When it comes to building a high-quality portfolio that can set you up for long-term success, there's no question that Canadian dividend stocks are some of the best to buy and hold. However, as is always the case when looking for stocks to buy, it's essential to pick the highest-quality stocks on the TSX.

Often, investors can make the mistake of getting caught up trying to buy the cheapest stocks or the ones that offer the most significant dividend yield. However, the quality of the business is much more important, especially when looking for investments you can buy and hold for the long term.

Plus, it's not just about finding the highest quality stocks that can earn you the best returns; it's also about avoiding poor investments.

Underperforming dividend stocks pose significant risks. First, they could end up cutting their dividends, which would limit the passive income they generate. In addition, though, cutting the dividend would almost certainly hurt the stock price as well, potentially causing you to lose some of your initial investment.

So, it's essential to find the best Canadian dividend stocks to buy that you can have confidence in holding for the long haul. Here are three of the best on the TSX.

A top Canadian energy stock

Many energy companies make excellent dividend stocks due to the consistent cash flow they generate. However, while there is plenty of choice in the energy sector, one of the very best Canadian dividend stocks you can have confidence buying today is Freehold Royalties (TSX:FRU).

As a stock that earns a royalty from other energy companies using its land to produce oil and gas, Freehold has a simple business model that makes it ideal for dividend investors.

It's consistently generating significant cash flow, and without any capital expenditure requirements, it can pay a considerable dividend.

In fact, currently, Freehold's dividend yield sits at more than 8.1%. Meanwhile, analysts estimate that its payout ratio for 2024 will be just 67.5%. That not only keeps the dividend sustainable, but it also allows Freehold to save up funds for future land acquisitions to expand its business and ultimately increase shareholder value.

So, if you're looking for safe Canadian dividend stocks to buy now and hold for years, Freehold is certainly one to keep your eye on.

An impressive defensive growth stock

In addition to Freehold, another high-quality Canadian dividend stock you can buy and hold with confidence is Brookfield Infrastructure Partners (TSX:BIP.UN).

Brookfield owns a portfolio of highly essential businesses and operations which are diversified all over the world. This portfolio makes the stock highly defensive and recession-resistant, one of the main reasons you can have confidence buying now and holding for years.

In addition, unlike other highly defensive businesses, Freehold also offers significant growth potential over the long haul, as its impressive management team is constantly looking for new investments to add to its portfolio and which of its existing businesses it can sell off at premium prices.

Therefore, the stock offers the best of both worlds. It's highly reliable but also offers significant long-term growth potential. Furthermore, it currently offers a dividend yield of more than 4.8%.

One of the best Canadian dividend stocks in the real estate sector

Finally, many top Canadian REITs are also high-quality dividend stocks, such as Canadian Apartment Properties REIT (TSX:CAR.UN), the largest and most diverse residential REIT in Canada.

Residential REITs are excellent long-term investments since the industry is highly defensive, but they also offer significant long-term growth potential as well.

This has allowed CAPREIT to grow its business consistently and increase its dividend over the years. Through both acquisitions of new properties and renovations of existing properties, CAPREIT has constantly increased its net asset value and the income its portfolio generates, which has led to impressive growth in the distribution investors receive.

Therefore, while the stock offers a yield of roughly 2.7%, there is plenty of potential for that distribution to continue rising, especially as interest rates continue to decline in the near term.

So, if you're looking for top Canadian dividend stocks to buy now and hold with confidence, CAPREIT is certainly an excellent choice.