High-Yield Canadian Dividend Stocks That Offer Strong, Reliable Income

As interest rates begin to ease, high-yield dividend stocks are regaining attention from income-focused investors. Earning substantial passive income is certainly appealing, but chasing the highest yield can be risky. Extremely elevated yields often signal a falling share price — sometimes due to financial strain — which can put dividend payouts at risk of being reduced or suspended.

The better strategy is to prioritize dividend durability over headline yield. Companies with strong balance sheets, steady earnings, and reliable cash flow are far more likely to maintain and grow their distributions over time. These are the types of stocks that not only deliver attractive income today but also provide long-term stability.

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With that in mind, here are three high-yield Canadian stocks that look like compelling buys right now.

1. Whitecap Resources

Whitecap Resources (TSX:WCP) stands out as a strong income pick. The oil and gas producer pays a monthly dividend of $0.061 per share, offering a yield of roughly 6.6%. Since 2013, Whitecap has distributed approximately $2.7 billion to shareholders through dividends.

The company maintains a healthy payout ratio of 20–25%, supporting both stability and its long-term target of 1–3% annual dividend growth. Operational efficiency and high-return projects underpin its consistent earnings, while optimized drilling programs and quality assets strengthen its cash flow.

Whitecap’s recent acquisition of Veren expands its production capacity and enhances future growth prospects, reinforcing its ability to sustain and grow shareholder returns.

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2. SmartCentres REIT

SmartCentres REIT (TSX:SRU.UN) is another top-tier high-yield option, known for dependable monthly distributions. The REIT pays $0.154 per unit each month, translating to a yield above 7%.

SmartCentres operates 197 mixed-use properties in prime, high-traffic locations, supporting its impressive 98.6% occupancy rate as of September 30, 2025. Its strong tenant base and diversified retail portfolio provide stable rental income.

Leasing momentum remains robust, with 85% of 2025 lease expiries already renewed or finalized, accompanied by solid rent increases. Rent collection is exceptionally strong at 99%, highlighting the quality of its tenant mix.

Supported by rising rents, a deep development pipeline, a sizable land bank, and ongoing demand from reputable retailers, SmartCentres appears well positioned to maintain — and potentially grow — its monthly distributions.

These high-yield dividend plays combine strong fundamentals with attractive payouts, making them standout opportunities for investors seeking reliable long-term income.