Passive Income: 2 Top Canadian Dividend Stocks to Buy Right Now

Dividend stocks are one of your best bets for building a reliable passive-income stream. Companies do have the right to cut their dividend at any point in time. But, fortunately for Canadians, there’s no shortage of dependable Dividend Aristocrats to choose from on the TSX .

Just because a dividend doesn’t yield the highest on the TSX doesn’t mean it’s not worth owning. In addition to generating passive income, dividends stocks can provide investors with capital gains through share price appreciation.

I’ve reviewed two high-quality dividend stocks for anyone looking to build a passive-income stream. Whether you’re looking for a high yield, dependable payout, or market-beating growth , these two companies will have you covered. Dividend stock #1: Northland Power

If you’re bullish on the long-term growth potential of renewable energy, now is the time to be investing. Renewable energy stocks across the country are trading at massive discounts right now. Even with those discounts, though, many of the top green energy stocks on the TSX have delivered very impressive growth numbers over the past five years.

At a market cap nearing $10 billion, Northland Power (TSX:NPI) is one of the largest renewable energy providers in the country. The company also has a growing international presence, with customers in South America, Europe, and Asia.

Shares of the dividend stock are down more than 30% over the past year. Along with many other top green energy stocks, it’s been a rough go since early 2021. Still, Northland Power has delivered market-beating gains over the past five years on top of a very respectable 3% dividend yield.

Passive-income investors with a focus on growth should be looking to pull the trigger soon on this dividend stock. Dividend stock #2: Algonquin Power

If a high yield is what you’re in search of, there aren’t many […]

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