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Highlights
- Some Canadian stocks can help investors to win financial freedom for lifetime, including their retirement lives.
- Finance professionals also advise to back up pension with passive income sources to survive the probable economical shortcomings.
- Does not matter at what age you are, managing your income sources and financial profile will help elevate quality of your life.
Finance professionals often advise people to back up their pension with passive income sources as it can help one get through economical shortcomings.
Some Canadian stocks can help investors get a good grip on financial freedom in their retirement years.
Here are five Canadian retirement stocks to consider in 2022.
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1. Enbridge Inc (TSX:ENB)
The oil and gas stock zoomed by 21 per cent year-to-date (YTD) and closed at C$ 49.12 apiece on Wednesday, December 29.
Enbridge Inc, which transports hydrocarbons across the United States and Canada, posted adjusted earnings of C$ 1.2 billion in Q3 FY2021.
The midstream energy company, which held a market capitalization of C$ 99 billion, will pay a quarterly dividend of C$ 0.86 apiece on March 1, 2022, up from C$ 0.83 apiece paid in the previous quarter.
Also read: 5 Canadian sectors that outshone in 2021
2. Bank of Nova Scotia (TSX:BNS)
Bank of Nova Scotia, one of the largest Canadian banks, is scheduled for a dividend payout of C$ 1 apiece on January 27, 2022.
The bank’s profit amounted to C$ 2.55 billion in Q4 FY2021.
Stocks of the bank popularly known a Scotiabank closed at C$ 91.22 apiece on December 29 and delivered a YTD return of over 33 per cent.
3. Canadian National Railway Company (TSX:CNR)
Canadian Railway Company, with a return on equity (ROE) of 23.53 per cent, saw its stock close at C$ 156.58 apiece on December 29. Its stock gained roughly 20 per cent in the past six months.
The railway operator reported a five per cent year-over-year (YoY) increase in its revenues to C$ 3.59 billion in Q3 FY2021.
Canadian Railway held a price-to-earnings (P/E) ratios of 23.60 at the time of writing this.
4. Capital Power Corporation (TSX:CPX)
Capital Power Corporation, a power generator, saw its scrip close at C$ 39.58 apiece on December 29. Its scrip swelled by over 13 per cent in 2021.
The North America-based power producer, which has a dividend yield of 5.476 per cent, recorded net income of C$ 38 million in the third quarter of FY2021. It is set to pay a dividend of C$ 0.547 on January 31, 2022.
5. Fortis Inc (TSX:FTS)
Fortis Inc reported net income of C$ 295 million in Q3 2021. The utility firm will dole out quarterly dividend of C$ 0.535 apiece on March 1, 2022.
Stocks of Fortis closed at C$ 61.46 apiece on December 29 and jumped by approximately 18 per cent YTD.
Bottom line
Managing your income sources and financial profile from a young age can help elevate the quality of your life in your later years. However, it is necessary that you invest in handpicked quality stocks that match your needs.
Also read: 5 Canadian stocks to buy for the New Year
