For younger investors looking to build a steady stream of passive income in retirement, dividend stocks are an excellent option to consider. Indeed, for those who are older and looking to create similar passive-income streams for spending, such stocks can be even more important to think about.

Fortunately, the Canadian stock market is chock full of top companies that generate growing dividends over time. The three companies on this list each have provided meaningful dividend income to investors for a very long time. Importantly, these companies have also shown the ability and willingness to raise dividends over time.

Let's dive into why these long-term dividend stocks may be worth considering right now.

Fortis

Fortis (TSX:FTS) operates and owns 10 utility transmission and distribution assets in Canada and the United States. The company serves more than 3.4 million customers in the area and owns smaller stakes in multiple Caribbean utilities. Fortis offers essential services to its customers, for which it is compensated with a very powerful recurring revenue stream. Importantly, it has an excellent track record for dividend growth, increasing its dividend for more than five decades consecutively.

Over the last three years, Fortis has managed to grow its earnings per share by 4.7% per year. This showcases the strength of the company's underlying business and suggests the utility giant is well-positioned for future dividend hikes. One of the most important metrics to consider is the company's earnings before interest and taxes, which increased to 28% from 26% a year prior. So long as this fundamental growth continues, this top utility stock with a 4% dividend yield is one worth considering.

Toronto-Dominion Bank

Toronto-Dominion Bank (TSX:TD) is one of Canada's top banks and operates under four business segments: Canadian personal and commercial banking, U.S. retail banking, wealth management and insurance, and wholesale banking. The company offers an excellent dividend yield of more than 5% and has provided regular and stable dividends to shareholders every quarter over the past two decades.

The bank recently published its financial results for the second quarter of 2024, highlighting diluted earnings of $1.35 per share and adjusted diluted earnings per share of $2.04. As the second-largest bank in Canada regarding deposits, investing in the Toronto-Dominion Bank is an ideal option. The bank holds a strong position and dominates the North American banking sector. It enables the bank to attract new customers and retain the existing ones by offering customized and better services. For investors seeking safety and strong passive income in retirement, this is a great option to consider, in my view.

Dream Industrial REIT

Dream Industrial REIT (TSX:DIR.UN) is an unincorporated and open-ended real estate investment trust (REIT) based in Canada. The company's portfolio consists of industrial properties located in the key regions of Canada and the United States. Its primary objective is to build and grow its portfolio and offer stable cash distribution to unitholders.

In the second quarter of 2024, Dream Industrial reported net rental income of $87.7 million, a rise of 5.6% year over year. The net income for the period came in at $61.6 million, while total assets stood at $8 billion. Dream Industrial has a strong rent mark-to-market potential with a high occupancy level of approximately 96%. Moreover, it focuses on building prime assets in core markets and accessing excess density on existing sites to generate higher returns.

For those looking to benefit from strong long-term appreciation trends in the world of real estate, Dream Industrial remains a top option. With a dividend yield of 5.3% at the time of wiring, this is the highest-yielding option on the list and one of the more attractive long-term plays in my book.