Canadian Dividend Stocks To Buy In My TFSA & RRSP For Passive Income

追加: 2026-05-28

[00:00:00]Today folks, say it with me now, the markets can remain far more irrational than you will ever sit your ass down and remain solvent because my god, 81 billion is what the largest company in the world just posted for numbers in a week ago. And their stock is down like 10%, 80% revenue growth year-over-year.

[00:00:18]Like this is what drives people insane.

[00:00:20]Like I mean we're talking about a company trading for less than that of Costco, Walmart, Peps. Like most companies out there trade for higher values than Nvidia does today. Okay. And I'm looking at the Canadian markets and we're just vertical line. Vertical line the banks, the energy, the precious metals. I mean, the only thing not vertical lining is tech, which again drives so much damn frustration in the market. And even with my tech stocks tanking miserably, even on the US side of the board, I mean, look at Take 2 Interactive getting absolutely wrecked from its highs after earnings. A lot of the other tech stocks like Microsoft aren't just catching a real bid yet. And yet, I'm still at all-time highs. And I'm sitting here like scratching my head, pondering, wondering why all these Canadians complain because for some reason every time the US market sells off, so does the Canadian dollar. And you your portfolio kind of like balances out because of it somehow. I mean, look at VF over the last month. It's up 6.53% against VO. It's only up 4.83%. We always have that kind of like currency hedge somehow as Canadians. I don't know why, but like we've been winning left, right, and center. And I just I can't get over it. I just can't. I mean, the numbers speak for themselves. How are we living in a super cycle for like everything except tech apparently even though tech earnings are still like record levels. But regardless, I want to zoom in and more specifically talk about the banks today because we got numbers and they are truly tech-like net income growth numbers, some of which are up 50 plus% year-over-year. Dividend increases across the board. So, my name is Kyle.

[00:01:43]I'm a Canadian millionaire documenting his path to financial independence to damn well one day retire early. only asking that you join me, you hit that subscribe button and if you want to support the channel, I love talking, doing the one-on ones, try my portfolio tracker, kylelingsson.com, link in the description below as always. And anecdotally, so many of you have been asking me, I see so many comments and you're like, "Oh, take two's down. Would you buy more? This is down. That's down.

[00:02:03]Why aren't you buying this? Why aren't you doing that?" Because it's a passive portfolio. I know it's not passive income because it's not all dividendoriented. For some reason, people don't think capital gains count toward passive income for some, but guys, I have a life. I mean, we've had long weekends every weekend now. Well, except across border here. Canada was last week. This Monday was in the US.

[00:02:22]And people just taking it easy. That's why the markets probably aren't moving too much. Live your goddamn life. Get out there. Enjoy some sun for once. You don't need to be overanalyzing this every day of the week because things don't make sense sometimes, guys. That's just how the markets work. That's how you get rich is you got to be like the Joker. You got to come into this with a little bit of fugazi in your brain or you're gonna get like a squirrel looking for a nut. You're gonna lose your goddamn mind. Take it easy. Relax. Let's dive into this uh by first and foremost talking about Bank of Nova Scotia. Can you just imagine this? Like these banks, man. Like I just can't get over up. You can zoom out on the long chart and I think they're just making up for lack of like growth in the past because people were just on them for so many years. And now like in the last year 53% from the lows and look at the revenue quarterly financials here. The revenue was up 23%. And this is not this for the last quarter. This isn't even updating the recent quarter, but obviously they top earnings expectations. They're raising the dividend here.

[00:03:13]And like these are the biggest positions and vid die and you know what? Well, VDY till the die. So, I'm always like really scoped in on the banks because a lot of people were predicting they were going to collapse, that mortgages were going to come down on the Canadian economy and we're still in the midst of this mortgage cycle and that's what I'm hearing a lot of the complaints about recently. So, let's just zoom in and we'll we'll talk a little bit about mortgage delinquencies here and and why uh you know I I just think people underappreciated how scrutinizing the banks were if you wanted to get a loan or mortgage from the bank. And I went through that process, so I know how insane it was.

