In an environment marked by rising inflation, geopolitical uncertainty, and job disruptions driven by growing AI adoption, building a reliable passive income stream has become increasingly important. Investing in high-quality monthly dividend stocks remains one of the most efficient and accessible ways to generate consistent income.

For instance, allocating $20,000 evenly across the following two Canadian stocks could produce a monthly income of over $100. Moreover, by holding these investments in a Tax-Free Savings Account (TFSA), investors can benefit from tax-free dividend income and capital appreciation.

With this in mind, let’s explore these two stocks in detail.

SmartCentres Real Estate Investment Trust

SmartCentres Real Estate Investment Trust (TSX:SRU.UN) is a compelling monthly dividend stock to consider. The REIT owns and operates 198 strategically located properties across Canada, with roughly 90% of Canadians living within 10 kilometres of one of its centers. Its tenant base is also strong and diversified, with about 95% of tenants being national or regional retailers and nearly 60% offering essential services. This combination supports consistently high occupancy levels, even during periods of economic uncertainty.

Backed by stable occupancy, steady lease renewals, and ongoing leasing activity, SmartCentres has maintained solid financial performance, allowing it to deliver reliable monthly distributions. It currently pays a monthly dividend of $0.15417 per share, yielding around 6.51% on a forward basis.

Looking ahead, demand for retail space remains resilient, supported by economic growth and limited new supply due to elevated construction costs. At the same time, SmartCentres continues to expand through an extensive development pipeline of 87.4 million square feet of mixed-use projects spanning retail, residential, seniors housing, and self-storage. Of these, approximately 0.8 million square feet are already under construction.

Given its strong asset base, stable income profile, and ongoing development initiatives, SmartCentres appears well-positioned to sustain its financial performance and continue paying attractive monthly income to investors. Additionally, its valuation remains reasonable, with a forward price-to-earnings multiple of 14.5.

Pizza Pizza Royalty

Another attractive monthly dividend stock for income-focused investors is Pizza Pizza Royalty (TSX:PZA). The company earns royalty income from a network of 694 Pizza Pizza and 100 Pizza 73 restaurants operated by franchisees. With its revenue tied to franchisee sales rather than earnings, its financial performance is less sensitive to commodity price swings and wage inflation, resulting in stable and predictable cash flows.

PZA is structured to deliver consistent monthly distributions, providing smooth returns for investors despite the seasonality typical of the restaurant industry. It currently pays a monthly dividend of $0.075 per share, yielding 5.86% on a forward basis. While its payout ratio stood at 105% in the fourth quarter of 2025—slightly above its 100% target—improving operating performance in upcoming quarters could help bring it back in line.

Looking ahead, the company continues to expand its footprint, targeting 2–3% growth in its traditional restaurant count this year. It is also investing in menu innovation, enhancing its digital ordering platform, and renovating old restaurants to support same-store sales growth. Coupled with a reasonable forward price-to-earnings multiple of 16.7, PZA appears to offer an appealing combination of income and growth potential.

The post How to Use Just $20,000 to Turn Your TFSA Into a Reliable Cash-Generating Machine appeared first on The Motley Fool Canada.

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Fool contributor Rajiv Nanjapla has no position in any of the stocks mentioned. The Motley Fool recommends SmartCentres Real Estate Investment Trust. The Motley Fool has a disclosure policy.

Retirees, often without a steady income to cover daily expenses, prioritize capital preservation while generating a stable and reliable stream of passive income. With shorter investment horizons, they also have limited time to recover from market downturns, making a more conservative, risk-averse approach essential.

Given these factors, retirees should focus on high-quality dividend stocks with strong fundamentals, resilient cash flows, consistent payouts, and solid growth potential. With this in mind, here are my top two picks.

Enbridge

Enbridge (TSX: ENB) is an ideal stock for retirees, supported by its contracted business model, steady dividend growth, and attractive yield. The Calgary-based energy infrastructure company operates an extensive pipeline network that transports oil and natural gas across North America under tolling frameworks and long-term take-or-pay contracts. It also owns natural gas utilities and renewable energy assets backed by long-term power purchase agreements.

Approximately 98% of Enbridge’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) comes from contracted or regulated assets, with about 80% linked to inflation. This structure reduces exposure to commodity price swings and economic cycles, enabling stable and predictable cash flows. As a result, the company has paid dividends for over 70 years and increased its payout for 31 consecutive years. It currently offers a solid yield of around 5.4%.

