Looking for Income in Retirement? 4 Canadian Dividend Stocks That Deliver

Canada is set to see an explosion in its elderly population in the coming years. However, many pre-retirees are not adequately prepared for full retirement. A recent survey by Healthcare of Ontario Pension Plan revealed that 75% of respondents between 55 and 64 have $100,000 or less in savings. Additionally, more than 40% of respondents have less than $5,000. Today, I want to look at dividend stocks that can help current and future retirees eat away at retirement income. Let’s dive in.

This energy infrastructure giant is a Dividend Aristocrat with a great yield

Enbridge (TSX:ENB) is a Calgary-based energy infrastructure giant. This Canadian blue-chip dividend stock has delivered more than a quarter century of dividend growth. Enbridge shares fell 2% month over month in early afternoon trading on July 13. The stock is down 8.2% year to date in 2023.

Investors can expect to see the company’s fiscal 2023 second quarter (Q2) earnings in late July. In the first quarter, Enbridge delivered adjusted earnings of $1.7 billion, or $0.85 per common share, which was mostly flat compared to last year. Shares of this dividend stock are trading in solid territory compared to its industry peers. It offers a quarterly dividend of $0.887 per share. That represents an incredible 7.2% yield.

Here’s another top dividend stock with an impressive earnings streak

Fortis (TSX:FTS) is a utility holding company based in St. This stock has achieved 49 consecutive years of dividend growth. That means Fortis is on the verge of becoming Canada’s second Dividend King. Its shares fell slightly last month. The stock is still up 2.1% in the year-to-date period.

In Q1 2023, Fortis delivered adjusted net earnings per share (EPS) of $0.91 compared to $0.78 in Q1 fiscal 2022. Meanwhile, it confirmed that its $4.3 billion capital plan for the full year remains on track. Fortis ultimately has a solid price-to-earnings (P/E) ratio of 19. It offers a quarterly distribution of $0.565 per share, representing a solid 4% yield.

Retirees get access to green energy and a monthly Northland dividend

Northland Power (TSX:NPI) is a Toronto-based independent power producer that develops, builds, owns, and operates clean and green power projects in North America, Europe, and around the world. Shares of this dividend green energy stock have fallen 5.3% in the past month. Northland Power is down 28% year to date through 2023.

This company is scheduled to release its next batch of earnings in August. Northland saw its earnings take a hit in the first quarter, but they were still in line with analyst expectations. Shares of this dividend stock currently have an attractive P/E ratio of 9.7. In addition, it offers a monthly dividend of $0.10, which represents a 4.4% yield.

Another reliable dividend stock I’m targeting today

Canadian National Railway (TSX:CNR) is a Montreal-based company engaged in retail and related transportation businesses. Its shares rose 1.1% last month. The stock’s dividend is down 4.8% year-to-date through 2023.

Investors can expect to see the next batch of CNR results on July 25. In Q1 2023, the company delivered revenue growth of 16% to $4.31 billion. Additionally, operating income increased 35% to $1.66 billion. Last CNR has a solid P/E ratio of 19. It offers a quarterly distribution of $0.79 per share. That represents a 2% yield.