The TSX recently hit a new record, but income investors can still find deals on stocks that offer high dividend yields for their self-directed Tax-Free Savings Account (TFSA) portfolios focused on generating reliable passive income.
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Telus
Telus (TSX: T) just raised its dividend by 7% for 2025 and has a positive outlook for the year despite ongoing challenges for the Canadian communications sector.
Telus reported a 3% increase in consolidated operating revenue in the first quarter (Q1) of 2025 compared to the same period last year and delivered total mobile and fixed-line customer growth of 218,000, driven by demand for bundled services. Adjusted net income dipped 1%, but free cash flow rose 22%.
Telus Health achieved 12% revenue growth in the quarter. Telus Digital (previously Telus International) appears to be stabilizing after a rough couple of years that saw sales decline. The division reported a 4% increase in revenue in Q1 2025 compared to last year. TTech, which includes the core mobile and internet business plus the Telus Agriculture and Consumer Goods division, delivered a 2% increase in revenue.
Telus extended its dividend-growth guidance, calling for annual increases of 3% to 8% for 2026 to 2028. Investors who buy Telus at the current price can get a dividend yield of 7.5%.
Enbridge
Enbridge (TSX: ENB) continues to expand and diversify its assets through acquisitions and development projects. The company’s US$14 billion acquisition of three natural gas utilities in the United States last year made Enbridge the largest natural gas utility operator in North America. Enbridge is also working on a $28 billion capital program with annual investments running at $9 billion to $10 billion per year through 2026.
The combination of revenue from the acquisitions and completed projects will drive steady growth in earnings and distributable cash flow in the coming years. This should support ongoing dividend increases. Enbridge raised the dividend in each of the past 30 years. At the time of writing, investors who buy ENB stock can pick up a dividend yield of 5.9%.
Canadian Natural Resources
Canadian Natural Resources (TSX: CNQ) is down 18% in the past year. The pullback gives investors a chance to buy the Canadian energy giant at a nice discount while picking up a solid 5.5% dividend yield.
Falling oil prices are to blame for the decline in the share price. West Texas Intermediate (WTI) oil trades near $61.50 per barrel at the time of writing compared to as high as $83 in the past 12 months. Analysts broadly expect the oil market to remain in a surplus position into 2026, but that could quickly change if there is a major disruption in the Middle East. Prices could also move sharply higher on any news of a trade deal between the United States and China. The two countries are the largest oil consumers.
CNRL remains very profitable, even at current oil prices. The company is also benefitting from elevated natural gas prices compared to last year. CNRL is a major natural gas producer in Canada, along with extensive oil production.
The board raised the dividend twice in 2024 and once already in 2025, extending the annual dividend-growth streak to 25 years.
The bottom line on top stocks for passive income
Telus, Enbridge, and CNRL pay attractive dividends that should continue to grow. If you have some cash to put to work in a TFSA focused on passive income, these stocks deserve to be on your radar.
