This is an informative article by Morningstar on the beneficial tax treatments of dividend income. The dividend tax credit will be decreasing slightly over the next couple years.
The actual rate at which dividend income is taxed changes by province and income level. It’s interesting to note that BC residents in the 50k and 75k taxable income range pay the least tax on dividend income. Alberta residents with 100k and 200k taxable income get the best rate.