Getting money back during tax season can feel like a bonus for putting in all the work related to filing a return. But instead of spending that windfall, adopting an RRSP refund strategy can help investors determine how best to use those funds.
Specifically, for those investors who have their immediate expenses covered, that refund can become a sizable contribution towards retirement. One way that can work is by investing in one or more Canadian dividend stocks.
When you contribute to an RRSP, it reduces your taxable income and can help generate a tax refund. Once inside the RRSP, investments can then grow without an annual tax bill on that income. Taxes are generally paid when the money is withdrawn, usually in retirement.
That’s different from the TFSA, where money is contributed to the account after taxes are paid but then is withdrawn later tax-free.
Outside of covering more immediate and expensive debts, investing into an RRSP can help to build retirement savings and even support another deduction next year.
Once the funds are in the account, the next question to answer is what Canadian dividend stocks will help that RRSP refund strategy.
To answer that, here’s a look at three stocks to consider.
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Canadian National offers a dividend-growth angle
Canadian National Railway (TSX: CNR) operates one of the largest rail networks in North America, connecting both coasts and the U.S. Gulf coast. That network provides exposure to the movement of goods across key markets in Canada and the United States.
That gives the railway an established and defensive role in North American trade.
In terms of income, Canadian National offers a quarterly dividend that pays out a yield of 2.1%. Fortunately, what the stock lacks in yield, it more than makes up for in dividend growth.
The company has provided investors with annual upticks to its dividend for three consecutive decades without fail. The most recent uptick was a 3% increase for 2026.
Canadian Natural Resources adds energy exposure
The second stock for our RRSP refund strategy is Canadian Natural Resources (TSX: CNQ). Canadian Natural Resources operates long-life, low-decline assets. Those assets are located both in Canada and abroad in the North Sea and offshore Africa.
This makes the company an intriguing energy producer option for investors to consider.
Additionally, those assets provide a recurring revenue stream that allows Canadian Natural Resources to invest in growth initiatives while paying a respectable quarterly dividend.
As of the time of writing, Canadian Natural Resources pays out a yield of 3.3%. The company has also provided annual increases to that dividend for 26 consecutive years.
Enbridge offers a higher starting yield
Wrapping up the trio of investments for our RRSP refund strategy is Enbridge (TSX: ENB).
Enbridge is one of the largest energy infrastructure companies on the planet. The company operates oil and natural gas pipelines, as well as a renewable energy operation and a natural gas utility.
That’s a key distinction over Canadian Natural. Enbridge’s pipeline and utility operations transport and distribute energy, rather than relying on producing and selling oil at prevailing prices.
Turning to income, Enbridge offers a quarterly dividend with a yield of 5.72%. The company has paid dividends for decades and has provided over three decades of annual increases.
The latest increase was a 3% uptick for 2026.
Put your RRSP refund strategy into action
For this RRSP refund strategy, the trio of stocks mentioned above all provide different combinations of growth and income potential.
While no stock is without risk, one or all of the above are, in my opinion, great options to include in a well-diversified portfolio.
