2 Dividend Stocks I’d Never Part With Inside an RRSP

The Registered Retirement Savings Plan (RRSP) is a great place to hold stocks you don’t intend parting with for a very long time. The RRSP is a great tax deferral plan. You get a sweet tax rebate when you contribute to the plan, and you are only taxed when you withdraw from the plan.

The RRSP is a long-term retirement account

The whole point is to accumulate wealth until retirement. When you retire, you won’t be earning as much income so your withdrawal will be taxed at a significantly lower rate than in your top earning years.

When I think of an RRSP, I try and think very long term. You can’t claim a tax loss in your RRSP. You want to hold a mix of stocks that are growing but with only moderate risk level.

If you are inclined towards earning income in your RRSP, here are two dividend stocks that are growing, but have defensive qualities.

AltaGas: Safety and a rising dividend

AltaGas (TSX:ALA) is an optimal RRSP stock for the long term. Its business is energy infrastructure. Over half its income comes from its regulated natural gas utility in the northern U.S. This provides a very stable base income stream. The utility has substantial opportunities for modernization and expansion, so it should enjoy above average rate base growth in the coming years.

The other half of AltaGas’ revenues comes from its Western Canadian midstream business. While this business is more cyclical, it can be extremely profitable, especially in the right markets. Today’s market appears to be one of those.

AltaGas operates a major liquified propane export terminal in British Columbia. Recent global energy disruptions push demand higher for AltaGas’s supply. This year, it announced a new meaningful opportunity in the Chinese market.

Today, it supplies 6% of China’s gas imports, 14% of South Korea’s, and 11% of Japan’s. This business should only grow as it brings the Ridley Island Energy Export Facility (REEF) into operation in 2027.  

AltaGas is targeting 3–8% adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) growth in 2026. If the current demand and pricing environment continues, it is more likely to hit the higher end of that range. AltaGas stock yields 2.8% and has a target to keep growing its annual dividend by a 5% to 7% rate.

Exchange Income: A quality RRSP stock for income and growth

Another great long-term stock for your RRSP is Exchange Income Corporation (TSX:EIF). Exchange is a mix of aviation, aerospace, and industrial businesses. Investors get a diverse mix of attractive investment themes with this stock.

Firstly, Exchange is a major passenger and freight carrier to Canada’s north. It just added Canadian North to its portfolio. This vastly expands its leadership position. Canada is increasingly focused on developing northern assets (critical minerals) and Arctic sovereignty. This theme should push up demand for its services.

Secondly, its construction and access solutions businesses should benefit from large-scale nation-building projects. These are just getting commissioned now, so this should trickle down into revenue in the years to come.

Thirdly, it has a defence/aerospace business that is benefiting from rising surveillance and monitoring demand.

2025 was a double-digit growth year. Exchange believes 2026 should provide double-digit growth as well. Exchange stock yields 2.7% today. It has raised its dividend 19 out of the past 21 years. For a mix of growth and income, Exchange looks like an attractive addition for any RRSP today.

The post 2 Dividend Stocks I’d Never Part With Inside an RRSP appeared first on The Motley Fool Canada.

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More reading

• Interest Rates Are on Hold, and That May Not Last. These 2 TSX Dividend Stocks Are Worth Owning Either Way.
• 5 Dividend Stocks That Belong in Almost Every Portfolio
• 3 Canadian Stocks Perfectly Positioned for the Infrastructure Boom
• 5 Canadian Stocks to Buy and Hold for the Next 5 Years
• How to Structure a TFSA With $14,000 for Lifelong Monthly Income

Fool contributor Robin Brown 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.