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Written by Sneha Nahata at The Motley Fool Canada
Investors seeking reliable income could consider top-tier Canadian stocks that have consistently increased dividends. The TSX stocks that consistently raise their dividends tend to be large-cap companies with durable business models and earnings that hold up across market cycles. This combination of scale, resilience, and financial discipline allows them to maintain and grow their dividends even when broader conditions become uncertain.
In this article, we’ll look at three top-tier Canadian stocks that recently bumped up their dividends. These dividend stocks are well-positioned to sustain their payouts over the long run, making them top investments for investors seeking worry-free income.
Canadian National Railway (TSX:CNR) is one of the top dividend stocks to consider now. On January 30, the company bumped its quarterly dividend by 3%, extending an impressive streak of dividend growth to 30 consecutive years. The consistent dividend growth reflects the resilience of its business, its ability to grow earnings, and its focus on rewarding shareholders.
With a vast rail network, Canadian National Railway plays an essential role in North America’s supply chain. It transports a wide range of critical goods, from natural resources to consumer products, making its services indispensable to economic activity. This extensive footprint creates a durable competitive advantage and helps to stabilize revenue across different economic cycles.
The company’s earnings are supported by diversification across multiple freight categories. By serving a broad mix of industries, Canadian National reduces its dependence on any single sector. This strategy helps smooth cash flows and supports reliable dividend payments.
Canadian National continues to focus on operational efficiency, disciplined cost control, and profitable growth, which will drive its dividend. As freight volumes gradually recover and productivity initiatives deliver results, the company is well-positioned to sustain and grow its dividend.
Enbridge (TSX:ENB) is a top-tier Canadian stock that recently bumped up its dividend. In early December, the energy infrastructure giant announced a 3% increase in its quarterly dividend, raising it to $0.97 per share, or $3.88 annually, starting March 1, 2026. This extended Enbridge’s dividend growth history to 31 consecutive years. Moreover, it has paid dividends for more than seven decades. At current levels, the stock offers an appealing yield of roughly 5.7%.
La historia continúa
Enbridge’s management has also reaffirmed its medium-term growth outlook, targeting steady expansion in EBITDA, earnings, and distributable cash flow (DCF) through 2026, with a mid-single-digit increase expected thereafter.
Its diversified revenue sources, regulated asset base, and long-term contracts position it well to generate strong cash flows to support its payouts. Further, with roughly 80% of EBITDA protected against inflation, strong energy demand, and a sustainable payout ratio, Enbridge appears well-positioned to continue rewarding shareholders with higher dividend payments over time.
Royal Bank of Canada (TSX:RY) is another top-tier stock that has recently extended its dividend-growth streak. Canada’s largest bank announced a 3% hike in its quarterly dividend to $1.64 per share on December 3.
The financial services giant is a consistent dividend grower. It has increased its dividend by about 7% annually over the past decade. Royal Bank benefits from an expanding loan book, a stable deposit base, and ongoing efficiency initiatives that support profitability. Its highly diversified revenue streams reduce reliance on any single segment, while disciplined cost control and strong asset quality help smooth results across economic cycles.
Further, with a strong balance sheet, conservative risk management, and a sustainable payout ratio of 40% to 50%, Royal Bank remains a dependable choice for passive income.
The post 3 Top-Tier Canadian Stocks That Just Bumped Up Dividends (Again!) appeared first on The Motley Fool Canada.
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Fool contributor Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool recommends Canadian National Railway and Enbridge. The Motley Fool has a disclosure policy.
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