A stock only earns a long-term place in a Tax-Free Savings Account (TFSA) when the business underneath it still looks durable. For Foolish investors, that distinction matters because a stock can look attractive on one metric despite showing weakness in others.
That’s why long-term investors may want to stick to a combination of business strength, market performance, and credible company updates rather than relying on one headline metric alone. In this article, I’ll highlight a top TSX stock you can buy right now and hold in your TFSA forever.
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A top TFSA stock to buy and hold
The TFSA stock I want to highlight here is Enbridge (TSX:ENB). Based in Calgary, Enbridge operates through four main segments: liquids pipelines, gas transmission, gas distribution and storage, and renewable power generation. These operations span North America with a mix of regulated utilities, pipelines, and renewable energy assets.
The Canadian energy infrastructure giant recently reported record financial results for 2025, with its earnings jumping to $7.1 billion compared to $5.1 billion in 2024. Similarly, the company’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 7% YoY (year-over-year) to $20 billion last year.
Interestingly, Enbridge also grew its secured backlog to $39 billion during the year, reflecting a strong pipeline of future projects that could support long-term growth. This included major investments in Mainline Optimization Phase 1, which is expected to add 150 thousand barrels per day of capacity and enter service by 2027.
Focused growth strategy
Enbridge’s strategy has been built around capitalizing on growing energy demand through smart investments across natural gas, liquids, and renewable power. In 2025 alone, it sanctioned over $14 billion worth of organic growth projects, including the Mainline Optimization Phase 1, the Bay Runner extension to the Whistler Pipeline, and two major solar and wind facilities. These projects are not just about expanding capacity but also about building long-term partnerships with global technology companies.
For example, Enbridge’s Cowboy Phase 1 is a 365 megawatt (MW) solar project coupled with a 135 MW battery energy storage system in Wyoming, expandable up to 200 MW. Similarly, its Easter onshore wind project in Texas will support Meta Platforms’ data center operations under long-term power purchase agreements.
Financial strength and dividend growth
One of the biggest reasons long-term investors love Enbridge is its financial strength. It ended 2025 with a debt-to-EBITDA ratio of just 4.8x, giving it plenty of flexibility to fund future growth without taking on too much risk.
At the same time, the company reaffirmed its 2026 guidance for adjusted EBITDA between $20.2 billion and $20.8 billion and distributable cash flow between $5.70 and $6.10 per share.
And let’s not forget its increasing dividend, which is one of the most attractive features of this stock. Enbridge recently raised its quarterly dividend by 3% to $0.97 per share, marking the 31st consecutive annual increase. That kind of consistency in payouts makes it a great choice for anyone looking for a reliable income.
Foolish takeaway
Enbridge isn’t just about pipelines anymore. It’s also expanding into natural gas storage, power generation, and even battery energy storage — all areas where demand is expected to grow sharply in the coming decades. These moves clearly show that Enbridge is actively preparing for future opportunities, making it a really attractive TFSA pick you can buy today and forget about for years.
