Canadian income investors are searching for good TSX dividend stocks to add to a self-directed Tax-Free Savings Account (TFSA) focused on generating passive income and decent long-term total returns.
With the TSX sitting near its record high amid ongoing economic uncertainty heading into 2026, it makes sense to consider companies that have delivered steady dividend growth for years and have business models that should continue to deliver cash flow expansion.
Enbridge
Enbridge (TSX:ENB) trades near $65 per share at the time of writing. The stock is down from the 12-month high around $70, so investors have a chance to buy the energy infrastructure giant on a dip and pick up an attractive 6% dividend yield.
Enbridge diversified its assets in recent years through a series of key acquisitions. The company purchased an oil export terminal in Texas for US$3 billion. Enbridge also bulked up its renewable energy division after it bought the third-largest wind and solar developer in the United States. Last year, Enbridge became the biggest operator of natural gas utilities in North America through its acquisition of three American natural gas utilities.
On the development side, Enbridge’s $35 billion capital program will boost adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), earnings per share (EPS), and distributable cash flow (DCF) by about 5% per year post-2026. This should support ongoing dividend growth. Enbridge has increased the distribution annually for 31 consecutive years.
Fortis
Fortis (TSX:FTS) is another Canadian company with natural gas utility assets, as well as power generation facilities and electricity transmission networks.
Anticipated growth in electricity demand in Canada and the United States over the coming years is driving the construction of new gas-fired power generation facilities and will require the expansion of electricity transmission infrastructure. Rising natural gas consumption should benefit the natural gas utility businesses.
Canada intends to build a country-wide electricity grid as part of its new energy strategy. Fortis has the expertise in building and operating electric transmission infrastructure and could play a role in the expansion of the power network.
In the meantime, Fortis is working through a capital program of close to $29 billion. As the new assets are completed and go into service, Fortis expects the increased cash flow to enable it to raise the dividend by 4% to 6% annually through at least 2030. The board has given investors a dividend increase in each of the past 52 years. The stock trades near $69 at the time of writing compared to the 2025 high of $74. Investors who buy the pullback can get a 3.7% dividend yield.
Canadian Natural Resources
Canadian Natural Resources (TSX:CNQ) traded as high as $55 in 2024 when oil was above US$80 per barrel. The decline in the price of oil over the past year is the main reason the stock gave back some of the gains. At the time of writing, CNQ trades near $45 and offers a solid 5% dividend yield.
Lower oil prices put pressure on profit margins, but CNRL continues to drive earnings growth as acquisitions and successful drilling programs deliver higher production. Planned pipeline capacity expansion in Canada will benefit CNRL in the coming years, as it is a major producer of both oil and natural gas and has vast reserves to deliver output growth.
Oil prices are expected to remain under pressure into 2026 due to a supply glut, but the market will eventually rebalance. In the meantime, CNQ investors can collect the generous dividend. CNRL has increased the distribution for 25 consecutive years.
The bottom line
Enbridge, Fortis, and CNRL pay attractive dividends that should continue to grow. If you have some cash to put to work in a self-directed TFSA focused on passive income, these stocks deserve to be on your radar.