Looking ahead, rising oil and natural gas production and consumption across North America provide a supportive long-term backdrop. Enbridge has identified roughly $50 billion in growth opportunities and plans to invest $10–$11 billion annually over the next several years. These initiatives could drive mid-single-digit growth in adjusted EBITDA and discounted cash flow per share through the decade, supporting continued dividend increases. Also, the company’s financial position looks healthy, with $10.8 billion in liquidity and a reasonable net-debt-to-adjusted-EBITDA multiple of 4.8.

Overall, Enbridge’s resilient business model, visible growth pipeline, and dependable income make it a compelling choice for retirees seeking stability and consistent returns.

SmartCentres Real Estate Investment Trust

SmartCentres Real Estate Investment Trust (TSX: SRU.UN) would be my second pick, offering an attractive forward yield of around 6.5%. REITs are required to distribute a significant portion of their taxable income to unitholders, making them particularly appealing for income-focused investors.

SmartCentres benefits from a strategically located portfolio, with approximately 90% of Canadians living within 10 kilometres of one of its properties. It also has a strong, diversified tenant base, with about 95% of tenants operating at the regional or national level and roughly 60% providing essential services. This mix supports consistently high occupancy levels across economic cycles. Combined with steady lease renewals, ongoing lease-up activity, and rental rate growth, these factors have helped sustain its financial performance and cash flows.

In addition, demand for retail space in Canada remains resilient, supported by economic growth and limited new supply due to elevated construction costs. SmartCentres continues to expand its footprint, with around 0.8 million square feet currently under development and a substantial pipeline spanning retail, residential, seniors housing, and self-storage projects.

Overall, its stable occupancy, diversified tenant base, and ongoing expansion initiatives position SmartCentres to generate reliable cash flows and maintain attractive distributions, making it a solid choice for retirees seeking dependable income.

The post 2 High-Yield Dividend Stocks That Could Be a Safer Bet for Canadian Retirees appeared first on The Motley Fool Canada.

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Fool contributor Rajiv Nanjapla has no position in any of the stocks mentioned. The Motley Fool recommends Enbridge and SmartCentres Real Estate Investment Trust. The Motley Fool has a disclosure policy.

After a strong rebound, Canadian equity markets have turned volatile this week as renewed inflation concerns — driven by rising energy prices and their spillover effects — have unsettled investors. Persistently high inflation could also delay the central bank’s potential interest rate cuts, adding to market uncertainty.

In this environment, investors may benefit from maintaining a balanced portfolio that includes a mix of growth, defensive, and dividend-paying stocks to help manage risk while enhancing returns. With that in mind, here are my three top picks.

Celestica

Celestica (TSX: CLS) stands out as a compelling growth stock to consider right now, given its role in enabling hyperscalers to build and scale data centre infrastructure. Surging demand for computational power, driven by the rapid adoption of artificial intelligence (AI), is prompting hyperscalers to expand capacity, thereby boosting demand for Celestica’s products and services.

To capitalize on this opportunity, the company is focusing on innovation, strategic partnerships, and the expansion of its production capabilities. It has partnered with Google and AMD to support next-generation AI infrastructure. Additionally, Celestica plans to invest $1 billion this year to further scale and strengthen its manufacturing capabilities.

Backed by these initiatives, the company raised its 2026 outlook in January, now projecting revenue and adjusted EPS growth of 37.1% and 44.6%, respectively. Given its strong positioning in a high-growth market and solid execution, Celestica appears well-placed to sustain its upward momentum, making it an attractive investment at current levels.

Fortis

Second on my list is Fortis (TSX: FTS). With its regulated asset base and low-risk utility model, the company’s financial performance is largely insulated from commodity price swings and economic cycles. Its expanding rate base has supported steady financial growth and share price appreciation, helping deliver an average annual shareholder return of 10.8% over the past 20 years — outperforming the broader market.

Looking ahead, rising energy demand driven by economic growth, transportation electrification, and the expansion of AI-ready data centres should support continued growth. To capitalize on this, Fortis plans to invest $28.8 billion through 2030, targeting a 7% annualized rate base growth to $57.9 billion.

Supported by this visible growth pipeline, Fortis — known for increasing its dividend for 52 consecutive years — expects to grow its dividend by 4–6% annually through the end of the decade. Given its defensive business model, reliable dividend growth, and steady expansion plans, Fortis appears to be an attractive investment in the current environment.

Enbridge

Enbridge (TSX: ENB) stands out as a strong dividend stock, supported by its stable cash flows, consistent dividend growth, and attractive yield. The midstream energy giant operates an extensive pipeline network that transports oil and natural gas across North America under a tolling framework and long-term take-or-pay contracts. It also owns three natural gas utility businesses and a growing portfolio of renewable energy assets backed by long-term power purchase agreements.

