2 Blue-Chip Dividend Stocks Every Canadian Should Own

Canadians seeking reliable passive income could consider blue-chip stocks that consistently pay dividends. These are large-cap companies with well-established businesses, strong fundamentals, and a growing earnings base, which enables them to pay and increase their dividends year after year.

While these dividend stocks are known for their reliability, it’s important to remember that their distributions are never guaranteed. Thus, Canadians should diversify their portfolios across different sectors that can lower risk and help protect income.

Against this background, here are two blue-chip dividend stocks that every Canadian should own.

Blue-chip dividend stock #1: Fortis

Income-focused investors should focus on stocks from Canada’s utility sector. These companies offer essential services, including electricity and gas. This means that demand remains strong regardless of economic conditions. With steady, regulated cash flows forming the backbone of the industry, these businesses tend to deliver consistent earnings and reliable dividend income year after year.

Among the top utility companies, Canadians could consider Fortis (TSX:FTS). Fortis operates a highly defensive business, built mainly on rate-regulated assets. This structure enables it to generate predictable revenue and cash flow, driving its dividend payments. Further, the company’s focus on energy transmission and distribution adds stability.

Thanks to its reliable cash flows, Fortis has uninterruptedly raised its dividend for 52 consecutive years. Moreover, its growing rate base will drive its future payouts. Fortis plans to invest $28.8 billion to grow its regulated assets, boosting its rate base at a compound annual growth rate (CAGR) of 7% through 2030. This will drive its earnings, supporting higher dividend payments. Thanks to its low-risk, growing earnings base, management expects dividend growth to remain in the 4–6% range annually through 2030.

In addition, rising electricity demand, driven by industrial growth and the rise of power-hungry data centres, presents significant growth opportunities for Fortis.

In short, Fortis is a reliable blue-chip dividend stock with solid growth potential.

Blue-chip dividend stock #2: Enbridge

Enbridge (TSX:ENB) is a super dividend stock known for paying higher dividends year after year. In a latest move, the energy transportation company announced a 3% increase in quarterly dividend to $0.97 ($3.88 annually), effective March 1, 2026. This marks an impressive 31 consecutive years of increases.

Enbridge’s dividend payments reflect the resilience of its business model and solid earnings and distributable cash flow (DCF). About 98% of Enbridge’s earnings before interest, taxes, depreciation, and amortization (EBITDA) stems from regulated assets or long-term, take-or-pay contracts. That means cash flows remain stable regardless of fluctuations in oil and gas prices. Meanwhile, its massive network of pipelines and energy infrastructure connects key supply and demand hubs across North America, ensuring steady system utilization and driving strong earnings.

Nearly 80% of its EBITDA is supported by mechanisms such as revenue inflators and regulatory protections, enabling it to generate predictable earnings. Moreover, it targets a payout ratio of 60–70% of DCF, which is sustainable in the long term.

Alongside its traditional operations, Enbridge is expanding into renewables and supporting clean-energy transitions, such as coal-to-gas projects. This positions the company to benefit from rising power demand, including the surge in AI-driven data centres that require more electricity.

Management expects mid-single-digit earnings growth in the years ahead, which will help drive dividends at a similar pace. 

Overall, Enbridge is a compelling blue-chip dividend stock that every Canadian should own.

The post 2 Blue-Chip Dividend Stocks Every Canadian Should Own appeared first on The Motley Fool Canada.

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More reading

• With the Economy So Uncertain, Don’t Put Just Any Stock Into Your TFSA: These 3 Look OK.
• 3 TSX Dividend Stocks That Just Raised Their Payouts
• 5.5% Dividend Yield: I’m Buying This Passive Income Stock In Bulk
• Dividend Investors: Top Canadian Energy Stocks to Buy in December
• Passive Income: How Much Do You Need to Invest to Make $500 Per Month?

Fool contributor Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool recommends Enbridge and Fortis. The Motley Fool has a disclosure policy.