As we navigate through 2023, savvy investors are on the lookout for the top 10 high-yield Canadian stocks to complement their portfolios. These selections are not just about impressive dividend yields; they’re about stability, reliability, and the promise of consistent returns.
1. Canadian Natural Resources Limited (CNQ)
- Sector: Energy
- Dividend Yield: 4.09%
- P/E Ratio: 12.97
- Notes: Offering a robust yield, CNQ stands out in the energy sector for its consistent dividend payments and operational efficiency in oil and natural gas production.
2. Imperial Oil Limited (IMO)
- Sector: Energy
- Dividend Yield: 2.51%
- P/E Ratio: 8.49
- Notes: As one of Canada’s largest integrated oil companies, IMO offers investors a compelling dividend yield supported by its strong balance sheet and long-standing history in the industry.
3. goeasy Ltd. (GSY)
- Sector: Financial Services
- Dividend Yield: 3.52%
- P/E Ratio: 10.08
- Notes: GSY, known for its high-return lending services, translates its financial success into substantial dividend yields, making it an attractive option for income-focused portfolios.
4. Quebecor Inc. Class B (QBR.B)
- Sector: Telecommunications
- Dividend Yield: 4.33%
- P/E Ratio: 10.77
- Notes: Quebecor stands out with its Class B shares, offering investors a healthy dividend yield backed by a solid presence in the media and telecommunications spaces.
5. Canadian Imperial Bank of Commerce (CM)
- Sector: Banking
- Dividend Yield: 7.23%
- P/E Ratio: 9.86
- Notes: CIBC is known for its high dividend yield within the financial sector, complemented by a diversified business model that spans retail banking, wealth management, and capital markets.
6. Bank of Montreal (BMO)
- Sector: Banking
- Dividend Yield: 5.71%
- P/E Ratio: 10.22
- Notes: Among the revered ‘Big Five’ Canadian banks, BMO provides investors with an attractive yield, underscoring its stability and consistent performance in the banking sector.
7. Telus Corporation (T)
- Sector: Telecommunications
- Dividend Yield: 6.61%
- P/E Ratio: 26.62
- Notes: With its strategic investments in telecommunications infrastructure and customer service, Telus offers a strong dividend yield to its shareholders.
8. Manulife Financial Corporation (MFC)
- Sector: Insurance and Financial Services
- Dividend Yield: 6.14%
- P/E Ratio: 8.31
- Notes: MFC garners attention for its dividend yield, which is bolstered by a diverse range of financial services and a growing international presence.
9. National Bank of Canada (NA)
- Sector: Banking
- Dividend Yield: 4.77%
- P/E Ratio: 9.21
- Notes: NA, primarily focused on the Quebec market, offers an impressive yield, reflecting its solid financial health and efficient business operations.
10. Toronto-Dominion Bank (TD)
- Sector: Banking
- Dividend Yield: 5.04%
- P/E Ratio: 9.85
- Notes: TD’s strong retail banking segment, both in Canada and the US, contributes to its position as a high-yield stock, emphasizing the bank’s success in generating consistent income for shareholders.
This top 10 list presents a diversified selection of Canadian stocks across various industries, each with the common feature of high dividend yields. These yields represent the company’s confidence in its business model and commitment to rewarding shareholders. As with any investment, due diligence is essential, and consulting with a financial advisor is recommended to ensure these high-yield stocks align with your investment strategy and goals.
