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By Terel Miles on April 9, 2023

21 Best Canadian Dividend Stocks To Buy In April 2023

Investing in Canadian Dividend Stocks can be a great way to get started if you’re a beginner to the stock market.

However, sometimes the best place to start is to invest into companies that you already know or frequently shop at.

But you may be wondering, what companies do I already shop at and if so, do these companies pay a dividend?

The reality is, not all companies pay a dividend. However, companies that have been around for decades often do.

In this article, we will showcase the 21 Best Canadian Dividend Stocks to Buy in April 2023!

Table of Contents

Best Canadian Dividend Stocks To Buy In April 2023

1. Canadian National Railway (TSE: CNR.TO)

Ticker: CNR.TO
Dividend Yield: 1.97%
10-Yr Dividend Growth Rate: 14.50%
Payout Frequency: Quarterly
Payout Ratio: 39.38%
Market Cap: $107.98 Billion

Canadian National Railway is Canada’s largest railway company and the world’s second largest railway company by market capitalization.

The company was founded more than a century ago, and is headquartered in Montreal, Quebec Canada.

They primarily operate in railroad freight, serving customers across Canada and the MidWestern and Southern United States territories.

Canadian National Railway Stock has grown its dividend at an impressive 14.50% CAGR over the last 10 years. With a forward dividend of $3.16 and yield of 1.97%, CNR Stock is a strong dividend growth stock for Canadian investors.

2. Canadian Natural Resources (TSE: CNQ.TO)

Ticker: CNQ.TO
Dividend Yield: 4.53%
10-Yr Dividend Growth Rate: 23.63%
Payout Frequency: Quarterly
Payout Ratio: 32.56%
Market Cap: $87.33 Billion

Canadian Natural Resources is an oil and natural gas producer that primarily operates in regions of Western Canada.

They are the largest producer of natural gas in Western Canada, and the largest domestic producer of heavy crude oil.

In 2022, the company had annual revenues of $32.5 Billion.

With strong free cash flow and a current dividend yield of 4.53%, Canadian Natural Resources is a strong pick for dividend growth investors.

3. Brookfield Renewables Partners (TSE: BEP-UN.TO)

Ticker: BEP-UN.TO
Dividend Yield: 4.32%
10-Yr Dividend Growth Rate: 7.36%
Payout Frequency: Quarterly
Payout Ratio: N/A
Market Cap: $11.11 Billion

Brookfield Renewables Partners is a renewable power company based in Canada that is 60% owned by Brookfield Asset Management.

Their portfolio primarily consists of hydro-electric, solar, wind assets, and energy storage facilities spanning North America, South America, Asia and Europe.

While the company is not currently profitable, they have managed to pay a consistent dividend to shareholders and continue to expand and acquire new assets.

If you’re a believer in green energy stocks, Brookfield Renewables Corporation can be a great start for Canadian investors adamant about the world’s decarbonization transition.

4. Northland Power (TSE: NPI.TO)

Ticker: NPI.TO
Dividend Yield: 3.57%
10-Yr Dividend Growth Rate: 1.09%
Payout Frequency: Quarterly
Payout Ratio: 34.68%
Market Cap: $8.51 Billion

Northland Power is a public utility and green energy infrastructure company headquartered in Toronto, Canada.

The company owns and operates a large quantity of offshore wind power, solar power and natural gas assets in North America, South America, Asia and Europe.

In 2022, the company had annual revenues of $2.45 Billion.

The company seems to be doing something right, with significant margin expansion and growing free cash flow. While their dividend growth has been abysmal, this company is set to reinvest its growing free cash flow into the business to acquire more assets.

If you’re a risk averse investor, this Canadian company could be the best green energy dividend growth stock to hold over the next decade.

5. Enbridge (TSE: ENB.TO)

Ticker: ENB.TO
Dividend Yield: 6.78%
10-Yr Dividend Growth Rate: 12.86%
Payout Frequency: Quarterly
Payout Ratio: 268.75%
Market Cap: $105.94 Billion

Enbridge is a multinational pipeline and energy company. The company is headquartered in Calgary, Canada.

The company owns and operates primarily crude oil and natural gas assets in Canada, the United States and Europe.

In 2022, the company had annual revenues of $41.05 Billion.

Enbridge falls under the dividend aristocrat category, having paid out dividends to its shareholders for over 68 years. Despite the company’s high payout ratio, Enbridge’s strong cash flows will be enough to sustain its dividend in the short term.

