The Top 3 Canadian Dividend Stocks I Think Belong in Every Portfolio

The Canadian stock market has plenty of income opportunities, but not every dividend stock deserves a permanent spot in your portfolio. Some dividend payouts may look attractive on the surface, but lack the stability to hold up over time. That’s why I prefer businesses with reliable cash flows and clear long-term growth plans. In this article, I’ll talk about three fundamentally solid Canadian dividend stocks I believe belong in almost every income portfolio.

Capital Power stock

Let’s start with Capital Power (TSX:CPX) as its predictable cash generation fits well with the idea of long-lasting income. This Edmonton-based power producer mainly focuses on utility-scale generation across Canada and the United States, with operations spanning natural gas generation and energy storage.

CPX stock is currently trading at $59.62 per share with a market cap close to $9.3 billion. At this price, it has an annualized dividend yield of roughly 4.6%, paid quarterly.

In the third quarter, Capital Power generated adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $477 million, up about 19% YoY (year-over-year), backed by strong plant availability and contributions from recently commissioned assets. Similarly, the company’s adjusted funds from operations came in at $369 million, reflecting solid cash flow despite planned outages and maintenance activity.

What strengthens the long-term appeal of this Canadian dividend stock is its consistent focus on execution. Recently, Capital Power extended the Midland Cogeneration Venture contract through 2040 with improved economics, commissioned 170 megawatts of battery storage in Ontario contracted through 2047, and secured a new $600 million revolving credit facility. These efforts lock in its future cash flows, making its dividend even more stable.

Enbridge stock

Speaking of dependable dividend stocks for long-term investors, Enbridge (TSX:ENB) definitely earns its place here. This Calgary-based energy transportation and distribution firm’s business includes liquids pipelines, natural gas transmission, regulated utilities, and renewable power.

ENB stock is trading near $64.99 per share and has a market cap of about $141.8 billion. It offers an annualized dividend yield close to 6% at this market price, paid quarterly.

In the third quarter of 2025, Enbridge’s adjusted EBITDA climbed nearly 2% YoY to $4.3 billion with the help of high utilization across its pipeline systems and contributions from recent acquisitions. Meanwhile, the company’s distributable cash flow totalled $2.6 billion, matching last year’s level and comfortably supporting its dividend payouts.

From a long-term perspective, Enbridge continues to build earnings visibility. In the latest quarter, the company sanctioned roughly $3 billion of new contracted projects and exited with a secured growth backlog of about $35 billion through 2030. Beyond these numbers, ENB’s outstanding track record of raising dividends for 31 consecutive years makes it one of the best Canadian dividend stocks to own forever.

Nutrien stock

To round out this list of top dividend stocks in Canada, Nutrien (TSX:NTR) could be worth considering. As a provider of crop inputs and agricultural services, this Saskatoon-based firm operates across potash, nitrogen, phosphate, and retail networks globally.

After surging by 36% over the last year, NTR stock is trading at $87.13 per share with a market cap of roughly $42.1 billion. And the stock currently offers an annualized dividend yield of about 3.5%.

In the September 2025 quarter, Nutrien’s adjusted earnings jumped nearly 149% YoY to US$0.97 per share. Over the first nine months of the year, its adjusted EBITDA reached US$4.8 billion, supported by record potash sales volumes, higher nitrogen operating rates, and improved retail margins.

In recent years, the company has increased its focus on simplifying its portfolio to strengthen cash flow quality. Overall, with healthy crop demand expected into 2026, I expect Nutrien stock to continue climbing – making it an attractive Canadian dividend stock to buy and hold for the long term.

The post The Top 3 Canadian Dividend Stocks I Think Belong in Every Portfolio appeared first on The Motley Fool Canada.

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More reading

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Fool contributor Jitendra Parashar has positions in Enbridge. The Motley Fool recommends Capital Power, Enbridge, and Nutrien. The Motley Fool has a disclosure policy.