By Sneha Nahata at The Motley Fool Canada
Investing in dividend stocks with attractive yields can help generate passive income for years. When choosing dividend-paying companies, it’s important to focus on businesses with a consistent track record of dividend payments, strong earnings growth across market cycles, and a commitment to enhancing shareholder value. These TSX stocks stand out for their ability to sustain and grow their dividends year after year.
For investors seeking passive income, here are four top dividend stocks yielding more than 3.5% to buy right now.
Top dividend stock #1: Bank of Nova Scotia
Bank of Nova Scotia (TSX:BNS) is a top dividend stock with a solid history of rewarding shareholders. The Canadian banking giant has paid dividends continuously since 1833 and has increased its payout at a 5% annual rate over the past decade. It offers a dividend yield of 3.7% and maintains a conservative payout ratio of 40% to 50%.
Its diversified revenue base, steady loan and deposit growth, expanding fee-based income, and solid underwriting and advisory operations provide stable earnings. Further, Scotiabank’s strong balance sheet, solid credit quality, and focus on operating efficiency position it well to grow earnings and consistently pay dividends.
Top dividend stock #2: Canadian Natural Resources
Canadian Natural Resources (TSX:CNQ) is a top dividend stock for passive income. The oil and gas producer has raised its dividend for 26 consecutive years. Moreover, it has increased its dividend at a compound annual growth rate of 20%. CNQ’s solid payout history reflects its ability to enhance shareholder value across all commodity cycles. It currently offers a yield of 4.4%.
Canadian Natural’s diversified portfolio of high-quality assets and disciplined capital allocation will likely support its payouts. Notably, its long-life, low-decline assets, growing production, and strategic acquisitions will likely drive its distributions in the years ahead. In addition, the company’s commitment to debt reduction and undeveloped land holdings provides a solid foundation for steady growth and will likely support its payouts.
Top dividend stock #3: Brookfield Renewable Partners
Brookfield Renewable Partners (TSX:BEP.UN) is another compelling dividend stock for passive income. The company generates most of its revenue through long-term power purchase agreements, ensuring steady cash flows even during volatile market conditions. Many of these contracts also include inflation-linked pricing, helping protect earnings over time.
Its resilient operating structure and steady cash flow have supported higher dividend payments over the past decade. Moreover, Brookfield Renewable offers a yield of 4.3% and expects to increase its distributions 5–9% annually in the years ahead.
Looking ahead, Brookfield Renewable will benefit from rising electricity demand driven by AI-powered data centres. At the same time, it continues to strengthen growth by reinvesting capital into higher-return projects, expanding its development pipeline, and investing in battery storage, grid modernization, and other clean-energy initiatives. With dependable cash flows, consistent dividend growth, and strong long-term growth prospects, Brookfield Renewable Partners remains a compelling investment for passive income investors.
Top dividend stock #4: Enbridge
Enbridge (TSX:ENB) is a no-brainer for investors seeking passive income. The energy infrastructure company generates stable cash flow through regulated assets and long-term contracts, limiting its exposure to short-term commodity price fluctuations. This dependable business model has enabled Enbridge to pay dividends for more than 70 years, with its annual payout raised every year since 1995.
Enbridge is well-positioned to benefit from rising energy demand and energy transition investments. Its $39 billion secured project backlog provides strong visibility into future revenue and cash flow. Management expects earnings and distributable cash flow (DCF) to grow at a mid-single-digit rate in coming years, supporting continued dividend increases. Currently, Enbridge stock offers a yield of 4.9%.
The post 4 Top Dividend Stocks Yielding More Than 3.5% to Buy for Passive Income Right Now appeared first on The Motley Fool Canada.
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The Motley Fool recommends Bank of Nova Scotia, Brookfield Renewable Partners, Canadian Natural Resources, and Enbridge. The Motley Fool has a disclosure policy.
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