Canadian traders who’re simply beginning out on the self-directed path ought to look to essentially the most reliable dividend shares on the S&P/TSX Composite Index. At this time, I wish to take a look at three of the highest income-yielding shares that learners can belief for the lengthy haul. Let’s leap in.

Right here’s what makes a high quality Canadian dividend inventory in 2023

Inexperienced persons ought to look to TSX shares that boasts strong earnings development projections over the long run, roughly within the 5-15% vary. Furthermore, these equities ought to possess sturdy money movement, low debt-to-equity ratios, and be established as a power of their respective business.

BCE (TSX:BCE) is a dividend inventory that matches this invoice in early Might 2023. This Montreal-based communications firm supplies wi-fi, wireline, Web, and tv (TV) providers to residential, enterprise, and wholesale prospects in Canada. Shares of this dividend inventory have climbed 7.1% month over month as of early afternoon buying and selling on Might 3. The inventory is now up 8.3% thus far in 2023.

Buyers can count on to see this firm’s first-quarter (Q1) fiscal 2023 earnings later this month. In fiscal 2022, BCE achieved document new direct fibre connections of 854,000. That powered the very best retail Web internet activations in 16 years. For the total yr, BCE delivered working income development of three.1% to $24.1 billion. In the meantime, adjusted internet earnings rose 5.6% to $3.05 billion.

This dividend inventory at the moment possesses a strong price-to-earnings (P/E) ratio of 21. In the meantime, BCE presents a quarterly dividend of $0.968 per share. That represents a robust 5.9% yield. BCE has delivered 14 straight years of dividend development.

How one can chase excessive yields with out taking up an excessive amount of threat

Canadian traders who’re simply beginning out is likely to be tempted to grab up dividend shares with the very best yields out there on the TSX. Nonetheless, it’s value noting that lots of these high-yield choices additionally carry elevated threat. Enbridge (TSX:ENB) is a high dividend inventory that provides the perfect of each worlds. That is the most important power infrastructure firm in North America and boasts an enormous venture pipeline.

Shares of this dividend inventory have jumped 1.4% over the previous month. The inventory continues to be down marginally within the year-to-date interval. Buyers can count on to see Enbridge’s Q1 fiscal 2023 earnings on Might 5. In fiscal 2022, the corporate delivered adjusted earnings of $5.7 billion, or $2.81 per frequent share — up from $5.6 billion, or $2.74 per frequent share, in fiscal 2021.

Enbridge was buying and selling in middling worth territory on the time of this writing. This inventory has delivered 27 straight years of dividend development. It at the moment presents a quarterly distribution of $0.8875 per share, which represents a tasty 6.6% yield.

This dividend inventory is chasing a crown that ought to make learners excited

A Dividend King is a inventory that has achieved a minimum of 50 consecutive years of dividend development. Proper now, solely Canadian Utilities has reached that milestone on the TSX. Nonetheless, there may be one other high dividend inventory that is able to snatch that crown.

Fortis (TSX:FTS) is the third dividend inventory I’d suggest for traders in early Might. This St. John’s-based utility holding firm is in elite firm amongst its TSX friends. Its shares have climbed 9.4% thus far in 2023.

This firm launched its first quarter fiscal 2023 earnings this morning. It posted adjusted earnings per share of $0.91 in comparison with $0.78 in Q1 fiscal 2022. Fortis benefited from sturdy price base development at its ITC and western Canadian utilities, whereas additionally delivering improved outcomes at UNS Power.

Fortis beforehand unveiled an bold $22.3 billion five-year capital plan. That is anticipated to extend its midyear price base from $34.1 billion in 2022 to $46.1 billion by 2027. That, in flip, is about to assist annual dividend-growth price between 4% and 6% via the tip of the forecast interval. Fortis has achieved 49 straight years of dividend development and at the moment presents a quarterly distribution of $0.565 per share, representing a 3.7% yield.