Retirees and other income investors can finally buy some top Canadian dividend stocks at lower prices for their self-directed Tax-Free Savings Account (TFSA) portfolios focused on passive income.
Enbridge (TSX: ENB) trades near $69 at the time of writing, down $11 per share from the 2026 high. The stock is still up about 4% over the past 12 months, well above the $44 it sold for in late 2023, but the dip gives investors who missed the big rally a chance to buy ENB at a discounted price.
Enbridge and its peers are benefiting from rising demand for North American energy. Wars in Ukraine and the Middle East have disrupted oil and natural gas supplies, forcing countries to seek out new sources of reliable fuel deliveries.
Enbridge owns an oil export terminal in Texas and continues to add strategic assets in the United States to enable more producers to ship to international buyers through the terminal. The company recently announced a US$600 million deal to acquire roughly 800km of crude oil gathering assets in the Permian Basin in Texas and New Mexico. The purchase will give oil producers direct access to Enbridge’s oil export facilities.
New cash flow streams
In Canada, Enbridge is a partner on the Woodfibre LNG export facility being built on the coast of British Columbia. Woodfibre is expected to start commercial operation in 2027 and will enable Canadian natural gas producers to sell to global buyers.
Natural gas demand in Canada and the United States is also expected to rise in the next few years as new gas-fired power generation facilities are built to provide electricity to AI data centres. Enbridge has extensive natural gas transmission infrastructure and natural gas distribution utilities in both countries.
With a current secured capital program of $41 billion, Enbridge is adding new sources of revenue across its various operating groups. Cash flow from the completed assets should support ongoing dividend increases. Enbridge raised the dividend in each of the past 31 years. Investors who buy ENB stock at the current share price can get a dividend yield of 5.6%.
Source: Getty Images
TC Energy
TC Energy (TSX: TRP) is another large Canadian energy infrastructure name with significant assets in the United States, enabling investors to get exposure to growth opportunities in the U.S. energy sector through a top Canadian firm.
TC Energy also has assets in Mexico, including the 715km Southeastern Gateway natural gas pipeline, which the company completed in 2025. The asset will supply a number of new gas-fired power generation facilities being built in the country.
At home, TC Energy’s new Coastal GasLink pipeline is moving natural gas to the LNG Canada export facility that is now in operation. High demand for Canadian natural gas is expected to remain in place for the long run. TC Energy is now working on plans for phase two of the Coastal GasLink, which would double the asset’s capacity. The company is also a candidate to potentially build and operate a new natural gas pipeline to Churchill, Manitoba as part of the government’s goal of shipping natural gas to European buyers from Hudson Bay.
TC Energy’s existing capital program is averaging about $6 billion per year across the natural gas and power generation divisions. As with Enbridge, the cash flow generated by the new assets should enable ongoing dividend growth. TC Energy raised the dividend in each of the past 26 years.
TRP stock trades near $86 per share at the time of writing, compared to $100 earlier this year. At the current share price, investors can pick up a 4% dividend yield.
The bottom line
Enbridge and TC Energy could fall even further in the near term, but they already look reasonable at these prices and now offer attractive yields. If you have some TFSA cash to put to work, these stocks deserve to be on your radar for a buy-and-hold portfolio focused on dividend income.
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