Boost Your Passive Income With These 3 High-Yield Dividend Stocks

Passive income refers to income generated with minimal daily involvement. However, it often requires a meaningful upfront investment in time or capital to create long-term sustainable cash flow. It can increase financial stability, act as a hedge against inflation and help accelerate the achievement of long-term financial goals.

In a low interest rate environment, investors can consider high-yield dividend stocks as an effective way to boost their passive income. With that in mind, here are my three top picks.

SmartCentres Real Estate Investment Trust

First on my list SmartCentres Real Estate Investment Trust (TSX:SRU.UN), which owns and operates 197 strategically located properties with a total gross leasable area of ​​35.6 million square feet. About 90% of Canadians live within 10 kilometers of at least one of their properties. The REIT also benefits from a strong tenant base, with approximately 95% of tenants having a regional or national presence and approximately 60% providing essential services. Backed by its prime locations and diversified tenant mix, the Toronto-based REIT maintains healthy occupancy rates. In addition, net operating income from owned properties continues to increase, thanks to solid customer traffic, leasing activities and renewals.

SmartCentres also has a substantial development pipeline of 86.2 million square feet of mixed-use projects, of which approximately 0.8 million square feet are currently under construction. Backed by its resilient retail-focused portfolio and continued expansion initiatives, the REIT appears well-positioned to support and potentially grow its distributions. It currently pays a monthly dividend of $0.1542 per unit, yielding approximately 6.68%.

Enbridge

Another dividend stock that stands out to income-oriented investors is Enbridge (TSX:ENB), supported by its highly contracted business model, stable cash flows, attractive returns and visible growth pipeline. Approximately 98% of the company’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) is generated from long-term take-or-pay contracts and regulated assets, with almost 80% of those contracts indexed to inflation. This structure ensures that Enbridge’s financial performance is relatively resilient to economic cycles and market volatility. Backed by consistent cash flows, the company has paid dividends for more than 70 years and increased its payouts for 31 consecutive years. It currently offers a forward yield of around 5.5%.

Looking ahead, the Calgary-based energy infrastructure giant has identified roughly $50 billion in growth opportunities over the next five years and plans to invest approximately $10 billion annually to advance these projects. Supported by this capital program and steady cash generation, management expects to return $40 to $45 billion to shareholders over the next five years, which will strengthen the sustainability of future dividend payments.

Telus

My final choice is TELUS (TSX:T), which recently reported solid 2025 results, highlighted by net customer additions of over one million. Revenue increased 0.6% to $20.5 billion, supported by strong contributions from the TELUS Health segment, continued growth in mobile, residential internet and security and automation subscribers, expansion of TELUS Digital and higher revenue per customer in key residential services.

Adjusted EBITDA rose 0.3% to $7.35 billion, while free cash flow rose 11% year-over-year to $2.21 billion. The company also strengthened its balance sheet, with its net debt/EBITDA ratio (after adjustments) improving to 3.4 from 3.9 a year earlier.

Looking ahead, the continued digitalization of business processes and the broader adoption of artificial intelligence offer meaningful long-term growth opportunities. TELUS plans to invest approximately $2.3 billion this year to expand and improve its network and digital capabilities. Supported by these initiatives, management expects revenue and adjusted EBITDA to grow 2-4% this year, and the projects will consolidate free cash flow of approximately $2.45 billion, representing an increase of approximately 10% year over year.

Although TELUS has suspended its multi-year dividend growth program to prioritize balance sheet strength, it still offers an attractive dividend yield of around 9%, which could appeal to income-oriented investors.