Enbridge
Enbridge (TSX:ENB) stands out as one of the best Canadian dividend stocks to include in your portfolio, thanks to its regulated and contracted operations, consistent dividend growth, and attractive yield. The company generates over 98% of its adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) from regulated assets or take-or-pay contracts, with approximately 80% of its adjusted EBITDA indexed to inflation.
This stable business model provides Enbridge with strong and predictable cash flows, allowing the company to pay dividends for 70 consecutive years. The company has also increased its dividend at an impressive compound annual growth rate of 9% since 1995 and currently offers a healthy yield of 5.61%.
In addition, Enbridge continues to expand its asset base through annual capital investments of $9 billion to $10 billion. These investments could fuel financial growth in the coming years, with management aiming to return approximately $40 billion to $45 billion to shareholders over the next five years. Given its reliable cash flows, strong dividend history and solid growth prospects, Enbridge appears to be an excellent long-term investment choice.
Canadian natural resources
Next on my list is Canadian natural resources (TSX:CNQ), which has increased its dividend by an impressive 21% annually over the past 25 years. The Calgary-based energy giant has a diversified and well-balanced portfolio of large, high-quality, low-risk reserves. Its efficient operations and relatively low capital reinvestment requirements have lowered its breakeven point, allowing the company to generate strong cash flows and maintain robust dividend growth. Currently, CNQ offers an attractive forward dividend yield of 5.24%.
Additionally, the company continues to expand its manufacturing capacity through both organic growth initiatives and strategic acquisitions. Management plans to invest approximately $6.68 billion this year and $6.43 billion next year to strengthen production capabilities. As a result of these investments, CNQ expects average daily production in 2026 to be between 1,590,000 and 1,650,000 barrels of oil equivalent per day (MBOE/d), with the midpoint representing an increase of 18.9% over 2024 levels. These expansion initiatives, supported by prudent capital allocation, position CNQ for sustainable dividend growth and long-term value creation.
Fortis
Fortis (TSX:FTS) operates a highly regulated natural gas and electric utility, with 93% of its assets focused on low-risk transmission and distribution activities. This structure ensures that financial performance is relatively resilient to economic cycles and market volatility, allowing the company to support steady dividend growth. Fortis has increased its dividend for 52 years in a row, while the future dividend yield currently stands at 3.56%.
The company is also expanding its interest base through capital expenditures of $5.6 billion in 2025. Looking ahead, it plans to invest an additional $28.8 billion between 2026 and 2030, with a target of annualized interest rate growth of 7% to $57.9 billion in 2030. Supported by these long-term expansion initiatives, management expects to grow its dividend by 4% annually through 2030. to continue to increase by 6%, which will make Fortis a strong and reliable company. choice for income-oriented investors.
Bank of Nova Scotia
Bank of Nova Scotia (TSX:BNS) offers a wide range of financial services in more than 50 countries. Its diversified income base supports strong cash flows, allowing the bank to pay dividends consistently since 1833. Over the past decade it has increased its dividend by an impressive 4.9% annualized rate and currently offers a solid forward yield of 4.67%.
In addition, BNS is working to expand its operations in the low-risk North American market while scaling back its less profitable or risky operations in Latin America. By focusing resources on higher-return opportunities, these initiatives are intended to streamline operations and improve profitability. Additionally, the Bank of Canada’s recent 25 basis point rate cut could boost credit demand, which would benefit BNS. Given the healthy growth prospects, I expect that BNS will continue to reward its shareholders with healthy returns.
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