The TSX continues to hit new file highs after the sharp rebound from the April market pullback. Traders who missed the rally are questioning which Canadian dividend shares would possibly nonetheless be good to purchase for a self-directed Registered Retirement Financial savings Plan (RRSP) portfolio targeted 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 almost $88 billion. The inventory trades round $42 on the time of writing. That is up from $35 throughout the April plunge, however nonetheless method off the $55 it fetched at one level final yr.
CNRL operates oil, pure fuel liquids, and pure fuel manufacturing belongings. The corporate’s diversified merchandise, together with its robust stability sheet, assist it journey out volatility within the vitality markets. Administration is nice at transferring capital across the portfolio to get the very best returns, and CNRL has a strong monitor file of making the most of weak market circumstances to purchase strategic belongings at discounted costs.
CNRL elevated the dividend yearly for the previous 25 years. Traders 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 a protracted 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 value warfare with opponents that harm margins. Telus additionally took successful final yr on declining income at its Telus Digital (beforehand Telus Worldwide) subsidiary.
Trying forward, the worst must be within the rearview mirror for the corporate. Costs for cellular plans are rising throughout the trade, and Telus intends to take Telus Digital personal. Telus truly reported first rate first-quarter (Q1) 2025 outcomes and is offering strong steerage for 2025 and past. The board intends to maintain elevating the dividend by 3% to eight% per yr by way of 2028. Traders who purchase Telus on the present value 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 development in the identical vary.
Enbridge is massive sufficient and has the monetary firepower to make strategic acquisitions to additional develop income and income. The corporate’s US$14 billion buy of three pure fuel utilities in america final yr is an efficient 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. Traders who purchase the dip can get a dividend yield of 6%.
The underside line
CNRL, Telus, and Enbridge pay engaging dividends that ought to proceed to develop. You probably have some money to place to work in a self-directed RRSP, these shares need to be in your radar.
