If you’re confused about choosing between a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA), you may want to reconsider the question itself. Why limit your retirement strategy to one account when both can help you build wealth in different ways?
An RRSP can provide valuable tax deductions during your working years, while a TFSA can give you access to tax-free withdrawals later. Together, they could help you manage your savings more effectively and give you greater flexibility when retirement arrives.
And by investing consistently in established Canadian stocks with opportunities to expand, you can work toward a retirement portfolio that combines dividend income with capital appreciation. You don’t need to choose between growth and income, just as you don’t necessarily need to choose between an RRSP and a TFSA.
Here are two top Canadian dividend stocks that could help strengthen your long-term retirement portfolio.
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Power Corporation stock
For Canadians seeking retirement income and growth, Power Corporation of Canada (TSX: POW) looks appealing. This Montréal-based holding firm has interests in insurance, retirement services, and wealth management, offering exposure to several financial businesses through one stock.
POW shares have surged 50% over the past year to $96.80 per share, giving it a market cap of $54.9 billion. Its dividend yield is 2.8%, which could appeal to RRSP investors looking to reinvest dividends for stronger long-term growth.
The stock’s impressive rally is backed by improving business performance. Notably, Power Corporation’s adjusted net profit climbed about 10% year-over-year (YoY) in the second quarter to $974 million. Stronger contributions from Great-West Lifeco and IGM Financial supported this growth.
The company is also pursuing new growth opportunities. For example, Great-West’s Empower recently announced a US$340 million acquisition of Milliman’s retirement plan and benefits administration business, expected to add roughly US$130 billion in client assets upon closing. Meanwhile, Wealthsimple reached 3.6 million clients in June, with assets under administration jumping 84% YoY to $155.6 billion.
With $1.5 billion returned to shareholders through dividends and buybacks in the first half of 2026, Power could be a rewarding long-term holding for Canadians building their retirement savings in an RRSP.
CCL Industries stock
If you’re also looking to build long-term retirement wealth, CCL Industries (TSX: CCL.B) could be another attractive option. This company specializes in labels, packaging, and security solutions, serving customers worldwide.
After gaining 21% over the last year, CCL.B stock currently trades at $96.89 per share with a market cap of $16.2 billion. It also offers a 1.5% annualized dividend yield.
The company’s sales in the June quarter jumped 9.1% YoY, backed by 5% organic growth, acquisitions, and favourable currency movements. Its operating income climbed nearly 9% to $351 million. Stronger results from its CCL and Innovia segments helped offset weaker performance at Checkpoint.
Beyond these encouraging results, CCL continues to expand through acquisitions, including its recent purchase of Sleever.
Given its expanding global operations and improving profitability, CCL could be a great TFSA stock to buy now for long-term capital appreciation alongside modest dividend income.
Foolish takeaway
Ultimately, an RRSP and TFSA don’t have to compete. Using both to hold quality Canadian stocks could help you build a more flexible retirement portfolio with a healthy balance of income and growth. And quality stocks like Power Corporation and CCL Industries could make that combination even more rewarding in the long run.
