Canadian pensioners are searching for good TSX dividend stocks to add to their self-directed Tax-Free Savings Accounts (TFSA) focused on generating steady and growing passive income and producing attractive long-term total returns.
In the current market conditions, it makes sense to consider companies that have solid track records of delivering dividend increases through the full economic cycle.
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Enbridge
Enbridge (TSX:ENB) is up 26% in the past year, but the stock still provides new investors with a 5% dividend yield.
The company invested heavily in acqusitions in the United States in recent years as part of a pivot to diversify the asset base. Enbridge bought an oil export terminal for US$3 billion in Texas in 2021 and purchased three natural utilities for US$14 billion in 2024. International demand for American and Canadian oil and domestic consumption of natural gas are rising.
Enbridge is working on a $40 billion capital program that is expected to drive 5% annual growth in distributable cash flow over the medium term. This should support ongoing dividend increases. Enbridge raised the distribution in each of the past 31 years.
Emera
Emera (TSX:EMA) is a Canadian utility company with businesses located in Canada, the United States, and the Caribbean. Assets primarily include regulated electric and natural gas utilities.
Emera is targeting 5% to 7% adjusted earnings per share growth through 2030. This should support steady dividend increases. Investors who buy EMA stock at the current level can pick up a dividend yield of 3.8%.
Bank of Nova Scotia
Bank of Nova Scotia (TSX:BNS) just hit a new record high and is up more than 65% in the past year. Despite the surge, investors can still get a 3.6% dividend yield.
Bank of Nova Scotia is making good progress on its turnaround plan. The bank is streamlining domestic operations to reduce costs and make the business more efficient. At the same time, growth capital is being allocated to boost the U.S. presence while investments in Latin America are being scaled back.
Return on equity (ROE) has improved in recent quarters, which is helping support the higher share price.
Canadian Natural Resources
Canadian Natural Resources (TSX:CNQ) bounced in recent days on a new spike in oil prices, but the stock is still down from the 2026 highs. Investors can take advantage of the dip to pick up a solid 4% dividend yield and look to add to the position on any pullbacks.
CNRL has the financial clout to make large strategic acquisitions in the Canadian energy patch to boost production and reserves. The outlook for the Canadian energy sector is improving as new pipelines and new export facilities are enabling producers to send more oil and natural gas to international buyers at higher prices than what they get selling to the United States.
CNRL raised the dividend in each of the past 26 years.
The bottom line
Enbridge, Emera, Bank of Nova Scotia, and CNRL pay good dividends that should continue to grow. If you have some cash to put to work in a portfolio targeting passive income, these stocks deserve to be on your radar.
