Pensioners are always looking for ways to get better returns on their hard-earned savings. One popular strategy involves owning top TSX dividend stocks inside a self-directed Tax-Free Savings Account (TFSA) portfolio.
With share prices sitting near record highs in most sectors, it makes sense to consider companies that have the ability to maintain or even grow the dividend regardless of the state of the economy.
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Bank of Nova Scotia
Bank of Nova Scotia (TSX:BNS) is up more than 50% in the past year, but the stock still provides investors with a 4% dividend yield.
The recovery in the share price is welcome news for long-term holders of BNS who watched the stock underperform its large Canadian peers for several years. Bank of Nova Scotia continues to execute on a turnaround plan that is focused on directing new growth capital to the United States and Canada, while scaling back some of the large investments made in Latin America over the past three decades.
The bank’s return on equity improvements should support the improved price-to-earnings multiple and more gains could be on the way.
Canadian Natural Resources
Canadian Natural Resources (TSX:CNQ) increased its dividend in each of the past 26 years. That’s an impressive track record for an oil and natural gas producer that is at the mercy of the commodity markets to determine the price it receives for its products.
CNRL’s success can be attributed to the fact that the company has a diversified product portfolio and can quickly move capital around the asset base to take advantage of positive moves in energy prices. A strong balance sheet enables the company to maintain dividend growth during lean times. CNRL also has the financial firepower to make opportune acquisitions when the sector is under pressure.
The stock is down about 10% from the 2026 high. Investors who buy CNQ at the current level can get a dividend yield near 4%.
Enbridge
Enbridge (TSX:ENB) is another stock that has enjoyed a nice rebound, rising 25% in the past year. The current capital program sits at $40 billion, with projects spread out across the pipeline, exports, utility, and renewable energy segments.
As the new assets are completed and go into service, the boost to revenue and distributable cash flow should support steady dividend increases. Enbridge raised the dividend in each of the past 31 years. At the time of writing, the stock provides a dividend yield of 4.9%.
Emera
Emera (TSX:EMA) is based in Halifax, but owns electricity and natural gas utilities in Canada, Florida, and the Caribbean.
The company reported strong Q1 2026 results, with adjusted earnings per share (EPS) coming in at $1.37 compared to $1.28 in the same period last year. Management is targeting 5% to 7% average EPS growth per year through at least 2030.
At the current share price, the dividend yield is 4%.
Fortis
Fortis (TSX:FTS) is another Canadian utility company with assets primarily located in Canada and the United States. Power generation, electricity transmission, and natural gas distribution make up the core of the businesses.
Fortis is working on a $28.8 billion capital program that will boost the rate base by a compound annual rate of about 7% over five years. As the new assets go into service, the increase in cash flow should support planned annual dividend increases of 4% to 6% through 2030.
Fortis raised the dividend in each of the past 52 years.
The bottom line
Bank of Nova Scotia, CNRL, Enbridge, Emera, and Fortis pay attractive dividends that should continue to rise. If you have some cash to put to work in a buy-and-hold income portfolio these stocks deserve to be on your radar.