Approximately 98% of Enbridge’s earnings are generated from regulated assets and long-term contracts, with around 80% tied to inflation. This structure provides highly predictable cash flows, enabling the company to increase its dividend for 31 consecutive years. Its quarterly dividend of $0.97 per share currently yields about 5.4%.

Looking ahead, Enbridge has identified roughly $50 billion in growth opportunities through the end of the decade and plans to invest $10–$11 billion annually to advance these projects. These expansion initiatives should support continued earnings growth and help sustain its track record of steady dividend increases in the years ahead.

The post The Canadian Stocks I’d Consider If I Had $5,000 to Invest in 2026 appeared first on The Motley Fool Canada.

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Fool contributor Rajiv Nanjapla has no position in any of the stocks mentioned. The Motley Fool recommends Celestica, Enbridge, and Fortis. The Motley Fool has a disclosure policy.

Despite the strong rebound in Canadian equity markets in recent weeks, concerns around inflation — fueled by rising energy prices and their broader impact — remain elevated. Persistently high inflation could also delay anticipated interest rate cuts, potentially extending the higher-rate environment and weighing on investor sentiment.

In this uncertain backdrop, investors may benefit from adding quality dividend stocks to help stabilize their portfolios while generating reliable passive income. With that in mind, let’s evaluate whether Northland Power (TSX: NPI) presents an attractive buying opportunity by examining its recent performance, growth outlook, valuation, and dividend yield.

Northland’s fourth-quarter performance

Northland Power develops, owns, and operates a diversified portfolio of energy infrastructure assets, including offshore and onshore wind, solar, natural gas, and battery energy storage. The company has an economic interest in approximately 3.2 gigawatts of power-generating capacity. Notably, about 95% of its revenue is derived from long-term power purchase agreements (PPAs), providing stability and predictability to its financial performance.

The company recently delivered strong fourth-quarter results, with revenue rising 26.4% year over year to $723 million. This growth was driven by higher production from offshore wind facilities, contributions from the Oneida energy storage project, and increased demand for dispatchable power at its natural gas assets.

On the back of this top-line growth, adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increased 25% to $390 million. Additionally, free cash flow climbed 50.5% year over year to $121.4 million, reflecting improved operational performance and cash generation. Also, the company ended the quarter with $931 million in liquidity, well-equipped to fund its growth initiatives.

With this solid financial momentum in place, let’s now examine the company’s growth prospects.

Northland’s growth prospects

The global shift toward clean energy continues to create strong long-term growth opportunities for Northland Power. To capitalize on this trend, the company plans to invest $5.8–$6.6 billion over the next five years, aiming to expand its power-generating capacity to 7 gigawatts by 2030—implying an annualized growth rate of 16%. It is also implementing cost-optimization initiatives expected to deliver about $50 million in annual savings starting in 2028.

Backed by these initiatives, management forecasts 2026 adjusted EBITDA to come in the range of $1.45–$1.65 billion, with the midpoint representing roughly 8% growth from the previous year. However, free cash flow per share could decline to $1.05–$1.25 from $1.46 last year.

This temporary decline is largely due to one-off benefits in the prior year — such as German tax advantages and deferred Spanish debt repayments — along with higher foreign exchange hedging costs, increased debt servicing for its natural gas segment, and lower capitalized interest on hybrid debt in 2026.

Looking further ahead, the company expects its free cash flow to recover in the coming years, reaching $1.55–$1.75 per share by 2030, implying modest annualized growth. Overall, despite near-term pressure, Northland Power’s long-term growth outlook remains solid.

Investors’ takeaway

After reporting its third-quarter results in November, Northland Power reduced its monthly dividend by 40% to $0.06 per share to help fund growth projects and preserve balance sheet strength. At the same time, net losses widened from $191 million to $456 million, triggering a sharp sell-off in the stock. However, shares have since rebounded strongly, climbing more than 44% from their November lows.

Solid fourth-quarter results and encouraging long-term guidance have driven the stock higher. Despite this rebound, the stock’s valuation remains reasonable, with a forward price-to-earnings multiple of 15.9. Even after the dividend reduction, it offers a respectable forward yield of 3.1%, making it an attractive option for investors seeking a mix of growth and income

The post The Dividend Stocks I’d Consider the Smartest Buy If I Had $1,000 Today appeared first on The Motley Fool Canada.

