Written by Joey Frenette at The Motley Fool Canada

It’s been a choppy road for the TSX Index since it nosedived back in the first half of 2022. Although it’s impossible to tell when Canadian stocks will break out of their current funk, I think there is a class of stocks that don’t need help from the broader markets to chug higher. In this piece, we’ll have a look at three incredibly cheap Canadian stocks that have robust dividends and enough tailwinds to make it through what could be another few quarters of market-wide consolidation.

Without further ado, consider shares Brookfield Asset Management (TSX:BAM), Brookfield Renewable Partners (TSX:BEP.UN), and Scotiabank (TSX:BNS).

Brookfield Asset Management

Brookfield Asset Management sports a juicy 3.87% dividend yield and is the higher-yielding of the two new publicly traded Brookfield entities (the other being Brookfield Corp., which may be a better bet for those who want a good mix of hard assets and asset-management services). It’s not just the bountiful dividend that’s enticing.

The stock is also around 9% off its recent highs, just shy of $49 per share. Indeed, BAM stock looks like an interesting dividend play, even if the Canadian economy is destined for a recession or continued economic sluggishness. Either way, you don’t think you can go wrong with the Brookfield banner, especially while it’s fresh off a near-correction.

Brookfield Renewable Partners

For value investors who want even more yield (and deeper value), Brookfield Renewable Partners looks quite intriguing right here after its multi-year plunge to $28 and change per share, down from around $62. Though the stock’s a falling knife, now down over 53% from its all-time high, I think there’s plenty of reason to step in as other investors continue ditching shares amid the rate-fuelled retreat in renewable energy pure plays.

As pressure remains on the renewable power plays, I’d look for Brookfield Renewables to keep its foot on the acquisition pedal. Valuations are looking tempting across the space right now. And as Brookfield continues to wheel and deal, I have no doubt that its odds of getting a better bang for its buck will increase amid its historic slump.

Don’t count this $19.2 billion firm out just because of the ugly stock chart. The 6.36% yield is just too good to pass up right here.

Scotiabank

Finally, we have a Canadian bank stock that long-term income seekers may wish to pick up, even as provisioning activity continues. Scotiabank is one of my top picks in the banking scene right now, and not just because the dividend yield sits at north of 7% at the time of writing. Down around 36% from its all-time high of around $93 per share, Scotiabank looks like one of the cheapest bank stocks out there. Further, you’ll gain some pretty compelling banking assets in the Latin American region at what I view as a hefty discount.