6. Suncor Energy (TSE: SU.TO)

Ticker: SU.TO
Dividend Yield: 4.70%
10-Yr Dividend Growth Rate: 15.59%
Payout Frequency: Quarterly
Payout Ratio: 28.79%
Market Cap: $57.56 Billion

Suncor Energy is a multinational energy company headquartered in Calgary, Canada.

The company specializes in crude oil and synthetic crude oil and natural gas. In March 2009, Suncor acquired Petro-Canada which was formerly a crown corporation of the Government of Canada. This merger gave the company a combined value of more than $43 Billion.

In 2022, the company had annual revenues of $44.97 Billion.

With a current dividend yield of 4.53% and high double digit dividend growth, Suncor Energy is among the best oil stocks for Canadian dividend investors.

7. Fortis (TSE: FTS.TO)

Ticker: FTS.TO
Dividend Yield: 3.97%
10-Yr Dividend Growth Rate: 5.94%
Payout Frequency: Quarterly
Payout Ratio: 78.06%
Market Cap: $28.18 Billion

Fortis is an electric utility holding company headquartered in St. Johns, Newfoundland, Canada.

The company primarily operates in North America, Central America and the Caribbean with more than 3.4 million utility and natural gas customers.

In 2022, the company had annual revenues of $8.49 Billion.

With a current dividend yield of 3.97% and strong year-over-year top line growth, Fortis is a dividend stock to keep on your radar.

8. Bell Canada Enterprises (TSE: BCE.TO)

Ticker: BCE.TO
Dividend Yield: 6.36%
10-Yr Dividend Growth Rate: 4.10%
Payout Frequency: Quarterly
Payout Ratio: 123.49%
Market Cap: $53.84 Billion

BCE (Bell Canada Enterprises) is a Canadian telecommunications holding company headquartered in Montreal, Canada.

The company specializes in telecommunications and mass media and is the largest communications company in Canada. Some of the company’s subsidiaries include; Maple Leaf Sports & Entertainment Partnership (37.5%), Bell Canada, Bell Media, Bell Mobility, Bell Fibe TV, Lucky Mobile, and The Source (50%).

In 2022, the company had annual revenues of $18.59 Billion.

With a current dividend yield of 6.36%, BCE is a staple dividend aristocrat for Canadian investors alike.

9. Telus Corporation (TSE: T.TO)

Ticker: T.TO
Dividend Yield: 5.21%
10-Yr Dividend Growth Rate: 8.60%
Payout Frequency: Quarterly
Payout Ratio: 117.89%
Market Cap: $39.62 Billion

Telus Corporation is a Canadian telecommunications holding company headquartered in Edmonton, Alberta, Canada.

The company specializes in media, mass communication, internet and home security. Some of the company’s subsidiaries include; Telus Mobility, Telus TV, Telus SmartHome Security, and Telus Health.

In 2022, the company had annual revenues of $14.07 Billion.

With a current dividend yield of 5.21%, Telus is a great dividend growth prospect for the long term.

10. Loblaws (TSE: L.TO)

Ticker: L.TO
Dividend Yield: 1.31%
10-Yr Dividend Growth Rate: 9.20%
Payout Frequency: Quarterly
Payout Ratio: 27.48%
Market Cap: $40.60 Billion

Loblaws is a Canadian supermarket chain headquartered in Brampton, Ontario, Canada.

The company operates in the province of Ontario, and in Alberta and British Columbia. President’s Choice is their flagship brand that they’re commonly associated with.

In 2022, the company had annual revenues of $56.50 Billion.

With a current dividend yield of 1.31%, Loblaws is a top Canadian retailer to own for the next decade.

11. Metro (TSE: MRU.TO)

Ticker: MRU.TO
Dividend Yield: 1.63%
10-Yr Dividend Growth Rate: 16.15%
Payout Frequency: Quarterly
Payout Ratio: 30.30%
Market Cap: $17.72 Billion

Metro is a Canadian supermarket retailer headquartered in Montreal, Quebec, Canada.

The company operates in the provinces of Ontario and Quebec. Metro is Canada’s third largest grocer after Loblaws and Sobeys.

In 2022, the company had annual revenues of $18.88 Billion.

With a current dividend yield of 1.63% and a 5-Year return of 87.91%, Metro is a superior candidate for Canadian dividend stocks with both income and growth potential.