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Fool contributor Rajiv Nanjapla has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Canadian equity markets have become volatile amid stalled peace talks between the United States and Iran. In such an uncertain environment, investors may look to high-quality dividend stocks to strengthen their portfolios and generate stable, reliable cash flows. Thanks to their consistent payouts and dependable earnings, these companies tend to be more resilient during market fluctuations.

Against this backdrop, here are four high-quality dividend stocks with attractive buying opportunities.

Enbridge

Enbridge (TSX:ENB) is a diversified energy infrastructure company that generates about 98% of its earnings from long-term take-or-pay contracts and regulated assets. Additionally, roughly 80% of its earnings are indexed to inflation, helping shield its financials from rising input costs. This resilient business model enables the company to produce stable, reliable cash flows, supporting dividend payments for more than 70 years. Enbridge has also increased its dividend for 31 consecutive years and currently offers a forward yield of 5.33%.

Furthermore, rising oil and natural gas production across North America continues to drive demand for its services. To capitalize on this trend, the company has identified $50 billion in growth opportunities and plans to invest $10–$11 billion annually to advance these projects. These initiatives could strengthen its financial performance and support continued dividend growth in the years ahead.

Fortis

My second pick would be Fortis (TSX:FTS), which operates a regulated asset base with 95% of its assets in low-risk transmission and distribution. Therefore, the utility earns stable, reliable cash flows regardless of the macroeconomic environment. The company’s expanding asset base has boosted its earnings, thereby allowing it to reward its shareholders by raising dividends for the previous 52 years and currently offering a forward yield of 3.32%.

Moreover, Fortis has planned to invest $28.8 billion through 2030 to expand its rate base at an annualized rate of 7% to $57.9 billion. Supported by these expansions, management expects to raise dividends by 4–6% annually through 2030. Given its predictable earnings, long history of dividend growth, and clear expansion roadmap, Fortis stands out as a reliable investment option in today’s volatile market.

Canadian Natural Resources

Canadian Natural Resources (TSX:CNQ) is a leading oil and natural gas producer with operations primarily in Canada, the North Sea, and Offshore Africa. The company holds large, high-quality, and relatively low-risk reserves that require lower capital reinvestment, while its efficient operations have reduced its breakeven costs, supporting strong margins and cash flows. Backed by this financial strength, CNQ has increased its dividend for 26 consecutive years at an annualized rate of over 20% and currently offers a forward yield of 4.12%.

The company also boasts proven reserves of more than five billion barrels of oil equivalent, with a reserve life index of 32 years, highlighting the longevity of its asset base. To further enhance production, CNQ plans to invest around $6.9 billion this year. Coupled with supportive energy prices, these initiatives could strengthen its financial performance and enable continued dividend growth, making it an attractive investment option.

Bank of Nova Scotia

Bank of Nova Scotia (TSX:BNS) is my final pick. The bank offers a broad range of financial services across multiple countries, and its diversified revenue streams help sustain healthy cash flows even during challenging macro conditions. This stability has enabled it to pay dividends consistently since 1833. It has also grown its dividend at an annualized rate of 4.7% over the past decade and currently offers a forward yield of 4.25%.

Additionally, BNS is executing a multi-year strategy to expand its higher-margin, lower-risk North American operations while reducing exposure to lower-margin Latin American markets. This strategic shift could improve earnings stability and support sustainable long-term growth.

Given its strengthening financial performance, disciplined strategy, and long-standing dividend track record, BNS appears to be an attractive buy at current levels.

The post 4 Dividend Stocks That Look Worth Adding More of Right Now appeared first on The Motley Fool Canada.

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Fool contributor Rajiv Nanjapla has no position in any of the stocks mentioned. The Motley Fool recommends Bank Of Nova Scotia, Canadian Natural Resources, Enbridge, and Fortis. The Motley Fool has a disclosure policy.

After a strong recovery in recent weeks, Canadian equity markets have turned volatile again, driven by stalled peace talks between the United States and Iran and ongoing uncertainty around a potential ceasefire. In this environment of heightened unpredictability, investors would be wise to focus on high-quality stocks with well-established businesses that can better withstand market fluctuations.

With that in mind, here are my three top stock picks.

Fortis

Fortis (TSX:FTS) is one of the top stocks I’m bullish on in this uncertain environment, supported by its regulated asset base and essential service offerings. The utility serves approximately 3.5 million customers across Canada, the United States, and the Caribbean, supplying electricity and natural gas. With about 93% of its assets tied to low-risk transmission and distribution operations, its financial performance remains largely insulated from economic cycles and commodity price volatility.

