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Top 2 Dividend Stocks for Passive Income

Retirees Explore High-Yield Dividend Stocks for Passive Income

In a recent article by Andrew Walker from The Motley Fool Canada, retirees are advised to consider investing in high-yield dividend stocks to enhance returns on their savings. The article highlights two notable Canadian stocks: TC Energy and BCE.
TC Energy (TSX:TRP) has consistently increased its dividend for the past 24 years. Despite a significant drop in its share price from $74 in 2022 to as low as $44, it currently trades around $53 with a dividend yield of 7.25%. The company is strengthening its financials through a $7.15 billion bond sale and asset sales, funding ongoing and future capital investments. The Coastal GasLink project, expected to generate revenue by 2025, further supports potential dividend growth.
BCE (TSX:BCE) has faced challenges due to high borrowing costs and reduced advertising revenue. However, the company remains profitable and has taken steps to cut expenses, including reducing staff and trimming content. Despite these headwinds, BCE offers a dividend yield of 8.9% and expects stable to slightly higher revenue in 2024. The company also increased its dividend by 3.1% for 2024.
The article concludes that both stocks offer attractive dividends and are recommended for inclusion in a Tax-Free Savings Account (TFSA) focused on generating passive income.

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