These Dividend Stocks Are Built to Keep Paying and Paying

The TSX has several high-quality stocks, but a select group just keeps paying and paying dividends. These companies have been rewarding shareholders with consistent dividend payments for decades. Moreover, these Canadian companies have durable operations, strong cash flows, and management teams that prioritize returning capital to investors.

That said, even the most reliable dividend stock doesn’t guarantee a dividend payment. Economic downturns, industry disruptions, or unexpected shifts in a company’s fundamentals can all put pressure on payouts. That is why a well-constructed dividend portfolio should not rely on any single stock. Instead, investors should diversify across companies with resilient business models, solid earnings power, and payout ratios that leave room for reinvestment and long-term stability.

In this context, here are the top TSX stocks with a strong likelihood of maintaining their dividend payments for decades to come.

Dividend stock #1: Toronto-Dominion Bank

Canada’s top bank stocks are some of the most reliable dividend payers in the market. Many of the country’s largest financial institutions have been distributing dividends for well over a century, making them attractive investments for passive income.

Toronto-Dominion Bank (TSX:TD) is one such dependable stock in the banking space that just keeps distributing dividends decade after decade. The bank has paid dividends for 169 consecutive years, reflecting the durability of its business model across economic cycles. Moreover, TD has raised its dividend at a CAGR of 8% since 2016.

The financial services giant’s dividend payouts are supported by its diversified revenue base and growing earnings. Its ability to expand its loans and deposits, a strong balance sheet, and operating efficiency continue to support profitability. Moreover, strategic acquisitions broaden the bank’s market presence and contribute incremental earnings over time.

With management targeting a payout ratio in the 40% to 50% range, TD’s payouts appear sustainable in the long term.

Dividend stock #2: Fortis

Fortis (TSX:FTS) is one of the top dividend stocks that has been paying dividends year after year.  The utility company focuses on power transmission and distribution, and generates stable revenues from essential services. Moreover, its rate-regulated operating structure and predictable cash flows largely shield it from economic downturns, supporting steady dividend payments and growth.

Thanks to its defensive business model, rate-regulated asset base, and highly predictable cash flows, Fortis has increased its dividend for 52 consecutive years. Moreover, Fortis appears well-positioned to continue growing its dividend in the years ahead.

A key catalyst for its future payouts is the company’s $28.8 billion capital plan, which focuses on modernizing and expanding its regulated infrastructure. These investments are expected to increase Fortis’s regulated rate base. Management expects the company’s rate base to grow at a compound annual growth rate (CAGR) of about 7%. As the rate base expands, earnings will rise steadily, creating a solid foundation for ongoing dividend growth. Management has guided for annual dividend increases of 4% to 6% through 2030.

Fortis is also likely to benefit from growing electricity demand, particularly from energy-intensive users such as data centres. As demand rises, Fortis’s earnings and dividends should benefit, making the stock attractive for investors seeking income and stability.

The post These Dividend Stocks Are Built to Keep Paying and Paying appeared first on The Motley Fool Canada.

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More reading

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• The Top 3 Canadian Dividend Stocks I’d Tell Anyone to Buy
• Protect Your Tax-Free Earnings: 2 TFSA Stocks to Buy Beyond the Boom
• This Dividend Stock Is Set to Beat the TSX Again and Again
• This Dividend Stock is Set to Beat the TSX Again and Again

Fool contributor Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool recommends Fortis. The Motley Fool has a disclosure policy.