12. Restaurant Brands International (TSE: QSR.TO)

Ticker: QSR.TO
Dividend Yield: 3.40%
10-Yr Dividend Growth Rate: N/A
Payout Frequency: Quarterly
Payout Ratio: 66.46%
Market Cap: $40.40 Billion

Restaurant Brands International is an American-Canadian multinational fast food chain holding company headquartered in Toronto Ontario, Canada.

The company owns and operates 4 restaurant brands; Tim Hortons, Popeyes, Firehouse Subs and Burger King. Restaurant Brands International is one of the world’s largest quick service companies with operations in more than 100 countries.

In 2022, the company had annual revenues of $6.50 Billion.

With a current dividend yield of 3.40% and growing net margins, Restaurant Brands International is a premiere dividend growth stock for Canadians.

13. Royal Bank of Canada (TSE: RY.TO)

Ticker: RY.TO
Dividend Yield: 4.05%
10-Yr Dividend Growth Rate: 7.71%
Payout Frequency: Quarterly
Payout Ratio: 48.33%
Market Cap: $181.08 Billion

Royal Bank of Canada is a multinational financial services company and Canada’s largest bank by market capitalization.

The company serves more than 17 million clients and has more than $1.0 Trillion in assets under management (AUM). For more than 150, they have been recognized as one of Canada’s best managed companies.

In 2022, the company had annual revenues of $52.07 Billion.

With the recent banking crisis in the United States, and the fallout of regional banks many investors have steered away from bank stocks. However, Canadian banks don’t pose the same issues as US banks due to strong liquidity and varying regulatory structures. With a yield of over 4.00%, RBC is a strong pick for Canada’s best dividend stocks.

14. Toronto-Dominion Bank (TSE: TD.TO)

Ticker: TD.TO
Dividend Yield: 4.64%
10-Yr Dividend Growth Rate: 6.24%
Payout Frequency: Quarterly
Payout Ratio: 43.89%
Market Cap: $145.07 Billion

Toronto-Dominion Bank is a multinational financial services company and Canada’s second largest bank by market capitalization.

The company serves more than 27 million clients worldwide and has more than $400 Billion in assets under management (AUM). In Canada, the company operates under TD Canada Trust, Business Banking and its wholly owned subsidiary MBNA. MBNA is a credit card business that was purchased by TD Canada in 2011.

In 2022, the company had annual revenues of $48.71 Billion.

With a current dividend yield of 4.64% and mid single-digit dividend growth, TD Bank is an attractive option for Canadian investors.

15. Bank of Nova Scotia (TSE: BNS.TO)

Ticker: BNS.TO
Dividend Yield: 6.11%
10-Yr Dividend Growth Rate: 3.02%
Payout Frequency: Quarterly
Payout Ratio: 56.49%
Market Cap: $80.43 Billion

Bank of Nova Scotia is a multinational financial services company and is a part of Canada’s Big 5 Banks.

The company employs more than 97,000 people and serves more than 17 million clients worldwide. Scotiabank has approximately $350 Billion in assets under management (AUM).

In 2022, the company had annual revenues of $36.40 Billion.

While Scotiabank’s dividend growth is not nearly as high as RBC or TD Bank, its relatively low payout ratio gives it room to grow for the long term among other Canadian dividend stocks.

16. Canadian Imperial Bank of Commerce (TSE: CM.TO)

Ticker: CM.TO
Dividend Yield: 6.11%
10-Yr Dividend Growth Rate: 6.1%
Payout Frequency: Quarterly
Payout Ratio: 65.51%
Market Cap: $52.14 Billion

Canadian Imperial Bank of Commerce is a multinational financial services company and is a part of Canada’s Big 5 Banks.

The company serves more than 13 million clients and employs more than 50,000 people across North America. CIBC has approximately $320 Billion in assets under management (AUM).

In 2022, the company had annual revenues of $24.37 Billion.

With a current dividend yield of 6.11%, CIBC leaves room for income focused Canadian investors.

17. Granite REIT (TSE: GRT-UN.TO)

Ticker: GRT-UN.TO
Dividend Yield: 3.99%
10-Yr Dividend Growth Rate: 10.84%
Payout Frequency: Monthly
Payout Ratio: 127.11%
Market Cap: $5.11 Billion

Granite REIT is a Canadian industrial REIT headquartered in Toronto, Ontario, Canada.