In addition to its stable earnings profile, Fortis has benefited from a steadily expanding rate base, which has supported both financial growth and share price appreciation. Over the past two decades, the company has delivered an average annual shareholder return of 10.42%. It has also demonstrated exceptional dividend consistency, increasing its payout for 52 consecutive years and currently offering a forward yield of around 3.35%.

Looking ahead, Fortis continues to invest in its infrastructure to meet rising energy demand. The company plans to invest $28.8 billion through 2030, targeting a 7% annualized growth in its rate base to $57.9 billion. Supported by these growth initiatives, management expects to raise dividends by 4–6% annually through 2030.

Given its predictable earnings, long history of dividend growth, and clear expansion roadmap, Fortis stands out as a reliable investment option in today’s volatile market environment.

Northland Power

Northland Power (TSX:NPI) is another stock I’m bullish on in the current environment, supported by its diversified portfolio of energy infrastructure assets with a gross generating capacity of around 3.5 gigawatts. The company sells most of its power under long-term power-purchase agreements (PPAs), with about 95% of its revenue derived from these contracts, making its financials relatively resilient to market fluctuations.

Northland Power also delivered a strong fourth-quarter performance in February. Its revenue and adjusted earnings before interest, taxes, depreciation, and amortization rose by 26.4% and 24.8%, respectively, while free cash flow increased 50.5% year over year to $121.4 million. The company’s balance sheet remains healthy, with $931 million in liquidity.

Looking ahead, Northland Power is well-positioned to benefit from the global transition toward cleaner energy. It plans to invest between $5.8 billion and $6.6 billion over the next five years to expand its generating capacity to seven gigawatts by 2030. In addition, ongoing cost-optimization initiatives could deliver approximately $50 million in annual savings starting in 2028.

The company also offers a steady income stream, paying a monthly dividend of $0.06 per share, which translates to a forward yield of about 3.28%. Considering its stable revenue model, strong financial performance, and promising growth pipeline, Northland Power appears to be a compelling investment in today’s uncertain market environment.

Canadian Natural Resources

Amid ongoing geopolitical tensions in the Middle East, oil and natural gas prices have risen, and any prolonged uncertainty in peace negotiations could sustain elevated prices—benefiting energy producers. Against this backdrop, Canadian Natural Resources (TSX:CNQ) stands out as a compelling option. The company operates primarily in Western Canada, the North Sea, and Offshore Africa, and benefits from a large base of low-risk reserves that require relatively modest reinvestment. Combined with efficient operations, the company maintains a low-cost structure, generating strong margins and cash flows.

Supported by these robust cash flows, CNQ has increased its dividend at an annualized rate of over 20% for 26 consecutive years and currently offers a forward yield of about 4.13%. The company also plans to invest approximately $6.88 billion in capital expenditures this year to support production growth. In addition, it holds proven reserves of roughly five billion barrels of oil equivalent, with a reserve life index of 32 years.

Given the supportive commodity price environment and a solid growth outlook, CNQ appears well-positioned to deliver strong returns, making it an attractive investment opportunity right now.

The post 3 Stocks That Look Worth Adding More of at This Moment appeared first on The Motley Fool Canada.

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Fool contributor Rajiv Nanjapla has no position in any of the stocks mentioned. The Motley Fool recommends Canadian Natural Resources and Fortis. The Motley Fool has a disclosure policy.

Retirees are typically more risk-averse, as they no longer have a steady income to support daily expenses and often have a shorter investment horizon, leaving less time to recover from market downturns. As a result, their focus tends to shift toward preserving capital while generating stable and dependable passive income.

With this in mind, retirees should consider investing in high-quality dividend-paying companies with well-established businesses, strong track records of consistent payouts, and attractive yields. Against this backdrop, here are two top stock picks that stand out for retirees.

Enbridge

Enbridge (TSX:ENB) is a leading energy infrastructure company that transports oil and natural gas across North America through its extensive pipeline network. In addition, it operates three natural gas utility assets in the United States and owns a growing portfolio of renewable energy projects supported by long-term power-purchase agreements (PPAs). With approximately 98% of its earnings derived from regulated assets and long-term contracts—about 80% of which are indexed to inflation—its financial performance is largely insulated from commodity price swings and broader market volatility.

This stability enables Enbridge to generate consistent, reliable cash flows, supporting an impressive 70-year dividend-paying history. The company has also increased its dividend for 31 consecutive years and currently offers an attractive forward yield of around 5.47%.

Looking ahead, the Organization of the Petroleum Exporting Countries expects oil and natural gas to remain key energy sources, accounting for roughly half of global energy demand by 2045, even as the transition to cleaner energy continues. At the same time, rising production and consumption across North America should sustain demand for Enbridge’s infrastructure and services.

