Retirees seeking passive income and younger investors focused on total returns are wondering which Canadian dividend stocks might be good to buy right now for a self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) portfolio.
Fortis
Fortis (TSX:FTS) just announced a 4.2% increase to its dividend. This extends the annual dividend-growth streak to 51 years. In addition, Fortis intends to boost the payout annually by 4-6% through at least 2029. That’s great guidance for investors seeking reliable and growing dividends.
Fortis picked up a nice tailwind in the past six months after an extended pullback. At the time of writing, the stock trades near $61.50 compared to $53 around this time in June. The rally has coincided with cuts to interest rates by the Bank of Canada and the U.S. Federal Reserve. Utility companies use debt to fund their growth initiatives, which can cost billions of dollars. The…
