Investing in the stock market is not always about chasing quick gains. Instead, long-term investors should focus on building a stable, income-generating portfolio that can weather uncertainties. The TSX Composite has been rising for two consecutive years, posting an impressive 18% gain in 2024. However, economic challenges remain, with persistent inflation, questions surrounding the timing of rate cuts, and ongoing geopolitical tensions.

In such a mixed environment, Canadian dividend stocks could be a smart choice due to their ability to deliver reliable income and long-term growth potential. In this article, I'll highlight two of the smartest dividend stocks you can buy right now with $10,000 to secure a steady income stream even in uncertain times and build wealth over time.

Scotiabank stock

After declining for two consecutive years, Bank of Nova Scotia (TSX:BNS), or Scotiabank, recovered 20% in 2024 to currently trade at $77.42 per share with a market cap of $96.4 billion. At the current market price, BNS stock has a 5.5% annualized dividend yield and distributes these payouts every quarter.

The recent stock rise could just be the start of a more sustained recovery for Scotiabank as its financial growth trends continue to improve. In its fiscal 2024 (ended in October), the Canadian lending giant reported a 4.2% YoY (year-over-year) increase in its total revenue to $33.7 billion with the help of strong growth across its core banking segments. More importantly, its adjusted net profit for the fiscal year climbed by nearly 6% YoY to $7.9 billion.

Scotiabank's disciplined expense management and focus on operational efficiency also resulted in positive operating leverage, which improved its profitability. This stable growth in its financials clearly reflects the bank's ability to navigate a challenging economic environment while delivering consistent results.

In addition to all these positive factors, Scotiabank's diversified revenue streams, spanning Canadian and international markets, provide it with a shield against localized economic headwinds, making it a smart dividend stock for long-term investors.

Cogeco stock

Cogeco Communications (TSX:CCA) is another attractive dividend stock you can consider buying with $10,000 right now. After rising by 12% in 2024, CCA stock currently trades at $66.56 per share with a market cap of $3 billion. It has a 5.5% annualized dividend yield at this market price.

In its fiscal year 2024 (ended in August), Cogeco's revenue remained nearly flat on a YoY basis at $3 billion as the company focused on stabilizing its operations while implementing key strategic initiatives to strengthen its business model. In the most recent quarter alone, its free cash flow surged by 66.6% YoY as it continued to optimize costs and minimize capital expenditures.

The company's recent strategic initiatives included the combination of its Canadian and U.S. telecommunications teams, a move that is likely to drive greater synergy and operational efficiency. Recently, Cogeco also announced strategic partnerships to launch wireless services in Canada through a capital-efficient mobile virtual network operator model. These initiatives are likely to accelerate the company's financial growth in the coming years and drive its share prices higher.