Canadian investors who missed the TSX rally this year are wondering which top dividend stocks are still attractive and good to buy for a self-directed Tax-Free Savings Account (TFSA) focused on income and long-term total returns.
In the current environment, it makes sense to look for stocks with solid track records of delivering steady dividend growth.
Canadian Natural Resources
Canadian Natural Resources (TSX:CNQ) trades near $47 at the time of writing compared to $36 at the bottom of the tariff rout in April, but the stock is still way off the $55 it fetched in 2024 when oil prices sat above US$80 per barrel.
West Texas Intermediate (WTI) oil currently trades below US$60 per barrel. The decline is the main reason CNQ’s share price has underperformed the TSX over the past year. Analysts widely expect the global oil market to be in a surplus position through next year due to weak demand growth and record production in Canada and the United States, along with anticipated supply increases from OPEC members. Beyond 2026, the market should rebalance.
CNRL says its WTI breakeven price is in the US$40 to US$45 range, so the company is still generating good margins. Earnings actually increased in the first nine months of 2025 compared to last year as a result of higher production from acquisitions and successful drilling activity.
CNRL raised the dividend in each of the past 25 years. Investors who buy CNQ stock at the current price can get a dividend yield near 5% and wait for the oil market to recover.
Enbridge
Enbridge (TSX:ENB) is up about 10% in 2025, extending a rebound that began in late 2023 when market sentiment shifted from fears of further rate hikes to expectations of interest rate cuts in the United States and Canada in 2024 and 2025. The rate reductions arrived as anticipated and could continue into 2026 if inflation stays contained and the economy wobbles.
Enbridge uses debt to partially fund its growth initiatives that include acquisitions and a large capital program. As such, lower borrowing costs are beneficial. The company is working on a $35 billion capital program that will help boost adjusted earnings before interest, taxes, depreciation, and amortization, earnings per share, and distributable cash flow by about 5% annually beyond 2026. This should support ongoing dividend increases for shareholders. Enbridge raised the dividend in each of the past 30 years. Investors who buy ENB stock at the current price can get a dividend yield of 5.6%.
Enbridge continues to expand its asset base through acquisitions. The company spent US$14 billion in 2024 to buy three American natural gas utilities. In recent years, Enbridge has also acquired an oil export terminal in Texas and bulked up its renewable energy group through the purchase of the third-largest solar and wind project developer in the United States.
Additional deals could be on the way as borrowing costs decline and the energy infrastructure sector consolidates.
The bottom line
CNRL and Enbridge are leaders in their respective sectors and pay attractive dividends that should continue to grow. If you have some cash to put to work, these stocks deserve to be on your radar.