The company owns and operates industrial, warehouse and logistics properties across North America and Europe. Their portfolio consists of 140 investment properties with approximately 59.4 million square feet of industrial space.

Some of their clients include Ricoh, Magna International, Ace Hardware, Wayfair and Walmart.

With a current dividend yield of 3.99% and growing income distributions, Granite REIT is a top Canadian REIT to own over the next decade.

18. Canadian Tire Corporation (TSE: CTC-A.TO)

Ticker: CTC-A.TO
Dividend Yield: 3.87%
10-Yr Dividend Growth Rate: 16.00%
Payout Frequency: Quarterly
Payout Ratio: 33.24%
Market Cap: $10.87 Billion

Canadian Tire Corporation is a Canadian retail company headquartered in Toronto, Ontario, Canada.

The company primarily operates in the automotive, hardware sports, houseware, and leisure sectors. They were founded more than 100 years ago, and have more than 1,700 retail stores across Canada.

Some of the company’s subsidiaries include; Canadian Tire Financial Services, FGL Sports, PartSource, Mark’s and Helly Hansen.

With a current dividend yield of 3.87% and a superior dividend growth rate of 16.00%, Canadian Tire’s low payout ratio of 33.24% leaves other Canadian dividend stocks in the dust.

19. Alimentation Couche-Tard (TSE: ATD.TO)

Ticker: ATD.TO
Dividend Yield: 0.84%
10-Yr Dividend Growth Rate: 22.80%
Payout Frequency: Quarterly
Payout Ratio: 12.69%
Market Cap: $65.67 Billion

Alimentation Couche-Tard is a Canadian multinational convenience store operator headquartered in Laval, Quebec, Canada.

Founded in 1980, the company has more than 14,000 retail stores across North America, Europe and Asia.

The company’s most notable brands include; Couche-Tard, Circle K, and On the Run. Most recently, Alimentation Couche-Tard is in talks to acquire 100% ownership interest in TotalEnergies European assets.

With a current dividend yield of 0.89%, strong free cash flow growth, and a ROE of 23.28%, Alimentation Couche-Tard is set for strong investment returns over the next decade.

20. Hydro One (TSE: H.TO)

Ticker: H.TO
Dividend Yield: 2.82%
10-Yr Dividend Growth Rate: N/A
Payout Frequency: Quarterly
Payout Ratio: 63.15
Market Cap: $23.72 Billion

Hydro One is an electric utility holding company headquartered in Toronto, Ontario, Canada.

The company primarily operates in the province of Ontario, with approximately 1.5 million customers. It is 47.4% owned by the Government of Ontario.

In 2022, the company had annual revenues of $7.78 Billion.

With a current dividend yield of 2.82%, Hydro One is a great dividend utility stock for Canadians to add to their investment portfolio.

21. Dollarama (TSE: DOL.TO)

Ticker: DOL.TO
Dividend Yield: 0.35%
10-Yr Dividend Growth Rate: 11.97%
Payout Frequency: Quarterly
Payout Ratio: 8.01%
Market Cap: $23.38 Billion

Dollarama is a Canadian dollar store retail company headquartered in Montreal, Quebec, Canada.

The company owns and operates more than 1,400 retail stores across Canada, primarily in the Province of Ontario. They currently employ more than 24,000 people.

It is Canada’s biggest retailer of products under $5.00, which include cleaning products, healthcare products, grocery, gifts, kitchenware and more.

In 2022, the company had annual revenues of $3.69 Billion.

With a current dividend yield of 0.35% and an expanding retail footprint, Dollarama is one of the best Canadian dividend stocks to own through 2030.

Canadian Dividend Stocks: Wrapping Up

Getting started with investing can be very intimidating, especially if you’re a beginner. Finding the right companies can be tricky, while picking the wrong ones can be costly.

However, sometimes investors over complicate their investing and can often get started investing in companies they already know or frequently spend their hard earned dollars.

That’s why Canadians who are either beginners, intermediate or advanced investors should consider Canadian dividend stocks as a part of their investment portfolio.

One of the most difficult aspects of investing is just getting started. So if you’re scared it’s best you take that first leap of faith with consistent dividend stocks for your financial future.

If you already have some experience under your belt, then you might want to consider these 21 Best Canadian Dividends Stocks for 2023 and beyond!

Disclosure: The author holds a position in Brookfield Renewables Partners and Enbridge. Freedom Stocks has a disclosure policy.