BN.TO stock

Buy and Hold Forever: Top Canadian Stocks for Lifetime Returns

What if you could invest once and never worry again?

That’s the power of forever stocks—companies so strong and reliable that you can buy them, hold them for decades, and sleep soundly at night.

Let’s be clear, my selections aren’t based on timing; I’m not saying that they are great buys right now, but rather that I’d buy any of them and that, if I couldn’t monitor them quarterly as I do (and you should too), I wouldn’t worry much.

Forever stocks share several of these qualities:

Diversification
- Forever stocks are companies that diversify to reduce risk by not relying solely on one market or product for revenue.
Market leaders
- Forever stock companies often dominate their industry or market segment, enjoying a significant market share and strong competitive advantages.
Economies of scale
- The average cost per unit decreases as a company produces more products or services.
Predictable cash flow
- Being able to anticipate consistent and steady incoming cash over time reasonably is crucial for a company’s financial health and sustainability.
Stable or sticky business model
- A stable business operates consistently and predictably; it found a formula for generating revenue and maintaining profitability.
- A sticky business, on the other hand, aims for customer loyalty and retention, and repeat business.
Essential products or services
- Selling essentials—food, medical supplies, energy, communication services, transportation, etc.— produces relatively stable demand and revenue stream, as well as repeat business due to customer loyalty and resilience.
Multiple growth vectors
- Growth vectors are paths to expand business, increase revenue, and enhance market presence.
Long dividend growth history
- Yearly increases over decades mean the company ticks the boxes for many of the qualities described earlier.

This list is partial; clearly, other contenders could be on it. I have covered this part more in-depth on The Dividend Guy Blog.

Brookfield Corporation (BN.TO) – Financials

Brookfield skyrocketed with more than 50% return in 2024. I think there is more to come!

Brookfield is amongst the most prominent players in alternative asset management. As the stock market looks overvalued, many investors will turn toward alternative assets to generate profits and hedge their bets. Those long-term assets require patient capital and a high level of expertise. Brookfield is in a perfect position to provide this service to investors.

Even better, BN invests its capital in its many projects. Therefore, it can double-dip by charging a fee on managed capital and making capital gains when selling assets.

The ONLY List Using the Dividend Triangle

After this first example, you may wonder how I find such high-quality dividend stocks.

I handpick companies with a strong dividend triangle (revenue, earnings, and dividend growth trends) and make sure I understand their business model. While this may seem too simple, two decades of investing have shown me it is reliable.

While many seasoned investors also use these metrics in their analysis, no one has created a list based on them before. This is exactly why I created The Dividend Rock Stars List.

The Rock Stars List isn’t just about yield—it’s built using a multi-step screening process to ensure the highest-quality dividend stocks. You can read more about it or enter your name and email below to get the instant download in your mailbox.

National Bank (NA.TO) – Financials

The bank seems to have done everything right over the past 15 years.

This significant transformation converted a small provincial bank into a serious player in capital markets and the private wealth industries.

The Bank is expected to complete a key acquisition of Canadian Western Bank in 2025, which will bring more capital onto its balance sheet (supporting capital market lucrative operations), more synergies (high cross-selling opportunities between CWB’s commercial clients and private wealth management), and a good presence in Western Canada.

NA is also doing very well in Cambodia (Aba Bank) and through its door into the U.S. (Credigy).

Note that National Bank (NA.TO) is also a Canadian Dividend Aristocrat.

Dollarama (DOL.TO) – Consumer Discretionary

DOL has built a strong brand, and its business model (aimed at low-value items) is an excellent defensive play against the e-commerce threat over the retail business.

As consumers’ budgets are tight, DOL appears to be a fantastic alternative for many goods. Dollarama has consistently increased same-store sales and opened new stores.

Introducing many products under its “home brand” increases the company’s margin. DOL introduced a new price point of $5 for many items, adding flexibility and pricing power.

