canadian companies that have consistently grown their dividends, maintain resilient business models, and target sustainable payout ratios. These businesses could continue to reward shareholders with reliable, growing income over the long haul.
With that in mind, here are my top two dividend stocks I’d hold for the next decade.
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Canadian Natural Resources
Canadian Natural Resources (TSX:CNQ) is a reliable dividend stock to hold over the next decade. It has increased its dividend through multiple market cycles, demonstrating the resilience of its business and financial strength.
Most recently, Canadian Natural raised its annualized dividend to $2.50 per share, extending its dividend growth streak to 26 consecutive years. Over that period, its dividend has grown at a 20% compound annual growth rate (CAGR). Canadian Natural currently pays a quarterly dividend of $0.63 per share, offering a yield of about 4.2%.
Canadian Natural’s payouts are supported by its high-quality portfolio of long-life, low-decline assets that require relatively little reinvestment to sustain production. CNQ’s strong free cash flow, focus on debt reduction, and strategic acquisitions augur well for growth.
In the first quarter of 2026, Canadian Natural reported adjusted funds flow of $4.4 billion. During the quarter, it returned about $1.5 billion to shareholders, including $1.2 billion in dividends and $300 million through share buybacks.
Looking ahead, Canadian Natural’s low-cost operations, massive proved reserves, and large undeveloped land base position it to generate strong free cash flow for years to come. These strengths should support continued dividend growth while maintaining a healthy balance sheet and funding future growth opportunities.
Toronto-Dominion Bank
Toronto-Dominion Bank (TSX: TD) is one of the best Canadian dividend stocks to own for the next decade. Its resilient business model, consistent earnings, and reliable dividend growth make it a strong choice for investors looking to build long-term passive income.
TD has paid dividends for about 169 consecutive years and recently increased its quarterly payout by 4% to $1.12 per share. Over the past 10 years, the bank has increased its dividend at a 8% CAGR, reflecting its solid earnings base and resilient payout.
Notably, Canada’s leading bank maintains a payout ratio of roughly 40% to 50%, which is sustainable and provides flexibility to keep increasing dividends while investing in future growth.
TD’s growth outlook remains solid, supported by solid momentum across its core businesses. Strong performance in Canadian Personal and Commercial Banking, Wealth Management and Insurance, and Wholesale Banking, combined with improving growth in its U.S. Banking segment, positions the bank well for future growth. Overall, continued growth in loans and deposits, along with a focus on operating efficiency, should help drive earnings and support ongoing dividend increases.
With a sustainable payout ratio, steady earnings growth, and solid growth prospects, TD is well positioned to deliver reliable dividends and attractive total returns for investors over the next decade.
