Best High Yield Dividend Stocks this March 2026 in Canada

The BMO Canadian High Dividend Covered Call ETF (ZWC) is an appealing choice for investors seeking a robust income stream, boasting a substantial dividend yield of 5.54%. This diversified ETF focuses on multiple Canadian dividend-paying stocks, delivering impressive returns of 21.83% over the past year and 29.47% over five years. With its covered-call strategy, ZWC offers both income generation and potential capital appreciation, making it a strong contender in the income-focused investment space.

CT REIT (CRT.UN) stands out as a solid investment opportunity, offering a robust dividend yield of 5.48% backed by rental income from its Canadian Tire anchor. With a notable one-year return of 15.02% and strong buy signals from moving averages, this REIT is well-suited for investors seeking reliable income and consistent growth. Analysts have rated it highly, reflecting confidence in its performance and long-term prospects.

CRT.UN.TO shows positive buy signals from both short and long-term moving averages, indicating a favorable forecast for the stock.

RioCan maintains a strong operating performance with a commercial occupancy rate of 97.8% and a 3.6% growth in same-store net operating income for 2025.

Warren Buffett favors REITs over direct property ownership for their liquidity, professional management, and regulatory transparency.

Toromont Industries (TIH) stands out as a solid choice for dividend growth investors, boasting a remarkable 36 years of consistent dividend increases. With a current dividend yield of approximately 1.01% and an impressive 5-year return of 123.94%, it reflects strong performance and stability in the industrial sector. Analysts maintain a consensus rating of "Buy," highlighting its potential for continued growth, with a median price target around $180.00.

The consensus rating for Toromont Industries (TIH) is 'Buy' according to insights from 9 analysts.

Five Wall Street analysts have set a median price target of $180.00 for TIH, with estimates ranging from a low of $171.00 to a high of $208.00.

Two of the best Canadian stocks to consider for long-term holding are goeasy (TSX:GSY) and Alimentation Couche-Tard (TSX:ATD), due to their significant growth potential.

Enbridge (ENB) stands out as a top-rated energy infrastructure company, boasting a robust dividend yield of 7.36%. With one of North America's largest networks for transporting oil, natural gas, and renewable energy, it has consistently delivered a 12.52% return over the past year and a notable 42.26% over the last five years. This reliability stems from its contract-backed assets, making it an attractive option for investors seeking dependable income growth.

Enbridge's reliable and predictable dividend, which has grown annually for 31 years, makes it a strong buy for dividend investors.

Enbridge expects to achieve 5% annual growth in EBITDA and distributable cash flow through 2030, with a projected dividend yield of 7.4%.

Enbridge projects EBITDA between $20.2 billion and $20.8 billion for 2026, with a dividend payout ratio of approximately 66% based on an annual dividend of $3.88 per share.

Brookfield Infrastructure Partners, a regulated gas and infrastructure company, offers an attractive dividend yield of 4.52% with an annual payout of C$2.40 per share. With a one-year return of 19.38% and a five-year return of 23.78%, it stands out as a solid choice for investors seeking reliable income and growth from financially healthy companies. Despite mixed analyst ratings, including an "Outperform" from RBC Capital, its recent performance—highlighted by a 13.82% year-to-date return—suggests positive momentum.

Brookfield Infrastructure Partners, priced at US$39.04, has shown strong performance with a 7.99% return over the past month and a 32.36% total shareholder return over the past year.

Investing in Brookfield Infrastructure Partners carries risks such as high interest costs, regulatory challenges, economic downturns, and increased competition.

Northland Power, a renewable energy company, offers a forward dividend yield of approximately 4.94%, making it an attractive option for investors seeking reliable income. Despite a challenging five-year return of -49.31%, the stock has shown resilience with a solid one-year return of 10.92%. The consensus among analysts is favorable, with a “Moderate Buy” rating from nine Wall Street analysts, indicating potential for future growth.

NPI stock refers to Northland Power Inc, traded on the TSX under the symbol NPI-T.

Northland Power has a consensus rating of 'Moderate Buy' from 9 Wall Street analysts, with 5 hold ratings, 3 buy ratings, and 1 strong buy rating.

Analysts expect NPI shares to rise due to stronger-than-expected Q4/25 Adjusted EBITDA and positive guidance for 2026, with shares recently closing 8.34% higher at $21.69.

Fortis (FTS) stands out as a strong choice for investors seeking reliable income, boasting a 52-year streak of dividend growth and a current yield of 3.23%. With impressive returns of 22.47% over the last year and 57.67% over five years, this utility company demonstrates robust momentum, supported by a favorable earnings outlook for 2025. Analysts maintain a cautious yet positive stance, with ratings of Sector Perform from RBC Capital and Neutral from Credit Suisse, indicating steady growth potential.

FTS has shown strong momentum with a 1-year total shareholder return of 29.18% and a 5-year return of 90.71%, supported by recent earnings updates and dividend declarations.

FTS shares have decreased by $0.56, or 0.98%, since the last market close, opening at $56.96.

Fortis has shown strong performance in the healthcare sector, benefiting from structural growth momentum.

Peyto Exploration & Development stands out as an attractive option for investors seeking reliable income, boasting a forward dividend yield of approximately 5%. With impressive returns of 74.28% over the last year and a remarkable 346.39% over five years, its strong performance is underpinned by industry-leading cost efficiency, which enhances its resilience against fluctuating commodity prices. Analysts maintain an optimistic outlook, with a consistent "Outperform" rating from National Bank Financial, reflecting confidence in Peyto's ability to sustain its dividend in a volatile market.

Peyto's dividend sustainability is closely linked to commodity prices, but its strong cost efficiency offers resilience compared to peers, supported by positive Canadian natural gas demand due to LNG export growth.

The average 12-month price target for Peyto Exploration & Development is C$25.40, based on five analysts, with a range from C$23.00 to C$27.00, indicating a potential decrease of 3.90% from the current price of C$26.43.

Peyto's Board has approved a 2026 capital budget of $450–$500 million, expected to add 43,000 to 48,000 boe/d of new production, offsetting a projected 26% to 28% decline in base production.