In this article, we will take a look at some of the best dividend Canadian stocks to invest in.
Canada’s main stock index slipped to a two-week low on November 20, pulled down by weakness in the materials and technology sectors. Nvidia’s latest earnings didn’t ease market concerns about whether the rapid rise in AI spending will actually deliver returns, which added to the pressure. The S&P/TSX Composite Index closed 371.86 points lower, a decline of 1.2%, finishing at 29,906.55. That marked its weakest close since November 6, according to a report by Reuters.
The Canadian dollar also softened, falling to its lowest level in nearly two weeks against the US dollar. US employment data did little to clarify when the Federal Reserve might begin cutting interest rates, keeping investors cautious. The loonie traded 0.3% lower at 1.4095 per US dollar, or 70.95 US cents, after touching 1.4107 earlier in the session, its lowest point since November 7.
US markets followed a similar trend. Wall Street’s major indexes pulled back as the initial optimism around Nvidia’s results faded. Investors continued to question the high valuations across the tech sector, and the jobs report added uncertainty to the outlook for additional US rate cuts.
With tech stocks unable to offer much stability, many investors are gravitating toward dividend-paying equities for their long-term reliability. Outside the US, several regions are steadily raising or maintaining shareholder payouts. According to a report from Janus Henderson, Canada stood out in 2024 with underlying dividend growth of 6.9%, driven largely by energy companies and banks. Canadian firms distributed $63.4 billion in dividends in 2024, up significantly from $41 billion in 2018.
Given this, we will take a look at some of the best dividend Canadian stocks to invest in.
Our Methodology:
For this article, we began by screening Canadian companies that trade on US exchanges. From that group, we focused on dividend stocks with steady yields, strong dividend track records, and healthy balance sheets. We then selected the 13 names with the highest upside potential based on analysts’ price targets as of November 17. The stocks are ranked according to their upside potential.
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 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
13. Fortis Inc. (NYSE:FTS)
Upside Potential as of November 17: 10.02%
Fortis Inc. (NYSE:FTS) is among the best dividend Canadian stocks to invest in.
CIBC lifted its price target for Fortis Inc. (NYSE:FTS) to C$75 from C$74 on November 5 and maintained its Outperformer rating, according to a report by the Fly.
In its third quarter earnings report, Fortis Inc. (NYSE:FTS) announced that it has spent about $4.2 billion on capital projects over the first nine months of the year and appears well positioned to hit its full-year goal of $5.6 billion. The company also rolled out a fresh five-year capital plan worth $28.8 billion, covering 2026 through 2030. Through this plan, management expects the rate base to grow at roughly 7% a year and reach $57.9 billion by the end of the decade.
With this investment strategy moving forward, leadership aims to raise the dividend by 4 to 6% each year through 2030, a move that keeps Fortis in the conversation as a reliable long-term pick for income-focused investors.The company also announced a 4% increase in its quarterly dividend on November 4, bringing the payout to $0.64 per share. This marked the 52nd straight year of dividend growth.
Fortis Inc. (NYSE:FTS) runs a largely regulated natural gas and electricity utility network, with about 93% of its assets tied to lower-risk transmission and distribution businesses. This setup helps keep its financial results stable through economic shifts and market swings, which in turn supports consistent dividend growth.
12. Suncor Energy Inc. (NYSE:SU)
Upside Potential as of November 17: 10.4%
Suncor Energy Inc. (NYSE:SU) is one of the best dividend Canadian stocks to buy now.
UBS lifted its price target for Suncor Energy Inc. (NYSE:SU) to C$65 from C$61 on November 5 and kept a Buy rating on the stock, as reported by The Fly.
Suncor Energy Inc. (NYSE:SU) delivered a standout performance in the third quarter of 2025. Upstream production averaged 870,000 barrels per day, marking the strongest third quarter in the company’s history. Upgrader utilization reached 102%, and refining throughput hit a record 492,000 barrels per day. The company’s management continued to emphasize returns on capital. The company sent more than C$1.4 billion back to shareholders during the quarter, including roughly C$750 million in buybacks and C$700 million in dividends.