DOL.TO 10-year dividend triangle: Revenue, EPS, and Dividend Growth.

Alimentation Couche-Tard (ATD.TO) – Consumer Staples

I’ve looked at grocery stores, but they don’t seem to offer many growth opportunities. Don’t get me wrong, they are great companies, but I think ATD will do better.

Things are changing quickly around the 7-Eleven deal. ATD has tried to get to the negotiation table to acquire 7-Eleven for a few months. The Japanese company is trying all means to stay Japanese. The latest chatter was that the son’s founder would repurchase it and make it private. The market liked the idea, and the ATD share price rose again. This story isn’t over yet, one way or another.

For 2025, I see ATD striking another acquisition.

After all, it’s in its DNA. If it’s not 7-Eleven, it will be another chain (maybe Casey’s?… it tried to acquire CASY in 2010). ATD must gain more expertise in growing organically through the sale of ready-to-eat and fresh produce. This is how they can mitigate the impact of slowing fuel and tobacco sales over the next 10-20 years.

Alimentation Couche-Tard (ATD.TO) is another Canadian Dividend Aristocrat part of this list.

Canadian Natural Resources (CNQ.TO) – Energy

CNQ is a rare beast in its environment that has increased dividends for 25 consecutive years. Yes, it even increased its payouts while everybody was on hold or cutting distributions in 2020.

This raises the question: Why is CNQ “oil price resistant”?

The company is sitting on a large reserve of cheap oil. According to management, CNQ is profitable, with an oil price per barrel of around $35-$40. This enables the company to manage production and capex with greater flexibility. They can then slow down CAPEX when the oil price is low and produce less. When we are in “full oil bull mode”, CNQ bolsters CAPEX and boosts production generating maximum cash flow. This is precisely what just happened when CNQ dropped its debt and now focuses on rewarding shareholders with share buybacks and dividend increases.

To be clear, I don’t see CNQ as a super-powered growth stock for the future. However, with a yield above 4% and a resilient business model, that’s the type of business that will either be very good in your portfolio or will go back into hibernation mode, paying a secure dividend. In both scenarios, you can be a winner in the long run.

Waste Connections (WCN.TO) – Industrials

If you are looking for a beast in the industrial sector, you should probably look toward the waste management industry.

Waste Connections has refined its expertise in acquiring and integrating smaller players in the same industry. Its business model is recession-proof, as solid waste is a given regardless of the economic cycle.

I also like the fact that WCN offers a recurring service and is fully integrated. Management has been adept at integrating their acquired companies. Therefore, the business is not only growing but also becoming more profitable.

The company has the size to enjoy the resulting economies of scale. Its dividend payment is low, but its dividend growth is strong.

WCN.TO 10-year dividend triangle: Revenue, EPS, and Dividend Growth. — DOL.TO 10-year dividend triangle: Revenue, EPS, and Dividend Growth.

CCL Industries (CCL.B.TO) – Materials

Finding an international leader with a well-diversified business based in Canada is rare.

Through the significant acquisition of business units from Avery (the world’s largest supplier of labels) in 2013, the company has set the tone for several years of growth. Bolstered by its previous successes, CCL also bought Checkpoint, a leading developer of RF and RFID, and Innovia in the past few years and announced more acquisitions in 2021.

The company can still generate organic growth (roughly 4-5%) on top of its growth through acquisitions.

Granite (GRT.UN.TO) – Real Estate

Granite is a very frustrating REIT to hold.

I love the investment thesis, which includes the strong need for industrial properties, GRT’s ability to grow its business while growing FFO per unit and distribution increases intact, and the high occupancy rate. The financial metrics back this investment thesis, such as revenue, funds from operations, FFO per unit, payout ratio, and occupancy rate, all look good.

Why is GRT frustrating to hold?

Because it simply doesn’t get any love from the market. Despite its good numbers, GRT lags the market and fails to generate positive returns. This is among the rare REITs exhibiting AFFO per unit growth while issuing more units to finance growth.

