A Tax-Free Savings Account (TFSA) is a solid wealth-building tool available to Canadian investors. Sheltering capital gains and dividends from taxes allows your money to grow uninterrupted over the long term. However, to truly maximize your TFSA’s impact, it’s important to choose investments that provide consistent income and steady growth. Dividend stocks are ideal candidates, offering reliable cash flow while compounding your wealth over time.
Against this backdrop, here are two top dividend-paying Canadian stocks that you can confidently buy, hold, and let grow inside your TFSA.
Dividend stock #1: Canadian Natural Resources
Canadian Natural Resources (TSX:CNQ) is a no-brainer dividend stock to add to your TFSA portfolio. While shares of this Canadian oil and gas producer have lagged the broader market recently, the company’s fundamentals remain rock solid, offering an attractive mix of income and growth.
CNQ has an impressive record of rewarding shareholders, increasing its dividend for 25 consecutive years. Moreover, its dividend grew at a compound annual growth rate (CAGR) of 21% during that period. So far in 2025, it has returned $4.6 billion to investors, including $3.6 billion via dividends and $1 billion in share buybacks.
Beyond income, CNQ has delivered exceptional capital gains in the long run. Over the past five years, the stock has grown at a CAGR of over 33%, translating into total gains of more than 317%.
The company’s diversified portfolio of long-life, low-decline assets supports its growth. These high-value, low-replacement-cost assets generate steady cash flow, enabling reliable dividends through commodity cycles. Further, its international exposure through assets in the U.K. North Sea and Offshore Africa adds further resilience.
CNQ’s large, undeveloped land base and quick-to-execute conventional projects give it flexibility to adapt and sustain growth. Further, with high ownership of its assets and tight control over development timing, Canadian Natural maintains strong capital efficiency.
Thus, for TFSA investors seeking a dependable dividend grower with substantial upside, Canadian Natural Resources is a top option.
Dividend stock #2: goeasy
goeasy (TSX:GSY) is another top stock for your TFSA portfolio, offering income and growth. This Canadian subprime lender consistently delivers strong financial results, which drives its payouts and share price.
For instance, its revenue has grown at a CAGR of nearly 23% in the last five years, with earnings compounding at a similar pace. Thanks to this solid performance, goeasy stock has appreciated by 263% in the previous five years, growing at a CAGR of 29.4%. Moreover, goeasy has raised its dividend for 11 consecutive years.
Looking ahead, goeasy is well-positioned to pay and increase its dividend and deliver solid capital gains. The company’s dominant position in Canada’s subprime lending space, higher loan originations, diversified funding sources, and disciplined underwriting capabilities position it well to deliver solid financials. In addition, operating efficiency further strengthens its foundation for sustained profitability.
While goeasy stock offers income and growth, it trades at an attractive valuation. goeasy stock trades at a forward price-to-earnings ratio of 10.3, which appears low considering its double-digit earnings growth potential.
This combination of growth, income, and value makes goeasy a top stock to consider in a TFSA portfolio.
