Canadian investors are searching for good TSX dividend stocks to add to their self-directed Tax-Free Savings Account (TFSA) portfolios focused on generating passive income and long-term capital gains.
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Enbridge
Enbridge (TSX:ENB) is a giant in the North American energy infrastructure and utilities sector with a current market capitalization of $156 billion. The stock trades near $71 per share at the time of writing, compared to the 2026 high of around $80.
Investors can take advantage of the pullback to buy Enbridge on a nice dip and pick up a dividend yield of 5.5%.
Enbridge should benefit from positive trends in energy demand over the coming years. Domestic natural gas use is expected to soar as new gas-fired power generation facilities are constructed to provide electricity to AI data centres. Enbridge’s natural gas pipelines move about 20% of the natural gas used in the United States. The company is also the largest natural gas utility operator in North America.
International demand for Canadian and American energy products is also on the rise as countries seek out reliable supplies from stable producers. Enbridge owns an oil export terminal in Texas and is a partner on the Woodfibre liquefied natural gas (LNG) export facility nearing completion on the coast of British Columbia.
Enbridge has the financial firepower to make large strategic acquisitions as well as drive growth through development projects. The secured capital program is currently $41 billion. Management expects adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to grow by 5% annually over the next few years. Enbridge says distributable cash flow (DCF) will expand at a similar rate. This should support steady dividend increases. Enbridge raised the distribution in each of the past 31 years.
Canadian Natural Resources
Canadian Natural Resources (TSX:CNQ) operates energy production assets across the full hydrocarbon spectrum, including oil sands, heavy conventional oil, light conventional oil, offshore oil, natural gas liquids, and natural gas.
Management is adept at allocating capital around the diversified product portfolio to take advantage of positive moves in energy prices. CNRL is the sole or majority owner of most of its assets, providing the flexibility needed to make these moves.
New pipeline capacity is helping CNRL sell more product to buyers. Additional access to international markets is likely on the way as Canada seeks to become an energy superpower. CNRL has extensive reserves that can be tapped to boost production. The company also has the balance sheet strength to ride out downturns while maintaining steady dividend growth. In fact, CNRL has raised the dividend in each of the past 26 years.
The stock can be volatile, so investors need to be comfortable riding out the turbulence. Large pullbacks, however, would be opportunities to add to the position. Investors who buy at the current share price can get a dividend yield of 3.75%.
The bottom line
Enbridge and CNRL are industry leaders paying good dividends that should continue to grow. If you have some cash to put to work in a buy-and-hold TFSA dividend portfolio, these stocks deserve to be on your radar.
