When investing for the long term, adding some large-cap dividend payers can give you peace of mind. But more importantly, they give you a growing stream of passive income. That’s why I continue to rely on stocks that not only generate reliable cash flow, but also continue to reward shareholders with attractive dividends quarter after quarter.
In recent decades, two companies have shown what reliable dividend income looks like. Energy has been transporting across North America for decades and continues to invest in meeting future demand. The other helps millions of people prepare for retirement and financial security, and is experiencing strong growth in key markets.
In this article I will talk about these two TSX-listed dividend stocks that you can count on for decades of passive income.
Enbridge (TSX:ENB) is one of the most popular stocks among income investors in Canada, and for good reason. It is one of North America’s largest energy infrastructure companies, with pipelines transporting oil and gas to millions of homes and businesses. And although it has been around for decades, its growth story is far from over.
After rising nearly 16% over the past year, ENB stock is currently trading at $65.12 per share with a market cap of $142 billion. At this market price, it offers a juicy annualized dividend yield of 5.8%, paid out quarterly.
One key factor that has kept Enbridge stable over the years is its consistent cash flow and the scale of its diversified operations. In the second quarter, the energy infrastructure giant posted a 31.2% year-over-year (YoY) increase in its total revenue to $14.9 billion. Similarly, adjusted quarterly earnings rose 12% from a year ago to $0.65 per share. Despite pressure from higher operating costs, EBITDA margin (earnings before interest, taxes, depreciation and amortization) for the quarter remained solid at over 31%.
In the meantime, Enbridge continues to focus on expanding its liquid pipelines and gas transmission networks. At the same time, it also invests in sustainable energy projects, which will allow it to continue to grow in the long term. These are some of the key factors that give Enbridge the potential to continue paying and increasing its dividend in the coming years.
Great-West Lifeco shares
My next large-cap dividend pick is Great West Lifeco (TSX:GWO), a Winnipeg-based financial services company with a focus on insurance, retirement solutions and asset management. It mainly operates under brands such as Canada Life, Empower and Irish Life.
After rising 24% so far in 2025, GWO stock is currently trading at $58.83 per share with a market cap of $54.3 billion. And it offers an attractive annualized dividend yield of 4.2% at this market price.
The recent rally was mainly attributed to solid earnings, which helped the company gain investor confidence. In the second quarter, Great-West Lifeco reported record base profit of $1.15 billion, reflecting an 11% year-over-year increase, driven by strong results in its wealth and group benefits businesses.
With client assets now exceeding $3 trillion and continued growth in retirement and wealth flows, Great-West Lifeco is pursuing further growth in North America and Europe. Given these strong fundamentals, this dividend giant could be an excellent choice, especially for investors looking for reliable long-term income.
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