5 TSX Dividend Stocks to Buy and Hold for Decades

These stocks have been paying dividends for at least 20 years or more. 

High-quality dividend stocks ensure consistent income and supplement your cash inflow, even amid an uncertain macro and geopolitical environment. This article will focus on five top-quality TSX stocks that are reliable bets and could generate steady income for decades. Further, these stocks have been paying dividends for at least 20 years or more. 

Toronto-Dominion Bank

Toronto-Dominion Bank (TSX:TD)(NYSE:TD) has a stellar record of paying continuous dividends and is among the most reliable bets on TSX to generate steady income. It has continuously paid a dividend for 164 years. Further, this banking giant’s dividend has a CAGR of 11% since 1995, which is encouraging. Its diversified revenue base and ability to grow earnings amid a challenging operating environment supports consistent dividend payments.

Moreover, its solid balance sheet, high-quality asset base, strong credit performance, and operating leverage will likely drive its earnings and, in turn, its dividend. By investing in this banking giant at current levels, one can earn a yield of 3.5%. 

Canadian Utilities

When it comes to reliable dividend income, utilities are a handy investment. Take Canadian Utilities (TSX:CU) stock, for instance. This utility company has grown its dividend for 49 consecutive years, which is the highest among all TSX stocks. Further, Canadian Utilities offers a solid yield of 4.7% at current levels.

Its growing rate base and continued investment in regulated and contracted assets bode well for future earnings growth. Also, a focus on the cost savings cushions its bottom line and supports higher dividend payments. 

Fortis

Fortis (TSX:FTS)(NYSE:FTS) is another top bet within the utility space to generate regular income for decades. Like Canadian Utilities, Fortis has consistently increased its dividend (48 years in a row) and is well positioned to grow it further at a decent pace. The company’s low-risk business and predictable cash flows indicate that its payouts are well protected.

Additionally, it projects its rate base to continue to increase, implying higher payments in the future. Fortis expects its dividend to increase by 6% per annum in the medium term and offers a yield of 3.5%. 

Enbridge

The fourth stock on this list is Enbridge (TSX:ENB)(NYSE:ENB), which has paid a dividend for about 67 years and increased it for 27 consecutive years. Notably, it grew at a CAGR of 6% since 1995, which is encouraging. Moreover, it offers an attractive yield of 6%.

The strong energy outlook, recovery in its mainline volumes, diversified cash flows, and contractual arrangement will likely drive its payouts. Further, its robust secured capital program, inflation-protected revenues, and expansion of renewables capacity augur well for future dividend payments.

TC Energy

TC Energy (TSX:TRP)(NYSE:TRP) is another reliable stock in the energy space to generate consistent dividend income. It has raised its dividend for 22 years and projects a 3-5% increase in its future dividends, which is encouraging. Its high-quality regulated and contracted assets, high utilization rate, and multi-billion secured capital projects augur well for future growth.

Further, its additional sanctioned projects, revenue escalators, and cost savings will likely drive its earnings and dividend payments. TC Energy offers a yield of 5%, which is reliable in the long term.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool recommends Enbridge and FORTIS INC.

More on Dividend Stocks

hand stacks coins
Dividend Stocks

3 Ultra-High-Yield Dividend Stocks You Can Buy and Hold for a Decade

These three high-yield dividend stocks still have some work to do, but each are in steady areas that are only…

Read more »

senior man and woman stretch their legs on yoga mats outside
Dividend Stocks

TFSA: 2 Canadian Stocks to Buy and Hold Forever

Here are 2 TFSA-worthy Canadian stocks. Which one is a good buy for your TFSA today?

Read more »

calculate and analyze stock
Dividend Stocks

This 5.5% Dividend Stock Pays Cash Every Single Month!

This REIT may offer monthly dividends, but don't forget about the potential returns in the growth industry its involved with.

Read more »

Silver coins fall into a piggy bank.
Dividend Stocks

How to Use Your TFSA to Earn up to $6,000 Per Year in Tax-Free Passive Income

A high return doesn't mean you have to make a high investment -- or a risky one -- especially with…

Read more »

path road success business
Dividend Stocks

2 High-Yield Dividend Stocks to Buy Hand Over Fist and 1 to Avoid

High yields are great and all, but only if returns come with them. And while two of these might, another…

Read more »

Man holds Canadian dollars in differing amounts
Dividend Stocks

This 7% Dividend Stock Pays Cash Every Month

A high dividend yield isn't everything. But when it pays out each month and offers this stability, it's worth considering!

Read more »

young people stare at smartphones
Dividend Stocks

GST/HST “Vacation”: Everything Canadians Need to Know

The GST/HST "vacation" is a little treat for the holidays, along with a $250 payment. What should you do with…

Read more »

Train cars pass over trestle bridge in the mountains
Dividend Stocks

Is CNR Stock a Buy, Sell, or Hold for 2025?

Can CNR stock continue its long-term outperformance into 2025 and beyond? Let's explore whether now is a good time to…

Read more »