3 Canadian Dividend Stocks On The TSX Yielding Up To 7.0%

The Canadian market has been flat over the last week but has seen a significant 23% increase over the past year, with earnings forecasted to grow by 16% annually. In this context, dividend stocks that offer stable returns and attractive yields can be appealing for investors seeking income and potential growth in a thriving market environment.

Top 10 Dividend Stocks In Canada

Name	Dividend Yield	Dividend Rating
Whitecap Resources (TSX:WCP)	7.36%	★★★★★★
Acadian Timber (TSX:ADN)	6.44%	★★★★★★
Canadian Imperial Bank of Commerce (TSX:CM)	4.11%	★★★★★☆
Canadian Natural Resources (TSX:CNQ)	4.60%	★★★★★☆
Royal Bank of Canada (TSX:RY)	3.32%	★★★★★☆
Power Corporation of Canada (TSX:POW)	4.75%	★★★★★☆
Russel Metals (TSX:RUS)	3.70%	★★★★★☆
Enghouse Systems (TSX:ENGH)	3.32%	★★★★★☆
Firm Capital Mortgage Investment (TSX:FC)	8.67%	★★★★★☆
Sun Life Financial (TSX:SLF)	3.82%	★★★★★☆

Click here to see the full list of 28 stocks from our Top TSX Dividend Stocks screener.

Let's uncover some gems from our specialized screener.

Enghouse Systems (TSX:ENGH)

Simply Wall St Dividend Rating: ★★★★★☆

Overview: Enghouse Systems Limited, along with its subsidiaries, develops enterprise software solutions globally and has a market cap of CA$1.73 billion.

Operations: Enghouse Systems Limited generates revenue through its Asset Management Group, which contributed CA$187.17 million, and its Interactive Management Group, which added CA$312.77 million.

Dividend Yield: 3.3%

Enghouse Systems offers a reliable dividend yield of 3.32%, which, while lower than the top 25% in Canada, remains stable and well-covered by both earnings (payout ratio: 66%) and cash flows (cash payout ratio: 45.4%). The company has consistently increased its dividends over the past decade with minimal volatility. Recent executive changes include President Vince Mifsud's resignation, with responsibilities transitioning to CEO Steve Sadler by December 2024.

• Click here and access our complete dividend analysis report to understand the dynamics of Enghouse Systems.
• The valuation report we've compiled suggests that Enghouse Systems' current price could be quite moderate.

Leon's Furniture (TSX:LNF)

Simply Wall St Dividend Rating: ★★★★☆☆

Overview: Leon's Furniture Limited, along with its subsidiaries, operates as a retailer of home furnishings, mattresses, appliances, and electronics in Canada with a market cap of CA$1.79 billion.

Operations: Leon's Furniture Limited generates revenue of CA$2.52 billion from the sale of home furnishings, mattresses, appliances, and electronics in Canada.

Dividend Yield: 3.1%

Leon's Furniture's dividend, currently at C$0.20 per share with a yield of 3.05%, is lower than the top Canadian dividend payers but remains well-covered by earnings and cash flows, with payout ratios of 38.2% and 23.7% respectively. Despite past volatility, dividends have grown over the last decade. Recent earnings showed a decrease in net income to C$36.86 million for Q3 2024 compared to the previous year, reflecting potential challenges ahead.

• Delve into the full analysis dividend report here for a deeper understanding of Leon's Furniture.
• According our valuation report, there's an indication that Leon's Furniture's share price might be on the cheaper side.

Olympia Financial Group (TSX:OLY)

Simply Wall St Dividend Rating: ★★★★★☆

Overview: Olympia Financial Group Inc., with a market cap of CA$244.24 million, operates in Canada as a non-deposit taking trust company through its subsidiary, Olympia Trust Company.

Operations: Olympia Financial Group Inc. generates revenue through various segments, including Health (CA$10.26 million), Corporate (CA$0.11 million), Exempt Edge (EE) (CA$1.44 million), Investment Account Services (IAS) (CA$79.36 million), Currency and Global Payments (CGP) (CA$7.15 million), and Corporate and Shareholder Services (CSS) (CA$4.04 million).

Dividend Yield: 7.1%

Olympia Financial Group offers a dividend of C$0.60 per share, yielding 7.09%, placing it among the top Canadian dividend payers. The dividends are supported by earnings and cash flows, with payout ratios of 70.9% and 74.9% respectively, despite a history of volatility and unreliability over the past decade. Recent earnings showed slight growth in net income to C$6.28 million for Q3 2024, though future earnings are forecasted to decline significantly over the next three years.

• Click here to discover the nuances of Olympia Financial Group with our detailed analytical dividend report.
• Insights from our recent valuation report point to the potential undervaluation of Olympia Financial Group shares in the market.

Turning Ideas Into Actions

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Ready For A Different Approach?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
• Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
• Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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