Fortis Inc. (TSX:FTS)(NYSE:FTS) is one of Canada's top dividend growth stocks, and last week, it demonstrated why with yet another solid quarter and another dividend hike. Although the company's earnings per share of $0.81 for the period ending Sept. 30 was down from a year ago ($0.85), the performance was largely in line with its expectations, as the business generally produces fairly strong and consistent results from one quarter to the next. Fortis' long-term stability is what makes it a solid investment for all types of investors to hang on to.

The company also announced a 4.1% increased to its dividend, and it will now pay shareholders 64 cents per quarter, up from 61.5 cents. On an annual basis, investors will be collecting $2.56 in dividends per share, which translates into a yield of 3.6%, based on Fortis' share price of around $72.

In addition, the company also extended its dividend growth guidance, now projecting to grow its payout between 4% to 6% annually through to 2030, as it continues to expect to make regular dividend increases in the years ahead. The company also unveiled its largest five-year capital plan, totaling $28.8 billion. The business says it remains focused on“low-risk, regulated utility growth.”

Fortis has increased its dividend for a remarkable 52 consecutive years, proving to be among the most reliable income-generating stocks on the TSX.

Year to date, Fortis' stock is up 20%. For dividend investors, this can be an ideal investment to buy and hold as it has averaged a low beta of 0.40, which indicates a lot of stability over the years.

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