Top TSX Dividend Stocks To Watch In July 2026
As the Canadian market navigates through a pivotal earnings season, investors are keenly observing how companies respond to evolving economic conditions, particularly with interest rates holding steady and inflation showing mixed signals. In this environment, dividend stocks can offer stability and potential income for investors seeking resilience amid market fluctuations.
Top 10 Dividend Stocks In Canada
| Name | Dividend Yield | Dividend Rating |
| Rogers Sugar (TSX:RSI) | 5.09% | ★★★★☆☆ |
| Pulse Seismic (TSX:PSD) | 5.30% | ★★★★☆☆ |
| Pizza Pizza Royalty (TSX:PZA) | 7.31% | ★★★★☆☆ |
| PHX Energy Services (TSX:PHX) | 7.55% | ★★★★☆☆ |
| Olympia Financial Group (TSX:OLY) | 6.76% | ★★★★☆☆ |
| Manulife Financial (TSX:MFC) | 3.25% | ★★★★★☆ |
| Genesis Land Development (TSX:GDC) | 6.59% | ★★★★☆☆ |
| Firm Capital Mortgage Investment (TSX:FC) | 8.49% | ★★★★★☆ |
| Corby Spirit and Wine (TSX:CSW.A) | 6.12% | ★★★★★☆ |
| Canadian Natural Resources (TSX:CNQ) | 4.04% | ★★★★★☆ |
Click here to see the full list of 11 stocks from our Top TSX Dividend Stocks screener.
We're going to check out a few of the best picks from our screener tool.
Canadian Natural Resources (TSX:CNQ)
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Canadian Natural Resources Limited is involved in the acquisition, exploration, development, production, marketing, and sale of crude oil, natural gas, and natural gas liquids across Western Canada, the United Kingdom's North Sea sector, and Offshore Africa with a market cap of approximately CA$127.78 billion.
Operations: Canadian Natural Resources Limited generates revenue primarily from Exploration and Production in North America (CA$19.13 billion), Oil Sands Mining and Upgrading (CA$17.39 billion), Midstream and Refining (CA$818 million), and Exploration and Production in the North Sea (CA$217 million).
Dividend Yield: 4%
Canadian Natural Resources offers a stable dividend yield of 4.04%, supported by a payout ratio of 51.3% and cash flow coverage at 80.8%. While its dividend yield is lower than the top Canadian payers, it has grown consistently over the past decade with minimal volatility. Despite recent earnings decline, dividends remain reliable, evidenced by the CAD 0.625 per share quarterly dividend approved for July 2026. Recent buybacks totaling CAD 1.29 billion indicate strong capital management amidst revised production guidance for increased output in 2026.
- Dive into the specifics of Canadian Natural Resources here with our thorough dividend report.
- Our valuation report here indicates Canadian Natural Resources may be undervalued.
Lundin Gold (TSX:LUG)
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: Lundin Gold Inc., along with its subsidiaries, focuses on developing and operating mineral concessions in Ecuador, with a market capitalization of CA$18.58 billion.
Operations: Lundin Gold Inc. generates revenue primarily from its Fruta Del Norte operations, amounting to $1.99 billion.
Dividend Yield: 7.2%
Lundin Gold's dividend yield of 7.23% places it among the top Canadian payers, supported by an earnings payout ratio of 84.4% and cash flow coverage at 85.7%. Although dividends have been stable for four years, their reliability is less established due to the short payment history. Recent exploration successes at Fruta del Norte could bolster future financial performance, but production challenges in Q2 2026 highlight potential operational risks for sustaining dividends long-term.
- Click here and access our complete dividend analysis report to understand the dynamics of Lundin Gold.
- Our valuation report unveils the possibility Lundin Gold's shares may be trading at a discount.
Olympia Financial Group (TSX:OLY)
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: Olympia Financial Group Inc., with a market cap of CA$249.87 million, operates in Canada as a non-deposit taking trust company through its subsidiary, Olympia Trust Company.
Operations: Olympia Financial Group Inc. generates revenue through several segments, including Raisr (CA$1.62 million), Health (CA$10.43 million), Corporate (CA$0.03 million), Investment Account Services (IAS) (CA$75.09 million), and Corporate and Shareholder Services (CSS) (CA$4.58 million).
Dividend Yield: 6.8%
Olympia Financial Group's dividend yield of 6.76% ranks in the top 25% of Canadian dividend payers, yet its high payout ratio of 98.3% raises concerns about sustainability, as dividends are not fully covered by earnings. Despite a reasonable cash payout ratio of 70.2%, recent reductions from CAD 0.60 to CAD 0.50 per share highlight volatility and unreliability over the past decade, challenging its appeal for consistent income-focused investors in Canada’s market.
- Click to explore a detailed breakdown of our findings in Olympia Financial Group's dividend report.
- The analysis detailed in our Olympia Financial Group valuation report hints at an deflated share price compared to its estimated value.
Key Takeaways
- Take a closer look at our Top TSX Dividend Stocks list of 11 companies by clicking here.
- Invested in any of these stocks? Simplify your portfolio management with Simply Wall St and stay ahead with our alerts for any critical updates on your stocks.
- Simply Wall St is your key to unlocking global market trends, a free user-friendly app for forward-thinking investors.
Want To Explore Some Alternatives?
- Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
- Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
- Find companies with promising cash flow potential yet trading below their fair value.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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