TFSA Must-Haves: 2 Top Dividend Stocks Canadians Can Buy and Hold Forever

TFSAs are excellent long-term investment vehicles for Canadian investors. Aside from the obvious tax benefits these accounts can provide, they can also boost future income streams with the right dividend stocks.

Here’s a look at two top dividend stocks that Canadian investors should consider buying now and holding forever.

Option 1: Bank of Nova Scotia

It’s hard to put together a list of top dividend stocks to buy and hold forever without mentioning one of Canada’s big bank stocks.

And the major bank stocks that investors should look closely at for a TFSA investment are Bank of Nova Scotia (TSX:BNS).

Scotiabank is not the largest of the banks, but it is the most international of the major banks. That international presence makes Scotiabank an intriguing option for investors looking to buy and lock in some growth in addition to one of the best dividend stocks.

Unlike its peers, Scotiabank has turned to international markets to finance its growth. Until recently, this included a focus on emerging markets in Latin America. Scotiabank has since turned to more mature markets in North America to fuel that growth.

While that growth is substantial, potential investors should also not underestimate Scotiabank’s solid domestic market in Canada. That segment still accounts for the majority of Scotiabank’s earnings and funds the juicy payout, making the bank one of the best dividend stocks to own.

At the time of writing, Scotiabank offers a robust quarterly dividend of 4.4%. For investors who have $20,000 to invest in Scotiabank, this equates to an annual income of just over $875.

Adding to this appeal is the fact that Scotiabank has been increasing this dividend annually for over a decade and has been paying dividends without fail for over a century.

Unlike peers, Scotiabank’s quarterly announcement last week made no mention of a dividend increase. Scotiabank typically announces annual increases early in the year, so investors can see the next increase in 2026.

Option 2: Enbridge

Another of the must-have dividend stocks that investors should consider right now is Enbridge (TSX:ENB). Enbridge is one of the largest energy infrastructure companies in North America.

The company’s portfolio includes an extensive pipeline network, natural gas utility operations and growing renewable energy activities. All of these segments provide stable revenue generation and defensive appeal, in addition to financing Enbridge’s massive growth gap.

In terms of monetization, the pipeline business offers the greatest defensive appeal. The company transports vast amounts of crude oil and natural gas across its network and functions as a toll road network.

Furthermore, because the pipeline business operates in this passive manner, it is largely immune to oil price volatility.

A similar defensive appeal extends to both the natural gas and renewable energy segments. These areas operate under regulated long-term contracts and generate predictable and recurring revenue streams that leave room for growth and dividends.

Enbridge’s quarterly payout is why this stock is considered one of the best Canadian dividend stocks. Enbridge has been paying this dividend for seventy years without fail and has provided investors with annual increases for thirty years without fail.

At the time of writing, Enbridge offers a 5.9% yield, making it a solid choice for any income-seeking investor. Using that same $20,000 example above, investors can expect to make almost $1,200 on that initial outlay.

Two notable Canadian dividend stocks to consider

No share is without risk. Therefore, the importance of diversification cannot be overemphasized. Fortunately, both Scotiabank and Enbridge offer investors a unique blend of growth, stability and income generation, making them the best Canadian dividend stocks for any portfolio.

Buy them, hold them and watch your income grow.