WCN
Waste connections (TSX:WCN) has quietly become one of the most reliable dividend stocks in Canada, albeit perhaps with a low yield. The dividend stock operates in Canada and the United States and collects, processes and recycles non-hazardous waste for municipalities, industrial customers and businesses. This focus allows the company to maintain higher margins and avoid costly bidding wars. The dividend stock’s recurring revenue contracts and high customer retention rate of over 90% provide a cash flow that is both stable and growing.
WCN’s dividend track record makes it a high point for 2025. The payout has grown about 10% per year over the past five years, while maintaining the payout ratio, currently around 52%. The current yield of 0.85% may not seem high, but it is backed by a company that consistently increases earnings and dividends.
In 2025, WCN’s combination of recession-proof demand, strong pricing power and disciplined execution makes it a rare gem. It’s a dividend stock that is quietly building up, rewarding shareholders not only with dividends, but also with steady capital growth. For Canadians looking for a reliable dividend stock for the long term well into the future, WCN is as solid as it gets.
FTS
Fortis (TSX:FTS) has long been considered one of the most reliable dividend stocks in Canada, and for good reason. Fortis operates in one of the most stable sectors imaginable: regulated utilities, supplying electricity and natural gas to more than 3.5 million customers in Canada, the US and the Caribbean. Income is virtually guaranteed because rates and returns are determined by regulators and not by market forces. This predictability is the reason that Fortis has been able to pay out and increase its dividend for fifty years in a row.
What makes Fortis particularly powerful for 2025 is its visibility into future growth. The dividend stock has a multi-year capital investment plan worth approximately $25 billion, aimed at expanding and modernizing the energy network, integrating renewable energy and strengthening reliability. As the interest base grows, so do profits and, in turn, dividends. This built-in growth cycle gives Fortis a clear roadmap for annual dividend increases of approximately 5% until at least 2029.
The payout ratio at the time of writing is around 73% with a dividend yield of 3.6%, leaving plenty of room for reinvestment while still rewarding shareholders. The dividend stock has a long history of prudent debt management, keeping financing costs under control even in a higher interest rate environment.
T
Telus (TSX:T) combines the reliability of a defensive telecom company with the growth potential of investments in advanced technology. As one of Canada’s “Big Three” telecommunications companies, Telus provides essential services such as wireless connectivity, internet and digital communications to millions of Canadians. Whatever happens in the wider economy, people and businesses still need data, phones and broadband.
What sets Telus apart from its peers is its growth beyond traditional telecom. Telus aggressively diversified into technology-driven sectors such as healthcare, agriculture and artificial intelligence (AI). Telus Health and Telus International subsidiaries provide scalable, high-margin businesses that position Telus for sustainable earnings and dividend growth long after the telecom market matures.
With a yield of roughly 8% at the time of writing, it more than pays off for investors, with the payout continuing to grow every year. The dividend stock has maintained a consistent dividend growth policy, targeting increases of around 9% per year, supported by stable earnings and cash flow from its core wireless and internet businesses.
In short
These dividend stocks generate steady cash flow from essential services, allowing them to pay and grow dividends year after year. In fact, this is what the $7,000 invested in each would earn on the TSX today.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL PAYOUT | FREQUENCY | TOTAL INVESTMENT |
|---|---|---|---|---|---|---|
| WCN | $231.48 | 30 | $1.97 | $59.10 | Quarterly | $6,944.40 |
| FTS | $71.67 | 97 | $2.56 | $248.32 | Quarterly | $6,950.00 |
| T | $20.76 | 337 | $1.67 | $562.79 | Quarterly | $6,992.00 |
Each of these dividend stocks rewards patience with reliable income and inflation-boosting dividend increases. All while offering the potential for share price appreciation over time, making them great options on the TSX today.
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