5 Canadian Dividend Stocks to Power Your RRSP, TFSA

The Canadian dividend stocks on our list offer income plus growth potential

SmallCapPower | April 5, 2017: Looking for a way to boost your RRSP or TFSA? Each of the Canadian dividend stocks on our list today have dividend yields of over 3%, much more than what you would get from your local bank’s savings account. Make the most of the compounding gains in your portfolio with stocks that pay an above-average dividend yield while you wait for capital gains. It could be ‘set it and forget it’ with these defensive companies featuring slow but steady growth.

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BCE Inc. (TSX: BCE) – $59.20
Integrated Telecommunications Services

BCE Inc. is a communications company. Its segments include Bell Wireless, Bell Wireline and Bell Media. Its Bell Wireless segment provides wireless voice and data communications products and services to its residential, small and medium-sized business and large enterprise customers across Canada. Its Bell Wireline segment provides data, including Internet access and Internet protocol television (IPTV), local telephone, long distance, as well as other communications services and products to its residential, small and medium-sized business and large enterprise customers, primarily in Ontario, Quebec and the Atlantic provinces, while Satellite television (TV) service and connectivity to business customers are available nationally across Canada. Its Bell Media segment provides conventional, specialty and pay Television, digital media, and radio broadcasting services and out of home (OOH) advertising services to customers across Canada.

  • Market Cap: $53,193.80 million
  • Dividend Per Share: $2.86
  • Dividend Yield: 4.8%
  • YTD Price PCT Change: 2.0%

Royal Bank of Canada (TSX: RY) – $96.79

Royal Bank of Canada (RBC) is a diversified financial services company that provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries. The Company’s business segments include Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, Capital Markets.

  • Market Cap: $143,567.10 million
  • Dividend Per Share: $3.45
  • Dividend Yield: 3.6%
  • YTD Price PCT Change: 6.5%

Shaw Communications Inc. (TSX: SJR.B) – $27.82
Integrated Telecommunications Services

Shaw Communications Inc. (Shaw) is a diversified connectivity provider that operates through four divisions: Consumer, Wireless, Business Network Services and Business Infrastructure Services. Under the Consumer division, the Company offers Cable telecommunications and Satellite video services to residential customers. Its Business Network Services division offers data networking, Cable telecommunications, Satellite video and fleet tracking services to businesses and public sector entities. Its Business Infrastructure Services division offers data center colocation, cloud technology and managed information technology (IT) solutions to businesses. The Company offers wireless services for voice and data communications through its Wireless division.

  • Market Cap: $13,764.2 million
  • Dividend Per Share: $1.08
  • Dividend Yield: 4.3%
  • YTD Price PCT Change: 3.3%

Suncor Energy Inc. (TSX: SU) – $40.65
Oil & Gas Refining and Marketing

Suncor Energy Inc. (Suncor) is an integrated energy company focused on developing Canada’s petroleum resource basin, Athabasca oil sands. The Company operates in three business segments: Oil Sands, Exploration and Production (E&P), and Refining and Marketing. The Company’s Oil Sands segment includes Oil Sands operations and Oil Sands ventures operations. Its E&P segment consists of offshore operations off the east coast of Canada and in the North Sea, and onshore assets in North America, Libya and Syria. The Company’s Refining and Marketing segment is engaged in Refining and Supply, and Marketing operations. Suncor also conducts energy-trading activities.

  • Market Cap: $67,845.5 million
  • Dividend Per Share: $1.27
  • Dividend Yield: 3.1%
  • YTD Price PCT Change: -7.4%

Toronto-Dominion Bank (TSX: TD) – $66.99

Toronto-Dominion Bank (the Bank) is a Canada-based bank, which operates in the North America. It is also an online financial services firm, with over 10.2 million online and mobile customers. Its segments include Canadian Retail, U.S. Retail, Wholesale Banking and Corporate. The Canadian Retail segment provides a range of financial products and services to customers in the Canadian personal and commercial banking businesses. The U.S. Retail segment consists of its retail and commercial banking operations operating under the brand TD Bank, and wealth management services in the United States. The Wholesale Banking segment provides a range of capital markets, investment banking, and corporate banking products and services, including underwriting and distribution of new debt and equity issues, providing advice on strategic acquisitions and divestitures, funding and investment needs of its clients.

  • Market Cap: $124,593.4 million
  • Dividend Per Share: 2.35
  • Dividend Yield: 3.6%
  • YTD Price PCT Change: 1.2%

Disclosure: Neither the author nor any of the principals at Small Cap Power, or their family members, own shares in any of the companies mentioned above.

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