A number of Canada's top dividend-growth stocks now trade at discounted prices and offer attractive yields for pensioners seeking passive income from their investments.

Buying stocks on dips requires the patience to ride out additional potential downside, but the strategy can also boost returns and set the portfolio up for potential capital gains on a rebound.

Bank of Nova Scotia

Bank of Nova Scotia (TSX:BNS) is going through a strategic shift that will see the bank focus growth investments more on Canada, the United States, and Mexico and less on Colombia, Peru, and Chile.

Investors have not enjoyed the anticipated benefits from the investments in the South American markets. BNS stock has trailed its large Canadian peers that have bet on the United States rather than emerging markets.

The potential long-term rewards in Peru, Colombia, and Chile remain attractive as middle-class growth should drive increased demand for loans and investment products. Political uncertainty and a reliance on commodity markets, however, might make investors a bit cautious due to the perceived higher risks.

It will take some time for the new strategy to deliver results, but investors get paid well to wait. BNS stock offers a 6.6% yield at the time of writing, trading near $64. The stock is off the 12-month low of around $55 and was as high as $93 in early 2022, so there is decent upside potential.

Telus

Telus (TSX:T) has increased its dividend annually for more than two decades. The communications provider is out of favour as a result of the jump in interest rates and some revenue challenges at its Telus International subsidiary. Interest rates are starting to decline in Canada and Telus has taken steps to reduce its cost structure to position the business to meet financial goals. The Telus Health subsidiary has the potential to become a meaningful contributor to long-term growth.

Telus trades near $21 at the time of writing compared to $34 in 2022. Investors who buy the stock at the current level can get a 7.3% dividend yield.

Enbridge

Enbridge (TSX:ENB) trades near $49 at the time of writing compared to $59 two years ago. The stock is off the 12-month low of around $43, and more gains should be on the way.

Enbridge is wrapping up its US$14 billion acquisition of three natural gas utilities in the United States and has a $25 billion capital program on the go that will help grow distributable cash flow by 3% through 2026 and 5% beyond that timeframe. This should support ongoing dividend growth in the same range.

Enbridge increased the dividend in each of the past 29 years. At the current share price, the dividend yield is about 7.4%.

The bottom line on top stocks for passive income

Bank of Nova Scotia, Telus, and Enbridge pay attractive dividends that should continue to grow. If you have some cash to put to work in a portfolio focused on high-yield dividends, these stocks look cheap today and deserve to be on your radar.

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