[00:03:45]And that's why I was like, why are people worried? Like they they were so fickle about just handing those things out. But look at the net income here, guys. Actually, we should probably just read the headline, shouldn't we? That basically they reported 2.63 million compared to 2 million rough or two billion million. Can you imagine? Two billion in the same period last year.

[00:04:03]Diluted earnings were $2 compared to a dollar48.

[00:04:07]Are you effing kidding me, guys? Look at these. Look at the look, let's just talk about total revenue first at 9.83 billion. Just this time last quarter was 9.6 and two quarters ago was what? 9 billion, guys. Like, how are they growing this quickly? Like, the these growth numbers are insane. Look at they're doing $3.75 versus $2.30. All of this is just driven by the fact that provisions for credit losses are leveling off at 1.2 billion.

[00:04:32]Like, they're not actually coming down really. They're just stabilizing. And somehow in the midst of higher interest rates and all this, like the numbers just speak for themselves. Like it's it's disgusting here. Like I've been looking like on the annual basis and just going through all this and even the total assets have been increasing nicely. So even in a world where we're not seeing like a massive immigration and the economy is kind of just GDP is not growing that crazy. There's still a lot of money flooding even into these lower tier banks, right? Which is quite impressive. And uh I think there's like the the dividend here. The increase was crappy. I'm surprisingly increased the dividend, but something tells me we're going to get more increases quarter over quarter rather than annual increases cuz guys like the payout ratios are getting more reasonable. I think Bank of Nova Scotia here like their payout ratio should be 50 or less at this point because they were posting like 50% freaking growth rates on their net income which is just insane. So, I mean the dividend will likely continue to increase because we're seeing it across the board with all of them, right? So, when it comes to the mortgages and the default rates here, they have increased.

[00:05:32]If you take a look at the 90-day pass due, they're up about 32% from.24%.

[00:05:38]Everything else is actually stabilizing a bit. Personal loans are fairly stable.

[00:05:41]Credit cards have actually come down from 1.13% to 1.05. Line of credits here uh have gone up a little bit, but down from the quarter prior. So, it's all kind of like balancing out a little bit, but nothing that's like spiking to the moon that would cause major concerns.

[00:05:55]Look at Beimo again. And I wish the yields I mean I wish we could go back to the day where the banks were paying like I mean their yields right now just absolute trash. Like Bank of Nova Scotia this thing used to be paying like 6 to 8%. I mean what are we at? 3.96 right now. BMO's at 3%. Like very sad to see the yields cuz no one can yield chase this market environment anymore. Look at the growth here. 34% to $2 billion roughly guys. Again we're talking about literal like mid double digit revenue growth or earnings growth I should say.

