We all have dreams that we keep putting off until retirement. Maybe you’ve imagined spending a few months somewhere warm, taking a long road trip, or finally having the freedom to spend your weekdays however you like. But the last thing anyone wants during retirement is to constantly worry about whether their savings will cover the next month’s bills.

That’s why you may want to consider building a portfolio that could generate income even after your regular paycheques stop. And monthly dividend stocks could help you achieve that because their payments arrive on a schedule that feels familiar. You could use that money toward everyday expenses or, if you’re still working, reinvest it to gradually accumulate more shares.

In this article, I’ll highlight a top Canadian monthly dividend payer and explain why it looks appealing for Canadians hoping to turn their retirement dreams into reality.

Granite REIT stock

If you’re looking to build a steady monthly income stream for retirement, Granite Real Estate Investment Trust (TSX: GRT.UN) could be an attractive stock to buy.

This Canadian real estate investment trust (REIT) mainly focuses on acquiring, owning, and managing industrial and logistics properties across North America and Europe. Its portfolio currently includes about 147 investment properties covering 62.6 million square feet of leasable space. These properties primarily serve businesses involved in warehousing, e-commerce, distribution, and industrial manufacturing.

What makes Granite REIT even more interesting for retirement investors is its diversified property portfolio. Instead of depending on a single property or geographic market, the trust has exposure to different industrial activities across multiple regions, which could support its long-term income potential.

Despite these strengths, Granite REIT hasn’t been able to deliver impressive returns of late. Its units have slipped nearly 7% over the last six months. As a result, the REIT currently trades at $84.30 per unit with a market cap of $5.2 billion. At this market price, it offers an attractive 4.2% annualized dividend yield, with distributions paid every month.

Granite REIT’s recent financial performance

Despite the weakness in its stock, Granite REIT is continuing to deliver strong results, making it look undervalued. In the second quarter, the REIT’s revenue rose 10.6% year-over-year (YoY) to about $165 million. Its net operating income climbed 9.7% YoY, helped by new and renewed leases in Canada and the United States, rent increases, and acquisitions, despite some property sales.

More importantly for retirement investors, the company’s funds from operations (FFO) climbed 11.5% YoY. Meanwhile, its adjusted funds from operations also inched up nearly 3% to $77.3 million. With an adjusted funds from operations payout ratio of 70%, the trust’s monthly distributions were well covered by this measure.

Why its long-term income prospects look promising

Granite REIT’s consistently high occupancy rate adds to its appeal for investors looking to generate regular monthly income. Its in-place occupancy reached 98% in June, up 2.2 percentage points from a year ago. The trust also signed new and renewed leases at average rents 7% above expiring rates during the quarter, while fully leasing a Tennessee business park.

With solid occupancy, growing property income, and monthly distributions, Granite REIT could be an attractive addition to a retirement income portfolio. While its payouts aren’t guaranteed, these strong operating trends make this 4.2% yielder worth considering for the long term.

The post Here’s a 4.2% Monthly Dividend Stock to Help Fund Your Retirement Dreams appeared first on The Motley Fool Canada.

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• The 4.1% Dividend Stock That Could Pay Retirees Cash Every 30 Days
• How Much to Invest in CT REIT for $1,000 a Year in Dividends
• To Collect $150 a Month From Granite REIT, Here’s the Investment You’d Need
• Dividend Income in a TFSA: Why I Love This Tax-Free Setup

Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool recommends Granite Real Estate Investment Trust. The Motley Fool has a disclosure policy.

Are you retiring this year or next year? The thought of retirement is making you apprehensive. Till now, working income had kept household expenses manageable. While you have built a sizeable retirement pool, it is time to take the next step from contribution to withdrawal. This step should be taken carefully, as one wrong decision can make a significant portion of your retirement savings vanish. So before using your personal retirement portfolio, check the Canada Pension Plan (CPP) pay you are eligible for.

How to check your CPP pay before you retire

Your CPP pay depends on your contributions, the age at which you retire, and your pay scale. If you have made contributions to CPP in your lifetime, you can check your estimated CPP pay by logging on to the My Service Canada Account (MSCA) portal. On the dashboard, select “View my benefit estimates,” and you will get an estimate. This can help you determine how to structure your post-retirement portfolio that can give you sufficient passive income for daily expenses.

The MSCA portal also gives you a statement of your CPP contributions made to date under “View my contributions,” as well as the details of the current and last two years’ CPP payouts under “View my payments.”