Suncor Energy Inc. (NYSE:SU)’s strong foothold in the Western Canadian oil sands has helped generate attractive returns across different market conditions. Energy prices tend to move through sharp cycles, something that became very clear after the pandemic when crude prices briefly moved into negative territory. Even through that turbulence, Suncor remained one of Canada’s top producers and continued to deliver growth and profitability. Its shares have advanced more than 188% over the past five years.
Suncor Energy Inc. (NYSE:SU) operates as an integrated energy producer, drawing from several sources that include the oil sands, offshore projects, and renewable fuels.
11. Nutrien Ltd. (NYSE:NTR)
Upside Potential as of November 17: 10.6%
Nutrien Ltd. (NYSE:NTR) is among the best dividend Canadian stocks to invest in.
Wells Fargo began covering Nutrien Ltd. (NYSE:NTR) on November 11 with an Equal Weight rating and set a price target of $64, a slight trim from its prior $65 target, even though the company posted solid third-quarter results, according to a report by The Fly. The firm pointed to a challenging near-term backdrop for farmers, noting a record North American harvest and softer crop prices heading into 2026.
Even with these pressures, analysts remain constructive on Nutrien Ltd. (NYSE:NTR)’s long-term position. Global food demand continues to climb, farmland is not expanding, and growers still depend on consistent access to potash, nitrogen, and phosphate. Nutrien is one of the few companies worldwide that supplies all three nutrients at scale. That reach gives the company strong pricing power and a durable competitive moat that may not stand out during weak commodity cycles but becomes highly visible when conditions improve.
In the third quarter of 2025, Nutrien Ltd. (NYSE:NTR) reported net earnings of $1.7 billion and generated adjusted EBITDA of $4.8 billion over the first nine months of the year. Adjusted EBITDA moved higher, supported by better fertilizer selling prices, stronger upstream fertilizer volumes, and improved performance in the Retail segment. The company also continued to prioritize shareholder returns, distributing about $1.2 billion through dividends and buybacks over the same nine-month period.
Nutrien Ltd. (NYSE:NTR) operates as the world’s largest producer and distributor of crop inputs, supplying fertilizers and seeds while also providing a wide range of agricultural retail services.
10. Canadian National Railway Company (NYSE:CNI)
Upside Potential as of November 17: 16.27%
Canadian National Railway Company (NYSE:CNI) is one of the best dividend Canadian stocks to invest in.
On November 3, CIBC analyst Kevin Chiang raised the price target for Canadian National Railway Company (NYSE:CNI) to C$146 from C$140 while maintaining a Neutral rating on the stock, according to a report by The Fly.
Canadian National Railway Company (NYSE:CNI) delivered strong third-quarter results despite a challenging macroeconomic environment. Adjusted earnings per share rose 6% in the September quarter, and the company improved its operating ratio by 170 basis points to 61.4%.
CEO Tracy Robinson noted that while the railroad had fallen short of volume expectations over the past two years, the company has consistently maintained top-tier margins and strong operational performance.
Management announced plans to cut capital spending from C$3.35 billion in 2025 to C$2.8 billion in 2026, bringing spending to the mid-teens as a percentage of sales, in line with US peers. The reduction reflects the completion of major capacity expansion projects in Western Canada and upgrades to the locomotive fleet, rather than a slowdown in growth investments. Canadian National Railway Company (NYSE:CNI) also aims to trim management labor costs by C$75 million and accelerate share repurchases, taking advantage of attractive valuations.
Canadian National Railway Company (NYSE:CNI) is a North American transportation and logistics company that operates the largest rail network in Canada and serves destinations across the United States and Mexico.
9. Brookfield Corporation (NYSE:BN)
Upside Potential as of November 17: 16.3%
Brookfield Corporation (NYSE:BN) is among the best dividend Canadian stocks to invest in.
On November 14, CIBC raised its price target for Brookfield Corporation (NYSE:BN) to $52 from $50.67 and maintained an Outperform rating, according to a report by The Fly. The analyst noted in a research report that the company delivered Q3 results in line with expectations and continues to perform as anticipated.