The company has also identified approximately $50 billion in growth opportunities and plans to invest $10–$11 billion annually to capitalize on them. These initiatives could drive mid-single-digit growth in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) and discounted cash flow per share.

Given its healthy financial position, including a net debt-to-EBITDA ratio of 4.8, and its visible growth pipeline, Enbridge appears well-positioned to continue delivering steady, growing dividends, making it an appealing option for retirees.

Bank of Nova Scotia

Bank of Nova Scotia (TSX:BNS) is another high-quality stock that stands out as a solid choice for retirees. The bank has an exceptional dividend history, having paid dividends uninterrupted since 1833. It offers a broad range of financial services across more than 55 countries. Its diversified revenue streams help reduce exposure to market volatility, supporting steady cash flows and consistent dividend payments. The bank has also increased its dividend at an annualized rate of 4.7% over the past decade and currently offers a forward yield of about 4.24%.

Backed by strong performance across its core business segments, BNS continues to show improving financial results. In its most recent first-quarter fiscal 2026 earnings, adjusted earnings per share rose 16.5% to $2.05. Additionally, its CET1 (common equity tier-one) ratio increased by 10 basis points to 13.3%, supported by earnings growth and the positive impact of divesting certain Latin American operations. A higher CET1 ratio indicates a stronger capital base and greater resilience during periods of economic uncertainty.

Strategically, the bank is focusing on expanding its higher-margin, lower-risk North American operations while reducing its exposure to lower-margin Latin American markets. This shift could enhance earnings stability and support sustainable long-term growth.

Given its improving financial performance, disciplined strategy, and strong dividend track record, BNS appears well-positioned to continue delivering reliable, growing income, making it an attractive option for retirees.

The post 2 High-Yield Dividend Stocks That Could Be a Safer Pick for Canadian Retirees appeared first on The Motley Fool Canada.

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• 3 Strong Canadian Stocks That Raised Their Dividends — Again

Fool contributor Rajiv Nanjapla has no position in any of the stocks mentioned. The Motley Fool recommends Bank Of Nova Scotia and Enbridge. The Motley Fool has a disclosure policy.

Despite the sharp rebound in Canadian equity markets, uncertainty about the outcome of ongoing peace talks between the United States and Iran persists. In this environment, investors may consider adding high-quality dividend-paying stocks to generate steady, reliable passive income and enhance overall portfolio stability.

Against this backdrop, let’s take a closer look at the following four top Canadian stocks that I believe are compelling buys right now.

Fortis

Fortis (TSX:FTS) operates a predominantly regulated utility business, with the majority of its assets tied to the low-risk transmission and distribution of electricity and natural gas across Canada, the United States, and the Caribbean. This regulated structure makes the company’s financial performance less sensitive to market volatility, enabling it to generate stable, predictable cash flows. Backed by this consistency, Fortis has increased its dividend for 52 consecutive years. It currently offers a forward yield of about 3.29%.

Looking ahead, demand for electricity and natural gas continues to rise, supported by economic expansion, the electrification of transportation, and the growing need for power from AI-driven data centres. To capitalize on these trends, Fortis is advancing a $28.8 billion capital investment plan to expand its rate base. These investments could grow its rate base at an annualized rate of 7%, reaching $57.9 billion by 2030, thereby supporting steady earnings growth.

In line with this outlook, management plans to increase dividends by 4–6% annually through 2030, reinforcing Fortis’s appeal as a reliable long-term income investment.

Enbridge

Enbridge (TSX:ENB) is another compelling dividend stock to consider, especially for income-focused investors. The company has increased its dividend for 31 consecutive years and currently offers an attractive yield of about 5.38%. Enbridge operates a diversified energy infrastructure business that includes a regulated midstream network, natural gas utilities, and renewable energy assets supported by long-term power-purchase agreements.

Its earnings profile is highly stable, with roughly 98% derived from regulated assets or long-term contracts and about 80% indexed to inflation. This structure reduces exposure to commodity price fluctuations and broader market volatility, enabling consistent cash flow generation.

Looking ahead, growing oil and natural gas production and consumption across North America continue to support demand for Enbridge’s services. The company has also identified $50 billion in growth opportunities and plans to invest $10–$11 billion annually, positioning it well for steady earnings and dividend growth.

Bank of Nova Scotia

Bank of Nova Scotia (TSX:BNS) is another attractive option for income-focused investors, backed by one of the longest dividend track records in the market, with uninterrupted payouts since 1833. Its diversified financial services footprint across multiple geographies supports stable and reliable cash flows, enabling consistent dividend payments. Over the past decade, the bank has increased its dividend at a 4.7% compound annual growth rate and currently offers a forward yield of about 4.19%.

