In this article, we will take a look at the 10 Canadian Stocks with Highest Dividends.
Speaking at CNBC’s CONVERGE LIVE in Singapore on April 23, Justin Trudeau said pressure from the United States has, at times, nudged Canadian companies to look toward China for partnerships and investment. He pointed to Bombardier as a telling case. The company had trouble selling its C Series aircraft, facing intense competition from Airbus and Boeing. That pressure limited its room to compete.
At that point, Chinese investors showed interest in stepping in with funding. Bombardier explored potential deals with China on multiple occasions, especially when talks with Western companies did not work out. Trudeau said he brought this up with global leaders at the 2017 G7 Summit. He warned that this kind of pressure was, in effect, pushing Canada toward China as it tried to protect jobs at home.
The situation later shifted when Airbus took a majority stake in the C Series program, helping secure those jobs in Canada. He also pointed to similar patterns during tariff threats from Donald Trump. The uncertainty around those measures pushed Canada to look for other trade partners, including Europe, for aluminum exports.
In his view, economic pressure among allied countries can weaken their position and open the door for more influence from countries like China. He also noted that major global powers are becoming more selective in how they follow international trade rules.
Given this, we will take a look at some of the best Canadian stocks with the highest dividends.
Photo by Viacheslav Bublyk on Unsplash
Our Methodology:
For this article, we screened for Canadian companies traded on US exchanges and identified dividend stocks from the list. From the group, we picked dividend stocks with yields above 2%, as of April 25. We picked companies that have recently reported noteworthy developments likely to impact investor sentiment. These companies are also popular among elite funds and analysts.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
10. Canadian National Railway Company (NYSE:CNI)
Dividend Yield as of April 25: 2.35%
On April 9, BofA upgraded Canadian National Railway Company (NYSE:CNI) to Buy from Neutral. It also raised its price target to $122 from $117. The analyst pointed out that as service levels improve, the company is already gaining share at a pace well above its flat full-year target. That strength is being supported by a record Canadian grain crop, along with stronger-than-expected intermodal and auto volumes. COO Patrick Whitehead is seen as a key driver behind these operational improvements. At the same time, the stock is still trading at a 3-turn discount to peers, which the analyst believes leaves room for upside.
On April 7, JPMorgan analyst Brian Ossenbeck raised the firm’s price recommendation on CNI to C$153 from C$147 while maintaining a Neutral rating. The adjustment came as part of the firm’s Q1 preview for the transportation and logistics group. The analyst noted that surface transportation rates are unlikely to return to last year’s lows. In the same note, JPMorgan said it sees “more stocks to own than avoid” heading into earnings. That said, the firm also cautioned that it may be too early to expect positive earnings revisions, as a more sustained recovery in freight demand is still needed.
Canadian National Railway Company (NYSE:CNI) operates as a transportation and logistics provider. Its services span rail, intermodal, trucking, and broader supply chain solutions. The rail segment includes equipment offerings, customs brokerage, transloading and distribution, and private railcar storage, among other services.
9. Suncor Energy Inc. (NYSE:SU)
Dividend Yield as of April 25: 2.75%
On April 21, Scotiabank raised its price recommendation on Suncor Energy Inc. (NYSE:SU) to C$90 from C$85. It reiterated a Sector Perform rating on the shares.
On April 14, JPMorgan raised its price goal on SU to C$105 from C$79 and kept an Overweight rating as part of a Q1 preview. The firm pointed to higher commodity prices as the main reason behind the increase. The analyst expects Suncor to deliver another strong quarter, with solid execution across both upstream and downstream operations.
Last month, Reuters reported that Suncor Energy expects most of its bitumen production by 2040 to come from steam-assisted extraction. This marks a structural shift for the company. It also signals a move toward lower costs and higher long-term cash flow. At present, about 70% of Suncor’s oil sands crude comes from large-scale mining operations in northern Alberta. These operations rely on trucks and shovels to extract bitumen that sits close to the surface.
The remaining 30% is produced from deeper deposits using steam-based methods. This process, known as in situ, helps loosen the oil underground so it can be pumped to the surface. Over the next 15 years, that mix is expected to change. By 2040, around 60% of production will come from in situ projects, while mining will account for 40%, according to CEO Rich Kruger at an investor day presentation. The shift reflects declining output from the Base Plant mine, which is expected to be largely depleted by the mid-2030s. It also aligns with the company’s focus on lowering production costs.