How to structure your post-retirement portfolio

If you are considering taking the CPP payout at age 65, the average payout is $858.34, and the maximum is $1,507.65, as of June 2026. Before delaying CPP for the extra 42%, consider your health and life expectancy because CPP taken at age 70 will cross CPP taken at age 65 when you turn 81. Unless you are in a high tax bracket, sure of living past 85, or worried about outliving your retirement savings, delaying CPP may not make sense.

One reason to take CPP payout now

Every decision in the post-retirement portfolio depends on a fine balance between tax planning, disciplined withdrawals, and risk management. In this portfolio, the risk of negative returns is high, as no new investments will replace the losses. The luxury of time that you had in your pre-retirement portfolio is absent in your post-retirement portfolio.

So if you faced a loss in your investments, consider cutting your losses and moving to a safer stock with positive returns. Take the example of Telus Corporation (TSX: T). It slashed dividends by 55% this year, as heavy leverage looms on its balance sheet. This pulled down its stock price. Anyone having a significant portion of their post-retirement portfolio in Telus took a big hit. The company is unlikely to grow dividends for another five years as it stabilizes its balance sheet.

If you bought 1,000 shares of Telus at $17.50 per share back in December 2025, your investment value has slipped to $11,990. The expected annual dividend amount from 2027 has also been reduced to $750 from the expected $1,673 in 2026. Had you exited the stock immediately after the dividend cut was announced on July 31, 2026, your capital loss would be $4,110, as the share price was $13.39.

One of Warren Buffett’s quotes reads, “Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.”

What next?

You need to fill the $923 gap the dividend stock created in your annual passive income. The $858 CPP payout per month can help. Telus could be a hold in a pre-retirement portfolio over hopes of recovery in the long term, but it is too risky in the post-retirement portfolio.

Considering its highly leveraged balance sheet, risk of interest rate hike, and artificial intelligence (AI) bubble, you cannot rule out the possibility of a dividend pause. Retirees are better off exiting Telus and investing in a safer dividend stock like CT REIT, which can grow dividends by 3% per year.

The post What Will Your CPP Pay? How to Check Before You Retire appeared first on The Motley Fool Canada.

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• Telus Stock is Down About 40% in a Year: Is its 6% Yield a Buy After Q3 Earnings
• Annual Dividends: BCE Pays $1.75 a Share and Telus pays $0.75. Which Is the Safer Income Stock?
• Telus Dividend Safety: Is the Stock Still Worth Buying for Income?
• TELUS Stock: What $5,000 Invested Today Could Look Like in 5 Years
• Telus Reset its Dividend: Here’s My Buy, Sell, or Hold Take

Fool contributor Puja Tayal has no position in any of the stocks mentioned. The Motley Fool recommends TELUS. The Motley Fool has a disclosure policy.

If you’re confused about choosing between a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA), you may want to reconsider the question itself. Why limit your retirement strategy to one account when both can help you build wealth in different ways?

An RRSP can provide valuable tax deductions during your working years, while a TFSA can give you access to tax-free withdrawals later. Together, they could help you manage your savings more effectively and give you greater flexibility when retirement arrives.

And by investing consistently in established Canadian stocks with opportunities to expand, you can work toward a retirement portfolio that combines dividend income with capital appreciation. You don’t need to choose between growth and income, just as you don’t necessarily need to choose between an RRSP and a TFSA.

Here are two top Canadian dividend stocks that could help strengthen your long-term retirement portfolio.

Power Corporation stock

For Canadians seeking retirement income and growth, Power Corporation of Canada (TSX: POW) looks appealing. This Montréal-based holding firm has interests in insurance, retirement services, and wealth management, offering exposure to several financial businesses through one stock.

POW shares have surged 50% over the past year to $96.80 per share, giving it a market cap of $54.9 billion. Its dividend yield is 2.8%, which could appeal to RRSP investors looking to reinvest dividends for stronger long-term growth.

The stock’s impressive rally is backed by improving business performance. Notably, Power Corporation’s adjusted net profit climbed about 10% year-over-year (YoY) in the second quarter to $974 million. Stronger contributions from Great-West Lifeco and IGM Financial supported this growth.

The company is also pursuing new growth opportunities. For example, Great-West’s Empower recently announced a US$340 million acquisition of Milliman’s retirement plan and benefits administration business, expected to add roughly US$130 billion in client assets upon closing. Meanwhile, Wealthsimple reached 3.6 million clients in June, with assets under administration jumping 84% YoY to $155.6 billion.

With $1.5 billion returned to shareholders through dividends and buybacks in the first half of 2026, Power could be a rewarding long-term holding for Canadians building their retirement savings in an RRSP.