Fortis (FTS.TO) – Utilities

Fortis invested aggressively over the past few years, resulting in solid growth from its core business.

Investors can expect FTS’ revenues to grow as it expands. Bolstered by its Canadian-based businesses, the company has generated sustainable cash flows, leading to four decades of dividend payments.

The company’s five-year capital investment plan is approximately $25 billion between 2024 and 2028, $2.7 billion higher than the previous five-year plan. The increase is driven by organic growth, reflecting regional transmission projects for several business segments. Only 33% of its CAPEX plan will be financed through debt, while 61% will come from cash from operations. Chances are that most of its acquisitions will happen in the U.S.

We also like the company’s goal of increasing its exposure to renewable energy from 2% of its assets in 2019 to 7% in 2035.

FTS.TO 10-year dividend triangle: Revenue, EPS, and Dividend Growth.

Find Other Buy and Hold Forever Stocks: Download the Dividend Rock Stars List

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Best Canadian Stocks to Buy in 2025

Most of the best Canadian stocks pay a dividend. Known for their stability when markets are rough, they also provide income to investors quarterly. Companies in sectors such as utilities, REITs, and banks can protect you against market fluctuations and severe losses.

Yet, not all dividend-paying companies are good investments. Investing in dividend stocks can lead to painful losses and income cuts. The risk of falling for dividend traps or seeing your retirement income plummet due to the wrong stock selection is too frequent.

The market creates bubbles and hurts your portfolio. You worked hard to invest money, and you shouldn’t lose it to the wolves of Bay Street. There is a way you can invest safely in Canadian dividend stocks. We have selected some high-quality stocks to make your life easier.

Best Canadian Dividend Stocks for 2025

When I built my retirement portfolio, I focused on companies showing a combination of safe income and steady growth. My choices include Canadian Dividend Aristocrats (companies showing several years of consecutive dividend increases). I added a few more metrics and used the DSR stock screener to refine my research.

Here are some of the best Canadian Dividend Stocks for 2025:

#10 Telus (T.TO)

#9 Granite REIT (GRT.UN.TO)

#8 Hydro One (H.TO)

#7 Dollarama (DOL.TO)

#6 Canadian Natural Resources (CNQ.TO)

#5 CCL Industries (CCL.B.TO)

#4 Brookfield Corp (BN.TO)

#3 Brookfield Renewables (BEPC.TO)

#2 National Bank (NA.TO)

#1 Alimentation Couche-Tard (ATD.TO)

More Stock Ideas and Sectors’ Insights

Get the Best from the Markets

It is possible to build a portfolio from Canadian dividend stocks only. However, the S&P 500 has outperformed the Canadian market for decades. You might consider adding a few US companies to take advantage of these outstanding returns. I have created a top stocks booklet to help you out.

Each year, I compile a list of stocks expected to do better than the market for Dividend Stocks Rock members. I review the 11 sectors for them and include top picks for each. I’ve decided to share three with you: Communication Services, Consumer Staples, and Industrials. The booklet is a great place to find dividend growth stocks that offer Canadian and US diversification.

Download 6 of my top 27 for 2025 right here:

#10 Telus (T.TO)

About a year ago, Telus was upgraded to a PRO rating of 5. I thought the company would bounce back faster, but it wasn’t the case. My long-term view of Telus hasn’t changed, though.

While the company reported modest revenue growth throughout the year, its cash flow metrics (cash flow from operations, free cash flow and capital expenditure) have improved significantly. The company is covering their dividend from free cash flow and interest charges are under control.

It took longer than expected, but I believe Telus will get out of this rut and make investors happy. It’s only a matter of time.

#9 Granite REIT (GRT.UN.TO)

Granite is a very frustrating REIT to hold. I love the investment thesis which includes the strong need for industrial properties, GRT’s ability to grow its business while growing FFO per unit and distribution increases intact and the high occupancy rate. The financial metrics back this investment thesis as revenue, Funds from operations, FFO per units, payout ratio and occupancy rate are all looking good. Why is GRT frustrating to hold? Because it simply doesn’t get any love from the market. Despite its good numbers, GRT lags the market and fails to generate positive returns.

