Dividend investing is an excellent way to help anyone achieve their retirement goal of living the lifestyle they want. The stock market offers plenty of opportunities for Canadian investors to build portfolios of income-generating assets with far better returns than with high-interest savings accounts of government-issued bonds. Unlike real estate, stock market investing does not require a massive cash outlay to begin.

Canadians from all walks of life can start building wealth by stock market investing. If there is a long time till you hit retirement, you can use a combination of high-yield dividend stocks and low-yielding but high-growth stocks to accelerate wealth growth. By reinvesting your dividend income through dividend-reinvestment plans, you can unlock the power of compounding to grow your wealth even faster.

Today, we will discuss a reliable Canadian Dividend Aristocrat that offers growing payouts and a low-yielding but high-growth TSX stock that can help you reach your retirement goals.

Fortis

Fortis (TSX:FTS) is a darling stock you can find in virtually any stock market investing portfolio. Fortis is a $30.54 billion market capitalization utility holdings company that owns and operates several utility businesses across Canada, the U.S., the Caribbean, and Latin America. For a dividend-income portfolio, there is no better pick than Fortis.

The company's defensive business model allows Fortis to pay its shareholders regularly and increase its payouts each year. Fortis stock is a Canadian Dividend King that has been increasing its payouts for over 50 years. While the harsh economic environment in the last few years weighed on its performance, recent interest rate cuts have spurred new life into its share prices.

Like other utility businesses, Fortis relies on heavy debt loads to fund its operations and capital programs. Lower borrowing costs will provide much-needed relief for it to post a better performance. As of this writing, Fortis stock trades for $61.66 per share and boasts a 3.83% dividend yield.

Dollarama

Dollarama (TSX:DOL) is not a stock known to offer payouts with juicy dividend yields. It is a stock that has still grown its dividends at double-digit rates over the last 10 years. As of this writing, it offers a meagre 0.27% dividend yield. However, the real reason to consider investing in this stock is its immense growth potential.

Dollarama owns and operates Canada's largest retail store chain for items that cost $5 or less, with over 1400 locations and plans to open many more in the coming years. Dollarama has a resilient business model that allows it to grow in harsh economic environments.

When people struggle with inflation and higher overall costs, discount stores like Dollarama offer them essentials at significant discounts. This helps the company perform well through good and bad economic periods.

As of this writing, Dollarama stock trades for $134.70 per share, up by almost 50% from its 52-week low, and with plenty more room to grow in the coming years.

Foolish takeaway

Investing in dividend stocks can be an excellent part of any retirement plan. Through disciplined investing, you can grow your investment portfolio to a sufficiently large size. While the dividend income might be insignificant when you start, a big enough portfolio of dividend stocks can churn out enough income to supplement your pension when you retire.

To this end, Fortis stock and Dollarama stock can provide you with an excellent combination of reliable and growing dividends alongside growth through long-term capital gains.