In the third quarter of 2025, Brookfield Corporation (NYSE:BN) reported revenue of $18.9 billion, down more than 8% compared with the same period last year. The company also announced an agreement to acquire the remaining 26% stake in Oaktree, which will increase its ownership in Oaktree’s carried interest, fee-related earnings, and balance sheet investments, further expanding the scale of its global credit platform.
Total inflows for the quarter reached $30 billion, marking the highest fundraising period in three years, including over $6 billion from retail and wealth clients. Brookfield Corporation (NYSE:BN) also continued to prioritize shareholders, returning $180 million through dividends and share repurchases during the quarter.
Brookfield Corporation (NYSE:BN) is a leading global investment firm that focuses on building long-term wealth for both institutions and individual investors worldwide.
8. Manulife Financial Corporation (NYSE:MFC)
Upside Potential as of November 17: 16.59%
Manulife Financial Corporation (NYSE:MFC) is one of the best dividend Canadian stocks to invest in.
On November 17, Morgan Stanley raised its price target for Manulife Financial Corporation (NYSE:MFC) to $50 from $47 while maintaining an Equal Weight rating, as reported by The Fly. The firm updated its insurance sector models following Q3 results. The analyst noted in a research report that life insurance earnings exceeded what the share price reactions might suggest, while property and casualty is expected to experience a softening cycle heading into 2026.
In the third quarter of 2025, Manulife Financial Corporation (NYSE:MFC) reported core revenue of over $2.1 billion, up 10% on a CER basis compared with Q3 2024. Net income attributable to shareholders was $1.8 billion, essentially unchanged from the same period last year. Global Wealth and Asset Management experienced net outflows of $6.2 billion, compared with $5.2 billion of net inflows in Q3 2024.
Management reaffirmed its 2027 targets and expressed confidence in achieving a core ROE above 18%. Regarding its joint venture in India, the company expects the operation to be fully established within 12 to 18 months, including the regulatory approval process. Manulife Financial Corporation (NYSE:MFC) also provided guidance on remittances, projecting about $6 billion for 2025, keeping it on track to reach the cumulative 2027 target of at least $22 billion.
Manulife Financial Corporation (NYSE:MFC) is a global financial services provider offering a broad range of products, including financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions.
7. Cenovus Energy Inc. (NYSE:CVE)
Upside Potential as of November 17: 16.6%
Cenovus Energy Inc. (NYSE:CVE) is among the best dividend Canadian stocks to buy now.
On November 17, RBC Capital raised its price target for Cenovus Energy (CVE) to C$32 from C$30 while maintaining an Outperform rating on the stock, according to a report by The Fly.
Cenovus Energy Inc. (NYSE:CVE) reported total revenues of C$13.2 billion in Q3, up from C$12.3 billion in Q2 2025. Upstream revenues were C$6.7 billion, slightly lower than the C$6.8 billion recorded in the previous quarter, while Downstream revenues rose to C$8.4 billion from C$7.7 billion in Q2.
Cenovus Energy Inc. (NYSE:CVE) continued to prioritize shareholders, returning C$1.3 billion in the quarter, including C$918 million through share repurchases and C$356 million in dividends. Upstream production reached a record 832,900 BOE/d in Q3, with Oil Sands production hitting a high of approximately 642,800 BOE/d.
Cenovus Energy Inc. (NYSE:CVE) is an integrated energy company that develops, produces, refines, transports, and markets crude oil, natural gas, and refined products.
6. Brookfield Renewable Partners L.P. (NYSE:BEP)
Upside Potential as of November 17: 17.73%
Brookfield Renewable Partners L.P. (NYSE:BEP) is among the best dividend Canadian stocks to invest in.
On November 7, Mizuho raised its price target for Brookfield Renewable Partners L.P. (NYSE:BEP) to $33 from $27 while maintaining a Neutral rating on the stock, as reported by The Fly.
