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Canadian dividend stocks have outperformed US stocks in 2025, with the S&P/TSX index returning 25.1% in Canadian dollars and 28.4% in US dollars. Five Canadian dividend stocks with strong economic moats, yields of 3% or more, and discounts to fair value are highlighted, including Telus and BCE. Telus yields over 8% and trades at a 33% discount to fair value, while BCE yields 5.5% despite a recent dividend reduction. Morningstar analysts believe BCE's reduced dividend rate is maintainable.

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