With the TSX trading at a record high, Canadian investors are wondering which top dividend stocks are still good to buy for a self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) portfolio focused on dividends and total returns.
Canadian Natural Resources
Canadian Natural Resources (TSX:CNQ) raised its dividend in each of the past 25 years. This is an impressive track record for a business that relies on volatile prices for oil and natural gas to determine its margins and profits.
The stock trades near $43 per share at the time of writing, compared to $55 at one point last year. Investors can take advantage of the pullback to secure a dividend yield of 5.4% right now.
CNRL generated record production in Q1 2025, supported by a boost from its US$6.5 billion purchase of Chevron’s Canadian assets in 2024. The deal is the latest in a long string of strategic purchases CNRL has made to increase profits and boost reserves. Investors should expect ongoing turbulence in the oil market in the coming months, but CNRL remains very profitable, even at much lower oil prices, and should deliver steady dividend growth in the coming years.
Enbridge
Enbridge (TSX:ENB) raised its dividend in each of the past 30 years. The energy infrastructure giant continues to grow through a combination of strategic acquisitions and development projects. Enbridge spent US$14 billion in 2024 to buy three natural gas utilities in the United States. In recent years, the company bought an oil export terminal in Texas and bulked up its renewable energy portfolio through the acquisition of an American wind and solar developer. Enbridge is also a partner on the Woodfibre liquified natural gas (LNG) export terminal being built on the coast of British Columbia. Additionally, the company is working on a $28 billion capital program.
Management expects adjusted earnings per share and distributable cash flow to increase by 3% to 5% over the medium term. This should support ongoing dividend increases in the same range. The stock trades below $62 at the time of writing, compared to more than $65 earlier this year. Investors who buy the dip can get a dividend yield of 6.1%.
TC Energy
TC Energy (TSX:TRP) has raised its dividend in each of the past 25 years. The natural gas and power generation firm spent the past two years shoring up its balance sheet through the sale of non-core assets after taking on extra debt to get its Coastal GasLink pipeline project completed. TC Energy also listed its oil pipeline business as a separate company as part of a transition to focus more on natural gas transmission.
TC Energy operates over 90,000 km of natural gas pipelines and 650 billion cubic feet of natural gas storage in Canada, the United States, and Mexico. Natural gas demand is expected to rise in the coming years as new gas-fired power facilities are built to provide electricity for AI data centres.
Coastal GasLink is now moving natural gas to the new LNG Canada export facility in British Columbia. TC Energy also recently completed its Southeast Gateway pipeline in Mexico. Revenue from the assets, along with contributions from the ongoing capital program of roughly $6 billion per year, should support steady dividend growth. TC Energy trades near $67 compared to the 12-month high around $71. At the time of writing, the stock provides a 5% dividend yield.
The bottom line
CNRL, Enbridge, and TC Energy pay attractive dividends that should continue to grow. If you have some cash to put to work, these stocks deserve to be on your radar.