Brookfield Renewable Partners L.P. (NYSE:BEP) is already one of the largest renewable power companies globally, with 47.5 GW of operating capacity across various technologies. Its assets generate stable and steadily growing cash flow, supported by long-term power purchase agreements with utilities and large corporations, most of which include inflation-linked rate escalation clauses.
The company plans to invest more than $10 billion over the next five years to expand its platform through acquisitions and development projects. Its extensive development pipeline supports a target of increasing annual development capacity to 10 GW by 2027. Brookfield Renewable Partners L.P. (NYSE:BEP) is also reviewing approximately $100 billion in potential M&A opportunities. These investments are expected to enhance the growth already delivered by its existing power portfolio.
With these growth drivers, Brookfield Renewable Partners L.P. (NYSE:BEP) expects to grow funds from operations (FFO) per share by more than 10% annually through at least 2030, giving the company the ability to increase its high-yield dividend by 5% to 9% per year.
5. Franco-Nevada Corporation (NYSE:FNV)
Upside Potential as of November 17: 18.8%
Franco-Nevada Corporation (NYSE:FNV) is among the best dividend Canadian stocks to invest in.
On November 5, TD Securities lowered its price target for Franco-Nevada Corporation (NYSE:FNV) to $225 from $247 while maintaining a Hold rating on the stock, following a “solid” Q3 report, according to a report by The Fly. The firm attributed the target reduction to a shift in investor sentiment and higher market volatility after a recent gold price pullback.
In the third quarter of 2025, Franco-Nevada Corporation (NYSE:FNV) reported record revenue of $487.7 million, representing 77% growth compared with the same period last year and exceeding analysts’ estimates by $27 million. The company’s acquisition of six significant new gold interests over the past 18 months has positioned it for long-term growth and increased its exposure to gold, with 85% of revenue coming from precious metals during the quarter.
Operating cash flow reached $348.0 million, up 63% from the prior year. Franco-Nevada Corporation (NYSE:FNV) has increased its dividend every year since its IPO in 2008, marking 18 consecutive years of growth in 2025. The company also maintains a debt-free balance sheet, a rarity in the mining sector, providing additional financial flexibility to invest in new royalty and streaming agreements.
Franco-Nevada Corporation (NYSE:FNV) is a Canada-based streaming and royalty company focused on gold. It holds a diversified portfolio with agreements linked to gold, silver, the platinum group metals (PGMs), iron ore, and oil and gas.
4. Canadian Natural Resources Limited (NYSE:CNQ)
Upside Potential as of November 17: 21.01%
Canadian Natural Resources Limited (NYSE:CNQ) is one of the best dividend Canadian stocks to invest in.
On November 6, Canadian Natural Resources Limited (NYSE:CNQ) announced a quarterly dividend of C$0.5875 per share, matching its previous payout. The company has increased dividends for 25 consecutive years. As of November 16, the stock offers a dividend yield of 4.99%.
Canadian Natural Resources Limited (NYSE:CNQ) is widely recognized for its extensive oil production operations, which include oil sands, conventional light and heavy oil, and offshore assets. The company is also a significant player in Canada’s natural gas sector, with production, infrastructure, and large reserves across Western Canada.
Canadian Natural Resources Limited (NYSE:CNQ)’s success is supported by its diversified portfolio and the fact that it holds sole or majority ownership of most of its assets. This structure allows management to quickly reallocate capital to benefit from favorable commodity price movements.
In addition, the company’s size and strong balance sheet provide the flexibility to make strategic acquisitions that drive revenue growth and expand its reserve base during periods of lower energy prices. For instance, the company spent US$6.5 billion last year to acquire Chevron’s Canadian assets.
3. Canadian Pacific Kansas City Limited (NYSE:CP)
Upside Potential as of November 17: 24.5%
Canadian Pacific Kansas City Limited (NYSE:CP) is among the best Canadian dividend stocks to invest in.
On November 11, Bernstein cut its price target on Canadian Pacific Kansas City Limited (NYSE:CP) to $82.08 from $87.12 while keeping a Market Perform rating, as reported by The Fly. The firm pointed out that the company faced revenue pressure in the third quarter, although operating expenses and adjusted OR held up well. Bernstein also noted that the recent realignment in intermodal volumes has now started to materialize.