Suncor Energy Inc. (NYSE:SU) is a Canada-based integrated energy company. Its operations are organized into Oil Sands, Exploration and Production (E&P), and Refining and Marketing segments.
8. Thomson Reuters Corporation (NASDAQ:TRI)
Dividend Yield as of April 25: 2.91%
On April 23, UBS lowered its price recommendation on Thomson Reuters Corporation (NASDAQ:TRI) to $183 from $215. It reiterated a Buy rating on the shares.
On April 14, Wells Fargo analyst Jason Haas lowered the firm’s price goal on TRI to $87 from $95. It maintained an Equal Weight rating. The firm said it had spoken with several tax software experts and came away with a stronger view of Thomson Reuters’ competitive position in tax software. Concerns around AI disruption appear overstated, though Wells Fargo noted that sentiment risk is still rising.
In its Q4 2025 earnings call, the company said it met its full-year 2025 outlook for organic revenue growth and adjusted EBITDA margin, both for the total company and the “Big 3.” It also met its free cash flow outlook. For 2026, the company expects organic revenue growth of about 7.5% to 8.0%. It also sees adjusted EBITDA margin expanding by around 100 basis points from the 39.2% reported in 2025.
The company increased its annualized dividend by 10% to $2.62 per common share. This marks its 33rd consecutive year of dividend increases.
Thomson Reuters Corporation (NASDAQ:TRI) operates as a content and technology company. Its Legal Professionals segment serves law firms and government clients with research and workflow tools, including products powered by generative artificial intelligence.
7. Nutrien Ltd. (NYSE:NTR)
Dividend Yield as of April 25: 3.13%
On April 22, Oppenheimer raised its price recommendation on Nutrien Ltd. (NYSE:NTR) to $80 from $78. It reiterated an Outperform rating. The firm lifted targets across the agriculture sector as part of its Q1 preview. The analyst expects “healthy” Q1 results across its coverage, pointing to stabilization trends seen before the Iran conflict. “Sentiment in the industry remains resilient, with all eyes on the potential for fundamentals to diverge as the effects of higher-for-longer energy and fertilizer prices ripple through our coverage,” the analyst wrote in a research note.
On April 21, BofA analyst Matthew DeYoe raised the firm’s price goal on NTR to $82 from $81 and kept a Neutral rating on the shares. The analyst said commodity markets moved sharply higher through March and into April due to the Iran conflict. This is expected to drive meaningful upside to upstream forecasts for 2026 starting in Q2, while also leading to cuts for downstream producers, according to the firm’s preview of the U.S. chemicals group.
Nutrien Ltd. (NYSE:NTR) operates as a global provider of crop inputs and services. The company runs a broad network of production, distribution, and agricultural retail facilities. Its segments include Nutrien Ag Solutions (Retail), Potash, Nitrogen, and Phosphate.
6. Fortis Inc. (NYSE:FTS)
Dividend Yield as of April 25: 3.32%
On April 20, CIBC raised its price recommendation on Fortis Inc. (NYSE:FTS) to C$81 from C$80. It reiterated an Outperformer rating on the shares.
On April 9, BofA analyst Ross Fowler raised the firm’s price goal on FTS to $53 from $51 and kept an Underperform rating. The firm left its FY26, FY27, and FY28 EPS estimates unchanged and pointed to updated peer group multiples as the reason for the higher target.
During the Q4 2025 earnings call, David Hutchens, President and Chief Executive Officer of Fortis, said the company had introduced its largest five-year capital plan to date, totaling $28.8 billion. He noted that the plan is expected to support long-term rate base growth of 7% and annual dividend growth of 4–6% through 2030.
Hutchens also said the company remains focused on providing safe, reliable, and affordable energy in the near term. At the same time, it plans to invest in its systems to meet changing customer and community needs.
Fortis Inc. (NYSE:FTS) is a Canada-based diversified regulated electric and gas utility holding company. Its regulated utilities include ITC, UNS Energy, Central Hudson, FortisBC Energy Inc., FortisAlberta Inc., FortisBC Inc., and other electric operations.
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