Top TSX Dividend Stocks For Reliable Income

Over the last 7 days, the Canadian market has remained flat, though it is up 13% over the past year and earnings are expected to grow by 15% per annum over the next few years. In this stable yet promising environment, selecting dividend stocks with a history of reliable payouts and strong growth potential can provide a steady income stream for investors.

Top 10 Dividend Stocks In Canada

Name	Dividend Yield	Dividend Rating
Whitecap Resources (TSX:WCP)	7.55%	★★★★★★
Secure Energy Services (TSX:SES)	3.52%	★★★★★☆
Labrador Iron Ore Royalty (TSX:LIF)	8.77%	★★★★★☆
Power Corporation of Canada (TSX:POW)	5.38%	★★★★★☆
Enghouse Systems (TSX:ENGH)	3.37%	★★★★★☆
Canadian Natural Resources (TSX:CNQ)	4.79%	★★★★★☆
Russel Metals (TSX:RUS)	4.59%	★★★★★☆
iA Financial (TSX:IAG)	3.10%	★★★★★☆
Firm Capital Mortgage Investment (TSX:FC)	8.58%	★★★★★☆
Royal Bank of Canada (TSX:RY)	3.41%	★★★★★☆

Click here to see the full list of 33 stocks from our Top TSX Dividend Stocks screener.

Let's explore several standout options from the results in the screener.

North West (TSX:NWC)

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

Overview: The North West Company Inc. (TSX:NWC) operates retail stores providing food and everyday products to rural and urban markets in northern Canada, rural Alaska, the South Pacific, and the Caribbean, with a market cap of CA$2.47 billion.

Operations: The North West Company Inc. generates CA$2.52 billion in revenue from retailing food and everyday products and services to its diverse markets.

Dividend Yield: 3.2%

North West Company Inc. offers a stable and reliable dividend, with payments covered by both earnings (56.2% payout ratio) and cash flows (72.9% cash payout ratio). Despite a modest yield of 3.15%, the company has consistently increased dividends over the past decade, recently raising its quarterly dividend to C$0.40 per share. Recent earnings show steady growth, with sales reaching C$646.49 million in Q2 2024 and net income at C$35.3 million, indicating financial stability conducive to sustaining dividends.

• Delve into the full analysis dividend report here for a deeper understanding of North West.
• Upon reviewing our latest valuation report, North West's share price might be too pessimistic.

Quebecor (TSX:QBR.A)

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

Overview: Quebecor Inc., with a market cap of CA$7.99 billion, operates in the telecommunications, media, and sports and entertainment sectors in Canada through its subsidiaries.

Operations: Quebecor Inc.'s revenue segments include CA$4.89 billion from telecommunications, CA$724 million from media, and CA$208.20 million from sports and entertainment.

Dividend Yield: 3.7%

Quebecor Inc. pays a reliable dividend of CAD 0.325 per share, yielding 3.7%, covered by earnings (39.2% payout ratio) and cash flows (44.6% cash payout ratio). Despite its low yield compared to top Canadian dividend payers, the company has maintained stable and growing dividends over the past decade. Recent earnings showed robust growth with net income rising to CAD 207.6 million in Q2 2024 from CAD 174.1 million a year ago, supporting its dividend sustainability amidst high debt levels and ongoing share repurchase programs.

• Click here to discover the nuances of Quebecor with our detailed analytical dividend report.
• Our comprehensive valuation report raises the possibility that Quebecor is priced lower than what may be justified by its financials.

Rogers Sugar (TSX:RSI)

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

Overview: Rogers Sugar Inc. is involved in refining, packaging, marketing, and distributing sugar and maple products across Canada, the United States, Europe, and internationally with a market cap of CA$716.33 million.

Operations: Rogers Sugar Inc. generates revenue from two main segments: CA$981.45 million from sugar and CA$225.32 million from maple products.

Dividend Yield: 6.4%

Rogers Sugar offers a high dividend yield of 6.43%, ranking in the top 25% of Canadian dividend payers, but its sustainability is questionable due to insufficient free cash flow coverage and an 86% payout ratio. Recent earnings for Q3 2024 showed sales growth to C$309.09 million, yet net income declined to C$7.38 million from C$14.18 million a year ago, reflecting potential volatility in future payouts despite stable dividends over the past decade.

• Dive into the specifics of Rogers Sugar here with our thorough dividend report.
• The valuation report we've compiled suggests that Rogers Sugar's current price could be quite moderate.

Seize The Opportunity

• Unlock more gems! Our Top TSX Dividend Stocks screener has unearthed 30 more companies for you to explore.Click here to unveil our expertly curated list of 33 Top TSX Dividend Stocks.
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Ready To Venture Into Other Investment Styles?

• 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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