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<\/p>\nJobs that offer a traditional workplace pension have become less common over the past decade. This means that building a reliable retirement income stream from a portfolio of dividend-paying investments has become a priority for many Canadians. Fortunately, there\u2019s no shortage of great Canadian dividend stocks to choose from.<\/p>\n
Choosing the right Canadian dividend stocks today can help create that steady income stream tomorrow, fueled by predictable cash flow, long-term dividend growth, and defensive appeal.<\/p>\n
Here\u2019s a look at three Canadian dividend stocks to consider buying today that can help to build your own pension income stream.<\/p>\n
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Source: Getty Images<\/p>\n
Fortis: Income and stability wrapped in a defensive shell<\/p>\n
Fortis (TSX:FTS<\/a>) is one of the most recognized Canadian dividend stocks on the market. The company has earned that reputation thanks to decades of boring consistency.<\/p>\n Tired of guessing which stocks to buy?<\/p>\n When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor Canada’s total average return is 94% – a market-crushing outperformance compared to 85% for the S&P\/TSX Composite Index.<\/p>\n They revealed what they believe are 10 stocks for investors to buy right now, available when you join Stock Advisor Canada.<\/p>\n * Returns as of April 20th, 2026<\/p>\n Utility stocks<\/a> like Fortis developed that reputation thanks to their uneventful business models. In short, Fortis provides a service that\u2019s backed by regulated contracts spanning decades. Fortis is then paid a reliable and recurring amount for providing that service.<\/p>\n Finally, Fortis uses that predictable revenue stream to pay its dividend and invest in growth.<\/p>\n Again, it\u2019s boring, but it\u2019s also incredibly reliable and very necessary. Utility bills aren\u2019t something that can be traded down like retail. They also don\u2019t witness significant growth.<\/p>\n When it comes to dividends, Fortis offers a quarterly dividend with a yield of 3.3% as of the time of writing. It\u2019s not the highest yield on the market, but it\u2019s well-covered, stable, and growing.<\/p>\n In fact, Fortis has provided annual upticks to that dividend for an incredible 53 consecutive years without fail.<\/p>\n That fact alone makes Fortis one of the top Canadian dividend stocks to own.<\/p>\n BMO: Long-term income from a major Canadian bank<\/p>\n It would be nearly impossible to mention the top Canadian dividend stocks to own to build a pension and not mention one of Canada\u2019s big bank stocks<\/a>. The banks offer reliable income, steady growth from international markets, and significant defensive appeal.<\/p>\n And among the big banks, Bank of Montreal (TSX:BMO<\/a>) is the one for investors to consider right now. BMO is the oldest of the big banks and has been paying dividends for nearly two centuries without fail.<\/p>\n Like Fortis, BMO has also provided investors with annual increases, with the current streak coming in over a decade. As of the time of writing, BMO\u2019s quarterly dividend carries a 3.2% yield.<\/p>\n BMO\u2019s diversification helps it to generate consistent earnings even when certain parts of the economy slow down. That appeal is furthered by the bank\u2019s growth into the U.S. market.<\/p>\n In fact, over the past several years, BMO has grown to become one of the largest lenders in that market, with a presence in 32 state markets. Not only does that provide access to millions of additional customers and billions of deposits, but it also provides diversification from its massive domestic footprint.<\/p>\n Enbridge: High-yield income for your DIY pension<\/p>\n The final pick among the top Canadian dividend stocks to consider is Enbridge (TSX:ENB<\/a>). Enbridge is one of the largest energy infrastructure<\/a> companies on the planet. The company is also known for its high-yield dividend<\/a> and impressive payment history.<\/p>\n Enbridge has provided annual upticks to its dividend for over three decades without fail. The company has also paid dividends, without interruption, for over seven decades.<\/p>\n Like the other two Canadian dividend stocks mentioned above, Enbridge offers a reliable dividend, defensive appeal, and growth prospects.<\/p>\n The bulk of Enbridge\u2019s revenue is generated from its pipeline business, which includes both crude and natural gas segments. The business generates a recurring revenue stream backed by long-term contracts that leaves room to invest in growth and pay that dividend.<\/p>\n Beyond its pipeline business, Enbridge also operates a renewable energy business and a natural gas utility. Both offer a similar defensive appeal along with regulated, contracted revenue streams.<\/p>\n How to structure your dividend-based pension<\/p>\n A dividend pension blends stability, yield, and long-term growth. Fortis provides the foundation with recurring, low-volatility income. BMO adds a mix of income and growth potential. And finally, Enbridge delivers the higher yield, which helps to boost the blended yield and income potential across the portfolio.<\/p>\n By combining these three Canadian dividend stocks, a pension-like income stream becomes possible and can grow over time.<\/p>\n","protected":false},"excerpt":{"rendered":"Jobs that offer a traditional workplace pension have become less common over the past decade. 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