Building long-term wealth can be easier when investors combine strong Canadian stocks with the advantages of a Tax-Free Savings Account (TFSA). The biggest benefit of investing in a TFSA is that any capital gains or dividend income you earn is tax-free. That means more of your money remains invested and continues compounding over time.
For long-term investors, this tax-efficient growth can make a meaningful difference to overall returns. Moreover, by choosing high-quality Canadian companies with strong fundamentals and dependable growth potential, investors can steadily grow their portfolios.
Against this backdrop, here’s one Canadian stock I’d happily hold in a TFSA forever.
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A top TFSA stock to hold forever
When considering a stock to hold forever in a TFSA, look for companies offering dependable income, stability, and growth potential. One Canadian stock that continues to stand out is Enbridge (TSX: ENB).
The energy infrastructure company is one of Canada’s most reliable dividend payers. In fact, it has paid dividends for over seven decades and has increased its payout every year since 1995.
What makes Enbridge particularly attractive for long-term investors is the resilience of its business model. Unlike traditional energy producers, Enbridge remains largely insulated from fluctuations in oil and gas prices.
Enbridge transports enormous volumes of oil and natural gas every day, and a large portion of its earnings comes from regulated operations and long-term take-or-pay contracts. This means customers pay to use Enbridge’s infrastructure regardless of whether commodity prices rise or fall. As a result, the company generates highly stable and predictable cash flow even during periods of market volatility.
That dependable cash flow is one of the key reasons Enbridge has consistently rewarded shareholders with generous dividends over the years. Further, Enbridge targets a payout ratio between 60% and 70% of distributable cash flow (DCF), allowing it to maintain a healthy balance between rewarding shareholders and investing in future growth opportunities.
Beyond income, investors have also benefited from solid capital appreciation. Enbridge stock has gained roughly 20% so far in 2026 while maintaining an attractive dividend yield of around 5%.
For TFSA investors seeking a dependable, income-generating stock with defensive qualities and long-term growth potential, Enbridge remains one of the more compelling options on the TSX today.
Enbridge to deliver solid total returns
Enbridge offers investors a mix of steady income and steady capital gains over time. The company’s diversified energy infrastructure business generates dependable cash flow, supporting dividends and share price.
Management recently reaffirmed its 2026 outlook, expecting adjusted earnings before interest, taxes, depreciation, and amortization of $20.2-$20.8 billion, along with solid growth in DCF and earnings per share. Beyond 2026, Enbridge expects earnings and cash flow to rise by roughly 5% annually, a trend that could support continued dividend increases for shareholders.
A major strength behind this outlook is Enbridge’s $39 billion secured project backlog. Most of these projects are backed by long-term contracts or regulated frameworks, providing strong visibility into future earnings and reducing business uncertainty.
The company’s core liquids pipeline network also continues to operate at high utilization levels, benefiting from resilient North American energy demand. In addition, Enbridge is positioned to capitalize on emerging opportunities such as rising electricity demand from AI-driven data centres and broader energy transition investments.
For TFSA investors, Enbridge remains a dependable stock offering solid long-term total returns.
