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The TSX continues to hit new document highs after the sharp rebound from the April market pullback. Buyers who missed the rally are questioning which Canadian dividend shares may nonetheless be good to purchase for a self-directed Registered Retirement Financial savings Plan (RRSP) portfolio centered on high-yield dividend shares.
Canadian Pure Assets
Canadian Pure Assets (Tsx: cnq) is a huge in Canada’s oil and fuel sector with a present market capitalization of practically $88 billion. The inventory trades round $42 on the time of writing. That is up from $35 throughout the April plunge, however nonetheless means off the $55 it fetched at one level final 12 months.
CNRL operates oil, pure fuel liquids, and pure fuel manufacturing property. The corporate’s diversified merchandise, together with its robust steadiness sheet, assist it journey out volatility within the vitality markets. Administration is sweet at shifting capital across the portfolio to get the very best returns, and CNRL has a stable monitor document of profiting from weak market situations to purchase strategic property at discounted costs.
CNRL elevated the dividend yearly for the previous 25 years. Buyers who purchase CNQ inventory on the present degree can get a dividend yield of 5.6%.
Telus
Telus (Tsx:t) trades close to $22.50 on the time of writing. The inventory is up 15% in 2025, however nonetheless has an extended technique to go to get again to the $34 it reached within the first half of 2022 earlier than rate of interest hikes by the Financial institution of Canada despatched telecoms and utilities into an prolonged downturn. Fee cuts in 2024 didn’t assist a lot, as Telus fought a worth conflict with opponents that damage margins. Telus additionally took successful final 12 months on declining income at its Telus Digital (beforehand Telus Worldwide) subsidiary.
Wanting forward, the worst needs to be within the rearview mirror for the corporate. Costs for cell plans are rising throughout the trade, and Telus intends to take Telus Digital non-public. Telus really reported respectable first-quarter (Q1) 2025 outcomes and is offering stable steering for 2025 and past. The board intends to maintain elevating the dividend by 3% to eight% per 12 months by means of 2028. Buyers who purchase Telus on the present worth can get a dividend yield of seven.3%.
Enbridge
Enbridge (Tsx: Enb) raised its dividend in every of the previous 30 years. The vitality infrastructure and utility operator is engaged on a $28 billion capital program that can enhance adjusted earnings per share (EPS) and distributable money move by 3% to five% over the medium time period. This could assist ongoing dividend progress in the identical vary.
Enbridge is giant sufficient and has the monetary firepower to make strategic acquisitions to additional develop income and earnings. The corporate’s US$14 billion buy of three pure fuel utilities in the USA final 12 months is an effective instance of the kind of offers the corporate can pursue.
Enbridge trades close to $62 per share on the time of writing. That’s down a bit from the 2025 excessive round $65. Buyers who purchase the dip can get a dividend yield of 6%.
The underside line
CNRL, Telus, and Enbridge pay enticing dividends that ought to proceed to develop. When you’ve got some money to place to work in a self-directed RRSP, these shares need to be in your radar.
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