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The Canadian market has been flat over the last week but is up 23% over the past year with earnings forecasted to grow by 16% annually. In this context, identifying dividend stocks that offer stability and consistent income can be a prudent strategy for investors looking to capitalize on these favorable conditions.
Top 10 Dividend Stocks In Canada
| Name | Dividend Yield | Dividend Rating |
| Whitecap Resources (TSX:WCP) | 7.34% | ★★★★★★ |
| Acadian Timber (TSX:ADN) | 6.39% | ★★★★★★ |
| Olympia Financial Group (TSX:OLY) | 7.08% | ★★★★★☆ |
| Canadian Natural Resources (TSX:CNQ) | 4.58% | ★★★★★☆ |
| Royal Bank of Canada (TSX:RY) | 3.31% | ★★★★★☆ |
| Power Corporation of Canada (TSX:POW) | 4.79% | ★★★★★☆ |
| Russel Metals (TSX:RUS) | 3.68% | ★★★★★☆ |
| Enghouse Systems (TSX:ENGH) | 3.25% | ★★★★★☆ |
| Firm Capital Mortgage Investment (TSX:FC) | 8.51% | ★★★★★☆ |
| Sun Life Financial (TSX:SLF) | 3.84% | ★★★★★☆ |
Click here to see the full list of 28 stocks from our Top TSX Dividend Stocks screener.
Below we spotlight a couple of our favorites from our exclusive screener.
High Liner Foods
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: High Liner Foods Incorporated processes and markets frozen seafood products in North America, with a market cap of CA$472.61 million.
Operations: High Liner Foods generates its revenue from the manufacturing and marketing of prepared and packaged frozen seafood, amounting to $961.30 million.
Dividend Yield: 4.3%
High Liner Foods has shown earnings growth, with net income rising to US$18.35 million in Q3 2024 from US$5.49 million a year ago, supporting its dividend increase to C$0.17 per share. Despite a volatile dividend history, the payouts are well-covered by earnings and cash flows, with payout ratios of 24.3% and 12.6%, respectively. However, its dividend yield of 4.31% is below top-tier Canadian payers, and it carries significant debt levels.
IGM Financial
Simply Wall St Dividend Rating: ★★★★★☆
Overview: IGM Financial Inc. is a Canadian wealth and asset management company with a market cap of CA$11.17 billion.
Operations: IGM Financial Inc.'s revenue is primarily derived from its Asset Management segment, contributing CA$1.23 billion, and Wealth Management segment, contributing CA$2.35 billion.
Dividend Yield: 4.7%
IGM Financial offers a stable dividend yield of 4.72%, underperforming the top Canadian payers. Its dividends are well-supported by earnings and cash flows, with payout ratios around 60%. Over the past decade, IGM's dividends have been consistent and growing. Recent earnings show increased quarterly revenue to C$853.15 million, with net income rising to C$239.18 million, supporting its dividend reliability despite trading below estimated fair value by 32.7%.