Canadian investors who focus on passive income and total returns are looking for the top TSX dividend stocks to add to their Self-Directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) portfolios.
Industry leaders with a long track record of dividend growth across economic and industry cycles are good names to consider in the current environment.
Enbridge
Enbridge (TSX:ENB) is trading near $67 per share at the time of writing. That’s about $3 lower than a 12-month high, so investors have an opportunity to buy the energy infrastructure company on a downturn.
Enbridge is growing through a combination of strategic acquisitions and organic projects. The company spent $14 billion to buy three natural gas companies in the United States in 2024, making Enbridge the largest operator of natural gas utilities in North America at a time when demand for natural gas is expected to rise as gas-fired power plants are built to supply electricity to AI data centers.
In its third-quarter 2025 earnings report, Enbridge said it added about $3 billion to its capital program, which now stands at $35 billion through 2030. With the new assets completed and in service, Enbridge is targeting annual distributable cash flow growth of about 5% beyond 2026. This should support steady dividend growth.
Enbridge has increased its dividend every year for the past thirty years. Investors who buy ENB stock at current levels could get a dividend yield of 5.6%.
Canadian natural resources
Canadian natural resources (TSX:CNQ) is a contrarian pick today. The stock is trading around $44, compared to $55 at some point in 2024. Falling oil prices are responsible for the decline. West Texas Intermediate (WTI) oil is trading at almost $60 per barrel at the time of writing. Last year it was over $80.
Investors will have to be patient. Analysts broadly expect oil prices to remain under pressure until 2026, amid weak global demand and rising supply. That said, CNRL remains very profitable. The company says its WTI breakeven is between $40 and $45 per barrel. Production growth due to acquisitions and successful drilling programs are helping to offset the margin damage.
CNRL reported record oil and natural gas production in the third quarter of 2025. Adjusted net income for the first nine months of 2025 came to $5.7 billion, compared to $5.4 billion in the same period last year.
CNRL can use its balance sheet to take advantage of weak energy prices to make strategic acquisitions while supporting continued dividend growth. The board has increased the dividend each time over the past 25 years. Investors who buy CNQ at its current price can earn a dividend yield of 5.3%.
Canada’s new strategy to diversify energy sales could lead to new oil and natural gas pipeline capacity being built to access international markets. This would benefit CNRL. The company owns vast oil and natural gas reserves and has the financial resources to expand production.
The bottom line
Enbridge and CNRL are industry leaders that pay attractive dividends that are expected to continue to grow. If you have some money to put to work in a buy-and-hold portfolio focused on dividend income and long-term capital gains, these stocks deserve to be on your radar.
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