Best Dividend Income Stocks 2024

What are the Best Income Stocks in Canada? This is what we’ll cover in this part 2! After a few words about high yielders, we’ll investigate 8 companies in 5 sectors. Which one is on your buy list?

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You’ll Learn

Let’s start by reminding ourselves why a company pays a low or a high yield.
Bear markets can impact yields. How does Mike analyze higher yields of solid companies in a bear market?
As seen last week, the REIT sector is good for finding income stocks as they must distribute most of their income. In Canada, Granite REIT (GRT.UN.TO) certainly deserves its place on a Best Income Stocks list despite the sector’s more challenging times.
That said, Granite still relies a lot on Magna International. Is that its main downside?
The next stock pick is in the material sector, which has been hit hard in the last two years. Labrador Iron Ore (LIF.TO) has reported a bad Q4. Why does Mike think it remains solid?
LIF currently pays a yield of over 7%. At what point does it become riskier? What should investors follow closely?
Now, communication services, especially telecoms, are an excellent place to find income stocks in Canada. Mike’s favorite is Telus (T.TO) once more. But why does he like it so much?
Telus’s price was on a downward trend in 2023. How can we explain this fact, and should investors be worried?
Mike is not a big fan of the Energy sector but still picked one company: Canadian Natural Resources (CNQ.TO). Its incredibly stable business makes it an exciting play.
The last picks are all in the Financial Services sector. Why do we find so many income stocks in this sector?
Mike selected Great-West Lifeco (GWO.TO) and Sun Life Financial (SLF.TO) over Manulife in the insurance companies. Their growth vectors make them better candidates for the long haul.
Let’s end with a few words on Canadian Banks. They currently offer high yields, which makes them more attractive to income-seeking investors. Are high yields there to stay for banks?
We already know that Royal Bank and National Bank are Mike’s favorites. Are they the best opportunities for income stocks?