WestJet Airlines Ltd. (TSX: WJA, OTC: WJAVF)

Dividend Yield: 2.4%

Recent Price: C$23/US$18

Fair Value: C$28/US$21

The company is on almost any measure one of the best airline operators. Financial results continue to impress, as was again demonstrated with the third-quarter profits increasing by 24% and the dividend by 17%.

The balance sheet is in excellent shape, and the business continues to produce ample cash flow, which is adequate to finance capital expenditures, dividend payments and the share-repurchase program.

The stock is cheap in absolute terms and also relative to its peers.

Innvest REIT (TSX: INN-U, OTC: IVR.F)

Dividend Yield: 7.6%

Recent Price: C$5.24/US$4.00

Fair Value: C$6.31/US$4.82

The company is one of the top Canadian hotel landlords with well-known brands such as Fairmont, Comfort Inn and Delta in the portfolio.

Management and board changes in 2014 resulted in improved corporate governance, the sale of underperforming properties, and the refurbishment of a considerable portion of the portfolio.

Meanwhile the weak loonie is drawing scores of tourists to Canada and Canadians are vacationing more at home.

Results have started to improve but remain a work in progress.

This is an opportunity with considerable upside potential but not without risk.

Inter Pipeline Ltd. (TSX: IPL, OTC: IPPLF)

Dividend Yield: 6%

Recent Price: C$25/US$19

Fair Value: C$31/US$23

Inter Pipeline is one of the smaller operators providing crucial infrastructure to oil and gas producers to move their products from the landlocked Alberta and Saskatchewan provinces.

The company has recently completed a major expansion program and is starting to reap the benefits of the expansion.

Third-quarter results indicate that that the company is heading in the right direction with a jump in revenues, profits and cash flow.

The dividend yield is currently an attractive 6%, with a dividend that will be supported by considerable free cash flow over the next few years.