Canadian investors focused on passive income and total returns are searching for top TSX dividend stocks to add to their self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) portfolios.
Industry leaders with long track records of dividend growth throughout economic and sector cycles are good names to consider in the current environment.
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Enbridge
Enbridge (TSX:ENB) trades near $67 per share at the time of writing. That’s down about $3 from the 12-month high, so investors have a chance to buy the energy infrastructure firm on a bit of a dip.
Enbridge grows through a combination of strategic acquisitions and organic projects. The company spent US$14 billion in 2024 to buy three natural gas utilities in the United States, making Enbridge the largest natural gas utility operator in North America at a time when natural gas demand is expected to rise as gas-fired power facilities are built to deliver electricity to AI data centres.
In the Q3 2025 earnings report, Enbridge said it added about $3 billion to its capital program, which now sits at $35 billion through 2030. As the new assets are completed and go into service, Enbridge is targeting post-2026 annual growth in distributable cash flow of about 5%. This should support steady dividend increases.
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 5.6%.
Canadian Natural Resources
Canadian Natural Resources (TSX:CNQ) is a contrarian pick today. The stock trades near $44 compared to $55 at one point in 2024. Falling oil prices are to blame for the decline. West Texas Intermediate (WTI) oil trades for close to US$60 per barrel at the time of writing. It was above US$80 last year.
Investors will need to be patient. Analysts broadly expect oil prices to remain under pressure through 2026 amid weak global demand and rising supply. That being said, CNRL remains very profitable. The company says its WTI breakeven is in the US$40 to US$45 per barrel range. Production growth from acquisitions and successful drilling programs are helping offset the margin hit.
CNRL reported record oil and natural gas production in Q3 2025. Adjusted net earnings for the first nine months of 2025 came in at $5.7 billion compared to $5.4 billion in the same period last year.
CNRL can use its balance sheet to take advantage of weak energy prices to make strategic acquisitions while also supporting ongoing dividend growth. The board increased the dividend in each of the past 25 years. Investors who buy CNQ at the current price can pick up a dividend yield of 5.3%.
Canada’s new strategy to diversify energy sales could lead to new oil and natural gas pipeline capacity being built to access international markets. This would benefit CNRL. The company owns vast oil and natural gas reserves and has the financial means to expand production.
The bottom line
Enbridge and CNRL are industry leaders paying attractive dividends that should continue to grow. If you have some cash to put to work in a buy-and-hold portfolio focused on dividend income and long-term capital gains, these stocks deserve to be on your radar.