CCL Industries stock

If you’re also looking to build long-term retirement wealth, CCL Industries (TSX: CCL.B) could be another attractive option. This company specializes in labels, packaging, and security solutions, serving customers worldwide.

After gaining 21% over the last year, CCL.B stock currently trades at $96.89 per share with a market cap of $16.2 billion. It also offers a 1.5% annualized dividend yield.

The company’s sales in the June quarter jumped 9.1% YoY, backed by 5% organic growth, acquisitions, and favourable currency movements. Its operating income climbed nearly 9% to $351 million. Stronger results from its CCL and Innovia segments helped offset weaker performance at Checkpoint.

Beyond these encouraging results, CCL continues to expand through acquisitions, including its recent purchase of Sleever.

Given its expanding global operations and improving profitability, CCL could be a great TFSA stock to buy now for long-term capital appreciation alongside modest dividend income.

Foolish takeaway

Ultimately, an RRSP and TFSA don’t have to compete. Using both to hold quality Canadian stocks could help you build a more flexible retirement portfolio with a healthy balance of income and growth. And quality stocks like Power Corporation and CCL Industries could make that combination even more rewarding in the long run.

The post RRSP or TFSA for Retirement? Most Canadians Should Use Both: Here’s How appeared first on The Motley Fool Canada.

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Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool recommends CCL Industries. The Motley Fool has a disclosure policy.

Old Age Security (OAS) is a government pension that every Canadian who has lived in the country for over 40 years after turning 18 is eligible for. Unlike the Canada Pension Plan (CPP) where you contribute, OAS is purely funded by the government and begins at age 65. But the payout has its conditions and eligibility.

What happens when you delay OAS?

For 2026, you can get a $762.50 maximum monthly payment provided your 2025 taxable income is at or below $93,454 and you have lived in Canada for 40 years after turning 18. The Canada Revenue Agency (CRA) gives you an option to delay OAS till 70 and offers a 0.3% hike in payments for every month of delay. In five years, you can get 36% more, which comes to $1,037.

Could delaying OAS make sense?

Time is money. You have the luxury of time when you were young. You could give your investments time in the market to grow. But after you retire, the logic reverses. Time is scarce, and money is more so. Delaying OAS till age 70 might look like leaving money on the table. But there are certain circumstances that make delaying OAS sensible. Let’s look at both sides and understand the trade-off.

Reasons not to delay OAS

If you have lived all your life in Canada and are now going to live off your retirement savings, collecting as many benefits as possible makes sense. A $762.50 monthly payout can help you save up your retirement portfolio for later or to pass it on as an inheritance to loved ones.

If you have built a sizeable Registered Retirement Savings Plan (RRSP) portfolio, taking OAS at age 65 makes sense. Because at age 71, the RRSP will end, and you have to shift the portfolio to a Registered Retirement Income Fund (RRIF), which has mandatory withdrawals as a percentage of the portfolio.

A sizeable portfolio can increase your taxable income at 71, which could lead to OAS clawback. By taking payouts at age 65, you can at least enjoy the maximum eligible OAS payout for six years.

Reasons to delay OAS

Unlike CPP, OAS has eligibility criteria.

The first is income; if you are still working and your 2025 income is between $93,454 and $152,062, delaying OAS makes sense, as the CRA will claw it back. Your payout will be lower than the maximum amount if your income is above $93,454 and $0 if the income is $152,062 or more.

The second is 40-year residence. To qualify for OAS, you should have lived in Canada for

• At least 10 years if you currently live in Canada
• At least 20 years if you currently live outside of Canada

If you meet the above criteria, you can get partial OAS, which is the number of years in Canada divided by 40. If you live for 30 years, you can get 75% (30/40) OAS.

Many Canadians delay OAS to meet the residency years criteria. Because once you start collecting OAS, the additional years you live in Canada does not increase your payout.

What should eligible Canadians do?

If eligibility is not a concern for you, avoid delaying OAS for the 36% spike. The five years of payouts will make up for the 36% increase. The OAS will continue till your last breath and will automatically increase once you turn 75.

How to maximize retirement benefits

RRIF withdrawals are mandatory and added to taxable income. However, Tax-Free Savings Account (TFSA) withdrawals are tax-free and do not disturb your OAS benefits. Consider maxing out your TFSA contributions after 60 to maximize your retirement payments. Canadian Natural Resources (TSX: CNQ) is a safe dividend growth stock that can pump up your TFSA payouts. It has a safe dividend payout ratio of below 50% and a conservative debt profile, which reduces the risk of dividend cuts. Canadian Natural Resources even has a 26-year history of growing dividends at an average annual rate of 20%.

