Where can you find such reliable dividend stocks?
Canada has many such stocks in the financial, energy infrastructure, oil and gas, and real estate sectors. Within these sectors, you should look for stocks with a rich dividend history, management’s capital allocation policies, and a strategy to manage balance sheet debt. Here are some under-the-radar dividend stocks that are a reliable source of passive income.
easy stock
easy (TSX:GSY) stocks are often known for their growth cycles that revolve around interest rates. The non-prime lender recently came into the spotlight after short seller Jehosphat Research faulted Goeasy’s lenient accounting practices that have deferred credit losses and failed to report delinquencies.
This accusation has reduced the value of goeasy’s loan portfolio. The company’s share price is influenced by the value of its loan portfolio and the dividends from the interest earned on this portfolio.
After the accusation, the stock took a significant hit of 45%. Chief Financial Officer Hal Khouri left Goeasy to join a new company after reporting strong third-quarter earnings. The management change and short seller report have hit the stock price in the short term, but the dividends remain intact.
Granite REIT
Canada has a number of popular retail and residential real estate investment trusts (REITs) known for their yields of over 6%. Among them is Granite REIT (TSX:GRT.UN), with a portfolio of 134 e-commerce and distribution, warehouse and specialty properties.
From 2012 to 2025, it expanded its real estate portfolio from $1.7 billion to $9.1 billion. It has also diversified its tenant base, reducing its dependence on tenants Magna International from 93% rented space to 20%. Over these years, the unit price doubled from $36 to $75. The company even grew its distribution per unit at an average annual growth rate of 4%. The REIT expects to grow net operating income (SPNOI) of the same property by 5.4%-6.2% by upgrading it to meet e-commerce trends. This has helped the REIT grow its distributions annually for the past 15 years.
The real estate sector has a high debt burden due to its capital-intensive nature. Granite REIT has maintained a lower debt level than the industry average. The debt/capital ratio stands at 35%, below the peer group average of 53%. Earnings before interest, taxes, depreciation, and amortization (EBITDA) is five times interest, higher than the industry’s three times. Such attractive leverage ratios highlight REIT’s financial flexibility.
Lower leverage and higher operating income from the same property increase funds from operations (FFO). Granite has reduced its distribution payout ratio from 79% in 2019 to 58% in 2025. The conservative nature of the REIT makes it a reliable source of passive income.
Manulife financial stock
Manulife financial (TSX:MFC) Its share price has doubled in two years as the company saw strong demand for life, health and wealth products in Asia, Europe and North America. The company is expanding through acquisitions and partnerships. It has acquired US-based Comvest Credit Partners and PT Schroder Investment Management Indonesia to expand its presence in these markets. Manulife is also entering the Indian insurance market in partnership with Mahindra & Mahindra.
Apart from the price rally, Manulife is also a good dividend stock. Capital growth has put the spotlight on growing dividends. Manulife paid dividends even during the 2008 financial crisis, when many insurers were hit. However, between 2010 and 2013, dividend growth was halted while it stabilized its finances.
While capital growth is one reason to buy stocks, even at all-time highs, dividend payments will ensure returns come during a recession.
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