With a low FFO payout ratio (68% for the first 9 months of 2024), shareholders can enjoy a 4.5% yield that should grow and match (or beat) the inflation rate. This is among the rare REITs exhibiting AFFO per unit growth while issuing more units to finance growth.

#8 Hydro One (H.TO)

From time to time, I hear that Hydro-Quebec should go public and unlock tons of value. However, I understand the government’s provincial point of view of keeping this amazing asset for themselves. Do you know why? Because Hydro-Quebec pays a generous dividend to the government each year!

Well, Hydro One is in a similar situation but you have the possibility of getting a piece of the cake as the Ontario Government decided to sell a part of its stake in this beauty. With 99% of its operations being regulated and 98% of its electric lines being in Ontario, an investment in Hydro One is a pure play on Ontario’s power development. This is the pure definition of a sleep-well-at-night investment. The company expects to invest $1.3B to $1.6B in CAPEX yearly until 2027 which will support their EPS growth guidance of 4-7% and dividend growth of about 5%. The province enjoys a strong and diversified economy and Hydro One will continue to grow by walking in the province’s path.

#7 Dollarama (DOL.TO)

I’m kicking myself for not having Dollarama in my portfolio. Maybe in another life!

DOL has built a strong brand, and its business model (aimed at low-value items) is an excellent defensive play against the e-commerce threat over the retail business. As consumers’ budgets are tight, DOL appears to be an amazing alternative for many goods. Dollarama has been able to increase same store sales along with opening new stores consistently. The introduction of many products under its “home brand” increases the company’s margin. DOL introduced a new price point of $5 for many items, which lends additional flexibility and pricing power.

#6 Canadian Natural Resources (CNQ.TO)

CNQ is a rare beast in its environment that has increased dividends for 25 consecutive years. Yes, it even increased its payouts while everybody was on hold or cutting distributions in 2020. It brings the question: why is CNQ “oil price resistant”?

The company is sitting on a large reserve of cheap oil. According to management, CNQ is profitable with an oil price per barrel of around $35-$40. This enables the company to manage production and capex with greater flexibility. They can then slowdown CAPEX when the oil price is low and produce less. When we are in “full oil bull mode”, CNQ bolsters CAPEX and boosts production generating maximum cash flow. This is exactly what just happened where CNQ dropped its debt and now focuses on rewarding shareholders with share buybacks and dividend increases.

To be clear, I don’t see CNQ as a super powered growth stock for the future. However, with a yield above 4% and a resilient business model, that’s the type of business that will either be very good in your portfolio, or it will go back into hibernation mode paying a secure dividend. In both scenarios, you can be a winner over the long run.

#5 CCL Industries (CCL.B.TO)

Finding an international leader with a well-diversified business based in Canada is rare. Through the major acquisition of business units from Avery (world’s largest supplier of labels) in 2013, the company has set the tone for several years of growth. Bolstered by its previous successes, CCL also bought Checkpoint, a leading developer of RF and RFID, and Innovia in the past few years and announced more acquisitions in 2021. The company is still able to generate organic growth (roughly 4-5%) on top of its growth through acquisitions.

#4 Brookfield Corporation (BN.TO)

I’m keeping BN among my top picks for a third year in a row. The 2024 selection paid off as Brookfield skyrocketed with more than 50% return. I think there is much more to come! Brookfield is amongst the largest players in alternative asset management. As the stock market looks overvalued, many investors will turn toward alternative assets as a way to generate profits and hedge their bets. Those long-term assets require patient capital and a high level of expertise. Brookfield is in a perfect position to provide this service to investors. Even better, BN invests its own capital in many projects. Therefore, it can double-dip by charging a fee on managed capital and making capital gains when selling assets.