The post Could Delaying OAS Make Sense? The Trade-Offs Explained  appeared first on The Motley Fool Canada.

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• Canadian Natural Resources vs. Suncor: The Dividend Stock to Own Through 2026
• Too Busy to Invest? This Dividend Stock Deserves a Permanent Place In Your TFSA
• The Canadian Stocks I’d Buy With $7,000 Right Now 
• 3 Top Canadian Dividend Stocks for $2,050 in Passive Income Each Year
• How Much to Invest in Canadian Natural Resources for $200 a Quarter in Dividends

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

The Canada Pension Plan (CPP) is the lifeline for Canadians with no significant retirement portfolio. While you do not have a say in how much payout you will get, you can decide when to collect the payout after age 60. Delaying your CPP payout to 70 to permanently add 42% to your payout may not always be beneficial. It depends on your situation.

Is the bigger CPP payout worth the wait?

To answer this question, you will need to look at the cumulative payout and the age at which the bigger payout crosses over.

For ease of calculation, I used the average CPP payout in January 2026: $858.34 per month, or $10,300 per year. In real life, CPP payout increases annually, and your payout may be higher than the average if you maxed out CPP contributions for 40 years.

For instance, Joan starts collecting CPP payout at age 65. She will collect $51,500 by age 70. Jacob waits till his 70^th birthday and begins collecting a higher payout of $14,626.11.

While Joan has a lower payout, she has a five-year lead over Jacob. It will take Jacob 11 years to break even. Jacob’s cumulative CPP payout will surpass Joan’s after their 81^st birthday.

This math shows delaying CPP may not be worth the wait if you do not expect to live past 80. However, there is no one-size-fits-all solution in finance. Each individual has a different financial situation and, in some cases, delaying CPP payout to 70 makes sense.

When does it make financial sense to delay CPP to 70?

Tax can change the equation drastically. If you work past 65 and are in a higher income tax bracket, you might want to delay CPP  payouts until your tax bracket reduces. You may have a higher salary, significant taxable investment income, or, like Batman,  your superpower is – you are rich. The CPP payout is taxable income, and someone with a 30–40% tax rate might be feeding their retirement pool to the CRA by collecting CPP early.

Long life expectancy can also make CPP delay sensible. If you are worried that you may outlive your retirement savings, one strategy is to use your personal retirement investments and then begin the government benefits. A 42% increase in CPP payouts in just five years is a pretty lucrative return.

While the inflated CPP payout may not meet all your retirement income needs, it will provide safety from default. CPP will continue to pay even in an economic crisis.

A stock to overcome the five-year gap

You can reduce the CPP payout gap between age 65 and 70 by investing in dividend growth stocks like Royal Bank of Canada (TSX: RY) through a Tax-Free Savings Account (TFSA). RBC has a 26-year history of growing dividends at an average annual rate of 10%. As one of Canada’s top six banks, and with over 100 years of banking, RBC offers a reliable dividend payout.

If you earned a $100 dividend in 2010 from your RBC stocks, your 2014 dividend payout would be $142. Just go up the five-step ladder to see how much a $100 dividend invested five years ago has grown. A $100 payout in 2022 is $132 in 2026. Unlike CPP payout, this dividend could be tax-free through a TFSA and maintain your Old Age Security payout.    

The post Delaying CPP to 70: Is the Bigger Payout Worth the Wait? appeared first on The Motley Fool Canada.

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Fool contributor Puja Tayal 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.

The internet is going crazy over one number: $1.7 million. This is the amount average Canadians need to retire comfortably, according to BMO’s Annual Retirement Survey. Can one number resemble every Canadian’s retirement target? Not exactly. This $160,000 surge in retirement target from $1.54 million in 2024 to $1.7 million in 2025 stems from the growing inflation Canadians are witnessing.

Why did the retirement target jump from $1.54 million to $1.7 million?

Because the tariff war increased oil prices, inflation in food rose to 4.2% year-over-year, health and personal care to 3%, and household operations to 3.3%. These are the three biggest expenses for a retiree. As per the latest inflation data for September 2026, the 12-month price increase was nominal for these three items. Even though inflation surged 3.1%, it was driven by transportation and recreation.

Inflation plays a major role in determining the retirement target. A quick check to see whether your retirement pool is in line with your expenses is to compare 4% of your pool with your annual expenses.

