5 Canadian Dividend Stocks That Could Grow Your Paycheque Over Time

Dividend stocks can grow your “paycheque” when the payout per share rises, and when reinvesting those payouts increases your share count. For durable growth, prioritize coverage and balance sheets that leave room for regular raises on the TSX. Today, we’re going to narrow that down to five stocks that investors should consider first and foremost.

BNS

Bank of Nova Scotia (TSX:BNS) is a Big Six bank, so its dividend is powered by lending, deposits, and fee-based services tied to everyday economic activity. In the fiscal first quarter (Q1) of 2026, total revenue was $9.65 billion, adjusted net income was $2.7 billion, and adjusted diluted earnings per share (EPS) were $2.05, up from $1.76 a year earlier.  BNS stock holds a market cap of about $124.3 billion and an annual dividend yield of 4.4%. If credit costs stabilize and expense control holds, earnings growth can support continued dividend growth. However, the main risk is a sharper credit downturn for investors to watch.

CM

Canadian Imperial Bank of Commerce (TSX:CM) is a Canadian and U.S. lender where dividend growth tends to follow loan growth and fee income. In Q1 2026, revenue was $8.4 billion, adjusted net income was $2.69 billion, adjusted diluted EPS was $2.76, and the common equity tier-one ratio was 13.4%. The board declared a $1.07 quarterly common dividend, and CM showed a market cap of around $126.7 billion with an annual dividend yield of 3.1%, trading at 16 times earnings. A softer-rate environment can help loan demand and credit stress for CM, but dividend growth would likely slow if provisions rise meaningfully.

BEP

Brookfield Renewable Partners L.P. (TSX:BEP.UN) owns and develops renewable power assets. For income investors, funds from operations (FFO) matter more than International Financial Reporting Standards net income. In 2025 results, it generated FFO of $1.334 billion, or $2.01 per unit, up 10% per unit year over year; Q4 FFO was $0.51 per unit. The dividend stock also announced a 5% distribution increase and declared a quarterly distribution of US$0.392 per unit, while highlighting demand drivers such as a hydro framework agreement with Google for up to 3,000 megawatts of hydro capacity. BEP.UN trades with a distribution yield of around 5.2%. For this dividend stock, distribution growth can continue if development and capital recycling keep lifting FFO, though refinancing costs are a key sensitivity.

CHP

Choice Properties Real Estate Investment Trust (TSX:CHP.UN) is Canada’s largest real estate investment trust (REIT), built around grocery-anchored retail plus industrial and logistics. These are cash flows tied to necessities and supply chains. In 2025, it reported FFO per unit diluted of $1.069, up 3.6%, and occupancy improved to 98.2%. The dividend stock guided to 2026 FFO per unit of about $1.08 to $1.10 and announced a distribution increase to $0.78 per unit annually from $0.77.  The dividend stock trades at a market cap of about $11.4 billion with an annual distribution yield of 4.86%. Necessity tenants and industrial demand support steady net operating income (NOI), while rates and development execution are the main swing factors for cash-flow growth.

CRR

Crombie Real Estate Investment Trust (TSX:CRR.UN) is an “essential retail” REIT with grocery-led properties and monthly income. In year-end 2025 reporting, it delivered Q4 FFO of $0.33 per unit and adjusted FFO (AFFO) of $0.29. Meanwhile, for full-year 2025, FFO per unit was $1.30 and AFFO per unit was $1.15, alongside record committed occupancy of 97.7%. It then announced a higher monthly distribution of $0.075 per unit for February 2026.  While CRR.UN holds a market cap of about $3.04 billion, and it also boasts an annual distribution yield of 5.5%. Investors will need to watch AFFO growth that supports the payout, while debt refinancing costs remain the core risk.

Bottom line

These dividend names are tied to the real economy, making them ideal dividend stocks. And a $7,000 investment in each can bring in immense income.

COMPANYRECENT PRICENUMBER OF SHARESANNUAL DIVIDENDANNUAL TOTAL PAYOUTFREQUENCYTOTAL INVESTMENTBNS$100.4769$4.40$303.60Quarterly$6,932.43CM$137.3550$4.28$214.00Quarterly$6,867.50BEP.UN$41.44168$2.14$359.52Quarterly$6,961.92CHP.UN$15.83442$0.77$340.34Monthly$6,998.86CRR.UN$16.26430$0.90$387.00Monthly$6,991.80

If cash flow per share continues to improve, dividend increases and reinvestment can turn today’s income into a meaningfully larger “paycheque” over time.

The post 5 Canadian Dividend Stocks That Could Grow Your Paycheque Over Time appeared first on The Motley Fool Canada.

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More reading

• 5 Canadian Stocks I’d Buy if I Wanted Instant Income
• How to Build a Retirement Income of $2,000 Per Month
• Canadian Renewable Energy Stocks: Hype or Historic Opportunity?
• How Much a Typical 45-Year-Old Has in TFSA and RRSP Accounts
• 3 of the Best Canadian Stocks for a Buy and Hold in a TFSA

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Alphabet, Bank Of Nova Scotia, and Brookfield Renewable Partners. The Motley Fool has a disclosure policy.