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The Canadian market has been navigating a period of economic fluctuations, with investors keenly observing shifts in indices and economic trends. In this environment, dividend stocks can offer a stable income stream, making them an attractive option for those looking to balance their portfolios amidst market uncertainties.
Top 10 Dividend Stocks In Canada
| Name | Dividend Yield | Dividend Rating |
| Whitecap Resources (TSX:WCP) | 7.69% | ★★★★★★ |
| Acadian Timber (TSX:ADN) | 6.48% | ★★★★★★ |
| Russel Metals (TSX:RUS) | 3.90% | ★★★★★☆ |
| Power Corporation of Canada (TSX:POW) | 4.97% | ★★★★★☆ |
| Canadian Natural Resources (TSX:CNQ) | 4.90% | ★★★★★☆ |
| Royal Bank of Canada (TSX:RY) | 3.42% | ★★★★★☆ |
| Firm Capital Mortgage Investment (TSX:FC) | 8.31% | ★★★★★☆ |
| Richards Packaging Income Fund (TSX:RPI.UN) | 5.66% | ★★★★★☆ |
| IGM Financial (TSX:IGM) | 4.94% | ★★★★★☆ |
| Sun Life Financial (TSX:SLF) | 4.00% | ★★★★★☆ |
Click here to see the full list of 30 stocks from our Top TSX Dividend Stocks screener.
Let's dive into some prime choices out of the screener.
North West
Simply Wall St Dividend Rating: ★★★★★☆
Overview: The North West Company Inc. operates retail stores providing food and everyday products to rural communities and urban neighborhoods in northern Canada, rural Alaska, the South Pacific, and the Caribbean, with a market cap of CA$2.34 billion.
Operations: North West's revenue primarily comes from its retail operations, generating CA$2.54 billion by providing food and everyday products and services to diverse communities across northern Canada, rural Alaska, the South Pacific, and the Caribbean.
Dividend Yield: 3.3%
North West Company Inc. maintains a stable and reliable dividend history, with payments growing over the past decade. The company's recent quarterly dividend of CAD 0.40 per share continues this trend. Despite a lower yield compared to top Canadian payers, dividends are well-covered by earnings and cash flows, with payout ratios of 57.4% and 84.8%, respectively. Recent earnings show modest growth in revenue but slight declines in net income for Q3 2024, amidst an active share repurchase program.
Russel Metals
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Russel Metals Inc. is a metal distribution and processing company operating in Canada and the United States, with a market cap of CA$2.59 billion.
Operations: Russel Metals Inc. generates its revenue primarily from three segments: Metals Service Centers (CA$2.83 billion), Energy Field Stores (CA$984 million), and Steel Distributors (CA$411 million).