Winter just seems to keep dragging on, doesn’t it? After quite a warm one across Canada, we were still hit with storm after storm. Each claiming to be the worst of the decade? Century? Something like that. And honestly, our financial situations seem to have taken a similar route.
So, don’t let this winter drag into your finances any longer. Enter spring with some cash coming in, and start building up your nest egg right away. To do that, I would recommend three dividend stocks like these ones.
Canadian Utilities stock
Canadian Utilities (TSX:CU) is one of the best companies to buy considering it’s currently the only Dividend King on the TSX today. That means you can look forward to even more growth in dividend income in the years to come.
What’s more, utilities are a great buy during a downturn, because the world needs utilities, no matter what happens. Yet right now, Canadian Utilities stock remains a pretty good deal, trading at 17.16 times earnings. That means you can pick up shares while they’re up by just 2% in the last year.
Further, you, of course, will bring in passive income as well from Canadian Utilities stock. If you put $5,000 towards the 5.06% dividend yield, here is what you could get.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND (ANNUAL) | TOTAL PAYOUT (ANNUAL) | FREQUENCY |
| CU | $35.39 | 141 | $1.79 | $252.89 | Quarterly |
TD stock
The Big Six banks are another strong choice during downturns, as they come back strong, even after a recession. This is due to provisions for loan losses that are piled up high, waiting to be used in the event of a downturn such as this one.
Toronto-Dominion Bank (TSX:TD), however, might be your best option. TD stock continues to grow and expand, becoming one of the top 10 banks in the United States as well as the second largest in Canada. The bank also continues to see revenue come in strong thanks to many loan options as well as expanding into wealth and commercial management.
Shares of TD stock are still down by 7.56% in the last year, providing a steal, as they trade at 9.39 times earnings. So, you can pick up that 4.24% dividend yield and get $219.67 annually from a $5,000 investment.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND (ANNUAL) | TOTAL PAYOUT (ANNUAL) | FREQUENCY |
| TD | $87.40 | 57 | $3.84 | $219.67 | quarterly |
BCE stock
Finally, telecommunications companies continue to be one of the best investments for those thinking long term. Wireless and wireline investments by these companies have created some of the fastest internet speeds to date. But BCE (TSX:BCE) continues to claim the fastest speeds of them all.
This has created a massive influx of new clients and continues to be why the company retains the largest market cap of the batch. Not only does it have 5G already rolled out but is working on 5G+ now as well.
Further, it’s a Dividend Aristocrat that also trades at a steal. BCE stock is down 9.77% in the last year and trades at a fairly valued 20.66 times earnings as of writing. You can therefore pick up a valuable 6.38% dividend yield for your nest egg as well. And here is what a $5,000 investment would bring in:
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND (ANNUAL) | TOTAL PAYOUT (ANNUAL) | FREQUENCY |
| BCE | $60.67 | 82 | $3.87 | $317.34 | quarterly |
