Investors seeking high-yield dividend stocks in Canada should consider three significant options on the TSX. These stocks offer an average yield of 4.85%, making them appealing for those aiming to enhance their returns.
Top TSX Stocks with Attractive Dividends
- Bank of Nova Scotia (TSX:BNS)
- BCE (TSX:BCE)
- Enbridge (TSX:ENB)
1. Bank of Nova Scotia (TSX:BNS)
Currently priced around $103, the Bank of Nova Scotia has gained 44% in the past year. It offers a 4.25% dividend yield, despite a record high share price. The bank is shifting investment focus from Latin America to North America, with plans to invest more in the U.S. market.
In 2024, the bank invested US$2.8 billion for a 14.9% stake in KeyCorp, enhancing its U.S. presence. Furthermore, the sale of operations in Colombia, Costa Rica, and Panama signals a strategic shift. This could lead to improved return on equity and increased stock value in the future.
2. BCE (TSX:BCE)
BCE offers a compelling 4.9% yield with its current price near $35. After reducing its dividend, the stock’s price fell from over $70 in 2022 to below $30 in early 2025. Ongoing challenges include reduced immigration and potential price competition in the communications sector.
Despite these difficulties, BCE’s acquisition of Ziply Fiber for $5 billion last year presents significant growth opportunities in the U.S. market. Additionally, its success with the Heated Rivalry television series is likely to boost revenue through increased subscriptions.
3. Enbridge (TSX:ENB)
Enbridge has experienced a 17% increase in the past year, currently providing a 5.4% dividend yield. Remarkably, the company has raised its dividend consistently for the past 31 years. With $39 billion in sanctioned development projects, Enbridge is poised for steady earnings growth.
The energy infrastructure sector in the United States is expanding, supporting Enbridge’s utility operations, which ensure stable cash flow. This promising outlook for ongoing dividend hikes makes Enbridge a solid consideration for income-focused investors.
Conclusion
For investors looking to generate steady income, Bank of Nova Scotia, BCE, and Enbridge present excellent opportunities. Each stock possesses unique qualities that appeal to different investment strategies. With an average yield of 4.85%, these TSX stocks warrant attention for anyone seeking to enhance their income portfolio.
