Canadian pensioners and different dividend buyers are questioning which high TSX dividend shares are nonetheless good to purchase proper now for a self-directed Tax-Free Financial savings Account (TFSA) centered on producing dependable passive revenue.
The market rally this yr has pushed up share costs in a number of sectors, however buyers can nonetheless discover respectable dividend yields from shares with good prospects for distribution progress.
Enbridge
Enbridge (TSX:ENB) trades close to $66.50 per share on the time of writing. That’s down a bit from the 12-month excessive round $70, giving buyers who missed the surge over the previous yr an opportunity to purchase ENB inventory on a dip.
Enbridge generated adjusted second-quarter (Q2) 2025 earnings of $1.4 billion or $0.65 per share in comparison with $1.2 billion, or $0.58 per share, in the identical quarter final yr. Contributions from acquisitions and new initiatives are serving to drive progress throughout the enterprise.
Enbridge spent US$14 billion in 2024 to purchase three pure fuel utilities in the USA. The offers made Enbridge the most important pure fuel utility operator in North America. These new belongings complement the in depth pure fuel transmission infrastructure. Demand for pure fuel is anticipated to rise within the coming years as gas-fired energy technology expands to produce electrical energy for synthetic intelligence (AI) knowledge centres.
Enbridge is engaged on a $32 billion capital program backlog and has $50 billion in whole initiatives into account. As new belongings are accomplished and go into service, the enhance to money move ought to assist ongoing dividend hikes.
Enbridge raised the dividend in every of the previous 30 years. Buyers who purchase ENB inventory on the present degree can get a dividend yield of 5.7%.
Canadian Pure Assets
Canadian Pure Assets (TSX:CNQ) trades near $44 on the time of writing. The inventory has recovered some floor after the April plunge to $36, however continues to be down about 10% over the previous 12 months and is nicely under the $55 it fetched at one level in 2024.
Falling oil costs are largely accountable for the pullback. West Texas Intermediate (WTI) oil sells for roughly US$58.50 per barrel on the time of writing. That is down from US$80 final yr. Pure fuel costs have additionally been beneath stress in current months, particularly in Canada, the place there may be at the moment a glut of provide.
Analysts broadly anticipate headwinds to persist within the oil market heading into 2026. An financial downturn in the USA is feasible if tariffs begin to drive greater inflation. Ongoing commerce uncertainty between the U.S. and China may result in extra financial weak spot in China. The 2 nations are the most important customers of oil.
On the provision aspect, OPEC is planning to extend provide so as to recapture some misplaced market share. That is anticipated to happen as non-OPEC producers, together with Canada and the USA, proceed to lift output.
Regardless of the near-term headwinds, CNRL needs to be a strong long-term decide for dividend buyers. The corporate’s break-even WTI worth is within the US$40 to US$45 per barrel vary, so it’s nonetheless very worthwhile at as we speak’s WTI worth. CNRL continues to broaden manufacturing by way of acquisitions and a profitable drilling program.
The corporate’s sturdy steadiness sheet allows it to increase the monitor report of dividend progress. CNRL raised the dividend in every of the previous 25 years. Buyers can get a 5.3% dividend yield from CNQ on the present share worth. CNRL is arguably a contrarian decide proper now, however you receives a commission nicely to attend for the restoration in oil and fuel costs.
The underside line
Enbridge and CNRL pay enticing dividends that ought to proceed to develop. In case you have some money to place to work in a TFSA focusing on passive revenue, these shares should be in your radar.
