To greatly reduce the risk of dividend cuts, Canadian investors can simply not chase high dividend yields. As a general rule of thumb, you should question a yield if it is much higher than two times the stock market's yield. The Canadian stock market's recent distribution yield is 2.9%. So, you should tread more carefully if you see yields that are much higher than 5.8%.

Another quick check you can do is to compare a stock's yield with those of its peers. Those that offer higher yields are likely riskier investments. Other than that, you can also investigate the stock payout ratio to ensure it's sustainable. Furthermore, companies with investment-grade credit ratings are better equipped to service their debt.

Here are a few examples of Canadian stocks that offer safe dividends.

Fortis stock

Fortis (TSX:FTS) stock's half-a-century dividend growth streak demonstrates its commitment to an ever-higher dividend for its common stock investors. The North American regulated utility is comprised of a diversified portfolio of quality utilities that provide essential products and services, bringing gas and electricity to its customers, which include corporate and retail clients.

At $59.17 per share, the utility stock yields close to 4%. And investors can expect a dividend hike of 4-6% next month. Its payout ratio is estimated to be sustainable at about 74% of earnings this year. The utility company also enjoys an S&P credit rating of A-.

That said, the stock price has rallied recently and appears to be fairly valued. So, it would be safer for interested investors to consider buying on a dip of at least 5%.

RBC stock

Royal Bank of Canada (TSX:RY) is another Canadian stock that pays out safe dividends. Other than personal and commercial banking, the Canadian banking leader also has sizeable businesses in wealth management, capital markets, and insurance.

Its diversified business is able to produce resilient profits that increase over time. In the last decade, the bank just about doubled its adjusted earnings per share. Consequently, it was also able to double its dividend in the period.

At about $156 per share, RBC stock yields 3.6%. Analysts believe the shares are fairly valued. For a better margin of safety, investors should consider buying shares on market corrections.

Rogers Communications stock

Finally, here's a stock that offers a safe dividend and appears to be cheap. Rogers Communications (TSX:RCI.B) stock offers the smallest dividend yield among the Big Three Canadian Telecoms. For sure, it has gone on a different dividend path. Unlike its peers that have increased their dividends over time, Rogers Communications stock has maintained the same dividend since 2020. As its earnings and cash flows are expected to rise on a per-share basis, its dividend should become even more safe. A dividend hike could also be in the cards, depending on management's decision.

This year, its payout ratio is estimated to be about 59% of its earnings. At $54.90 per share at writing, it offers a safe dividend yield of 3.6%. Even without dividend growth, the blue chip stock could still deliver a respectable total return based on its attractive valuation. Analysts believe upside of about 21% is possible over the next 12 months.