Canadian savers are wondering which Top TSX stocks might be good to ad to a self-directed Registered Retirement Savings Plan (RRSP) portfolio in 2026.
With markets near record highs and economic turbulence potentially on the horizon, it makes sense to consider industry leaders with strong track records of paying reliable dividends through the full economic cycle. Companies that benefit from lower interest rates should perform well in the coming year.
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TC Energy
TC Energy (TSX:TRP) is a major player in the North American energy infrastructure industry with more than 90,000 km of natural gas transmission pipelines and 650 billion cubic feet of natural gas storage capacity located in Canada, the United States, and Mexico.
The stock’s rebound over the past 18 months is due to lower interest rates and an improved balance sheet. TC Energy had to take on extra debt to get its Coastal GasLink pipeline finished. The project, which connects Canadian natural gas producers to the new LNG Canada export facility in British Columbia, reached commercial completion in late 2023 at a total cost of roughly $14.5 billion. That’s more than double the original budget.
Management did a good job in the past two years of monetizing non-core assets to reduce debt so that the company can move ahead on its other capital investments. They are expected to cost $6 billion to $7 billion per year over the medium term. TC Energy completed its 715-kilometre Southeast Gateway pipeline in Mexico this year. That one came in at US$3.9 billion, or 13% under budget.
Revenue from Coastal GasLink and Southeast Gateway, along with the other projects underway, will help drive revenue and cash flow higher in the coming years. This should support ongoing dividend increases. TC Energy raised the dividend in each of the past 25 years. Investors who buy TRP stock at the current price can get a dividend yield of 4.4%.
Demand for natural gas is expected to rise as new gas-fired power generation facilities are built to provide electricity to AI data centres. TC Energy’s extensive natural gas assets put it in a good position to benefit.
Bank of Nova Scotia
Bank of Nova Scotia (TSX:BNS) is making progress on a transition strategy that will see the bank invest more growth capital in the United States and Canada and reduce its footprint in Latin America, where the bank spent billions of dollars on acquisitions over the past 20 or 30 years.
As part of the turnaround plan, Bank of Nova Scotia purchased a 14.9% stake in KeyCorp, an American regional bank, last year and sold its assets in Colombia, Costa Rica, and Panama in early 2025. These moves, along with ongoing efforts to streamline the Canadian businesses to reduce costs and improve efficiency, are attracting investors back to the stock.
Bank of Nova Scotia recently topped its 2022 high. More gains could be on the way as lower interest rates ease pressure on households and businesses carrying high levels of debt.
Investors who buy BNS stock at the current level can get a decent 4.7% yield.
The bottom line
TC Energy and Fortis pay good dividends that should continue to grow. If you have some cash to put in your RRSP, these stocks deserve to be on your radar.
