In his article, we will take a look at the 5 Canadian Stocks with Highest Dividends. For deeper discussion and analysis, read 10 Canadian Stocks with Highest Dividends. 

5. Rogers Communications Inc. (NYSE:RCI)

Dividend Yield as of April 25: 4.06%

On April 23, TD Securities upgraded Rogers Communications Inc. (NYSE:RCI) to Buy from Hold. It also lifted its price target to C$60 from C$56. The call leans heavily on the company’s “much lower” capex outlook, which is expected to support stronger free cash flow and earnings. The analyst also pointed to improving confidence in wireless pricing, along with better visibility on how Rogers can monetize its sports assets.

A day earlier, on April 22, Reuters reported that Rogers now expects 2026 capital spending to come in roughly 30% below 2025 levels. The company is tightening its budget as pricing pressure across the industry remains intense. Competition in Canada’s telecom market has picked up, and against that backdrop, Rogers lowered its 2026 capex forecast to a range of C$2.5 billion to C$2.7 billion, citing softer growth expectations.

Rogers is also moving ahead with its plan to acquire the remaining 25% stake in MLSE, with the deal expected to close in the second half of the year. Once completed, the company plans to group its sports, media, and entertainment assets under a single structure valued at more than $25 billion. It also intends to bring in outside investors by selling a minority stake. In the first quarter, Rogers added 28,000 postpaid wireless subscribers.

Rogers Communications Inc. (NYSE:RCI) operates as a diversified communications and media company in Canada. Its business is split across Wireless, Cable, and Media. The wireless segment serves both consumers and businesses with telecom services.

4. Brookfield Renewable Partners L.P. (NYSE:BEP)

Dividend Yield as of April 25: 4.63%

On April 20, CIBC analyst Mark Jarvi raised the firm’s price recommendation on Brookfield Renewable Partners L.P. (NYSE:BEP) to $40 from $37. It reiterated an Outperformer rating on the shares. In its Q1 Power & Utilities preview, the firm said most regulated utilities are likely to meet or exceed consensus expectations. Results for power names may be more uneven. Even so, CIBC sees “more valuation upside” in the power segment, while suggesting that investors “should hold a balance of Power names and Regulated Utilities.”

On April 16, JPMorgan raised its price target on BEP to $40 from $34. It maintained an Overweight rating. The update came as part of the firm’s Q1 preview for the clean energy and power infrastructure group. JPMorgan described the current backdrop as a “catalyst-rich environment,” supported by data center contract announcements and rising order volumes, which are expected to “buoy sentiment.” The analyst continues to favor companies with meaningful exposure to U.S.-based manufacturing, diversified end markets, and strong balance sheets.

Brookfield Renewable Partners L.P. (NYSE:BEP) operates publicly traded platforms focused on renewable power and decarbonization solutions. Its portfolio includes hydroelectric, wind, utility-scale solar, distributed generation, and storage assets across North America, South America, Europe, and the Asia-Pacific region.

3. Open Text Corporation (NASDAQ:OTEX)

Dividend Yield as of April 25: 4.91%

On April 20, Barclays analyst Raimo Lenschow lowered the firm’s price recommendation on Open Text Corporation (NASDAQ:OTEX) to $25 from $30. It reiterated an Equal Weight rating on the shares. The update came as part of a broader Q1 earnings preview for the software group. The analyst said, “We are not sure Q1 will turn the negative software sentiment around.” Barclays noted that Q1 is typically the smallest quarter of the year, and the macro backdrop “was not a tailwind.” The firm also pointed out that meaningful improvements in software fundamentals may not come until the second half of 2026.

On April 13, the company announced a strategic partnership with S3NS, an alliance between Thales and Google Cloud. The goal is to provide European organizations with a trusted cloud platform built on Google Cloud technology, while meeting strict security and compliance standards in France. The platform is designed to offer strong data residency, regulatory compliance, and operational control.

The partnership introduces a hybrid trusted cloud architecture for Europe, based in France. It allows organizations to keep sensitive data within a locally governed environment, while still using hyperscaler cloud services for less sensitive workloads, innovation, and scale.

Open Text Corporation (NASDAQ:OTEX) is a Canada-based information management company that provides software and services. Its platform delivers secure and scalable solutions for global enterprises, small and medium-sized businesses, governments, and consumers worldwide.

2. Enbridge Inc. (NYSE:ENB)

Dividend Yield as of April 25: 5.34%

On April 24, Reuters reported that Canada approved a C$4 billion ($2.93 billion) expansion of Enbridge Inc. (NYSE:ENB)’s Westcoast natural gas pipeline system in British Columbia. It is the first major pipeline project to move forward under Prime Minister Mark Carney.

Carney, who was elected last year on a platform focused on economic growth and responding to U.S. President Donald Trump’s tariffs, has committed to speeding up permitting for large resource projects. In Canada, these projects have often faced delays tied to regulatory and legal hurdles. Enbridge has been working on its Sunrise Expansion project since 2022. The project is expected to add 300 million cubic feet per day of natural gas capacity in British Columbia. The company filed for federal approval two years ago.

The expansion is aimed at meeting rising natural gas demand in the region. This includes supply needs from LNG projects such as Woodfibre, which is currently under construction on the Pacific coast. Enbridge holds a 30% stake in that project. The existing Westcoast pipeline system runs about 2,900 kilometers from northeast British Columbia to the Canada-U.S. border. It currently has a capacity of 3.6 billion cubic feet per day. The project will include new pipeline sections along the existing route, added gas compression capacity, and upgrades to current facilities.

Enbridge Inc. (NYSE:ENB) operates as an energy transportation and distribution company. Its business segments include Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation.

1. TELUS Corporation (NYSE:TU)

Dividend Yield as of April 25: 9.86%

On April 14, Barclays analyst Lauren Bonham lowered the firm’s price recommendation on TELUS Corporation (NYSE:TU) to C$19 from C$20. It reiterated an Equal Weight rating as part of a Q1 preview. The firm said the “attractiveness of defensive” in the cable sector is being weighed down by ongoing promotional pricing pressure and weaker volumes across core telecom segments.

On April 10, Scotiabank downgraded TU to Sector Perform from Outperform and reduced its price target to C$21.50 from C$23. The firm said the stock’s outlook “remains too clouded by what-if scenarios to offset the continued high and unsustainable dividend distribution model.” The analyst added that continued pressure on subscriber growth and pricing in the Canadian telecom market could force Telus to cut its dividend to “placate the market.” Scotiabank also noted that while asset sales may help reduce leverage, they do not address the company’s payout ratio.

TELUS Corporation (NYSE:TU) operates as a communications technology company. It provides broadband services to consumers, businesses, and the public sector through its TELUS technology solutions, TELUS digital experience, and TELUS health segments.

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