Are you an revenue investor and searching ahead to investing in a number of the finest dividend shares Canada has to supply?

Nicely, the excellent news is that there are many choices to select from. On this article, I’ve picked three defensive firms with strong money flows and dividend yields (in addition to dividend-growth potential) to think about.

Let’s dive in!

Royal Financial institution of Canada

Royal Financial institution of Canada (TSX:RY) is the biggest financial institution in Canada and one of many high 10 on the earth. When it comes to its market capitalization, it ranks among the many main banks on the earth and is the biggest firm in Canada. RBC affords an intensive vary of economic companies reminiscent of insurance coverage, wealth administration, capital market companies, treasury, and many others. RBC primarily has its presence in Canada but in addition operates in Europe, the US, and different international locations.

RBC’s worth actually comes from its measurement and world scale relative to its Canadian banking friends. In contrast to many Canada-based financial institution shares, RBC isn’t overly uncovered to Canada’s housing market and has loads of diversification through its world wealth administration and capital markets enterprise to offset short-term weak spot in different areas. It’s this scale and diversification I like, and it’s why RY inventory stays a high choose amongst many buyers.

From a dividend standpoint, RBC additionally stands out with its 4.1% yield. This yield is decrease than a lot of its friends because of the relative security RBC gives. That mentioned, at a trailing price-to-earnings ratio of simply 12.7 occasions, Royal Financial institution stays a high worth choose as nicely, with loads of room to hike its dividends sooner or later.

Fortis

Fortis (TSX:FTS) is a high Canada-based utilities firm offering pure fuel and electrical energy to greater than three million clients in North America. Fortis additionally owns and operates 10 utility and transmission and distribution belongings throughout Canada and the US.

Fortis has future plans to broaden its base charge with an intention to spice up earnings and dividend payouts. For these searching for a top-tier dividend yield of 4.3% backed by a number of the most constant money flows within the enterprise, Fortis is a superb alternative.

Notably, Fortis has additionally just lately introduced electrical charge updates, which buyers could discover interesting. Ongoing investments and charge will increase, which offset rising prices, present the corporate with a secure stability sheet and room to develop its dividend. Importantly, Fortis is a dividend king, having raised its distribution yearly for 5 a long time. Thus, from a divided-growth standpoint, that is the Canadian inventory to personal, in my opinion.

Enbridge

Enbridge (TSX:ENB) is a Canada-based built-in vitality firm engaged within the enterprise of transmission, gathering, transportation, and advertising and marketing of crude oil, petroleum merchandise, pure fuel, and many others. It is usually concerned within the processing of energy technology from a number of renewable sources reminiscent of geothermal, photo voltaic, and wind.

Enbridge caters to each residential and industrial clients in areas like Quebec and Ontario in Canada and New York in the US. For buyers, this inventory generally is a dependable choice to generate dividend revenue. Enbridge inventory is anticipated to generate a 7.6% dividend yield within the close to future. Thus, for buyers searching for up-front yield within the pipeline house, ENB inventory stays a best choice.