# Rates Are Going Up. Are Canadian Dividend Stocks Still Safe?

An episode of [In the Money with Amber Kanwar](https://invisiblenetwork.ai/podcast/1790432796), 22 Sep 2026, 56 min.

Audio: https://media.transistor.fm/50e5bb76/ba08de05.mp3

In a world of higher rates, stubborn inflation and expensive U.S. stocks, Canada just might be your safest bet. Ryan Bushell, CEO & Portfolio Manager at Newhaven Asset Management, invests in Canadian dividend-paying companies—and his portfolio is up 18% so far this year. He joins Amber to explain why he thinks Canada is well positioned in this environment, why infrastructure and energy remain at the heart of his portfolio, and why he sees little reason to chase the U.S. market at current valuations. In the Mailbag, Ryan tackles one of the market’s most beaten-down dividend stocks, TELUS (T.TO), and explains why he’s sticking with it despite the selloff. He also weighs in on Aecon (ARE.TO), WSP Global (WSP.TO), Dollarama (DOL.TO), Canadian REITs and CCL Industries (CCL.B.TO)—including which names he owns, which ones he’s watching and what would finally make him buy. Plus, we check in on Ryan’s past Pro Picks: Pembina Pipeline (PPL.TO), Brookfield Infrastructure Partners (BIP.UN.TO) and ARC Resources (ARX.TO), which was acquired by Shell (SHEL). Ryan explains why he still sees more opportunity ahead for Pembina, why he likes Brookfield Infrastructure after its recent pullback, and why ARC’s takeover was bittersweet—delivering a gain, but taking away a company he would have been happy to own for decades. Then he reveals his latest Pro Picks: Tourmaline Oil (TOU.TO), Enbridge (ENB.TO) and AltaGas (ALA.TO), three companies positioned around his conviction that Canada has a much bigger role to play supplying energy to the world. Timestamps 00:00 Trailer 02:26 Intro 03:53 Rising Interest Rates and Dividend Stocks 04:29 How Tech Debt Is Pushing Rates Higher 06:06 Could the US 10-Year Treasury Pass 5%? 07:21 Why Canada Still Looks Attractive 08:29 The Strategy Behind the Outperformance 09:26 Why Infrastructure Stocks Could Lead 11:09 Is Infrastructure Still a Buffer Against Rising Rates? 12:04 Why Canadian Investors Are Avoiding the US 12:17 Life Insurance Stocks vs. Banks 14:15 Why Ryan Doesn’t Sell Often 17:27 ITM Mailbag: Can TELUS Recover? (T) 26:00 Is Aecon Still a Buy? (ARE) 28:43 Is WSP’s AI Risk Overblown? (WSP) 31:15 Is Dollarama Still a Long-Term Investment? (DOL) 34:30 Are REITs Worth Buying? 38:16 What Does Ryan Think About CCL Industries? (CCL) 40:48 Past & Pro Picks: PPL, BIP, TOU, ENB, ALA 52:56 Closing Bell: Coaching Hockey and Family Life 54:24 Final Thoughts and Episode Outro Sponors Thank you to our partners at ATB Financial. ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit https://ATB.com/inthemoney for more information. For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned. Thank you to our partners at Hamilton ETFs. For more information visit https://hamiltonetfs.com All the charts you’ll see today are sponsored by Wealthsimple Trade. The self-directed trading platform built for active traders in Canada. Learn more at https://app.wealthsimple.com/74rd/83ftma8x Support for this podcast is brought to you by EQB – the company behind EQ Bank, Canada’s Challenger Bank. For more information visit https://www.eqbank.ca/ The Closing Bell is sponsored by The Haliburton Post House: private executive retreats in Ontario's Haliburton Highlands. Reserve your Fall 2026 or Spring 2027 dates at The Haliburton Post House. Mention In the Money for $1000 off your reservation! E-mail info@haliburtonposthouse.ca for more information. Links https://inthemoneypod.com/ https://instagram.com/inthemoneypod https://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypod questions@inthemoneypod.com DISCLAIMERS The information provided in this podcast is for informational purposes only and does not…

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