MoneySense's Top 100 Dividend Stocks of 2023: Insights into the Best Income-Generating Opportunities

This time of year is always a bit nerve-wracking for me because I need to get my papers in order for my 2022 tax declaration. It's nothing complicated, but I don't like dealing with administrative tasks like this. However, it's worth it because I think I might be able to get $1,000 back from the taxman, which I really need to achieve my goal of saving $20,000 by the end of May. The plan is working, but it requires me to be in control of my spending, and that's not always easy, even when I have big goals in mind.

Another reason why this time of year is a bit stressful is the yearly evaluation at work. I had mine a few days ago, and it went well. I'm good for the next few months in terms of employment. For many years, saving money hasn't been a priority for me, but I'm glad I'm doing it now while I can. During this time, I'm keeping an eye on my stocks and the TSX. Things are more than confusing these days, as many workers in the tech field have been laid off, many companies have increased their dividend distribution, and many have recorded excellent Q4 results for 2022. The war in Ukraine is making things even more challenging to deal with, not to mention inflation, of course.

A few days ago, MoneySense, a well-known personal finance and investment magazine, released its highly anticipated list of the top 100 dividend stocks for 2023. This list is highly valued by investors as it provides valuable insights into which stocks are expected to provide strong dividend returns in the coming year. According to MoneySense, the top 100 dividend stocks of 2023 were chosen based on several factors, including dividend yield, dividend growth, payout ratio, and the overall financial health of the company. Additionally, the list includes stocks from a wide range of sectors, such as technology, finance, healthcare, and consumer goods.

Many of the stocks featured in that Canadian dividend stocks list are already in my investment portfolio. Here are my winners, along with their respective dividend yields:

Algonquin Power & Utilities Corp. (AQN): 8.992%
Labrador Iron Ore Royalty Corporation (LIF): 7.812%
Enbridge Inc. (ENB): 6.927%
TransCanada Corp (TRP): 6.777%
Pembina Pipeline Corporation (PPL): 5.849%
Bank of Nova Scotia (BNS): 5.757%
Whitecap Resources Inc. (WCP): 5.688%
Power Corporation of Canada Subordinate Voting Shares (POW): 5.556%
Canadian Imperial Bank Of Commerce (CM): 5.547%
Telus Corp (T): 5.12%
Emera Incorporated (EMA): 5.112%
Suncor Energy Inc. (SU): 4.69%
ATCO Ltd. (ACO.Y): 4.421%
Toronto-Dominion Bank (TD): 4.205%
North West Company Inc. (The) (NWC): 4.18%
Fortis Inc. (FTS): 4.088%
National Bank of Canada (NA): 3.918%
Royal Bank of Canada (RY): 3.867%
Quebecor Inc. (QBR.B): 3.695%
Northland Power Inc. (NPI): 3.622%
Stelco Holdings Inc. (STLC): 3.178%
Rogers Communications Inc. (RCI.B): 3.066%
Canadian Apartment Properties Real Estate Investment Trust (CAR.UN): 2.974%
Finning International Inc. (FTT): 2.677%
TMX Group Limited (X): 2.573%
Nutrien Ltd. (NTR): 2.444%
Canadian National Railway Co (CNR): 2.023%
Boralex Inc. Class A Shares (BLX): 1.796%
Thomson Reuters Corporation (TRI): 1.596%
Metro Inc. (MRU): 1.549%
Toromont Industries Ltd (TIH): 1.521%
Loblaw Companies (L): 1.392%
TFI International Inc. (TFII): 1.135%
Cargojet Inc (CJT): 0.917%
Alimentation Couche-Tard Inc. (ATD.A): 0.871%
WSP Global Inc. (WSP): 0.858%
Brookfield Asset Management Inc. Class A Limited Voting Shares (BN): 0.815%

I own exactly 37 stocks in my investment portfolio that belong to MoneySense's Top 100 Dividend Stocks of 2023. The list provides a valuable resource for investors looking to build a diversified portfolio of income-generating stocks. With a mix of well-established companies and emerging players in various sectors, this list offers something for all investors, no matter what their interests are.

I have over 60 stocks to explore that I don't currently own, which are included in MoneySense's Top 100 Dividend Stocks of 2023. Since canceling my subscription to Stockopedia back in November, I welcome any references that may help me find my next best investment. The list contains some well-known Canadian insurance companies, such as IA Financial Corp Inc (IAG), Intact Financial Corp (IFS), Sun Life Financial Inc (SLF), Manulife Financial Corporation (MFC), and Great-West Lifeco Inc (GWO). Although I have no interest in insurance companies, IFS is certainly interesting with its perfect chart. However, due to its expensive valuation and being in the insurance business, I'm not looking forward to investing in Intact Financial Corp (IFS).

Here's a list of stocks from MoneySense's Top 100 Dividend Stocks of 2023 that I may consider investing in the future - but certainly not right now:

Canadian Tire Corp Cl A NV, CTC-A-T

Empire Company Ltd, EMP-A-T
Waste Connections Inc, WCN-T
Ccl Industries Inc Cl B NV, CCL-B-T
Imperial Oil, IMO-T
Ritchie Bros Auctioneers Inc, RBA-T
Brp Inc, DOO-T
Stantec Inc, STN-T
Element Fleet Management Corp, EFN-T

I held onto some Stantec Inc stocks for a little while, but I didn't really like that investment, so it's no longer in my portfolio. One stock that I do like from the list is Ritchie Bros Auctioneers Inc. (RBA). While I always find Brp Inc to be quite surprising, the stock is not cheap. Ritchie Bros aligns more with my investing style and preferences.