Now, for the $1.7 million target, the BMO survey did not specify if it was for an individual or family, or whether it included Canada Pension Plan (CPP) and Old Age Security (OAS). Losing sleep over that number is pointless.

The survey shows the retirement target reduced in 2023 and 2024 after surging to $1.74 million in 2022 when inflation peaked at 6.8%.

How to adjust your retirement plan to these target jumps

While the retirement target jump to $1.7 million is temporary for Canadians 20 years away from retirement, it is real for retirees and those nearing retirement. Inflation will force you to withdraw more than the standard 4%. Accelerated withdrawals in early retirement could significantly reduce your retirement pool.

So if you are a retiree, you might want to build a Tax-Free Savings Account (TFSA) passive income for such inflation-induced bumps. TFSA withdrawals are tax-free and do not impact your OAS payout or tax bill. It could be an emergency portfolio separate from your retirement portfolio and be used for personal (medical, house repair) and economic (inflation and crisis) emergencies.

TFSA passive income to the rescue

Retirees can consider investing in CT REIT (TSX: CRT.UN) for inflation-adjusted passive income. CT REIT is among the few that have a 5.6% yield, grow dividends annually by an average of 3%, and offer a dividend reinvestment plan (DRIP) with a 3% bonus on DRIP shares. Its balance sheet is healthy with limited bank debt. Most of the debt is provided by parent Canadian Tire. Its dividend payout ratio is 72.5%, giving it ample flexibility to absorb marginal interest rate hikes.

Consider investing $2,500 annually in a CT REIT DRIP for five years. Assuming a 3% dividend increase and a $1 increase in unit price every year, a five-year DRIP can pay $800 in annual passive income. Here’s how.

A $2,500 investment could buy 144 units at $17.35 and provide $278 in annual dividends. After adding a 3% bonus, you will get DRIP shares worth $286. Here, I used annual compounding, whereas the REIT will do monthly compounding. This means the dividend amount is likely to be higher than $800 after five years. Make the most of your TFSA.

The post Retirement Target Up From $1.54 Million to $1.7 Million: What’s Behind the Jump? appeared first on The Motley Fool Canada.

More reading

• Here Are The 3 Canadian Stocks I’d Tell a New Investor to Buy ASAP
• How Much to Invest in CT REIT for $1,000 a Year in Dividends
• Want $6,000 a Year From Your TFSA? Here’s the Portfolio Size to Aim for
• How I’d Use $500 a Month to Build a Dividend Portfolio Before Retirement
• CT REIT vs. SmartCentres: Which Monthly Payer Fits a TFSA Better?

Fool contributor Puja Tayal 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.

When you’re in your 30s, the biggest advantage you have as a retirement investor is the incredible amount of time you still have to grow your money. Even if your retirement savings are starting from zero, a disciplined investing strategy could help you build handsome wealth over the next 25 to 35 years.

And by investing consistently in fundamentally strong businesses and reinvesting dividends, you could allow compounding to do much of the heavy lifting.

In this article, I’ll talk about a practical retirement savings approach for investors in their 30s and give two TSX stock picks that could fit into a diversified portfolio.

Your 30s are a great time to start investing

While you might wish you had started investing in your 20s, that doesn’t mean you’ve missed your chance to build a comfortable retirement. Even if you begin at 35 and plan to retire at 65, you still have 30 years to grow your savings.

The key is to start investing consistently rather than waiting until you have a large amount saved up. By putting money into quality stocks, reinvesting dividends, and allowing your returns to compound, you could gradually build a sizable retirement fund. And the earlier you start now, the more time your investments will have to grow.

Canadian National Railway stock

One dependable Canadian stock worth considering as you start building your retirement portfolio is Canadian National Railway (TSX: CNR), especially if you’re looking for long-term growth alongside dividend income.

This Montréal-based railway giant transports natural resources, manufactured goods, and other products across North America. Over the last year, CNR stock has climbed 33% to $176.47 per share with a market cap of $107 billion. It also offers a 2.1% annualized dividend yield at the current price.

CN’s revenue jumped 11% year over year (YoY) in the second quarter of 2026, driven largely by higher shipments of grain and energy products. Despite higher operating costs, the railway giant grew its adjusted earnings by 11% to $2.08 per share.

Besides its extensive railway network, CN’s continued infrastructure investments and focus on improving efficiency could support future growth. For investors in their 30s, its combination of capital appreciation potential and consistent dividends makes it an attractive retirement stock to hold for decades.

Fairfax Financial stock

Another Canadian stock that could help you build retirement wealth over the long run is Fairfax Financial (TSX: FFH).

