Canadian retirees and other dividend investors can still find TSX stocks with attractive yields to hold inside their self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) portfolios focused on passive income and total returns.
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Enbridge
Enbridge (TSX:ENB) trades near its record high. The stock is up 18% in the past 12 months and has climbed more than 60% over the past five years.
Despite the strong rebound, the stock still provides a dividend yield above 5%, and investors should see steady dividend growth in the coming years.
Enbridge is working on a $39 billion capital program that is expected to drive a 5% increase in adjusted earnings and distributable cash flow in 2027 and beyond. The company could also make more strategic acquisitions that would potentially boost the earnings growth guidance.
Demand for Canadian and American oil and natural gas is rising. Global buyers are searching for reliable suppliers of energy as wars in Ukraine and the Middle East severely disrupt energy markets. Enbridge owns a major oil export facility in the United States and is a partner on the Woodfibre liquified natural gas (LNG) facility being built on the coast of British Columbia. These assets complement the core oil and natural gas pipeline infrastructure that moves nearly a third of the oil produced in the two countries and roughly 20% of the natural gas used in the United States.
At the same time, domestic demand for natural gas is expected to soar. New gas-fired power generation facilities are being built to supply electricity to AI data centres. Enbridge’s natural gas storage, transmission, and distribution assets in Canada and the United States put it in a good position to capitalize on this growth.
BCE
BCE (TSX:BCE) is arguably a contrarian pick right now. The stock is down roughly 50% over the past four years, and investors are still upset about the big dividend cut that occurred in 2025.
BCE has work to do to rebuild investor confidence, but the worst of the pain for shareholders is likely in the rearview mirror. BCE’s recent $5 billion acquisition of Ziply Fiber in the United States gives the company a platform to expand in the American market, where there is more opportunity than in Canada. At the same time, BCE is positioning itself to be a key provider of secure AI data services for Canadian government and corporate clients who want to keep their data located on home soil.
BCE’s media group has trimmed costs in the past few years and is getting a boost from the success of its in-house production of Heated Rivalry, a streaming series that has become a global hit in recent months. Investors could see a nice pop in the media group’s results in the coming quarters, as a result.
Price wars for mobile and internet plans have put pressure on margins in the past couple of years, but the core players now appear to be focused more on delivering profits than obtaining new clients at punitive costs. The Canadian telecom sector still faces some challenges. Canada is a big country. This requires significant capital expenditures to upgrade and expand communication networks. At the same time, satellite internet and phone services will continue to compete for clients. Finally, the sharp drop in international students is hurting an important source of new customer acquisitions.
That being said, investors seeking a solid dividend can still get a 4.9% yield right now from BCE. If the company can reduce debt and deliver on growth targets in the new assets over the next few years, the stock could start to drift higher.
The bottom line
Enbridge and BCE pay attractive dividends at current share prices. If you have some cash to put to work in an income portfolio, these stocks deserve to be on your radar.