[00:06:23]And this is obscene. This is going to be like a once in a-lifetime event, I think, for most Canadians out there. I haven't seen anything like this in my entire investing career looking at the Canadian markets. And I mean, you see it like let's just pull up like I mean, zoom out on like even Bank of Nova Scotia here. I think it's pretty exemplifier exemplifi whatever that word I'm looking for is. If you went back to the '08 financial crisis, guys, you basically saw no real equity growth for well over a decade in these companies, right? Literally. And I've been pointing this out with a lot of the Canadian ETFs. I just I don't think people truly appreciate how obscure this is. Uh we're just taking it for granted. I mean, again, look at like VDY I bought purely for dividend income as a stabilizer to my portfolio so I'd have some extra income to invest in even well over a decade. I mean, this stock didn't do that much. Again, you were just fully relying on the dividends and the dividends growth. And now the markets in Canada have purely become growth markets. So yields have fully deteriorated and that sucks uh because it leads a lot of people to chase into uh option ETFs and things that probably won't yield as as better results. Again, if we go into a bare market, I wish there was just better yielding options out there. A lot of people are tra I guess I guess the option today is just go to the US and buy some treasuries, right? Because you just can't get that retirement like yield you could have got off the market, but your capital growth has just been disgusting, right? So let's zoom a little bit deeper into this. this I was looking at like provisions for credit losses and it's the same story across all the banks right like they're putting less loan losses aside they're stabilizing somehow revenue growth is still exceptional for a lot of these banks I mean year-over-year look at Q2 9.5 billion for revenue for and if you go back to Q2 it was 8.6 six this time last year. So even the revenue growth is quite exceptional. Let's look at National Bank. Another bank that not only was growing revenue double digits here, but look at the one-year up 64 damn percent. Might I say too, the PE ratios have gotten a little stretched here 20. But again, when they're growing net income at 50%. Those pees start to drop pretty significantly. This is why I hate when people say the banks are overvalued. Depends on how long the super cycle is going to last. Gemini, I was googling around and they're predicting that thanks to the higher interest rate cycle that this is probably going to peter off toward the latter half of this year in the third and fourth quarter. So, it's likely that these net incomes are going to get uh driven up bringing the pees back to a more nominal basis and we'll start seeing leveling growth because obviously if we're just going through one big growth spike next year if it just levels off, we're not going to see the same percentage growth numbers, right? But National Bank, same thing. Hikes dividends, leveling off of credit losses. Uh, let's take a look at the net income here. Again, 31% growth. Are you effing kidding me? Disgusting.

[00:08:55]Disgusting. Like nothing short of insane. Again, just scrolling through again. Assets are growing nicely here somehow. I don't know how this is growing as quick as it is. I think we're sitting at 6 $536 billion this time last year to 617. So, I mean, year-over-year, they're still growing assets incredibly.

[00:09:13]Uh, and across the board here, guys, again, net income growth. I don't know what's driving it, but frick from last year from 1.1 billion to 1.3. These are tech-like growth numbers, guys. Can't argue it. What are you going to do about it? Taking a look at those mortgage default rates again across the board.

[00:09:28]For the most part, they're not really increasing to any major level here. Uh, I mean, we're taking small percentage increases across the board here.

[00:09:37]Actually, they're seeing worse for credit cards. their credit cards were up well actually still down again like Bank of Nova Scotia's from last quarter but still up overall from like a year ago but total just slight incremental increases again these are things we don't want to go on forever but they're not big enough to matter and again we're in the midst of the biggest mortgage renewal period in banking history again like between the end of last year into the first second quarter so we just get through this stuff guys we're going to be fine and clearly the banks are going to actualize on renewing mortgages at higher rates which are going to probably actually that's another tailwind here If we can just get through the renewals and they come in at these higher rates and people are continuing to pay them against the defaults. I mean, this could maybe potentially go on again for a little bit longer, a little bit longer, but who knows? Again, Gemini says we're going to see this probably until the third quarter. So, uh, time will truly tell here. And am I buying much? Am I doing much? No. I like you, you should be getting your ass outside and getting some sun. I've been enjoying the weather a little bit. Uh, just focusing on my job. And, uh, yeah, I wish I was focused more on my portfolio, but guys, like I don't know what else to do here. Our portfolio is still continue to go up when everything's going down just because of currency conversions. Take two. Yats in the toilet. If I get some more cash, I might buy some more here. I need more VDY to be honest. I looking at these numbers. My god, guys. Eventually, this is going to come to its end. And I'm going to feel real bad for the people that weren't part of this cycle cuz my god, what a time to be alive.

[00:10:56]Like, I'm going to my mortgage can be paid off in a year. All of this is just because the counts and the portfolio just keeps going up. And yeah, I'm super grateful and I'm super thankful to be a part of this and I hope you are as well.

[00:11:06]And don't take it for granted. And bloody well live your life, guys. You can't be over analyzing stocks every day, missing out on your wife, your kids, the beautiful sun that we're finally getting in the city of Toronto where it's been freaking Gotham out there these days. But I'll pass the question off to I'd love to know what you think in that comment section below.