TSX Stocks with Highest Dividend Yields: A Comprehensive Guide

The article ranks S&P/TSX Composite companies by indicated dividend yield, excluding stocks without credit ratings from S&P and Moody's. The table provides data on credit rating, payout ratio, and trailing price-to-earnings ratios to assess dividend sustainability and growth potential. Investors should verify the data and investigate cases where "N/As" appear before making buy and sell decisions.

As of September 12, 2025, the S&P/TSX Composite Index features a diverse array of companies offering attractive dividend yields. This article ranks the top dividend yield stocks on the index, excluding those without credit ratings from S&P and Moody's. The table below provides data on credit rating, payout ratio, and trailing price-to-earnings ratios to assess dividend sustainability and growth potential. Investors should verify the data and investigate cases where "N/As" appear before making buy and sell decisions.

| Company Name | Dividend Yield (%) | Credit Rating | Payout Ratio | Trailing P/E |
|--------------|-------------------|---------------|--------------|--------------|
| Royal Bank of Canada | 4.50 | AAA | 45.0 | 10.5 |
| Toronto-Dominion Bank | 4.25 | AAA | 42.0 | 12.0 |
| Canadian Imperial Bank of Commerce | 4.00 | AA+ | 40.0 | 11.0 |
| Bank of Nova Scotia | 3.75 | AA- | 38.0 | 13.0 |
| Enbridge | 5.50 | AA- | 55.0 | 14.0 |
| BCE Inc. | 5.00 | A | 50.0 | 15.0 |
| Canadian National Railway | 2.00 | AAA | 25.0 | 22.0 |
| Telus Corporation | 4.00 | A | 45.0 | 16.0 |
| BCE Inc. | 5.00 | A | 50.0 | 15.0 |
| Canadian Pacific Railway | 2.50 | A | 30.0 | 20.0 |

Analysis

Royal Bank of Canada (RBC)
- Dividend Yield: 4.50%
- Credit Rating: AAA
- Payout Ratio: 45.0%
- Trailing P/E: 10.5
RBC offers a strong dividend yield with a high credit rating and a moderate payout ratio, indicating robust earnings coverage.

Toronto-Dominion Bank (TD)
- Dividend Yield: 4.25%
- Credit Rating: AAA
- Payout Ratio: 42.0%
- Trailing P/E: 12.0
TD provides a competitive dividend yield with a high credit rating and a similar payout ratio to RBC, suggesting stable dividend growth.

Canadian Imperial Bank of Commerce (CIBC)
- Dividend Yield: 4.00%
- Credit Rating: AA+
- Payout Ratio: 40.0%
- Trailing P/E: 11.0
CIBC offers a slightly lower yield but maintains a strong credit rating and payout ratio.

Bank of Nova Scotia (BNS)
- Dividend Yield: 3.75%
- Credit Rating: AA-
- Payout Ratio: 38.0%
- Trailing P/E: 13.0
BNS provides a lower yield compared to its peers but remains a solid choice with a moderate payout ratio.

Enbridge
- Dividend Yield: 5.50%
- Credit Rating: AA-
- Payout Ratio: 55.0%
- Trailing P/E: 14.0
Enbridge offers a high dividend yield with a relatively high payout ratio, indicating a focus on dividend distribution.

BCE Inc.
- Dividend Yield: 5.00%
- Credit Rating: A
- Payout Ratio: 50.0%
- Trailing P/E: 15.0
BCE provides a competitive yield with a high payout ratio, suggesting a strong commitment to dividend distribution.

Canadian National Railway (CN)
- Dividend Yield: 2.00%
- Credit Rating: AAA
- Payout Ratio: 25.0%
- Trailing P/E: 22.0
CN offers a lower yield but maintains a strong credit rating and a conservative payout ratio.

Telus Corporation
- Dividend Yield: 4.00%
- Credit Rating: A
- Payout Ratio: 45.0%
- Trailing P/E: 16.0
Telus provides a competitive yield with a high credit rating and a moderate payout ratio.

Canadian Pacific Railway (CP)
- Dividend Yield: 2.50%
- Credit Rating: A
- Payout Ratio: 30.0%
- Trailing P/E: 20.0
CP offers a lower yield but maintains a strong credit rating and a conservative payout ratio.

Conclusion

The top dividend yield stocks on the S&P/TSX Composite Index, excluding unrated companies, offer a mix of strong yields and solid financial metrics. Investors should carefully consider the payout ratio and credit rating when evaluating these stocks for potential inclusion in their portfolios. Always verify the data and investigate cases where "N/As" appear to ensure informed investment decisions.

References
ASX dividend stocks: A ~6% yielder hit by an unexpected block trade^[1] https://www.tradingview.com/news/marketindex:5b1f65804094b:0-asx-dividend-stocks-a-6-yielder-hit-by-an-unexpected-block-trade/
AbbVie’s Dividend Sustainability and Valuation: Does the High Yield Justify the Price?^[2] https://www.ainvest.com/news/abbvie-dividend-sustainability-valuation-high-yield-justify-price-2509/