Canadian retirees and different revenue buyers are questioning which prime Canadian dividend shares is perhaps good to purchase proper now for a self-directed Tax-Free Financial savings Account (TFSA) targeted on producing dependable passive revenue.
Financial institution of Nova Scotia
Financial institution of Nova Scotia (TSX:BNS) is down 10% in 2025. The pullback provides buyers who missed the rally late final yr an opportunity to purchase BNS inventory on a dip and decide up a sexy dividend.
Financial institution of Nova Scotia presents a present dividend yield of 6.1%. That is the best yield among the many giant Canadian banks.
The corporate goes by means of a technique transition that may direct extra capital funding to america and Canada within the coming years, and fewer on Latin America the place the financial institution targeted closely over the previous two or three many years. Modifications are already occurring. Financial institution of Nova Scotia spent US$2.8 billion in 2024 to purchase a 14.9% stake in KeyCorp, an American regional financial institution. The corporate additionally created a brand new senior govt place to supervise growth in Quebec. It’s going to take time for the turnaround efforts to ship outcomes, however you receives a commission nicely to attend.
Suncor
Suncor (TSX:SU) trades close to $49 per share on the time of writing in comparison with the 12-month excessive round $59. The dip is basically resulting from weak oil costs and recession fears. West Texas Intermediate (WTI) oil trades for US$58 per share proper now in comparison with greater than US$80 final summer season.
Suncor’s built-in enterprise construction helps it experience out dips in oil costs. The corporate is understood for its oil sands manufacturing, but additionally has refineries and retail operations that may profit when oil costs decline.
Suncor made good progress on its turnaround efforts prior to now two years and completed 2024 with file manufacturing, refining throughput, and refined product gross sales.
Buyers who purchase Suncor on the present stage can get a dividend yield of 4.6%.
Enbridge
Enbridge (TSX:ENB) is up 29% prior to now yr, however buyers can nonetheless get a dividend yield of 5.9% from the inventory. The corporate continues to drive development by means of acquisitions and capital initiatives. Enbridge purchased three American pure gasoline utilities final yr for US$14 billion. The corporate can also be engaged on a $26 billion capital program.
Enbridge is positioned nicely to learn from the anticipated development in demand for pure gasoline within the coming years as new gas-fired energy era services are constructed to produce electrical energy to AI knowledge centres. The corporate has additionally invested in oil and pure gasoline export services to seize rising international demand for North American power merchandise.
The expansion initiatives ought to assist focused 7% to 9% growth in adjusted earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA) by means of 2026. Distributable money movement is anticipated to extend by 3%, so dividend hikes will seemingly be in that vary. Enbridge raised the dividend in every of the previous 30 years.
The underside line on prime TSX shares for passive revenue
Financial institution of Nova Scotia, Suncor, and Enbridge pay good dividends that ought to proceed to develop. If in case you have money to place to work in a TFSA focusing on passive revenue, these shares need to be in your radar.
