The Canadian Dividend Stocks I’d Be Most Comfortable Holding in a TFSA Forever

These three Canadian dividend stocks could be ideal long-term TFSA holdings.

Key Points
  • Enbridge (TSX:ENB) offers stable cash flows backed by long-term energy infrastructure assets.
  • Sienna Senior Living (TSX:SIA) benefits from rising demand for senior care and pays monthly dividends.
  • Algonquin Power & Utilities (TSX:AQN) provides steady utility income with a clear growth plan.

When you’re building a long-term portfolio, you should try to keep it simple. Instead of constantly buying and selling, you may want to hold a few dependable stocks that can quietly grow while paying steady income along the way. That’s especially true inside a Tax-Free Savings Account (TFSA), where every dollar of gain stays in your pocket.

In this article, I’ll walk through three Canadian dividend stocks that stand out as “buy and hold forever” picks for a TFSA.

TFSA (Tax free savings account) acronym on wooden cubes on the background of stacks of coins

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A pipeline giant built for stability and income

When it comes to building a TFSA around stability and income, not many sectors offer the same level of predictability as energy infrastructure – and Enbridge (TSX: ENB) has long been a top stock in that space. It operates a huge network of pipelines and energy infrastructure, moving oil and natural gas across North America.

ENB stock currently trades at $74.58 with a market cap of $163 billion and offers a 5.2% dividend yield. Over the last year, its shares have gained nearly 16%.

In 2025, Enbridge posted strong financial results as its GAAP (generally accepted accounting principles) earnings reached $7.1 billion, up from $5.1 billion the previous year. Its adjusted earnings came in at $6.6 billion, showing consistent operational strength.

Growth remains a big part of Enbridge’s story as it placed $5 billion of new projects into service last year and sanctioned $14 billion in additional developments. Its secured project backlog now stands at $39 billion. With most of its cash flow backed by long-term contracts, it offers the predictability that long-term investors look for.

A monthly income stock with strong demographic tailwinds

For TFSA investors who value consistent cash flow, especially on a monthly basis, Sienna Senior Living (TSX: SIA) could add a unique dimension to a long-term portfolio while also benefiting from a growing demographic trend in Canada. After climbing 38% in the last year, SIA stock now trades at $23.49 per share with a market cap of $2.5 billion. At this market price, it has a 4% dividend yield, with monthly payouts.

In 2025, Sienna’s revenue exceeded $1 billion, marking a 15% year-over-year (YoY) increase. Its same-property net operating income rose 10.1% YoY in the fourth quarter due mainly to higher occupancy and rental rates.

As Canada’s population ages, demand for senior living services is expected to grow. Sienna is actively expanding to capture that demand as it completed $594.7 million in acquisitions last year and advanced a major redevelopment project in Toronto.

For TFSA investors, this creates a compelling combination of steady monthly income today and growth potential in the years ahead.

A dividend-paying utility stock focused on disciplined growth

Rounding out this list, Algonquin Power & Utilities (TSX: AQN) could offer TFSA investors steady, regulated earnings even amid heightened volatility, with exposure to utility operations.

After climbing 17% over the last 12 months, AQN stock currently trades at $8.58 per share with a market cap of $6.6 billion. It offers a 4.2% dividend yield.

In 2025, the company’s adjusted earnings climbed nearly 13% YoY to US$0.34 per share with the help of better operational efficiency and a more focused business strategy.

In a major step forward, the company strengthened its balance sheet by reducing about US$1.6 billion in debt after selling part of its renewable energy business. This gave it more flexibility to invest in its regulated operations.

Going forward, Algonquin plans to invest around US$3.2 billion between 2026 and 2028. This is expected to support annual rate base growth of 5% to 6%, helping drive long-term earnings growth for AQN stock.

Fool contributor Jitendra Parashar has positions in Enbridge and Sienna Senior Living. The Motley Fool recommends Enbridge. The Motley Fool has a disclosure policy.

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