2 Dividend Stocks I’d Hold in an RRSP and Never Consider Selling

Canadian dividend stocks such as Restaurant Brands (TSX:QSR) and North American Construction (TSX:NOA) could be part of your Registered Retirement Savings Plan portfolio in 2026.

The two companies are well-poised to grow dividends and benefit from a widening earnings base, which should translate into inflation-beating returns over time.

Restaurant Brands owns some of the most recognized fast-food brands on the planet, while North American Construction Group is a picks-and-shovels play on the global mining and infrastructure boom.

Together, they give your RRSP a powerful combination of consumer resilience and industrial growth.

Is this TSX dividend stock a good buy?

Restaurant Brands owns Tim Hortons, Burger King, Popeyes, and Firehouse Subs. Its brand portfolio operates across dozens of countries, generating royalty revenue from franchisees across market cycles.

In 2025, the fast-food giant grew comparable sales by 2.4%, expanded restaurant count by 2.9%, and grew system-wide sales by 5.3%.

Most importantly, organic adjusted operating income grew by 8.3%. It is the third consecutive year of roughly 8% organic adjusted operating income growth.

• Tim Hortons Canada is a standout vertical. It outperformed the broader Canadian quick-service restaurant industry by nearly two full percentage points in the fourth quarter.
• Cold beverage sales grew 8.6% in Q4, reaching a record mix of nearly 27% of total beverage sales.
• International was even stronger, growing comparable sales 6.1% in Q4 and delivering double-digit system-wide sales growth for the full year.

Restaurant Brands announced a roughly 5% increase to its dividend for 2026, targeting $2.60 per share annually. It has raised the dividend payout for 14 consecutive years, significantly enhancing the yield at cost.

With Burger King China now back in the fold under a new joint venture with CPE, royalty revenue from that market is returning to the company’s income statement.

Management projects that Burger King China could roughly double its restaurant footprint to at least 2,500 units by 2030, thereby generating incremental royalty income.

Is this TSX stock undervalued?

North American Construction Group operates across mining sites in Canada and Australia, and is increasingly winning civil infrastructure work across North America.

In 2025, it generated $1.5 billion in combined revenue. For 2026, management is guiding for $1.6 billion in combined revenue, $400 million in adjusted EBITDA (earnings before interest, tax, depreciation, and amortization), and $120 million in free cash flow.

NOA ended 2025 with a contractual backlog of $3.9 billion, with $1.2 billion secured for 2025. Moreover, it is tracking a total bid pipeline of approximately $12.6 billion, including $4.6 billion in active tender processes.

The pipeline spans mining, defence-related work, water infrastructure, and critical minerals projects in both Australia and Canada.

The pending acquisition of Iron Mine Contracting in Australia is a major catalyst. Once closed, it adds approximately 120 heavy assets and roughly $1 billion of contractual backlog.

It also creates what management described as a national tier-one contractor platform in Australia, a continent increasingly viewed as a strategic hub for Western critical mineral supply chains.

Down almost 40% from all-time highs, the TSX dividend stock is projected to increase its free cash flow (FCF) to $192 million in 2030, compared to an outflow of $9.60 million in 2025.

If NOA stock is priced at 10 times forward FCF, it could return roughly 300% within the next three years.

The post 2 Dividend Stocks I’d Hold in an RRSP and Never Consider Selling appeared first on The Motley Fool Canada.

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More reading

• The 3 TSX Stocks I’d Be Most Eager to Buy at This Moment
• 3 TSX Stocks to Own if Volatility Sticks Around
• The Best TSX Stocks Right Now for Income and Growth Combined
• 4 Canadian Stocks Worth Adding to Give Your TFSA a Fresh Direction
• 4 TSX Stocks to Buy if the Economy Slows but Doesn’t Break

Fool contributor Aditya Raghunath has no position in any of the stocks mentioned. The Motley Fool recommends Restaurant Brands International. The Motley Fool has a disclosure policy.