#3 Brookfield Renewables (BEPC.TO)

BEP enjoys large-scale capital resources and has the expertise to manage its projects across the world. Management aims for a 5-9% annual distribution increase, backed by double-digit guidance that includes a mix of organic and M&A growth. Investors gravitate toward clean energy, and BEP is well-positioned to attract them.

Following an impressive stock price surge through 2020, the stock has been trending down for the past two years, although there is nothing to worry about. The rise of interest rates on bonds combined with the incredible ride BEP has had is responsible for this correction. In late 2023, management reaffirmed its strong position and ability to generate strong returns over the long haul. The latest results in early 2024 confirmed that BEP is still focused on growth opportunities. In Q2 of 2024, management highlighted the important contract signed with Microsoft to supply 10.5GW to support MSFT’s AI and cloud business energy needs. This could open the doors to more deals with corporations in the future.

#2 National Bank (NA.TO)

There is no secret here as I’m a National Bank fan. It seems that the bank has done everything right over the past 15 years. This big transformation converted a small provincial bank into a serious player in capital markets and the private wealth industries. The Bank is expected to complete a key acquisition of Canadian Western Bank in 2025 which will bring more capital onto its balance sheet (supporting capital market lucrative operations), more synergies (high cross-selling opportunities between CWB’s commercial clients and private wealth management) and a good presence in Western Canada. NA is also doing very well in Cambodia (Aba Bank) and through its door into the U.S. (Credigy).

#1 Alimentation Couche-Tard (ATD.TO)

I might never have another choice for Canadian than Couche-Tard. I’ve looked at grocery stores, but Metro (MRU.TO) and Loblaws (L.TO) don’t offer many growth opportunities. Don’t get me wrong, they are great companies, but I think ATD will do better.

Things are changing quickly around the 7-Eleven deal. ATD has tried to get to the negotiation table to acquire 7-Eleven for a few months now. The Japanese company is trying all means to stay Japanese. The latest chatter was that the son’s founder would buy it back and make it private. The market liked the idea, and the ATD share price rose again. This story isn’t over yet one way or another.

For 2025, I see ATD striking another acquisition. After all, it’s in its DNA. If it’s not 7-Eleven, it will be another chain (maybe Casey’s?… it tried to acquire CASY in 2010). ATD must gain more expertise in growing organically through the sale of read-to-eat and fresh produce. This is how they can mitigate the impact of slowing fuel and tobacco sales over the next 10-20 years.

More Stock Ideas and 3 Sectors’ Insights

In the Top Dividend Stocks for 2025 booklet, you get six dividend stock ideas and learn about their sectors. Get a clear vision for the Communication Services, Consumer Staples, and Industrials so that you do not hesitate when looking at your portfolio.

Download our booklet now!

Buy List Stock – December 2023: Brookfield Corporation (BN.TO)

Still number one buy list stock on the Canadian market for December is Brookfield Corporation (BN.TO / BN). The engine behind the Brookfield family of businesses, BN is a core holding, one that investors can hold for a long time. Have a look.

You can have a look at my buy list stock pick of the month on the U.S. market.

BN.TO Business Model

Brookfield Corporation is an alternative asset manager, meaning that its assets are not liquid like conventional assets such as stocks, bonds, cash, ETFs. It owns and operates these real assets with a focus on compounding capital over the long term to earn attractive total returns for its shareholders. Managing alternative assets requires a high level of expertise and patience.

BN is the parent company of the other Brookfield companies; through them BN focuses on long-life, high-quality assets including: Renewable Power & Transition assets in hydro, wind, solar, distributed energy and sustainable solutions; Infrastructure assets in transport, data, utilities and midstream sector; Asset Management, managing funds coming from pension plans and other investors; Private Equity, businesses that provide essential industrial, infrastructure, and business services; Real Estate with a diversified portfolio across many industries and spread across five continents; Credit, through its majority interest in Oaktree; and Insurance Solutions across the life, annuity, and property and casualty industries.

