The Canadian stock market is currently trading close to its all-time highs, thanks to recent rate cuts in the United States and Canada, which have fueled optimism among investors. But even as optimism runs high, the tug-of-war between bulls and bears continues, with inflation and global economic challenges still in focus.

With the ongoing geopolitical tensions in the Middle East and economic uncertainties looming, the possibility of a short-term market correction can't be ruled out. This is one of the key reasons Foolish investors may want to shift their focus to reliable investments this October. In this article, I'll talk about two of the safest Canadian stocks you can buy in October, as they have the potential to continue yielding positive returns even during heightened market volatility.

Dollarama stock

Dollarama (TSX:DOL) tops my list of safe stocks for October 2024. This Mont-Royal headquartered company currently has a market cap of $38.9 billion as its stock trades at $137.67 per share, with nearly 44% year-to-date gains. This marks the sixth consecutive year that DOL stock has delivered double-digit returns.

The discount retailer has a solid track record of delivering stable financial results, even during times of economic uncertainty. As consumers look for ways to save amid persistent inflationary pressures, Dollarama's value-based business model has proven resilient.

The company recently reported strong financial results for the second quarter (ended in July) of its fiscal year 2025. During the quarter, sales grew 7.4% YoY (year-over-year) to $1.6 billion, while comparable store sales increased 4.7% thanks to stable demand for consumables. Higher sales and lower logistics costs drove Dollarama's adjusted quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) up by 14.7% YoY to $524.3 million. Similarly, its adjusted EBITDA margin expanded to 33.5% last quarter from 31.4% a year ago. It also added 14 net new stores to its retail network during the quarter.

In addition to its strong financial performance and balance sheet, Dollarama's continued efforts to expand its footprint brighten its growth outlook, making it a safe stock to buy for the long term.

Manulife Financial stock

For those looking for safe stocks in Canada right now, Manulife Financial (TSX:MFC) might just be the perfect pick in October. The Toronto-based financial services giant currently has a market cap of $72.3 billion as its stock trades at $40.74 per share after rallying by 38.7% so far in 2024. MFC stock also rewards its investors with quarterly dividends and offers a 3.9% annualized dividend yield at the current market price.

Even as macroeconomic uncertainties continue to take a toll on corporate earnings, Manulife Financial is continuing to post strong financial results. In the first half of 2024, the company's adjusted net profit climbed 15.7%, to $3.5 billion. These figures highlight the firm's ability to maintain profitability even in the face of economic uncertainty, supported by its strong, diversified revenue streams across insurance, wealth management, and asset management sectors. That's why any correction in MFC's share prices in the near term could be an opportunity for investors to buy this safe Canadian stock at a bargain price.