The Tax-Free Savings Account (TFSA) was introduced in 2009 and has gained popularity among Canadians, as any returns earned in the account are tax-exempt.
As the maximum cumulative contribution room in the TFSA has surpassed $100,000 in 2025, Canadians can consider allocating $28,000 to gain exposure to high-quality dividend stocks with growing payouts.
In this article, I have identified two top TSX dividend stocks you can own in your TFSA right now to benefit from a higher yield-at-cost over time.
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TFSA stock #1
Down almost 42% from all-time highs, goeasy (TSX:GSY) is part of the cyclical financial lending space. However, the ongoing drawdown offers you an opportunity to buy the dip and benefit from a forward yield of almost 5%.
Though goeasy stock has underperformed the broader markets in the past year, it has returned more than 700% to shareholders since November 2015, after adjusting for dividend reinvestments.
Notably, the small-cap TSX stock has raised its annual dividend from $0.40 per share in 2015 to $5.84 per share in 2025. Analysts tracking GSY stock forecast the annual dividend payout to increase to $7.37 per share in 2027.
A $14,000 investment in goeasy stock back in 2015 would help you buy 700 shares of the company and earn $280 in annual dividends, yielding 2%. Today, the 700 shares would generate $4,088 in annual dividends, increasing the yield at cost to a staggering 29%.
Analysts tracking goeasy stock forecast the company’s adjusted earnings will increase from $16.71 in 2024 to $24.77 per share in 2027. If the TSX stock is priced at 10 times forward earnings, which is quite cheap, it should gain roughly 100% over the next 15 months.
TFSA stock #2
Down 22% from all-time highs, Bird Construction (TSX:BDT) offers you a forward yield of 3.3%. The TSX stock has almost tripled investor returns over the past decade after accounting for dividend reinvestments.
Moreover, its annual dividend has risen from $0.39 per share in 2017 to $0.84 in 2025. Analysts tracking BDT stock estimate the payout will increase to $1.05 per share in 2027.
Valued at $1.4 billion by market cap, Bird Construction provides construction services across industrial, building, and infrastructure markets. It specializes in large-scale industrial facilities, civil construction including earthworks and utilities, institutional buildings like healthcare and education facilities, and commercial projects ranging from warehouses to high-rise residential buildings.
Bird also offers electrical, mechanical, and maintenance services, serving diverse sectors including oil and gas, renewable energy, nuclear power, and water infrastructure across Canada.
Analysts tracking the TSX dividend stock forecast adjusted earnings to expand from $1.87 per share in 2025 to $3.28 per share in 2027. If BDT stock is priced at 11 times forward earnings, which is similar to its current multiple, it should gain 44% over the next 15 months. If we adjust for dividends, cumulative returns could be closer to 48%.
The Foolish takeaway
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL PAYOUT | FREQUENCY |
| goeasy | $126.43 | 111 | $1.46 | $162 | Quarterly |
| Bird Construction | $25.27 | 544 | $0.21 | $114 | Quarterly |
An investment of $28,000 split equally between the two dividend growth stocks should help you earn over $1,100 in annual dividends, indicating a yield of almost 4%. However, this payout is on track to increase to $1,390 by 2027, enhancing the yield-at-cost to almost 5%.
Canadian investors should identify additional high-quality TSX dividend stocks and add them to a TFSA portfolio, which provides diversification and reduces investment risk.