In the third quarter of 2025, Canadian Pacific Kansas City Limited (NYSE:CP) reported revenues of C$3.7 billion, up 3% from C$3.5 billion a year earlier. The operating ratio improved to 60.7%, reflecting a 220 basis point gain, and earnings per share rose 11% to $1.10. Management stated that the business remains on course to meet its full-year earnings outlook of 10% to 14% growth.
Canadian Pacific Kansas City Limited (NYSE:CP)’s main advantage continues to be its network. After completing its merger with Kansas City Southern in 2023, CP became the only railway with a direct single-line route that links Canada, the United States, and Mexico. Its system covers about 32,000 kilometres of track and connects major agricultural, industrial, and energy regions across all three countries. The company also benefits from manageable debt and strong free cash flow, which enables it to invest in network upgrades while maintaining dividends and share buybacks.
2. Alamos Gold Inc. (NYSE:AGI)
Upside Potential as of November 17: 30.7%
Alamos Gold Inc. (NYSE:AGI) is one of the best dividend Canadian stocks to buy now.
On November 6, TD Securities’ Steven Green trimmed the price target on Alamos Gold Inc. (NYSE:AGI) to C$55 from C$56 while maintaining a Buy rating on the stock, as reported by The Fly.
During the third quarter of 2025, the company sold 136,473 ounces of gold at an average realized price of $3,359 per ounce, which helped drive record quarterly revenue of $462.3 million. Gold production reached 141,700 ounces, up 3% from the prior quarter as both the Mulatos mine and the Island Gold District delivered stronger results. The company also posted record free cash flow of $130.3 million while continuing to reinvest in its high-return growth pipeline.
Alamos Gold Inc. (NYSE:AGI)’s operating cash flow climbed to an all-time high of $265.3 million, a 33% increase from the second quarter, supported by wider margins on the back of higher gold prices and lower costs. Management expects fourth-quarter production to rise about 18% at the midpoint, landing between 157,000 and 177,000 ounces, making it the strongest quarter of the year with improvements anticipated across all three sites.
Alamos Gold Inc. (NYSE:AGI) is a North American gold producer headquartered in Canada, operating three diversified mining operations in the region.
1. Thomson Reuters Corporation (NASDAQ:TRI)
Upside Potential as of November 17: 37.44%
Thomson Reuters Corporation (NASDAQ:TRI) is among the best dividend Canadian stocks to buy now.
On November 5, Scotiabank’s Maher Yaghi lowered the firm’s price target on Thomson Reuters Corporation (NASDAQ:TRI) to $189 from $200 while maintaining an Outperform rating, according to a report by The Fly. He noted that the stock pulled back after the company delivered in-line quarterly results, as its government solutions division faced some pressure and investors continued to worry that AI startups might threaten the company’s business model. Scotiabank argued that these fears appear overstated, since competitive activity remains limited to adjacent areas and Thomson Reuters still benefits from what the firm called a strong and reliable moat.
In the third quarter of 2025, Thomson Reuters Corporation (NASDAQ:TRI) generated $1.78 billion in revenue, reflecting a 3.36% increase from a year earlier and coming in $2.8 million ahead of expectations. Operating profit reached $593 million, up 43% year over year, helped by the sale of the company’s remaining minority stake in the Elite business along with higher revenue. Operating cash flow totaled $704 million for the quarter.
Thomson Reuters Corporation (NASDAQ:TRI)’s Big 3 segments delivered organic revenue growth of 9% and accounted for 82% of total revenue. Thomson Reuters pointed to steady momentum from its agentic AI offerings, including CoCounsel Legal and CoCounsel for tax, audit, and accounting. Management said these tools are reshaping professional workflows by pairing the company’s long-standing expertise and trusted content with advanced technology.
Thomson Reuters Corporation (NASDAQ:TRI) provides specialized information-enabled software and tools for professionals, supported by its global news service, Reuters.
While we acknowledge the potential of TRI to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than TRI and that has 100x upside potential, check out our report about this cheapest AI stock.
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