Top 5 Dividend‑Paying Stocks on the TSX: High‑Yield Leaders for 2026

Top 5 Dividend‑Paying Stocks on the TSX: Income and Sustainability in 2026

Dividend investing can help Canadians build long-term income, but a high quoted yield is only a starting point. These five TSX companies span pipelines, banking, insurance, consumer staples and financial holdings, with different sources of cash flow and risk. The ranking considers business durability and dividend capacity alongside income; it is not a list sorted by yield. Dividend amounts below reflect company declarations available in September 2026, while the yield an investor receives changes with the share price.

1. Enbridge (TSX: ENB): A Long‑Standing Dividend Giant

Enbridge remains a widely held dividend stock with oil and gas transportation, gas utility and related energy infrastructure operations. Long-term contracts and regulated assets can support cash flow, though debt costs, project execution and regulatory decisions still matter. Its board declared a quarterly common dividend of $0.97 per share for 2026, or $3.88 annualized if maintained. Investors should compare the dividend with distributable cash flow and the company’s stated 60–70% payout target, not assume a high yield proves safety.

Enbridge has a long record of dividend payments and increases, but a current yield requires a current share price and should not be treated as fixed. The unusually high distribution rate of a single-stock option-income ETF is not directly comparable with a pipeline company’s common-share dividend. Enbridge’s cash-flow coverage, leverage and capital spending are more useful measures of sustainability. Its midstream and utility exposure also differs from producers whose results move more directly with commodity prices.

2. Royal Bank of Canada (TSX: RY): A Financial Sector Powerhouse

Royal Bank of Canada combines personal and commercial banking with wealth management, capital markets and insurance. In its August 2026 third-quarter results, RBC declared a quarterly common dividend of $1.76 per share, equivalent to $7.04 annualized if maintained. The cash payment is more informative here than an undated yield estimate, which changes with the stock price. Investors should weigh earnings, capital and credit quality before treating the payout as secure.

RBC’s diversified earnings can help support dividends across the economic cycle, but bank dividends still depend on profitability and regulatory capital. Loan losses, deposit costs and a weaker economy can reduce the room for future increases. Comparing RBC with CIBC or National Bank requires current prices, capital ratios and risk exposures, rather than an old star rating or yield snapshot. For an income portfolio, the bank’s resilience matters alongside the cash amount received.

3. Sun Life Financial (TSX: SLF): A High‑Quality Insurance Dividend

Sun Life Financial offers insurance and asset-management exposure across Canada, the United States and Asia. The company declared a quarterly common dividend of $0.96 per share with its 2026 second-quarter results, or $3.84 annualized if maintained. That amount is dated; its percentage yield will move with the share price. Sun Life’s ability to sustain increases depends on underlying earnings, capital, investment markets and insurance experience, not solely on interest rates.

Sun Life has raised its dividend over time and operates MFS Investment Management alongside its insurance businesses. Asset-management flows and market values can vary, while insurance liabilities and investment returns respond differently to changing rates. Investors should review current capital and earnings coverage before assuming another increase. Compared with Power Corporation, Sun Life provides more direct insurance exposure, but neither company can be judged by a stale yield comparison.

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4. Rogers Sugar (TSX: RSI): A High‑Yield Consumer Staple

Rogers Sugar operates sugar refining and maple products businesses and remains an income-oriented name outside the banks and pipelines. Its board declared a $0.09 quarterly common dividend in August 2026, equal to $0.36 annualized if maintained. A seemingly high yield may also reflect a lower share price, so it should prompt a closer look at cash generation rather than settle the investment case. Sugar volumes, input costs, tariffs and the LEAP capacity project all affect the outlook.

Rogers Sugar’s third-quarter 2026 report showed trailing twelve-month free cash flow of $90 million, but the company also faces substantial spending on its LEAP project, expected at $280 million to $300 million. That investment and its financing needs deserve attention when judging dividend coverage. Sugar and maple operations can face margin and volume pressure despite everyday demand. Investors seeking income beyond financials and energy should weigh those risks against the declared payout.

5. Power Corporation of Canada (TSX: POW): A Diversified Holding Company With Strong Yield

Power Corporation is a diversified financial holding company with interests including Great-West Lifeco and IGM Financial. Its board declared a quarterly dividend of $0.6675 per participating share in 2026, or $2.67 annualized if maintained. Cash reaching the parent from its holdings, capital allocation and balance-sheet obligations matter more than an undated percentage yield. Its mix of insurance, wealth management and other investments differs from a direct holding in any one subsidiary.

Power Corporation’s long-term approach and diverse holdings can support income, but diversification does not eliminate market and operating risk. Investors should assess subsidiary earnings, dividends received by the parent and the cost of capital alongside the parent-company payout. Growth in a holding does not automatically translate into cash available for POW shareholders. This is an income-oriented financial holding, with a different risk profile from a pure-play asset manager.

Final Thoughts

These five companies offer income from different businesses, but their yields and dividend risks are not interchangeable. Enbridge’s cash-flow coverage, RBC’s credit and capital position, Sun Life’s insurance earnings, Rogers Sugar’s project spending and Power Corporation’s subsidiary cash flows each deserve separate review. A higher yield alone does not make a stronger dividend stock, especially if the share price has fallen because the business is under pressure. For a broader framework, read our guide to dividend growth investing in Canada.

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