The bank’s operating performance remains solid, with adjusted earnings per share rising 16.5% to $2.05 in its first-quarter fiscal 2026 results, driven by strength across its core business segments. In addition, the divestment of banking operations in Colombia, Costa Rica, and Panama has helped reduce its allowance for credit losses and improve overall asset quality.

Strategically, Scotiabank is focusing on expanding its presence in higher-margin, lower-risk North American markets. This shift could enhance earnings stability and support sustainable long-term growth, thereby reinforcing its ability to deliver consistent, growing dividends.

Canadian Natural Resources

My final pick is Canadian Natural Resources (TSX:CNQ), an energy producer with an impressive history of dividend growth. It has grown its dividend for 26 consecutive years at an annualized rate of around 20%, supported by its portfolio of large, high-quality, and low-risk reserves that require relatively modest reinvestment. Its operational efficiency has also helped lower costs, strengthening earnings and cash flows, and enabling consistent dividend increases. It currently offers a forward yield of approximately 4.25%.

CNQ also boasts proven reserves of more than 5 billion barrels of oil equivalent, translating into a reserve life index of about 32 years. The company continues to enhance its production capacity through planned capital investments of $6.9 billion this year.

With oil prices remaining relatively elevated despite recent volatility, higher production levels combined with supportive pricing could further boost CNQ’s financial performance, reinforcing its ability to sustain and grow dividends over the long term.

The post 4 Dividend Stocks I’d Happily Double My Position in Today appeared first on The Motley Fool Canada.

More reading

• The Canadian Dividend Stock I’d Turn to First When Markets Start Getting Difficult
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• 2 High-Yield Dividend Stocks That Could Be a Safer Bet for Canadian Retirees

Fool contributor Rajiv Nanjapla has no position in any of the stocks mentioned. The Motley Fool recommends Bank Of Nova Scotia, Canadian Natural Resources, Enbridge, and Fortis. The Motley Fool has a disclosure policy.

The past couple of weeks have been encouraging for Canadian equity markets, supported by ongoing peace talks between the United States and Iran. The S&P/TSX Composite Index has rebounded sharply, rising about 9.02% from last month’s lows and now trading roughly 1.7% below its all-time high.

Despite this broader market recovery, the following two Canadian stocks continue to trade at meaningful discounts to their recent highs. Given their strong underlying businesses, solid growth outlook, and attractive valuations, these companies appear to present compelling buying opportunities at current levels.

Dollarama

Dollarama (TSX: DOL) has come under pressure following mixed fourth-quarter results last month. The discount retailer reported revenue of $2.1 billion, up 11.7% year over year, supported by same-store sales growth of 1.5%, the addition of 75 net new stores in Canada over the past four quarters, and contributions from its 402 Australian stores acquired in July. However, same-store sales fell short of analysts’ expectations of 2.6%.

Adjusted earnings per share came in at $1.43, slightly ahead of the $1.41 consensus estimate and up 2.1% year over year. Despite this earnings beat, softer sales growth and cautious guidance weighed on investor sentiment.

Looking ahead, management expects to return to its historical pace of opening 60–70 stores this fiscal year after an above-average expansion in fiscal 2026. It also projects same-store sales growth of 3–4%, which is slightly below analysts’ expectations. Capital expenditures could rise significantly to $420–$470 million from last year’s $252.6 million, largely due to investments in a new logistics hub in Western Canada. Following these updates, the stock has declined more than 18.8% from its 52-week high.

Despite near-term challenges, Dollarama’s long-term outlook remains strong. The company plans to expand its Canadian store network to 2,200 locations and grow its Australian footprint to 700 stores by 2034. Additionally, its investment in Dollarcity could drive further growth, with the store count projected to increase from 712 to 1,050 by 2031.

With a resilient business model, steady demand for value offerings, and strong expansion plans, Dollarama appears well-positioned for long-term growth, making the recent pullback an attractive buying opportunity.

Waste Connections

Another Canadian stock trading at appealing valuations is Waste Connections (TSX: WCN), a provider of non-hazardous solid waste collection, transfer, and disposal services. The stock has faced pressure in recent months due to weaker recycled commodity prices, reduced landfill gas renewable energy credits, softer waste volumes, and delays in reopening its Chiquita Canyon landfill. Consequently, shares have fallen around 22.8% from their 52-week high, bringing the valuation down to more reasonable levels, with a forward price-to-earnings multiple of 27.9.

