3 Top Canadian Stocks to Buy for Dividend Growth

Dividend investing gives investors the power to build income without needing to time the market perfectly. For Canadian investors, that matters even more now, as stable payouts help cushion market swings that have become increasingly common amid macroeconomic uncertainties and global trade tensions. And the strongest opportunities often come from fundamentally solid companies that not only pay dividends but keep growing them over time. In this article, I’ll talk about three top Canadian dividend stocks that also rank among the top dividend growth stocks to consider today.

Enbridge stock

Let’s start with Enbridge (TSX:ENB), an energy infrastructure giant that has long been associated with reliable income in Canada. The company mainly runs one of the largest energy infrastructure networks in North America, transporting crude oil, natural gas, and renewable power across major markets.

ENB stock currently trades at $65.19 per share, giving it a market cap of about $142.2 billion. At current levels, Enbridge offers an annualized dividend yield of roughly 6%. Interestingly, the company has increased its dividends for the last 31 consecutive years, making it a perfect choice for investors focused on dividend growth stocks.

In the third quarter of 2025, the Canadian energy infrastructure firm delivered record adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $4.3 billion, supported by high utilization across its liquids and gas transmission systems. Meanwhile, its distributable cash flow remained stable at $2.6 billion, helping it maintain the sustainability of its dividend.

What keeps Enbridge relevant among top dividend growth stocks is its long runway of contracted growth. The company has $35 billion in secured growth projects scheduled to enter service through 2030, including pipeline expansions, gas storage projects, and carbon capture infrastructure. With management reaffirming multi-year financial guidance and a clear focus on dividend growth, Enbridge continues to look like a dependable long-term income stock.

Manulife stock

Moving from infrastructure to financial services, let’s talk about Manulife Financial (TSX:MFC), which offers a different type of dividend growth profile. This Canadian financial services giant provides insurance, wealth management, and asset management solutions across Canada, the United States, and Asia.

After rallying nearly 16% over the last year, MFC stock recently traded at $50.71 per share, with a market cap of about $85 billion. The stock offers an annualized dividend yield of around 3.5%, supported by a strong capital base.

Over the last year, Manulife stock gained momentum as improving market conditions and disciplined execution supported its earnings growth. As a result, the company managed to post stronger core earnings, driven by strong growth in its wealth and asset management business and stable insurance performance, even as the interest rate environment remained uncertain.

MFC’s long-term appeal lies in its geographic diversification and focus on scalable businesses. Notably, the company continues to expand its Asian operations while investing in digital platforms to improve efficiency. These growth initiatives could help Manulife continue delivering dividend growth over time.

Scotiabank stock

Rounding out the list is Bank of Nova Scotia (TSX:BNS), or Scotiabank, one of Canada’s largest and most established banks. Scotiabank operates across Canadian banking, international markets, wealth management, and capital markets segments, making its earnings streams well diversified.

After climbing 38% over the last year, BNS stock now trades at $103.51 per share with a market cap of $127.9 billion. At this market price, it has an annualized dividend yield of about 4.3%.

In its fiscal 2025 (ended in October), Scotiabank delivered improving results as its adjusted net income rose to $9.5 billion, supported by stronger net interest income and solid performance in wealth management and global banking.

Moreover, Scotiabank continues to strengthen its capital levels while streamlining operations across regions to boost profitability. With earnings momentum improving and a long history of increasing dividend payments, BNS remains a really attractive option among top Canadian dividend growth stocks.

The post 3 Top Canadian Stocks to Buy for Dividend Growth appeared first on The Motley Fool Canada.

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More reading

• 3 Top Dividend-Paying Stocks for Retirees in 2026
• Better Pipeline Stock: Enbridge vs. TC Energy?
• 2 Canadian Dividend Knights to Buy Now and Never Sell
• 10 Years From Now I Think You’ll Be Glad You Bought These Dividend Stocks
• TFSA: 3 Canadian Stocks to Buy and Hold for the Long Run

Fool contributor Jitendra Parashar has positions in Enbridge. The Motley Fool recommends Bank of Nova Scotia and Enbridge. The Motley Fool has a disclosure policy.