The Best High Yield Stocks For January 2024

Dividend Earner

Dividend Earner

Updated on

2 min read Affiliate Disclosure

Are you looking for income from high-yield stocks?

While the highest yield isn’t always the best investment, it’s a good place to start looking for income.

Based on stock price, which can move up or down depending on company news and performance, the list will change. As such, the opportunities will vary every month and that’s why it’s important to have a systematic approach to understanding which high-yield stocks are an opportunity.

An opportunity can be for a stock you already own or simply for a new addition to your portfolio. It is important to note that the rankings below do not assess the viability of the business.

Top 5 Canadian High Yield Stocks

This month’s results are a snapshot in time at the time of writing and many factors could change the rankings. It’s important to be aware that a high-yield stock can either be a good income source or a warning sign for the dividend.

Do look further into their payout strategy and history before committing to a high-yield stock to avoid unnecessary risks on your portfolio. If a high yield is necessary, look at the Canadian Financial ETFs, they also pay a sustainable high yield.

Be aware that high-yield stocks could be as dangerous as investing in Canadian penny stocks. However, some of the best ongoing high-yield stocks can fit in your portfolio during the accumulation years with DRIP enabled.

TSE EIT UN SMALL

Canoe EIT Income Fund

tse:eit.un | Financial Services | Asset Management

TSE AP UN SMALL

Allied Properties REIT

tse:ap.un | Real Estate | REIT - Office

TSE ENB SMALL

Enbridge

tse:enb | Energy | Oil & Gas Midstream

TSE BCE SMALL

BCE

tse:bce | Communication Services | Telecommunication Services

TSE SRU UN SMALL

SmartCentres REIT

tse:sru.un | Real Estate | REIT - Retail

Methodology

The identified high-yield stocks are selected from the Canadian Dividend Screener covering over 170 of the top Canadian stocks.

Please note that generating income with a high yield is a great short-term reward but it’s not without risks. Either a dividend cut is imminent or growth is limited. Make sure you look for the right stock for your portfolio and that you understand the business you are investing in. I like to look at the Chowder Score to assess growth for both the stock appreciation and the dividend.