With this, the next step is to think about what to keep in your TFSA. The best stocks to own here are those with the highest dividend yield and those with the greatest potential for capital growth – maximizing your tax savings.
While this is by no means an easy task, it is completely doable. In this article, I’d like to present four Canadian stocks for your consideration. These are Canadian stocks that you can buy and hold in your TFSA forever.
Enbridge
Enbridge Inc. (TSX:ENB) in one of the best stocks on the TSX. It offers a healthy dividend yield of over 6%, a strategic position in the Canadian oil and gas industry and a low-risk business model.
In fact, Enbridge’s dividend is one of the safest and most reliable dividends investors can get from a TSX stock. Enbridge recently announced its 31st consecutive annual dividend increase, effective March 2026. This great dividend history is made possible by Enbridge’s defensive activities.
The company plays an essential role within the energy sector. The utilities segment is regulated and therefore generates highly predictable cash flow and returns. The oil and gas activities transport significant quantities of oil and gas within North America. This activity is characterized by long-term contracts and further contributes to Enbridge’s low-risk business model.
Enbridge’s strong dividend yield and potential for long-term appreciation make it a top pick for TTFSA.
Northwest Healthcare Properties REIT
As a healthcare real estate owner Northwest Healthcare Properties REIT (TSX:NWH.UN) offers investors a reliable dividend yield of 6.6%. While the company ran into trouble a few years ago and had to cut its dividend, today it is correcting its mistakes.
I expect that better discipline by the new management will continue to result in lower debt levels and a stronger balance sheet and cash flows. This, in turn, will allow Northwest to truly benefit from the positive fundamentals and defensive nature of the healthcare real estate sector.
In the latest quarter, adjusted funds from operations rose 16% to $0.11 per share. This brings the payout ratio to 85%, compared to 99% in the same period last year.
Peyto exploration and development
As an oil and gas exploration and development company primarily exposed to natural gas, I expect good things for Peyto Exploration and Development Corp. (TSX:PEY). As one of the cheapest and best-managed producers, this Canadian stock will benefit greatly if natural gas prices rise in the long term, which I expect they will.
Long-term demand forecasts for natural gas are supported by the electrification of the energy network and rising demand for liquefied natural gas (LNG), as well as new demand from data centers. All this is expected to increase natural gas prices. Over the past year, US NYMEX natural gas has risen 5.1% to $3.40, and Canadian AECO natural gas has risen 25% to $1.69. Although LNG prices have weakened, the long-term trend is upward.
Peyto currently yields 6.2%. It is a good candidate for any TFSA portfolio.
Telus
Telus Corp. (TSX:T) has been in the news a lot lately due to dividend and debt concerns. After the dividend growth program was halted, investors became concerned and the stock fell. Today it yields a 9% return and represents a great opportunity for investors.
The company has responded to the problems. They are buying back shares, increasing insider purchases and intensifying the quest to make money from their highly successful Telus Health business. I feel like Telus stock is paying investors for the risk they take by purchasing the stock. In my opinion, the risk is being addressed appropriately. Therefore, I think Telus is an attractive addition to any investor’s TFSA.
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