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Enbridge Dividend, TD Dividend, CIBC Dividend and the Best Canadian Dividend Stocks
Martin L.
Posted On January 21, 2023
Dividend stocks can be a great addition to any investment portfolio as they provide a steady stream of income, regardless of the overall performance of the stock market. In Canada, there are many companies that pay dividends and have a history of consistently increasing them (for example the Enbridge dividend stock). These stocks and other best Canadian dividend stocks can be a particularly appealing option for investors looking for a reliable source of income.
This post is about some of the best Canadian dividend stocks to consider for your portfolio, based on factors such as dividend yield, dividend growth, financial health, industry and competitive position, and valuation.
Picking the best Canadian dividend stocks
Picking the best Canadian dividend stocks involves evaluating a variety of factors to ensure that the stock is a good fit for your investment goals and risk tolerance. Some key considerations include:
💰 Dividend Yield: This is the annual dividend payment divided by the stock’s current price. A high yield can indicate that the stock is a good value, but it’s important to consider whether the yield is sustainable and whether the company has a history of increasing dividends.
📈 Dividend Growth: A company that consistently increases its dividends can be a good long-term investment. Look for companies with a history of raising dividends for at least five consecutive years.
🩺 Financial Health: A company’s financial health can indicate its ability to continue paying dividends. Look for companies with strong revenue and earnings growth, as well as a healthy balance sheet.
🎯 Industry and Competitive Position: Invest in companies that operate in industries that have a positive outlook and that have a competitive advantage over their peers.
👌 Valuation: It’s important to consider whether a stock is overvalued or undervalued. Look for companies that have a reasonable price-to-earnings ratio and a price-to-book ratio.
Enbridge Dividend, TD, CIBC and more Canadian dividend stocks
The best Canadian dividend stocks are those that pay a high yield and have a history of consistently increasing their dividends. Canadian dividend investors focus on investing in stocks that provide a consistent stream of dividends. These dividends are payments made by companies to their shareholders, typically on a quarterly basis.
If you are a Dividend Investor then you already know this and you are only after the best Canadian Dividend stocks. 😉
What are the best Canadian dividend stocks? Enbridge Dividend?
There are several popular Canadian dividend stocks that are widely held by investors. According to Stockchase, the best Canadian dividend stocks are:
- Enbridge Inc. (ENB)
- TD Bank (TD)
- CIBC (CM)
- Suncor Energy (SU)
- Bank of Montreal (BMO)
- Telus (T)
- BCE (BCE)
- Bank of Nova Scotia (BNS)
- Royal Bank of Canada (RY)
- Manulife Financial (MFC)
🛢️Enbridge Dividend Stock [2000+ Watching on Stockchase]
Enbridge (ENB-T): Enbridge is a Canadian energy infrastructure company that operates in the oil and gas industry. The company has a strong track record of paying dividends. The Enbridge Dividend is 6.38% (as of Jan 2023).
stockchase.com 🏦 Toronto Dominion Bank [1600+ Watching on Stockchase]
TD (TD-T): TD Bank (TD): TD Bank is one of the largest banks in Canada, and is well-known for its solid dividend payouts. The TD Dividend is 4.31% (as of Jan 2023).
stockchase.com 🏦 CIBC [800+ Watching on Stockchase]
CIBC (CM): Canadian Imperial Bank of Commerce, more commonly known as CIBC, is another large Canadian bank with a strong dividend history. The CIBC Dividend is 5.82% (as of January 2023).
stockchase.com 🛢️ Suncor [1000+ Watching on Stockchase]
Suncor Energy (SU): Suncor is a Canadian oil and gas company that also has a strong track record of paying dividends. The Suncor Dividend is 4.76 (as of Jan 2023).
stockchase.com 🏦 Bank of Montreal [800+ Watching on Stockchase]
Bank of Montreal (BMO-T): BMO is another large Canadian bank with a strong dividend history. The BMO Dividend is 4.36% (as of January 2023).
stockchase.com 📱 Telus [800+ Watching on Stockchase]
Telus (T): Telus is a Canadian telecommunications company that is also a popular choice for dividend investors. Telus Dividend is 4.95% (as of January 2023).
stockchase.com 📱 BCE [1500+ Watching on Stockchase]
BCE (BCE): BCE Inc. (BCE): BCE is a Canadian telecommunications company that offers a variety of services, including television, internet, and mobile phone service. The BCE Dividend is 5.88% (as of January 2023).
stockchase.com 🏦 BNS [1600+ Watching on Stockchase]
Bank of Nova Scotia (BNS): BNS is a Canadian bank that also has a strong track record of paying dividends. The BNS Dividend is 5.88% (as of January 2023).
stockchase.com 🏦 Royal Bank [1100+ Watching on Stockchase]
Royal Bank of Canada (RY): RBC is the largest bank in Canada and is also a popular choice for dividend investors. The RY Dividend is 3.95% (as of January 2023).
stockchase.com 🏦 Manulife Financial [1400+ Watching on Stockchase]
Manulife Financial (MFC): Manulife Financial is a Canadian insurance company that also has a strong track record of paying dividends. The Manulife Dividend is 5.23% (as of January 2023).
stockchase.com It’s worth noting that dividend yields and the companies’ financial stability are not the only factors to consider when investing in dividend stocks. It’s always important to do your own research and consult with a financial advisor before making any investment decisions.
The Dividend Investor’s Dividend Tracker
Wealthica is a Canadian investment tracking platform that allows investors to track their dividend income and portfolio performance. With Wealthica, you can connect all of your investment accounts, including your brokerage accounts, RRSPs, TFSAs, and more, and view all of your investments and holdings in one place.
One of the key features of Wealthica is its ability for the Dividend Investor to track dividends. You can get even a notification when your Enbridge dividend comes in!
Track the Best Canadian Dividend Stocks
The platform also acts as a dividend tracker and automatically calculates the dividends paid on all of your holdings, and provides detailed information such as the dividend amount, ex-dividend date, and payment date. This can be helpful for monitoring your dividend income, budgeting for future income, and identifying potential reinvestment opportunities.
Wealthica provides a range of other features that can be useful for investors more generally such as portfolio tracking, performance and return analysis, and more.
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