But whether we like it or not, planning ahead for future vulnerabilities and market risks is essential if we want to protect our wealth against a possible, and in my view, increasingly likely, market downturn. With this in mind, here are the three top dividend stocks to buy for reliable dividend income and relative share price stability.
Fortis: a dividend yield of 3.3%
As one of the leading utilities in North America, Fortis Inc. (TSX:FTS) is in a bright spot. The company has benefited from a growing North American population, rate increases and the stability that comes with being a utility. Regulated rates and the essential nature of the activities result in stable and predictable cash flows for Fortis.
In my opinion, Fortis is one of the best dividend stocks in Canada right now. The reasons for this are plenty. First, Fortis’ defensive, regulated activities are ideal if we want to prepare for possible future market weakness. Secondly, Fortis’s track record is one that cries out for creating long-term shareholder value. We don’t need to look further than the company’s dividend history: 52 years of consecutive dividend increases, a 4% dividend increase in 2025, and expected annual dividend growth of 4% to 6% through 2023.
Looking ahead, Fortis plans to use its strong balance sheet to continue investing in its network. These investments will be low risk and easily achievable. They include preventative maintenance and innovative practices to reduce costs. Management expects these efforts to result in annual interest rate base growth of 7% over the next five years.
Enbridge: A return of 5.3%
My next top dividend stock that I would recommend to everyone is Enbridge Inc. (TSX:ENB). Enbridge is an energy infrastructure company with assets such as pipelines and gas storage facilities, as well as utilities.
Like Fortis, Enbridge is also a defensive company. Utility operations are regulated and many of the energy infrastructure assets are highly predictable and low-risk because they are backed by long-term contracts. This has resulted in stable and predictable cash flows and revenues for Enbridge. In fact, Enbridge’s dividend has a track record of 31 consecutive years of dividend growth.
As you can see from Enbridge’s stock price chart above, the stock has done very well over the long term. This stability is a reflection of the company’s predictable and low-risk operations – qualities that make Enbridge stock one of the best Canadian dividend stocks.
Northwest Healthcare Properties: a 6.3% yield
Finally, Northwest Healthcare Properties REIT (TSX:NWH.UN) rounds out this list of my top Canadian dividend stocks. Here too, Northwest Healthcare Properties, like Fortis and Enbridge, operates an essential and defensive business.
The company owns medical properties across a diverse list of facilities and locations. As such, Northwest benefits from an aging population. After a tough few years, Northwest is better positioned today than it has been in a while. In the latest quarter, the company posted a 16% increase in adjusted operating resources. This reduced the dividend payout ratio to 85%, compared to just under 100% in the same period last year.
This result reflects the positive dynamics unfolding for Northwest: long, stable leases, high occupancy rates and protection against inflation.
The bottom line
These three top dividend stocks in Canada all have defensive activities that could provide shareholder protection if the market turns sour. But that’s not all: these stocks have performed well under all market conditions. That’s why I think these are the stocks we can lean on as we move deeper into 2026.
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