The company mainly focuses on property and casualty insurance, reinsurance, and investment management. While FFH stock has slipped about 6% year to date, it has rewarded long-term investors with impressive 391% gains over the last three years. At the current market price of around $2,470 per share, it offers a 0.8% dividend yield.

Despite its recent share price weakness, Fairfax’s underlying insurance operations continue to deliver strong results. In the second quarter, its underwriting profit rose more than 7% YoY, backed by higher business volumes. Its combined ratio also improved to 93.1% from 93.3% a year ago, reflecting stronger underwriting profitability.

Its diversified insurance operations, extensive investment portfolio, and continued share repurchases could continue to support long-term shareholder value. These strengths make Fairfax an attractive choice for investors in their 30s seeking capital growth over the coming decades.

The Foolish takeaway

Starting retirement savings in your 30s doesn’t mean you need to chase risky investments to catch up. Instead, consistently investing in quality businesses and staying patient could help you make meaningful progress.

Quality TSX stocks like CN and Fairfax offer promising long-term growth potential, making them worth considering as part of a diversified retirement portfolio.

The post Starting Retirement Savings in Your 30s? You’re Not Behind. Here’s the Plan appeared first on The Motley Fool Canada.

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• 2 Canadian Dividend Stocks I’d Buy and Hold for Life

Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Fairfax Financial. The Motley Fool recommends Canadian National Railway. The Motley Fool has a disclosure policy..

If you’re close to retirement and worried that you haven’t saved enough, I believe your 50s can still be some of the most productive years of your investing journey. That’s because you may be earning more than you did earlier in your career, some major household expenses might already be behind you, and you likely have a clearer idea of what retirement will actually cost.

Given these favourable factors, you may turn your 50s into a powerful opportunity to accelerate your retirement savings and build a much stronger financial future. Instead of chasing risky and speculative bets for quick gains, you should ideally try to focus on consistently investing what you can afford and allowing well-established TSX-listed businesses to do some of the work.

Before I highlight two top Canadian stocks you can consider buying for your retirement plan, let’s understand how you can make the most of the years remaining before retirement.

Make your 50s count with a smarter retirement plan

If you’re behind on retirement savings, the key is to make the most of the years you still have before retirement. Besides setting aside more money whenever possible, you can use your Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) to invest in fundamentally strong dividend stocks.

Reinvesting regular dividend payouts could help you buy more shares and benefit from compounding over time. More importantly, focusing on the shares of established Canadian companies with consistent earnings could help you grow your retirement savings without chasing speculative investments.

Now, let me talk about two Canadian dividend stocks that I believe could help you make the most of your remaining wealth-building years.

Sun Life stock

The first Canadian stock worth considering for your retirement catch-up plan could be Sun Life Financial (TSX: SLF). This Toronto-based financial services giant provides insurance, wealth management, health benefits, and asset management solutions across several international markets.

SLF stock has gained 29% over the last year and currently trades at $112.43 per share, giving it a market cap of $62.8 billion. Besides its impressive gains, SLF rewards investors with a 3.4% annualized dividend yield.

What makes Sun Life even more attractive is its diversified business, which continues to back earnings growth. In the June quarter, its underlying net profit rose 11% year-over-year (YoY) with the help of strong performance in Canada, Asia, and its U.S. health business.

The company’s Canadian business posted a 23% YoY increase in underlying earnings in the latest quarter, supported by higher health insurance premiums and favourable insurance experience. Similarly, its Asian operations delivered 18% YoY underlying earnings growth, helped by strong sales in Hong Kong.

Sun Life’s focus on quality acquisitions, growing private credit offerings, and investments in digital capabilities could improve its earnings growth in the years to come, making it a solid stock for investors seeking to accelerate retirement savings.

North West stock

Another dependable Canadian stock that could strengthen your retirement portfolio is North West Company (TSX: NWC). This Winnipeg-based retailer sells food and everyday essentials across northern Canada, Alaska, the Caribbean, and the South Pacific.

After rallying 21% over the last year, NWC stock currently trades at $55.96 per share with a market cap of $2.7 billion. It also offers a 3% annualized dividend yield.

Its revenue rose 5.4% YoY in the second quarter, backed by a 6.7% increase in same-store sales, excluding foreign exchange impacts. More importantly, North West’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) climbed 5.6% YoY. However, higher fuel-related freight costs and operating expenses weighed on profitability.

To tackle these challenges, the company is improving merchandise selection, purchasing efficiency, and productivity through its Next 100 strategy. These efforts could strengthen its margins over time.

