The Canadian market has shown resilience, with the TSX only slightly down from its record high, buoyed by strong performance in the materials sector. In this environment of cautious optimism and potential volatility, dividend stocks yielding over 3% can offer investors a stable income stream while providing some protection against market fluctuations.

Top 10 Dividend Stocks In Canada

Name Dividend Yield Dividend Rating SECURE Waste Infrastructure (TSX:SES) 3.04% ★★★★★☆ Russel Metals (TSX:RUS) 4.17% ★★★★★☆ Royal Bank of Canada (TSX:RY) 3.56% ★★★★★☆ Olympia Financial Group (TSX:OLY) 6.94% ★★★★★☆ Savaria (TSX:SIS) 3.09% ★★★★★☆ Whitecap Resources (TSX:WCP) 9.37% ★★★★★☆ Power Corporation of Canada (TSX:POW) 4.36% ★★★★★☆ IGM Financial (TSX:IGM) 5.18% ★★★★★☆ Richards Packaging Income Fund (TSX:RPI.UN) 6.08% ★★★★★☆ Acadian Timber (TSX:ADN) 6.71% ★★★★★☆

Click here to see the full list of 24 stocks from our Top TSX Dividend Stocks screener.

Let's take a closer look at a couple of our picks from the screened companies.

Centerra Gold

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

Overview: Centerra Gold Inc. is involved in the acquisition, exploration, development, and operation of gold and copper properties across North America, Turkey, and internationally with a market cap of CA$1.94 billion.

Operations: Centerra Gold Inc.'s revenue is primarily derived from its operations at Öksüt ($465.69 million), Molybdenum ($253.01 million), and Mount Milligan ($495.80 million).

Dividend Yield: 3%

Centerra Gold offers a quarterly dividend of CAD 0.07 per share, equating to approximately USD 10.2 million in total. The dividend is well-covered by earnings and cash flows, with payout ratios of 51.7% and 29.1%, respectively, suggesting sustainability despite a history of volatility over the past decade. While the yield is lower than top Canadian dividend payers, recent profitability and exploration investments may enhance future prospects for consistent dividends.

Unlock comprehensive insights into our analysis of Centerra Gold stock in this dividend report. Insights from our recent valuation report point to the potential undervaluation of Centerra Gold shares in the market.TSX:CG Dividend History as at May 2025

Richards Packaging Income Fund

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

Overview: Richards Packaging Income Fund, with a market cap of CA$306.41 million, operates in North America where it designs, manufactures, and distributes packaging containers and healthcare supplies.

Operations: Richards Packaging Income Fund generates revenue primarily from its Wholesale - Miscellaneous segment, which amounts to CA$407.78 million.

Story Continues

Dividend Yield: 6.1%

Richards Packaging Income Fund provides a stable dividend with a payout ratio of 40.3%, indicating strong earnings coverage. The cash payout ratio is similarly low at 37.4%, suggesting sustainability. Despite trading at 51.5% below its estimated fair value, its dividend yield of 6.08% is slightly lower than the top Canadian payers but remains reliable and has grown consistently over the past decade, supported by recent affirmations and regular monthly distributions of CAD 0.11 per unit.

Navigate through the intricacies of Richards Packaging Income Fund with our comprehensive dividend report here. Our comprehensive valuation report raises the possibility that Richards Packaging Income Fund is priced lower than what may be justified by its financials.TSX:RPI.UN Dividend History as at May 2025

Whitecap Resources

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

Overview: Whitecap Resources Inc. focuses on acquiring, developing, and producing petroleum and natural gas properties in Western Canada, with a market cap of CA$4.59 billion.

Operations: Whitecap Resources Inc. generates its revenue primarily from the exploration and production of oil and gas, amounting to CA$3.41 billion.

Dividend Yield: 9.4%

Whitecap Resources reported a strong Q1 2025 with CAD 837.3 million in revenue and CAD 162.6 million net income, supporting its dividend of CAD 0.0608 per share, covered by earnings (47.2% payout ratio) and cash flows (67% cash payout ratio). Despite past volatility in dividends, the current yield stands at an attractive 9.37%. The strategic merger with Veren Inc., valued at $15 billion, positions Whitecap as a leading light oil producer in Canada, enhancing future profitability potential for shareholders.

Dive into the specifics of Whitecap Resources here with our thorough dividend report. Our valuation report here indicates Whitecap Resources may be undervalued.TSX:WCP Dividend History as at May 2025

Key Takeaways

Discover the full array of 24 Top TSX Dividend Stocks right here. Got skin in the game with these stocks? Elevate how you manage them by using Simply Wall St's portfolio, where intuitive tools await to help optimize your investment outcomes. Take control of your financial future using Simply Wall St, offering free, in-depth knowledge of international markets to every investor.

Ready For A Different Approach?

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.

Companies discussed in this article include TSX:CG TSX:RPI.UN and TSX:WCP.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

View Comments