Shares of dividend-paying companies are viable investment options for earning steady passive income. Thankfully, several fundamentally strong Canadian stocks pay dividends. Moreover, a few have consistently paid and increased their payouts for years, making them a reliable bet for worry-free income.
So, if you plan to buy dividend stock in May 2024, here are my top five picks with stellar dividend payment history and well-covered payouts.
Stock #1
I will start with the shares of a leading Canadian Bank. It’s worth highlighting that top Canadian banks have been paying dividends for more than 100 years, and one among them is Toronto-Dominion Bank (TSX: TD). It has paid uninterrupted dividends for 167 years, making it a compelling stock for passive-income investors. Notably, the financial services company has increased its dividends at a compound annual growth rate (CAGR) of around 10% since 1998, the highest among its…
