2 Dividend-Growth Stocks to Buy on the Dip for Decades

Amidst the fluctuations of the stock market, some of the top Canadian dividend-growth stocks have seen a pullback from their post-pandemic highs, presenting an opportune moment for investors to consider strategic acquisitions for their Registered Retirement Savings Plan (RRSP) portfolios. In this analysis, we explore two prominent TSX dividend stocks—Bank of Nova Scotia (TSX:BNS) and Enbridge (TSX:ENB)—that currently offer attractive yields and growth potential for investors seeking long-term value.


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Bank of Nova Scotia (TSX:BNS)

With a current market capitalization of approximately $79 billion, Bank of Nova Scotia stands as Canada's fourth-largest bank, boasting a robust financial standing despite recent market pressures. Trading close to $64 at the time of writing, the stock has experienced fluctuations, reaching a low of $55 in late October last year. However, it remains significantly below its early 2022 peak of $93.


Over the past two years, bank stocks, including Bank of Nova Scotia, have faced challenges amidst concerns over soaring interest rates and potential economic downturns. Despite these headwinds, the bank has maintained profitability, with provisions for credit losses mitigating potential loan defaults. Under the leadership of its new CEO, the bank has implemented strategic measures to enhance shareholder returns, including staff reductions and a shift in growth investments towards North America.

Enbridge (TSX:ENB) 

Enbridge, renowned for its 29 consecutive years of dividend increases, continues to offer stability and growth prospects to investors. With a recent dividend raise of 3.1% for 2024, the company anticipates annual increases in line with its distributable cash flow growth. Enbridge has diversified its growth focus from traditional oil pipelines to renewable energy assets and natural gas utilities, positioning itself strategically for future demand dynamics.

Investment Opportunities for RRSP Portfolios

Bank of Nova Scotia and Enbridge emerge as compelling options for investors seeking reliable dividends and potential capital appreciation. With dividend yields of 6.6% and 7.3%, respectively, these stocks present attractive opportunities for income-oriented investors looking to bolster their RRSP portfolios. Despite short-term market fluctuations, both companies exhibit strong fundamentals and growth trajectories, making them worthy additions to a long-term investment strategy.


Bank of Nova Scotia and Enbridge stand out as top TSX dividend stocks offering lucrative yields and growth potential. As investors navigate market uncertainties, these stocks remain resilient pillars of stability, poised to deliver consistent returns and dividend growth over the long term.
Location: Canada

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