Dividend investors are searching for good stocks to add to their self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) portfolios focused on income and long-term total returns.
In the current market environment, it makes sense to consider companies that have solid track records of delivering dividend growth through the full economic cycle.
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Fortis
Fortis (TSX: FTS) is a Canadian utility company with operations in five provinces and 10 American states, as well as the Caribbean. The businesses include power generation facilities, natural gas distribution utilities, and electric transmission networks.
Fortis is working on a $28.8 billion capital program that is expected to increase the rate base from $42.4 billion in 2025 to nearly $58 billion in 2030. The investments are spread out across the asset base. Roughly a fifth would be classified as major projects, so the growth program has a low risk profile.
As the new assets are completed and go into service the added cash flow should support planned annual dividend increases of 4% to 6% through 2030. Fortis has additional projects under consideration that could get the green light. This would potentially extend the dividend-growth guidance.
Gas-fired power generation is expanding in North America as additional electricity supplies are needed to operate new AI data centres. In addition, Fortis has expertise in the construction and maintenance of electricity transmission networks. This makes the company a good candidate to participate in any expansion of Canada’s power grid.
Fortis raised the dividend in each of the past 52 years. Investors who buy the stock at the current level can get a yield of 3.2%.
Enbridge
Enbridge (TSX: ENB) is another company with a great track record of dividend growth. The board has increased the distribution annually for more than three decades.
Enbridge delivered record results in 2025 and is on track to deliver more growth through its $39 billion secured capital plan. The company has also been active on the acquisition front in recent years, adding an oil export terminal in Texas, three American natural gas utilities, and the third largest wind and solar developer in the United States. At home, Enbridge is a partner on the Woodfibre liquified natural gas (LNG) export facility being built in British Columbia.
The new assets broaden out the revenue stream and complement the core oil and natural gas pipeline networks that carry close to a third of the oil produced in Canada and the United States and roughly 20% of the natural gas used by American homes and businesses.
International demand for North American energy is surging as global buyers seek reliable supplies of oil and liquified natural gas. Enbridge’s asset portfolio puts it in a good position to benefit from increased exports. The company could also play a role in the construction and operation of any new major pipeline projects that get approved in Canada as the government looks to expand access to global markets in an effort to reduce reliance on the United States for sales of Canadian oil and natural gas.
Investors who buy ENB stock at the current level can get a dividend yield of 5.2%.
The bottom line
Fortis and Enbridge pay good dividends that should continue to grow. If you have some cash to put to work in a dividend portfolio, these stocks deserve to be on your radar.
