Written by Rajiv Nanjapla at The Motley Fool Canada

The fear that the lengthy period of high interest rates could slow down the global economy has led to volatility in the global equity markets. Given the uncertain outlook, investors can strengthen their portfolios and earn a stable passive income by adding the following three dividend stocks.

BCE

BCE (TSX:BCE) would be one of the excellent Canadian dividend stocks to have in your portfolio, given its solid underlying business, consistent dividend growth, and high yield. Amid digitization, the demand for telecommunication services is growing, benefiting BCE. Meanwhile, the company made a capital investment of $1.1 billion during the March-ending quarter to expand its 5G and broadband services.

Amid its continued investment, the company’s management expects to expand its 5G service to cover 85% of the Canadian population while adding 650,000 new high-speed broadband connections this year. So, BCE’s growth prospects look healthy. With most of its infrastructure in place, the company’s management has stated that it would lower its capital expenditure. So, it will have more funds for distribution, thus making its payouts safer.

Meanwhile, BCE has raised its dividend by over 5% annually over the previous 15 years, with its forward yield standing at 6% as of the May 11th closing price. Its valuation also looks attractive, with its NTM (next 12-month) price-to-earnings multiple at 19.9.

TC Energy

TC Energy (TSX:ENB) operates a regulated energy transportation business, with around 95% of its adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) underpinned by rate-regulated assets or take-or-pay, long-term contracts. Meanwhile, it reported a solid first-quarter performance last month, with its adjusted EBITDA growing by 16%. Strong utilization rate amid higher demand and the development of new projects over the last 12 months drove its financials.

Having put around $1.4 billion of projects into service in the first quarter, TC Energy is on track to put around $6 billion of projects into service this year. It is also working on divesting $5 billion worth of assets, which could strengthen its balance sheet. So, the company, which has raised its dividend for the last 23 years, could continue its dividend growth. Meanwhile, it currently offers an impressive dividend yield of 6.66%, making it an excellent buy.

Bank of Nova Scotia

Amid the weakness in the banking industry due to rising interest rates and contagion risk in the United States, Bank of Nova Scotia (TSX:BNS) has lost around 22% of its stock value compared to its 52-week high. However, the steep pullback has provided excellent buying opportunities for long-term investors.