New TFSA Limit 2024: 3 Top Stocks to Put on Your Radar

These great Canadian stocks offer high yields and could soar next year.

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The Tax-Free Savings Account (TFSA) limit in 2024 will be $7,000. Investors who plan to maximize their contribution next year are wondering which TSX stocks might be good to buy for a portfolio focused on passive income and total returns.

TFSA limit increase

The government is raising the TFSA limit from $6,500 in 2023 to $7,000 next year in accordance with the program’s directive to index the TFSA limit to inflation, with adjustments being made in $500 increments.

The cumulative maximum contribution space in 2023 is $88,000, so Canadians who have qualified every year since the inception of the TFSA in 2009 will have as much as $95,000 in TFSA limit contribution space in 2024.

Retirees can really benefit by holding income-generating assets in a TFSA rather than in a taxable account. The income generated inside the TFSA is tax-free and goes right into your pocket. In addition, the Canada Revenue Agency does not count TFSA earnings when calculating net world income that is used to determine the Old Age Security (OAS) clawback.

Soaring interest rates have caused a pullback in the share prices of many top TSX dividend stocks. There is a chance that interest rates are near their peak and will potentially start to decline before the end of next year. If that happens, there could be a big rebound in high-yield stocks that have taken a beating this year.

Bank of Nova Scotia

Bank of Nova Scotia (TSX:BNS) trades for close to $59 per share at the time of writing compared to $93 in early 2022.

At this point, the stock appears priced for a deep economic downturn. That might turn out to be the case, but most economists expect there to be a mild and short recession as the Bank of Canada battles to get inflation under control.

Bank of Nova Scotia increased the dividend this year, remains very profitable, and has a solid capital cushion to ride out some economic turbulence. Investors can currently get a 7.2% yield from BNS stock.


Enbridge (TSX:ENB) just reported good third-quarter (Q3) 2023 results and confirmed its guidance for the year. The company recently announced a US$14 billion deal to buy three natural gas utilities in the United States. These assets provide reliable rate-regulated revenue and have opportunities for growth. Enbridge has diversified its asset base in the past few years and is in a good position to benefit from domestic and international demand growth for oil and natural gas as well as the construction of wind and solar facilities.

Enbridge currently offers a 7.7% dividend yield. The board has increased the payout annually for the past 28 years.


BCE (TSX:BCE) has been a top pick among retirees for decades. The drop in the share price in the past six months has been a surprise to many shareholders, but it also gives investors a chance to buy BCE stock at an attractive price and get a solid 7.3% dividend yield. BCE has increased the dividend by at least 5% annually over the past 15 years.

BCE generates most of its revenue from mobile and internet subscription services. These are needed by businesses and households regardless of the state of the economy.

The bottom line on top dividend stocks for TFSA passive income

Bank of Nova Scotia, Enbridge, and BCE pay attractive dividends that should continue to grow. If you are searching for high-yield stocks to add to your TFSA portfolio, these names deserve to be on your radar.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

The Motley Fool recommends Bank Of Nova Scotia and Enbridge. The Motley Fool has a disclosure policy. Fool contributor Andrew Walker owns shares of BCE and Enbridge.

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