Canadian investors planning for long-term wealth often turn to dividend-paying stocks — and with good reason. Blue-chip companies that consistently distribute dividends and buy back shares can offer a powerful combination of income and capital growth over time. However, it’s easy to get distracted by high dividend yields and overlook companies with lower payouts but far greater long-term potential.
That’s where CCL Industries (TSX:CCL.B) and Waste Connections (TSX:WCN) come in. These two high-quality, dependable companies — true Dividend Knights — offer both financial resilience and long-term growth, making them ideal for a “buy and never sell” portfolio. Let’s take a closer look.
Also Read: Reliable TSX dividend stocks 2025
CCL Industries (TSX:CCL.B)
CCL Industries continues to prove its value as a long-term holding. In its second quarter of 2025, the company posted record adjusted earnings per share, along with margin expansion and both organic and acquisition-driven growth. With just 1x leverage on EBITDA and $1 billion in cash, CCL has the financial flexibility to keep expanding while maintaining a stable dividend.
Its business — labels, security solutions, and packaging for essential sectors like healthcare, food, and consumer goods — is not only stable but critical. Though recent challenges, such as tariffs and initial losses at its new German plant, created some short-term headwinds, recovery is expected.
While the dividend yield currently sits at a modest 1.6%, it’s backed by a conservative 27% payout ratio. This leaves CCL plenty of room to reinvest in growth and return value to shareholders. In fact, the company bought back $312 million worth of shares in the first half of 2025 alone, enhancing shareholder returns.
Also Read: Dividend paying stocks Canada
Waste Connections (TSX:WCN)
Waste Connections operates in an essential industry — waste management — where demand is stable and consistent. In its second-quarter results, the company posted strong revenue and EBITDA growth, reaffirmed its full-year guidance, and continued margin expansion. In short, garbage isn’t going anywhere — and neither is WCN’s cash flow.
What really sets WCN apart is its aggressive and successful acquisition strategy. It consistently adds about $200 million in acquired revenue each year, all while maintaining a healthy balance sheet. In 2025, WCN is expected to generate $2.3 billion in operating cash flow and $1.3 billion in free cash flow, enough to fund its dividend, capital expenditures, and further acquisitions without stretching financially.
Although its dividend yield is only 0.7%, management has a strong track record of increasing the payout over time. Combined with regular share buybacks, this creates a reliable and growing return for investors.
The Bottom Line
CCL Industries and Waste Connections are prime examples of dividend stocks that offer much more than just income. They provide a rare combination of defensive stability and long-term growth — with strong financials and proven management strategies. While their dividend yields may not top the charts, their ability to reinvest, expand, and return value to shareholders makes them ideal for long-term investors.
If you’re looking to retire richer with dividend stocks that you can confidently hold for decades, these two names on the TSX should be on your radar.
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