Investment Thesis for Brookfield Corporation

The company has access to billions of dollars in liquidity to finance its projects and has built impressive expertise in various industries. BN is present in countries that show potential for high growth for years to come. Its diversified businesses are a solid source of permanent capital. Over the last few years, BN has seen an increase in both the number and size of average client commitments. BN is well-positioned to expand its private fund investor base in Europe and parts of Asia.

Brookfield Corporation doesn’t only do the asset-light manager’s job consisting of strategy and earning fees on assets under management (AUM); it also contributes with its own assets. Therefore, it benefits from its own strategies to recycle its assets; in other words, it can sell assets it considers to be at a high value and reallocate the proceeds into new projects or undervalued assets. It’s the classic “buy low, sell high” concept.

For more great stock ideas, download our Rock Stars list, updated monthly.

BN.TO Last Quarter and Recent Activities

Brookfield Corporation reported decent results for its most recent quarter with revenue increasing 5%, but distributable earnings per share remained flat. Insurance solutions distributable earnings were up 14% as insurance assets increased to ~$50B. The average investment portfolio yield was 5.5%, about 200 basis points higher than the average cost of capital. It continues to track towards reaching $800M of annualized earnings by the end of 2023.

Evolution of Brookfield Corporation revenues over 10 years. — Steady revenue growth for Brookfield Corporation over 10 years.

Operating businesses earnings declined by 8% but funds from operations were supported by a stronger performance from the renewables and infrastructure segments. The asset management segment was up 13% and BN ended the quarter with $120B to invest.

The bigger news about Brookfield of late was its offer to BN shareholders to exchange their shares for shares of Brookfield Reinsurance (BNRE), one for one. There was no share dilution, and the company did it to improve equity base and market capitalization of BNRE.

Potential Risks for BN.TO

BN’s growth depends on investors’ confidence in long-term projects. When panic arises, it becomes difficult for companies like BN to increase their AUM. We had another example of this phenomenon in 2022, when the stock price dropped along with the market.

BN is well-managed and has the ability to navigate the current crisis. Investors must simply remain patient. Its operational complexity can leave many investors wondering how money is managed within the business; it’s easy to get lost in the pile of financial statements throughout the multiple companies and the many stock classes.

Contrary to BAM, which is asset-light, BN’s success relies on management’s ability to manage its assets; in short, making money selling at the right time, and reallocating capital into the right assets at the right time. This adds to the complexity of its business model and requires a larger cash reserve.

Want to find more great stock ideas? Download our Rock Stars list, updated monthly.

BN.TO Dividend Growth Perspective

Following the spin-off of BAM, it’s clear that BN is a low-yield, high-growth stock. The company kept a low yield by paying a $0.07/share dividend. We expect this dividend to increase each year. However, if you’re looking for a more generous yield, BAM is the better option.

Line graph showing BN.TO's dividend payments over 10 years — BN.TO: a low yield high growth stock after Following the spin off of BAM

BN has the advantage of owning a stake in various assets across the Brookfield family, while BAM has the advantage of simply managing the money and earning revenue on a fee charged on the assets under management.

Final Thoughts on Brookfield Corporation

It’s virtually impossible to buy a piece of a bridge or a railroad. This is where Brookfield comes into play as investing in Brookfield Corp is like investing in your own “alternative asset fund”.

As an asset manager, you can expect BN.TO to go through some difficult times with the higher interest rates and possible recession. However, its depth of assets, expertise, and geographic distribution make it a worthwhile buy list stock for investors seeking long-term dividend growth.

Investing in alternative assets is a great way to diversify a portfolio. Usually, the investment returns on such investments are decided by what’s happening on the stock market. You can expect them to generate about 5-7% above inflation over long periods of time. Interest in alternative assets is increasing, especially for institutional investors.

See also the list of Canadian Dividend Aristocrats for other great stock pick ideas.