Amid falling interest rates and rising volatility in equity markets, dividend stocks have become excellent additions to your portfolios. These companies would help stabilize your portfolios and earn a stable passive income. Against this backdrop, let's look at my five top picks.

Enbridge

Enbridge's (TSX:ENB) toll framework, long-term take-or-pay contracts, PPA (power-purchase agreements) backed renewable energy assets, and low-risk utility assets generate reliable and predictable cash flows. Amid these healthy cash flows, the company has paid dividends for 70 previous years and has raised its dividends for 30 years. Its forward dividend yield currently stands at an attractive 6.02%.

Enbridge is also expanding its asset base and hopes to put around $23 billion of assets into service by 2027. Also, the contribution from the recently acquired three utility assets could also boost its financials and cash flows in the coming quarters. Amid these growth initiatives, the company expects its adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) to at a 7-9% CAGR (compound annual growth rate) through 2026 and 5% after that. Also, the management hopes to raise its dividend by around 3% annually in the coming years, thus making it an excellent buy.

Telus

Telus (TSX:T) is another Canadian stock with an impressive record of returning cash to its shareholders. Since 2004, the telco has returned $27 billion, including $22 billion in dividends and $5.2 billion in share repurchases. Its stable cash flows from recurring revenue streams and expanding customer base have allowed the company to reward its shareholders with consistent dividend growth. Since May 2011, the company has raised its dividends 27 times and currently offers a juicy forward dividend yield of 7.53%.

Moreover, the company is expanding its 5G and fibre network to expand its customer base. Further, the improving performances from its TELUS Health and TELUS Agriculture & Consumer Goods segments could support its financial growth in the coming quarters, thus making its future dividend payouts safer.

Bank of Nova Scotia

Bank of Nova Scotia (TSX:BNS) offers financial services in more than 20 countries, with a strong presence in North America. Given its diversified revenue sources, the company enjoys healthy cash flows, allowing it to pay dividends uninterrupted since 1833.

Moreover, the company has adopted a strategy to strengthen its presence in North America and has made a strategic investment by acquiring a 14.9% stake in KeyCorp. Besides, it recently sold the banking operations in Colombia, Costa Rica, and Panama to Davivienda in exchange for a 20% stake in Davivienda. The transaction could improve its operating efficiency and lower its common equity tier-one ratio. These initiatives could allow BNS to continue paying dividends at a healthier rate.

Canadian Natual Resources

Canadian Natural Resources (TSX:CNQ) operates large, low-risk, and high-value reserves. Its effective and efficient operations and lower capital maintenance have lowered its breakeven, thus driving its financials and cash flows. Amid these healthy cash flows, the Canadian oil and natural gas company has raised its dividends for 25 years at an annualized rate of 21%. Meanwhile, its forward dividend yield currently stands at 5.11%.

Moreover, CNQ plans to invest around $6.15 billion this year to strengthen its production capabilities. Amid these growth prospects, the company's management expects its 2025 average production to be between 1,510 and 1,545 barrels of oil equivalent per day, with the midpoint representing a 12% increase from the previous year. Higher production could support its financial growth, allowing it to maintain its dividend growth.

Fortis

Fortis (TSX:FTS) operates 10 regulated natural gas and electric utility assets, serving around 3.5 million customers. Given its regulated asset base and low-risk transmission and distribution business, its financials are reliable and predictable, irrespective of the broader market conditions. Amid these healthy financials and cash flows, the company has uninterruptedly raised its dividends for 51 years, with its forward yield at 3.80%.

Moreover, Fortis's $26 billion capital investment plan could expand its rate base at an annualized rate of 6.5% through 2029. It has also adopted several cost-cutting initiatives and efficiency programs, which could cut expenses and drive profitability. Given its capital-intensive business, the company could also benefit from falling interest rates. Considering all these factors, I believe Fortis's future dividend payouts are safe.