3 Canadian Dividend Stocks On The TSX With Up To 7.6% Yield
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With the recent rate cuts by both the Federal Reserve and the Bank of Canada, investors are eyeing opportunities in high-quality dividend-paying stocks as potential beneficiaries of a more accommodative monetary policy. In this environment, selecting dividend stocks with strong fundamentals and attractive yields can be a prudent strategy for those looking to generate consistent income while navigating market fluctuations.
Top 10 Dividend Stocks In Canada
| Name | Dividend Yield | Dividend Rating |
| Whitecap Resources (TSX:WCP) | 7.35% | ★★★★★★ |
| Secure Energy Services (TSX:SES) | 3.22% | ★★★★★☆ |
| Labrador Iron Ore Royalty (TSX:LIF) | 7.63% | ★★★★★☆ |
| Power Corporation of Canada (TSX:POW) | 5.20% | ★★★★★☆ |
| Enghouse Systems (TSX:ENGH) | 3.05% | ★★★★★☆ |
| Canadian Natural Resources (TSX:CNQ) | 4.78% | ★★★★★☆ |
| Firm Capital Mortgage Investment (TSX:FC) | 8.45% | ★★★★★☆ |
| Russel Metals (TSX:RUS) | 4.08% | ★★★★★☆ |
| Royal Bank of Canada (TSX:RY) | 3.39% | ★★★★★☆ |
| Sun Life Financial (TSX:SLF) | 4.14% | ★★★★★☆ |
Click here to see the full list of 31 stocks from our Top TSX Dividend Stocks screener.
We're going to check out a few of the best picks from our screener tool.
Alaris Equity Partners Income Trust
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: Alaris Equity Partners Income Trust is a private equity firm that focuses on management buyouts, growth capital, and investments in lower and middle market companies, with a market cap of CA$807.59 million.
Operations: Alaris Equity Partners Income Trust generates revenue from unclassified services amounting to CA$215.71 million.
Dividend Yield: 7.6%
Alaris Equity Partners Income Trust offers a high dividend yield of 7.62%, placing it in the top 25% of Canadian dividend payers. With a payout ratio of 29.5%, its dividends are well-covered by earnings, and cash flows also support the payouts with a cash payout ratio of 72.6%. However, its dividend history has been volatile and unreliable over the past decade, with payments declining during this period. Recent earnings showed mixed results: Q2 revenue dropped to C$28.5 million from C$46.84 million year-over-year, but net income increased to C$31.68 million from C$28.39 million.
Toronto-Dominion Bank
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: The Toronto-Dominion Bank, along with its subsidiaries, offers a range of financial products and services in Canada, the United States, and internationally, with a market cap of CA$148.29 billion.