If you have $21,000 sitting in a Tax-Free Savings Account (TFSA), leaving it in cash might feel safe when markets are volatile. But it could also mean missing out on years of tax-free income and potential growth. For investors who want a mix of dividends, scale, and long-term relevance, some large Canadian energy infrastructure businesses can be especially attractive today. Their essential assets generate reliable cash flow, allowing them to pay generous dividends while pursuing growth opportunities.
For example, Enbridge (TSX: ENB) could be a perfect fit for investors seeking dependable passive income and long-term wealth creation inside a TFSA. The company might not be very exciting in the usual sense, but its trustworthy assets move and deliver energy that customers still need every day. For a TFSA focused on dependable cash flow, that matters. Let’s find out what makes Enbridge such a compelling long-term investment.
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A dividend stock built on energy infrastructure
To put it simply, Enbridge mainly focuses on the energy infrastructure business, operating across liquids pipelines, gas transmission, gas distribution and storage, and renewable power generation segments. That diversified footprint gives it multiple sources of cash flow and helps reduce reliance on any single asset or commodity price.
At the time of writing, ENB stock traded at $77.52 per share, giving it a market cap of about $169 billion. Its shares have risen 24% over the last year, and offer a dividend yield of around 5%.
A growing backlog supports future cash flow
In the first quarter of 2026, Enbridge reaffirmed its financial guidance and grew its secured backlog to $40 billion. During the quarter, its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) remained steady on a year-over-year basis at $5.8 billion, while distributable cash flow (DCF) moved slightly higher from a year ago to $3.9 billion.
More importantly, several projects support Enbridge’s long-term growth outlook. The Tres Palacios storage expansion project should improve deliverability and energy security in the U.S. Gulf Coast, while its Vector Pipeline expansion is designed to meet growing utility demand in the Midwest.
At the same time, the company also continues to invest in renewable power. Its Cone onshore wind project in Texas, which supports the U.S. tech giant Meta’s data centre operations, represents about US$0.7 billion of investment.
Focus on sustainability and dividend reliability
In recent years, Enbridge has also made big progress on sustainability. The company recently highlighted a 40% reduction in greenhouse gas (GHG) emissions intensity from its operations and an 18% reduction in absolute GHG emissions compared to a 2018 baseline.
For income investors, the fact that Enbridge has consistently raised its dividend for more than three decades is one of its most attractive qualities.
Recently, the company also reaffirmed its 2026 outlook, with adjusted EBITDA guidance of $20.2 billion to $20.8 billion and DCF guidance of $5.70 to $6.10 per share. Moreover, it also continues to target roughly 5% near-term average annual growth in adjusted EBITDA, DCF per share, and earnings per share beyond 2026.
Foolish takeaway
If you have $21,000 or more sitting in a TFSA right now, Enbridge stock could be worth a serious look. Its dividend yield is attractive, its asset base is essential, and its secured backlog gives investors visibility into future growth. For long-term TFSA income, that combination is hard to dismiss.
