Earlier this month, Statistics Canada revealed that Canada had entered a per capita recession going by real gross domestic product (GDP) per capita. Meanwhile, Canada has also experienced a steady decline in its standard of living that is poised to worsen in the years to come. Investors might want to prepare for rough times in the months and potentially years ahead. In this environment, it is a good idea to snatch up a high-yield recession-resistant dividend stock.

Corby Spirit and Wine (TSX:CSW.A) is an undervalued dividend stock that I’m happy to own for the long haul. This Toronto-based company manufactures, markets, and imports spirits and wines in Canada, the United States, the United Kingdom, and around the world. This dividend stock has dipped 3.3% over the past month as of close on May 25. Its shares are down 8.4% in the year-to-date period.

In the first quarter of fiscal 2023, Corby delivered revenue growth of 7% on the back of strong consumer demand and pricing initiatives. Moreover, net earnings increased 12% due to similar factors. Historically, alcohol consumption has spiked during the early periods of an economic pullback. Of course, a long-term drawback poses a risk to all industries.

Shares of Corby currently possesses a favourable price-to-earnings ratio of 18. Meanwhile, Corby offers a quarterly dividend of $0.22 per share. That represents a very strong 5.6% yield. This company boasts an immaculate balance sheet and is well worth targeting in late May 2023.