5 Canadian Dividend Stocks I'm Buying in 2023
Building a growing passive income stream, one dividend stock at a time [TFSA / RRSP]
Why Dividend Stocks?
These are my 5 Best Canadian Dividend Growth Stocks to buy right now. These top 5 Dividend Stocks from the TSX I believe will continue thriving in 2023 and beyond and recession proof your holdings. Portfolio & Dividend Tracker Spreadsheet
1. Equitable Group (EQB)
Equitable Group serves a growing number of Canadian through Equitable Bank. The Bank has grown over the years to become the seventh largest independent Schedule I bank by assets in Canada.
EQB offers Canadian the chance to earn high interest rates with their money and not pay fees for everyday banking. Positioning themselves differently than traditional banks, EQB has more than 325,000 customer base in Canada and growing.
Sector: Financial Services
Dividend Yield: 2.29%
Dividend Payout Ratio: 12%
PE Ratio: 7.3
5 Year Dividend Growth Rate: 12%
Valuation: 58% undervalued compared to its fair value based on a discounted cash flow model
It’s one of the perfect buys that I’m strongly looking for my portfolio, not only do you get awesome growth but a healthy and growing dividend. With the low payout ratio, I expect EQB to continue to raise dividends at an impressive rate.
2. StorageVault Canada Inc. (SVI)
StorageVault Canada is a Toronto-based company that owns, manages, and rents self-storage and portable storage spaces in Canada.
Here is why I’m excited about this business. Self-storage is the shortened term for self-serve storage. For example, if you need a storage unit for your possessions for a short or extended period.
You’re going to be looking for storage places that you can easily access hassle free
SVI currently owns 203 locations with over 11.2 million sq ft of rentable storage space on over 660 acres across Canada
With over 1.5 million sq ft of expansion potential within these locations. This is currently the largest public Canadian storage business and the fasted growing storage company in Canada.
This is both a growth stock, a dividend stock, gives me diversification in a growing sector, easy for my TFSA.
3. Brookfield Asset Management (BAM)
BAM is a leading global asset management with over $750B of assets under management. These assets include renewable power, infrastructure, private equity, real estate, and credit.
The objective for BAM is simple. Generate attractive, long-term risk-adjusted returns to benefit their clients and shareholders.
Brookfield Asset Management offers both growth and a nice dividend yield.
Management believes it can double the size of its business over the next five years, pushing its fee generating capital to US$1 trillion.
That’d be an amazing growth rate of close to 15% per year!
Since it’s a capital-light business, the dividend stock has a target payout ratio of about 90%, and it’s able to pay out a bigger dividend yield of about 4.3% currently.
With a bigger dividend, investors can get a more reliable return through market cycles.
The Other 2 Dividend Stocks? Watch the Full Video Below 👇
I’m constantly asked what brokerages I prefer to use to handle my own money.
Wealthsimple Trade is a trading platform (a.k.a discount broker) where you can make commission-free trades when buying and selling your stocks and ETFs. The $0 commission trading is only one of Wealthsimple Trade’s killer features.
One of the best features about Questrade Canada is the fact that you can buy your ETFs for free. This makes investing easy and cheap, though keep in mind you still need to pay a fee when you sell those ETFs. The rest of your investment choices are cheap too, helping you save money while trading.
Interactive Brokers Canada is a leading brokerage platform in Canada and one of many options for self-directed investors to access electronically traded securities directly. Interactive Brokers Canada offers ‘active’ traders the best deal.
If you want a straightforward way to analyze stocks and ETFs to see if they make sense for your portfolio, I prefer to use Simply Wall St. Combine that with My ETF Portfolio Growth & Dividend Tracker Spreadsheet and you have the tools you need to manage your DIY portfolio. It does not have to be complicated!
If you need a tutorial on how to get started with your DIY portfolio, then you can check out my DIY Tutorial for Beginners. Make sure your Internet Connection is up to the task, I prefer to use Oxio and if you sign up with Oxio, you can even get your first month on the house!
To be completely transparent, you can see what my dividend stream looks like. Find out: My December 2022 Dividend Income
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