Passive income is a wonderful thing to generate from your investment portfolio. But that income stream is only as strong as the companies that back the dividends you are collecting. In other words, it isn't a good idea to reach for yield if you are looking to collect decades of passive income. But don't fret -- here are three stock options that mix generous yields with impressive businesses.

Bank of Nova Scotia (NYSE: BNS), more commonly known as Scotiabank, has the highest dividend yield on this list at 6.6%. The reason for that is fairly simple: It has been lagging its banking peers on key performance metrics like earnings growth, return on equity, and return on risk-weighted assets.

Management recognizes the issue and is working to update its business approach, which will entail exiting less desirable markets in South America and refocusing on its most desirable regions.

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Source Fool.com