With its essential retail business, ongoing efficiency improvements, and growing dividends, North West could be another attractive long-term stock to help build retirement wealth.

The post Retirement Savings in Your 50s: The Catch-Up Plan appeared first on The Motley Fool Canada.

More reading

• Want an Average of $100 a Month From Sun Life? Here’s How Many Shares You’d Need
• Maxed Out Your TFSA? The Next Best Account for Canadian Dividend Tax Savings
• Sun Life Stock Pays 3.3%: How Much to Invest for $100 a Month in Dividends
• Manulife vs. Sun Life: Which Stock Makes More Sense for a Retirement TFSA?
• Rate Hike Risk Is Back: Where I’d Park My TFSA Cash Right Now

Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool recommends North West. The Motley Fool has a disclosure policy.

Having $10,000 ready to invest is a good start. However, you should think through how much to invest in a Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP). What split is good for next door Billy or your boss Joan may not be ideal for you. Each has a different financial profile, tax obligation, and investment goal.

How you could split $10,000 between your TFSA and RRSP

Here’s how you can plan your $10,000 investment.

Firstly, know your contribution room. The CRA is strict about it and may impose a 1% penalty on the surplus if you exceed your contribution room. For a TFSA, the 2026 limit is $7,000, provided you made no TFSA contributions since January 1, 2026. You can check your contribution room for both the TFSA and RRSP by logging on to My CRA Account.

Secondly, look at your expected tax liability for 2026. With only two months left in the year, you can estimate your 2026 tax bill. The RRSP contribution will help you deduct that amount from your taxable income.

Thirdly, if the tax bill is not significant:

• Consider maxing out your TFSA if you want anytime access to your money. The TFSA allows you to withdraw tax-free, and withdrawals are added to next year’s contribution room.
• Consider an RRSP if you are accumulating unused contributions for a future tax liability. RRSP withdrawals are taxable, but it allows you to carry forward unused contributions for future tax deductions.

An ideal scenario for RRSP investment

Let’s understand the RRSP scenario with an example. Joan received a salary hike this year, increasing her 2026 taxable earnings to $70,000. She has no immediate goals and is building a retirement pool. Her federal tax liability will be approximately $10,546. However, if she invests the entire $10,000 in an RRSP, her tax liability will reduce to $8,496. Even provincial tax savings will come. Another way to look at it is the RRSP gives Joan an immediate return of 20% on a $10,000 investment. This would be absent in the TFSA.

Joan can skew her investment more towards the RRSP, maybe 70% or 80% of the $10,000 amount. An ideal RRSP stock is the one with long-term growth potential, like Constellation Software (TSX: CSU). It runs on a compounding model wherein the company keeps acquiring niche, mission-critical, vertical-specific software companies with regular cash flow from maintenance. With the PHP crisis, artificial intelligence (AI) has once again come under scrutiny, giving Constellation a boost.

The recent surge in Constellation’s share price shows that even in the world of AI, there is a market for traditional software. Constellation is trying a new acquisition approach: it is acquiring slightly bigger companies than those with $5–$10 million in annual revenue. This is because cash flow from previous acquisitions is giving it a bigger annual cash pool of $1.7 billion to reinvest and grow capital. Smaller acquisitions were easy to close and had a faster turnaround. Bigger acquisitions are strategic, considering how AI pulled down software companies’ valuations.

While Constellation’s stock price may be volatile in the short term, the long-term growth looks promising as traditional software and AI find their place in the market.

An ideal scenario for a TFSA

If a tax bill is not a worry for you, you can invest more in a TFSA and build a sizeable portfolio. TFSA contributions bring no tax advantages. But once the amount is in the account, any income you earn through dividends, capital gains, or interest is tax-free, except for US dividends.

An ideal TFSA stock is Canadian Natural Resources (TSX: CNQ), as it can give both capital gains and dividend growth. It has been making strategic acquisitions and strengthening the balance sheet to make the most of the energy upcycle. The Middle East energy crisis is escalating with Houthi attacks on Saudi Arabia. Rising oil and gas prices will continue to increase CNQ’s share price. Consider buying the stock at any dip, as the company can grow dividends by 10–20% on average.

The post Got $10,000 to Invest? Here’s How You Could Split It Between Your TFSA and RRSP appeared first on The Motley Fool Canada.

