2 Dividend Stocks to Hold for the Next 5 Years

Amid rising commodity and precious metal prices, Canadian equity markets have maintained their upward trajectory, with the S&P/TSX Composite Index reaching a fresh record high yesterday. The benchmark index has climbed 8.9% year to date. However, the ongoing Israel-Iran conflict and its potential impact on oil and natural gas prices remain key concerns for investors.

Given this uncertain backdrop, strengthening portfolios with high-quality dividend stocks could be prudent. Companies with consistent payout records tend to be more resilient during periods of economic volatility, offering investors a measure of stability and dependable income.

With that in mind, here are my two top dividend picks to consider today.

Enbridge

Enbridge (TSX: ENB) is a diversified energy infrastructure company with operations spanning crude oil and natural gas transmission across North America, renewable power generation, and gas utilities. Notably, about 98% of its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is derived from long-term take-or-pay contracts and regulated assets, which help insulate its financial performance from commodity price swings and broader market volatility.

Supported by this resilient business model, Enbridge has met or exceeded its financial guidance for 20 consecutive years, underscoring the strength and consistency of its operations. Its stable, predictable cash flows have enabled the company to pay dividends for more than 7 decades. Impressively, ENB stock has increased its dividend for 31 straight years and currently offers a forward yield of 5.3%.

Growth remains another key pillar of the investment case. Last year alone, Enbridge placed $5 billion worth of projects into service and sanctioned an additional $14 billion in projects across its business segments. The company has also identified $50 billion in growth opportunities over the next five years and plans to invest approximately $10 billion annually to advance these initiatives.

Amid this robust project pipeline, management expects adjusted EBITDA, adjusted EPS, and discounted cash flow per share to grow at a mid-single-digit rate in the coming years. Considering its solid growth outlook, dependable cash flows, and strong liquidity position of $10.8 billion at the end of last year, Enbridge appears well-positioned to sustain dividend growth, making it a compelling long-term investment.

Bank of Nova Scotia

Another dividend stock that appears well-suited for a five-year investment horizon is the Bank of Nova Scotia (TSX: BNS). The bank has paid dividends uninterruptedly since 1833 and currently offers a forward yield of 4.3%, making it an attractive choice for income-focused investors.

Last month, the company reported strong first-quarter results for fiscal 2026. Its reported net income of $2.3 billion. Excluding one-time items, adjusted net income rose to $2.7 billion, while adjusted earnings per share (EPS) increased 16.5% year over year to $2.05. Growth across all four of its core business segments supported this solid performance.

The bank also strengthened its balance sheet during the quarter, with its common equity tier 1 (CET1) ratio improving by 10 basis points to 13.3%. Higher retained earnings and the divestiture of its operations in Colombia, Costa Rica, and Panama contributed to the improvement of its CET1 ratio. Additionally, allowances for credit losses declined by $469 million following these divestments, further enhancing its financial position.

Combined with improving operating performance, the bank’s ongoing strategic repositioning – shifting capital toward its core North American operations while reducing exposure to less profitable, higher-risk Latin American markets – should support more stable, sustainable earnings growth in the years ahead. Given its solid fundamentals, strengthening capital base, and dependable dividend track record, the Bank of Nova Scotia stands out as a compelling long-term investment for income-oriented investors.

The post 2 Dividend Stocks to Hold for the Next 5 Years appeared first on The Motley Fool Canada.

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More reading

• Dividend Investors: Top Canadian Energy Stocks for March
• 3 Canadian Dividend Stocks Perfectly Suited for Retirees
• 3 Monster Stocks to Hold for the Next 3 Years
• The Top 3 Dividend Stocks I’d Tell Anyone to Buy
• Don’t Get Cute: Just Buy These 3 Canadian Stocks and Never Sell

Fool contributor Rajiv Nanjapla has no position in any of the stocks mentioned. The Motley Fool recommends Bank of Nova Scotia and Enbridge. The Motley Fool has a disclosure policy.