The Tax-Free Savings Account (TFSA) contribution room in 2026 is $7,000. This brings the cumulative contribution limit in 2026 to $109,000. With this much contribution room, investors can pocket significant tax savings by maximizing their deposits.
The benefits of a TFSA are plenty. The most appealing one is the most obvious one — that investment income earned within this account is tax-free. Also, the TFSA doesn’t affect one’s eligibility for federal income benefits or credits. These benefits and credits include the Canada Child Benefit, the GST/HST credit, and the Disability Tax Credit. Finally, this account is flexible, with tax-free withdrawals allowed at any time.
So, how can we go about maximizing our TFSA contribution room for steady, reliable dividends? Here are two stocks to get you started.
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Enbridge: 5.92% dividend yield
Enbridge (TSX:ENB) is one of Canada’s leading energy infrastructure giants, with a vast North American network as well as significant utility operations. The thing that makes Enbridge a top stock to consider for your TFSA contribution room in 2026 is the fact that the business is a steady and reliable one.
The utility portion of Enbridge’s revenue is regulated, and much of its unregulated business is protected under long-term contracts. This results in highly predictable and stable earnings and cash flow for the company. Similarly, this results in highly predictable and stable investment returns for Enbridge’s shareholders. Including Enbridge stock in your TFSA contribution room accentuates these returns as they are tax-free within this account.
In the first nine months of 2025, Enbridge was humming along quite nicely as high utilization drove record earnings before interest, taxes, depreciation, and amortization (EBITDA). Enbridge stock is expected to report its fourth-quarter results on February 13. The company is expected to report earnings per share (EPS) of $0.78 versus $0.75 in the same period last year.
CN Rail: 2.57% dividend yield
Canadian National Railway (TSX:CNR) is one of Canada’s two North American railways that enjoys the benefits of an industry that’s characterized by limited competition, high barriers to entry, and business that’s all but guaranteed as long as there’s an economy.
Canadian National Railway has been the beneficiary of strong economic growth over the long run. And this has been reflected in CN Rail’s stock price. As you can see from the above graph, CN Rail’s (CNR) stock price has followed a steady and reliable path higher. In the last ten years, CNR’s stock price has increased by almost 90%. This is a reflection of the growth and efficiencies that the company has achieved over the years. And it was complemented by a steady and growing dividend.
Adding CN Rail stock to your TFSA in 2026 can give you access to this reliable and resilient business that has stood the test of time. After all, railways like CN Rail are the pulse of the Canadian economy, with exposure to a diversified set of industries and an increasing set of possibilities.
The bottom line
Enbridge and CN Rail are two stocks that are both defensive and essential to the Canadian economy. Adding them to your TFSA contribution room in 2026 can ensure steady and reliable dividends for the foreseeable future.
