2 Canadian Dividend Stocks Every Investor Should Consider Owning

There are some standout blue chips that every Canadian should consider owning, at least in part, preferably as part of a TFSA. Undoubtedly, every portfolio needs a core pillar, and these steady names are wide-moat bets that can be leaned on, even when times get a bit uncertain. If it’s not their dividend growth or strong management teams, it’s their lengthy track record of fairly predictable earnings growth.

Of course, not even the bluest blue chips are safe when volatility strikes and a correction hits the broader TSX Index. But when it comes to the following pair, let’s just say I like their chances against the market when things get really nasty.

In short, the following blue chips stand out as names to hold through almost every kind of market “weather.” Whether it’s the brighter days, the rainy days, or even the worst of hailstorms, these blue chips were built to last.

Hydro One

Hydro One (TSX:H) stands out as one of the more underrated names that more income investors should consider buying, even at near all-time highs. When you look at the five-year chart, it’s a fairly smooth ride higher. Over the timespan, shares gained more than 111%. If you zoom out further, it’s almost like a straight line up over the past seven or so years. With a 0.40 beta (which implies less volatility than the market) and a 2.3% dividend yield that adds even more stability, H stock is one of the names you stash away in a TFSA as a backup plan.

With volatility and tech fears picking up for March, perhaps H stock would be a nice addition to any diversified portfolio aiming to rotate back to steady, proven dividend payers. Arguably, H stock is an even steadier ship than much larger utility firms out there. In any case, Hydro One is a simple income stock to stash away for a great night’s sleep, even when geopolitical turmoil pressures markets.

With shares spiking 10% from their January lows, though, today’s $ 58-per-share price of admission is kind of steep.

The name is overbought, and shares aren’t as cheap or as bountiful as they once were. At 26.0 times trailing price-to-earnings (P/E), you’re paying more for the steadier ride and are receiving a bit less (2.3% yield, which is on the low end), but if you want a bond proxy that’s more rewarding than bonds or GICs, that’s the going price. Perhaps buying on every dip is the move for investors put off by the year-to-date run.

National Bank of Canada

National Bank of Canada (TSX:NA) has also been gaining steam this year, now up 10% for 2026. Over the past five years, shares have more than doubled, clocking in a 128% gain. It has been a big bank worth banking on, and while it’s smaller than its peers ($74.4 billion market cap), I see more room for growth.

What’s more, the exceptional management team has developed a track record of execution. The results really do speak for themselves, not just through bullish ascents but also during periods of industry turbulence.

With impressive ROE numbers and ample synergies from its Canadian Western Bank deal, which I thought it snagged at a bargain price, NA stock makes a strong case for why it ought to be the preferred bank stock to stash away for the long term.

Combined with above-average loan growth, especially versus some of its more bloated peers, and I’d be content sticking with the name, even at today’s higher price of admission (18.4 times trailing P/E, which is especially high for a bank). If you prioritize growth over yield (2.6% yield today), perhaps NA stock is the best bank for your buck.

The post 2 Canadian Dividend Stocks Every Investor Should Consider Owning appeared first on The Motley Fool Canada.

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More reading

• A Smart TFSA Portfolio for 2026: 3 Stocks I’d Buy Now
• 5 TSX Dividend Stocks I’d Jump to Buy When the TSX Pulls Back
• 5 TSX Stocks Beginners Can Buy and Hold Forever
• 3 Utility Stocks That Could Actually Beat the TSX This Year
• 3 Dividend Stocks That Are Growth Plays, Too

Fool contributor Joey Frenette has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.