With markets near record highs, Canadian investors are wondering which TSX stocks are still attractive and good to buy for a self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) portfolio focused on dividends and long-term total returns.
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Canadian Natural Resources
Canadian Natural Resources (TSX:CNQ) trades near $61 per share at the time of writing compared to a recent high close to $71. The stock is still up more than 30% in 2026, driven higher by the surge in oil prices.
Investors should brace for volatility in the coming months. If oil prices drop considerably, the stock will face additional headwinds.
That being said, the long-term story for CNQ should be compelling. Canadian Natural Resources is a major energy producer with oil sands, heavy and light conventional oil, offshore oil, and natural gas assets. Canada’s focus on reducing its reliance on the United States for energy sales could lead to new export capacity being built in the coming years. New liquified natural gas (LNG) export facilities are already under construction and more could be on the way. Additional oil and natural gas pipelines are under discussion.
This would benefit CNRL due to its large resource holdings across the energy spectrum. CNRL raised the dividend in each of the past 26 years. Investors who buy CNQ at the current level can get a dividend yield of 4%.
Fortis
Fortis (TSX:FTS) increased its dividend in each of the past 52 years. The company gets most of its revenue from rate-regulated businesses, including natural gas distribution utilities, power generation sites, and electricity transmission networks.
Fortis is working on a $28.8 billion capital program that will significantly raise the rate base over five years. The company expects the resulting boost to cash flow to support annual dividend increases of 4% to 6%.
Bank of Nova Scotia
Bank of Nova Scotia (TSX:BNS) is up more than 50% in the past year, but the stock still provides a 4.25% dividend yield at the current price near $103.
The bank is in the middle of a turnaround plan that involves shifting growth capital from Latin America to the United States and Canada. Bank of Nova Scotia is also streamlining domestic operations to reduce expenses and make the business more efficient.
Return on equity is improving, which will help support a higher price-to-earnings multiple for the stock.
Enbridge
Enbridge (TSX:ENB) raised its dividend in each of the past 31 years. The stock pulled back a bit in the past few weeks, giving investors who missed the previous surge a chance to pick up the shares on a dip and secure a nice 5.4% dividend yield.
Enbridge continues to grow through acquisitions and capital projects. The current $39 billion development program should support ongoing dividend increases over the medium term.
Canadian National Railway
Canadian National Railway (TSX:CNR) is up more than 10% this year and just hit a new 12-month high. The stock could have more room to run once there is clarity on the tariff situation between Canada and the United States.
CN operates roughly 20,000 route miles of tracks that connect ports on the Atlantic and Pacific coasts in Canada to the Gulf Coast in the United States. The company said tariffs had a negative impact of about $350 million in 2025.
Investors will have to be patient. Negotiations will be difficult on the Canada-U.S.-Mexico Agreement (CUSMA), which has to be extended or cancelled. Negative news could put new pressure on rail stocks, but a deal will eventually get done and CN should see decent long-term growth in demand for its services.
The bottom line
CNRL, Fortis, Bank of Nova Scotia, Enbridge, and CN pay good dividends that should continue to grow. If you have some cash to put to work, these stocks deserve to be on your radar.
