Investors seeking stable income can turn to Canadian dividend-paying stocks. Thankfully, the TSX has a range of companies with attractive dividend yields and solid fundamentals to sustain their payouts in the long term.

In this article, I'll discuss three cheap Canadian stocks that are offering at least a 6% yield. These dividend-paying companies are operating in diverse sectors of the Canadian economy, providing a cushion against market volatility. Moreover, with interest rates expected to decline, now could be an ideal time to lock in these high yields.

SmartCentres Real Estate Investment Trust

Real estate investment trusts (REITs) are well-known for their high payout ratio, making them one of the top choices for investors seeking regular income. Among the top Canadian REITs, SmartCentres Real Estate Investment Trust (TSX:SRU.UN) stock, with its high yield of 7.7%, durable payouts, and affordability, emerges as an attractive investment option.

SmartCentres REIT owns high-traffic centres, which attract significant leasing interest leading to high occupancy rates. For instance, the REIT's occupancy improved by 50 basis points to 98.2% in the second quarter (Q2) of 2024. While its occupancy remains high, the firm continues to benefit from solid momentum in leasing demand and lease deals. The company leased approximately 272,000 square feet of vacant space during Q2, with rent growth of an impressive 8.5%.

The REIT is well positioned to consistently grow its same property net operating income. Its higher mix of retail tenants will likely add stability to its financial performance and ensure a high cash collection rate. Additionally, increased leasing interest, extensions, and renewals will likely support its growth. In addition, the firm is likely to benefit from the development of mixed-use properties, which will provide constant portfolio expansion and a large, undeveloped land bank.

In summary, SmartCentres REIT is an attractive choice for income-focused investors seeking high and reliable yields.

Telus

Telus (TSX:T) stock is under pressure due to short-term competitive and macro headwinds. Nonetheless, the leading Canadian telecom company continues to grow its customer base and deliver sustainable and margin-accretive growth. Thanks to its significant cost-efficiency programs, the company consistently generates ample earnings to support its payouts.

Since 2004, Telus has returned $21 billion to its shareholders through dividends. The company has consistently increased its dividend under the multi-year dividend growth program. Moreover, it plans to hike its dividend by 7-10% annually in the coming years.

Telus is focusing on profitably growing its customer base and reducing costs. Further, the company is investing heavily to improve its network infrastructure, technology, and operations, which augurs well for future growth. The telco is also expanding its PureFibre network and leveraging generative artificial intelligence (AI) technology to capitalize on the digital shift. Overall, Telus is a dependable dividend stock, which is trading cheap and offering a high yield of over 7%. Further, its dividend payout ratio of 60-75% of free cash flow is sustainable.

Bank of Nova Scotia

Bank of Nova Scotia (TSX:BNS) or Scotiabank is a dependable income stock. Shares of this leading financial services company are trading cheap compared to those of peers. BNS stock trades at a price-to-book multiple of one, which is lower than its historical and peer group averages. Further, its price-to-earnings multiple of 9.7 is below its competitors.

While Scotiabank stock is trading cheap, it offers a stellar yield of 6.7% near the current market price. The bank has been paying dividends for more than a century. Moreover, its dividend has increased at a compound annual growth rate of 6% since 2013.

The bank's diversified revenue sources, exposure to high-growth markets, and efficiency initiatives continue to support its financials and dividend payments. Further, its solid balance sheet and capital ratios add stability to its payouts.