After a challenging period last month, the Canadian equity markets have started this year positively, with the S&P/TSX Composite Index rising 1.4% in the first two days of trading. However, the concerns over the impact of Donald Trump's tariffs on imports to the United States, a slowdown in monetary easing initiatives by the Federal Reserve of the United States, and geopolitical tensions are causes of concern. So, if you are also worried about these uncertainties, here are two safe stocks you can buy now to strengthen your portfolios.

Fortis

Fortis (TSX:FTS) is an electric and natural gas utility company that serves around 3.5 million customers across Canada, the United States, and the Caribbean. Given its low-risk transmission and distribution business and regulated asset base, the company's financials are less prone to market volatility. Supported by these stable financials, the company has delivered an average total shareholder return of 10.8% for the last 20 years, outperforming the broader equity markets. Moreover, the utility company has raised its dividends for the previous 51 years, thus enhancing its shareholders' returns.

Moreover, Fortis invested around $3.6 billion in the first three quarters of 2024 and was on track to complete its capital expenditure of $5.2 billion for that year. The company has also planned to invest around $26 billion between 2025 and 2029, growing its rate base at an annualized rate of 6.5%. Along with these investments, the company's improving operating efficiencies could continue to drive its financials in the coming years. Given these growth prospects, the company's management expects to increase its dividends by 4-6% annually through 2029. Besides, Fortis could also benefit from the central bank's monetary-easing initiatives, given its capital-intensive business.

The Canadian natural gas and electric utility company currently pays a quarterly dividend yield of $0.615/share and offers a healthy forward dividend yield of 4.1%. It also trades at an attractive NTM (next-12-month) price-to-earnings multiple of 18.6, making it an excellent buy.

Dollarama

Dollarama (TSX:DOL) is another safe stock to buy due to its healthy same-store sales, irrespective of broader market conditions. The company's superior direct-sourcing method allows it to enjoy higher bargaining power while lowering intermediatory expenses. Its effective logistics enable it to offer various consumer products at attractive prices, thus enjoying healthy footfalls even during a challenging macro environment.

Meanwhile, the discount retailer has planned to add approximately 600 stores to increase its store count to 2,200 by the end of fiscal 2034. Given its capital-efficient business model, quick sales ramp-up, and a lower pay-back period of approximately two years, these expansions could boost both its top and bottom lines. Last year, the company raised its stake in Dollarcity, which operates 588 stores in Latin America, by 10% to 60.1%. Dollarama also owns an option that will allow it to increase its stake in Dollarcity by 9.89% by the end of 2027. Further, Dollarcity continues to expand its store network and hopes to increase its store count to 1,050 by the end of 2031. Considering all these factors, I believe Dollarama's growth prospects look healthy.

Moreover, Dollarama has raised its dividends 13 times since 2011 and currently offers a forward dividend yield of 0.26%. The company has been under pressure over the last few months, losing more than 7% of its stock value compared to its November highs. Meanwhile, the pullback offers an excellent buying opportunity for investors, given its solid underlying business and healthy growth prospects.