Dividend stocks are my favorite investments. They produce passive income that I can reinvest. On top of that, dividend stocks historically produce higher total returns than non-payers, with much less volatility.

There are a lot of great dividend stocks out there. Brookfield Infrastructure (BIPC -2.20%) (BIP -1.03%) and Enbridge (ENB 0.05%) are two of the top ones. They pay high-yielding dividends that steadily rise. With more growth ahead, they're excellent dividend stocks to buy this December.

High-octane growth ahead

Brookfield Infrastructure has increased its dividend every year since its formation 15 years ago. The global infrastructure operator has grown its payout at a 9% compound annual rate over that time frame. It currently offers investors a nearly 4% dividend yield, which is more than three times higher than the S&P 500 (^GSPC -1.11%) (1.2% yield).

The company pays a well-supported dividend. It generates very stable cash flow, with 90% contracted or regulated (70% of which has no volume or price exposure) and 85% either indexed to or protected from inflation. Brookfield expects its dividend payout ratio will be around 67% of its funds from operations (FFO) this year, putting it within its 60%-70% target range. The company also has a strong investment-grade balance sheet with lots of liquidity.

Brookfield's dividend is only part of the equation. The company also expects to continue growing its FFO at a more than 10% annual rate. It has several organic growth drivers, including inflation-linked rate increases, volume growth as the global economy expands, and development projects. It currently has a record backlog of $8 billion of projects (data centers, semiconductor fabrication facilities, utility connections, and midstream expansions) and over $4 billion of additional projects in development. On top of that, the company expects to continue completing accretive M&A transactions. Its current deal pipeline is as big as it has been in two years and continues to grow.

These drivers should enable Brookfield to grow its dividend by 5% to 9% each year.

Plenty of fuel to continue growing

Enbridge recently reached a notable milestone. The Canadian pipeline and utility operator has increased its dividend for 30 straight years. It currently offers an even higher dividend yield of more than 6%.

The company has one of the lowest-risk business models in the energy sector. About 98% of its earnings come from stable cost-of-service or contracted assets, while 80% have inflation protections. That enables the company to deliver very predictable earnings. It's on pace to achieve its annual financial guidance for the 19th year in a row.

Enbridge also has a reasonable dividend payout ratio (60%-70% of its stable cash flow) and a strong investment-grade balance sheet. Because of that, it has billions of dollars of annual investment capacity to fund expansion projects and bolt-on acquisitions.

The company currently has a massive backlog of commercially secured expansion projects, including oil terminal expansions, gas pipeline capacity additions, utility expansion projects, and renewable energy developments. These projects should come online through 2029. They drive Enbridge's view that it can grow its cash flow per share by around a 3% annual rate through 2026 and by about 5% per year after that. That should allow it to increase its dividend at a similar yearly pace.

Compelling return potential

Brookfield Infrastructure and Enbridge offer investors higher-yielding dividends, making them excellent investments for those seeking to generate some passive income. On top of that, they have solid growth prospects. Add the income yield to their earnings growth rates, and both should have the fuel to produce total returns in the double digits in the coming years. That combination, when combined with their very low-risk profiles, makes them stand out as top dividend stocks to buy in December.