More reading

• Canadian Natural Resources vs. Suncor: The Dividend Stock to Own Through 2026
• Too Busy to Invest? This Dividend Stock Deserves a Permanent Place In Your TFSA
• The Canadian Stocks I’d Buy With $7,000 Right Now 
• 3 Top Canadian Dividend Stocks for $2,050 in Passive Income Each Year
• Where to Invest Your $7,000 TFSA Contribution Before 2026 Is Over

The Motley Fool has positions in and recommends Constellation Software. The Motley Fool recommends Canadian Natural Resources. The Motley Fool has a disclosure policy. Fool contributor Puja Tayal has no position in any of the stocks mentioned.

Starting to save for retirement later than planned could feel overwhelming, especially when you realize how much time has already passed. But taking bigger risks isn’t necessarily the answer. If retirement is closer than you’d like, your priority should be building a roadmap you could follow consistently, with investments offering income and room to grow.

In this article, I’ll outline that roadmap and highlight two Canadian dividend stocks that could help you put it into practice.

A realistic roadmap for late retirement savers

While it’s easy to regret not starting earlier, the good news is that you can still make meaningful progress with a disciplined investing strategy.

Even if you have only 10 or 15 years before retirement, regular contributions and reinvested dividends could help your portfolio grow over time. I would begin by making the most of available Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP) contribution room while focusing on quality businesses with sustainable earnings and dividend growth. As those companies increase their payouts, the additional income could help accelerate your savings journey.

At the same time, you should also take advantage of portfolio diversification to avoid relying too heavily on any single stock or sector for your retirement savings. Spreading your investments across different industries can help reduce the impact of company-specific setbacks while keeping you exposed to long-term growth opportunities.

This way, you may not be able to recover every missed year, but you could still build a meaningful retirement portfolio by making the most of the years ahead.

And here are two dividend stocks that could help you put this retirement savings strategy into practice.

Manulife stock

For late starters trying to make the most of the years they still have, Manulife Financial (TSX: MFC) offers a useful mix of dividend income and long-term growth potential.

This Toronto-based firm provides insurance, retirement solutions, and wealth management services across Canada, Asia, and the United States. Its shares gained 38% over the last year to trade at $61.99 apiece. At that price, Manulife has a $102.7 billion market cap and a 3.1% annualized dividend yield.

The company’s core earnings in the second quarter climbed 12% year-over-year (YoY) at constant exchange rates to $1.9 billion, backed by growth in Asia and wealth management and a lower expected credit loss provision. Asia was a key driver, with core earnings growing 21% YoY. Its global wealth and asset management division also posted 9% higher core earnings, helped by fee income and contributions from Comvest.

Notably, Manulife also returned $2.6 billion to shareholders through dividends and buybacks in the first half of 2026. Meanwhile, the company is expanding investment offerings and using artificial intelligence (AI) to improve efficiency.

For late retirement savers, that blend of diversified earnings, growth opportunities, and shareholder returns makes Manulife stock worth considering.

Fortis stock

If Manulife brings growth and diversification to this roadmap, Fortis (TSX: FTS) could add some stability to your portfolio through regulated utilities and a long-term dividend-growth plan.

Based in St. John’s, Fortis mainly provides electricity and natural gas services across Canada, the United States, and the Caribbean. Its stock has jumped 12% over the last year to trade at $81.13 per share. At that price, it has a $41.7 billion market cap and a 3.2% annualized dividend yield.

In the June quarter, Fortis reported net earnings of $396 million, up about 3% YoY, while its earnings per share improved to $0.78 from $0.76. Growth in its regulated asset base and higher retail electricity sales backed that earnings growth, although financing and operating costs limited gains.

In the first half of the year, the company invested $2.7 billion and remains on track with its $5.6 billion annual capital plan. Its $28.8 billion five-year investment program is expected to grow its regulated asset base by around 7% annually through 2030. More importantly, Fortis expects this growth to support annual dividend increases of 4% to 6% through 2030.

For late retirement savers, Fortis offers an attractive combination of current income and potential dividend growth. Along with Manulife and other investments, it could help build wealth without depending on risky shortcuts.

The post Retirement Savings Plan for Late Starters: A Realistic Roadmap appeared first on The Motley Fool Canada.

More reading

• Too Busy to Invest? This Dividend Stock Deserves a Permanent Place In Your TFSA
• A Recession-Resistant Dividend Stock for Lifelong TFSA Income
• Got $1,000? The 3 Best Canadian Stocks to Buy Right Now
• 1 Ideal Canadian Stock for Both Growth and Dividends
• Starting With $10,000 at 40: How I’d Build Future Retirement Income

Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool recommends Fortis. The Motley Fool has a disclosure policy.