Despite these near-term headwinds, WCN’s long-term growth outlook remains solid. The company continues to expand through a mix of organic initiatives and strategic acquisitions. After commissioning five renewable natural gas (RNG) facilities, it is further growing its renewable energy portfolio, with additional projects expected to come online by the end of this year.

Supported by a strong balance sheet and robust cash flows, WCN plans to maintain an active acquisition strategy. Management has indicated a healthy pipeline of private deals that could collectively contribute around $5 billion in annualized revenue.

In addition, the company is investing in technology to enhance operational efficiency and productivity. Improvements in employee engagement and safety could also lower turnover and strengthen customer retention.

Considering its resilient business model, growth initiatives, and recent share price decline, WCN appears to offer an attractive buying opportunity at current levels.

The post 2 Attractively Priced Canadian Stocks That Look Worth Buying Right Now appeared first on The Motley Fool Canada.

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Fool contributor Rajiv Nanjapla has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Waste Connections. The Motley Fool recommends Dollarama. The Motley Fool has a disclosure policy.

Dividend stocks provide investors with consistent income while helping stabilize their portfolios. Some of these companies also offer solid growth potential, delivering capital appreciation alongside regular payouts. Typically, they are well-established businesses with strong and predictable cash flows, making them reliable long-term holdings. With that in mind, let’s explore three Canadian dividend stocks with meaningful growth potential.

Savaria

Savaria (TSX: SIS) designs, manufactures, and installs accessibility solutions for both residential and commercial markets. With a global manufacturing footprint and an extensive sales network, the company serves customers worldwide. Demand for its products continues to rise, driven by an aging population and the growing adoption of in-home accessibility solutions. At the same time, Savaria is investing in product innovation and pursuing strategic acquisitions to expand its capabilities and market reach.

Earlier this month, management outlined a strong five-year outlook. The company expects revenue to grow at a 12% annualized rate through 2030, reaching $1.6 billion. It also aims to maintain an adjusted EBITDA margin above 20%, with adjusted EBITDA per share projected to grow at an annualized rate of 10.4% to $4.25.

Given these solid growth prospects, Savaria appears well-positioned to sustain its upward momentum, even after delivering a 32% year-to-date return. Additionally, its monthly dividend of $0.0467 per share yields about 1.9%, adding an income component to its growth story.

Northland Power

Another dividend stock with solid growth potential is Northland Power (TSX: NPI), which develops, owns, and operates a diversified portfolio of energy infrastructure assets. The company has an economic interest in approximately 3.2 gigawatts of power-generating capacity. It derives about 95% of its revenue from long-term power purchase agreements (PPAs), providing stability and predictability to its financials.

The global transition toward clean energy continues to create strong long-term growth opportunities for Northland Power. To capitalize on this trend, the company plans to invest $5.8–$6.6 billion over the next five years, targeting a capacity expansion to 7 gigawatts by 2030. Alongside these initiatives, management expects free cash flow per share to range from $1.55 to $1.75, with the midpoint implying annualized growth of around 2.5%.

Given its solid growth outlook and reasonable valuation – trading at a forward price-to-earnings multiple of 15.9 – Northland Power appears well-positioned to extend its momentum after delivering a year-to-date return of over 30%. Additionally, its monthly payout of $0.06 per share yields 3.1%, making it an attractive option for both growth and income investors.

Canadian Natural Resources

My final pick is Canadian Natural Resources (TSX: CNQ), which has gained 34% year-to-date and boasts an impressive track record of dividend growth, increasing its payout for 26 consecutive years at an annualized rate of about 20%. The Calgary-based energy producer operates large, high-quality, and low-risk reserves that require relatively lower reinvestment.

Along with its quality asset base, its efficient operations have translated into strong margins and robust cash flows, enabling consistent dividend increases. Currently, CNQ pays a quarterly dividend of $0.625 per share, yielding about 4% at current prices.

Looking ahead, the company plans to invest $6.9 billion this year to enhance its production capabilities. It could also benefit from elevated oil and natural gas prices amid ongoing geopolitical tensions in the Middle East. Given these favourable conditions and its disciplined growth strategy, CNQ appears well-positioned to continue delivering both dividend growth and capital appreciation.

The post 3 Dividend Stocks That Offer Meaningful Growth Potential as Well appeared first on The Motley Fool Canada.

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Fool contributor Rajiv Nanjapla has no position in any of the stocks mentioned. The Motley Fool recommends Canadian Natural Resources. The Motley Fool has a disclosure policy.