Canadian pensioners and other dividend investors are wondering which top TSX dividend stocks are still good to buy right now for a self-directed Tax-Free Savings Account (TFSA) focused on generating reliable passive income.
The market rally this year has pushed up share prices in several sectors, but investors can still find decent dividend yields from stocks with good prospects for distribution growth.
Enbridge
Enbridge (TSX:ENB) trades near $66.50 per share at the time of writing. That’s down a bit from the 12-month high around $70, giving investors who missed the surge over the past year a chance to buy ENB stock on a dip.
Enbridge generated adjusted second-quarter (Q2) 2025 earnings of $1.4 billion or $0.65 per share compared to $1.2 billion, or $0.58 per share, in the same quarter last year. Contributions from acquisitions and new projects are helping drive growth across the business.
Enbridge spent US$14 billion in 2024 to buy three natural gas utilities in the United States. The deals made Enbridge the largest natural gas utility operator in North America. These new assets complement the extensive natural gas transmission infrastructure. Demand for natural gas is expected to rise in the coming years as gas-fired power generation expands to supply electricity for artificial intelligence (AI) data centres.
Enbridge is working on a $32 billion capital program backlog and has $50 billion in total projects under consideration. As new assets are completed and go into service, the boost to cash flow should support ongoing dividend hikes.
Enbridge raised the dividend in each of the past 30 years. Investors who buy ENB stock at the current level can get a dividend yield of 5.7%.
Canadian Natural Resources
Canadian Natural Resources (TSX:CNQ) trades close to $44 at the time of writing. The stock has recovered some ground after the April plunge to $36, but is still down about 10% over the past 12 months and is well below the $55 it fetched at one point in 2024.
Falling oil prices are largely to blame for the pullback. West Texas Intermediate (WTI) oil sells for roughly US$58.50 per barrel at the time of writing. This is down from US$80 last year. Natural gas prices have also been under pressure in recent months, especially in Canada, where there is currently a glut of supply.
Analysts broadly expect headwinds to persist in the oil market heading into 2026. An economic downturn in the United States is possible if tariffs start to drive higher inflation. Ongoing trade uncertainty between the U.S. and China could lead to additional economic weakness in China. The two countries are the largest consumers of oil.
On the supply side, OPEC is planning to increase supply in order to recapture some lost market share. This is expected to occur as non-OPEC producers, including Canada and the United States, continue to raise output.
Despite the near-term headwinds, CNRL should be a solid long-term pick for dividend investors. The company’s break-even WTI price is in the US$40 to US$45 per barrel range, so it is still very profitable at today’s WTI price. CNRL continues to expand production through acquisitions and a successful drilling program.
The company’s strong balance sheet enables it to extend the track record of dividend growth. CNRL raised the dividend in each of the past 25 years. Investors can get a 5.3% dividend yield from CNQ at the current share price. CNRL is arguably a contrarian pick right now, but you get paid well to wait for the recovery in oil and gas prices.
The bottom line
Enbridge and CNRL pay attractive dividends that should continue to grow. If you have some cash to put to work in a TFSA targeting passive income, these stocks deserve to be on your radar.
