Retirees and different earnings buyers are looking for good Canadian dividend shares so as to add to their self-directed Tax-Free Financial savings Account portfolios.
Within the present market circumstances, the place the TSX is close to a file excessive and tariffs threaten to trigger a recession, it is smart to search for corporations which have demonstrated a capability to ship dividend development by means of difficult financial conditions.
Enbridge
Enbridge (TSX:ENB) trades close to $62.50 per share on the time of writing. The inventory is down from the 2025 excessive of round $65, so buyers have an opportunity to purchase ENB on a little bit of a dip.
Enbridge is a huge within the vitality infrastructure and utility sectors. The corporate is now the most important operator of pure gasoline utilities in North America after finishing a US$14 billion buy of three American pure gasoline utilities in 2024. These belongings complement Enbridge’s in depth pure gasoline transmission community of pipelines and storage services. Pure gasoline demand is predicted to rise steadily within the subsequent few years as gas-fired energy services are constructed to supply electrical energy to synthetic intelligence information centres.
Enbridge has additionally expanded its renewable vitality division. It acquired the third-largest photo voltaic and wind developer in america to spice up its renewable capabilities. The group lately introduced plans to construct a brand new US$900 million, 600 megawatt photo voltaic website in Texas.
On the export facet, Enbridge bought an export terminal in Texas and is a companion on the Woodfibre liquified pure gasoline (LNG) export facility being constructed on the coast of British Columbia. Worldwide demand for North American vitality is rising as international locations search out dependable sources from steady suppliers.
Enbridge’s oil pipeline community stays strategically vital to the graceful operation of the Canadian and U.S. economies. The corporate strikes about 30% of the oil produced within the two international locations. Canada’s new push to scale back its reliance on the U.S. for its oil gross sales may result in new oil pipelines being constructed to produce worldwide markets. Enbridge can be a prime candidate to construct and function new oil pipeline infrastructure within the nation.
Enbridge is engaged on a $28 billion capital program that may assist drive earnings and distributable money circulate increased to assist dividend development. The board elevated the dividend in every of the previous 30 years. Traders who purchase ENB inventory on the present worth can get a dividend yield of 6%.
Telus
Telus (TSX:T) trades close to $22 per share on the time of writing, in comparison with $34 at one level in 2022. The inventory is arguably a contrarian decide proper now because the telecom sector faces quite a lot of challenges, together with diminished immigration and excessive rates of interest. Telus makes use of a variety of debt to fund its capital program. Increased debt bills can put strain on money that’s out there for distributions. The discount in newcomers to Canada will result in decrease gross sales of latest gadgets and slower subscription development within the business. This could be why Telus and its friends fought a worth struggle final yr that squeezed business margins.
Regardless of the challenges, Telus stays optimistic and continues to ship respectable monetary outcomes. Administration expects free money circulate to stay strong sufficient within the subsequent few years to assist deliberate annual dividend will increase of three% to eight%. Traders who purchase Telus inventory on the present worth can get a dividend yield of seven.5%.
The underside line
Enbridge and Telus pay engaging dividends that ought to proceed to develop. If in case you have some money to place to work in a TFSA focusing on passive earnings, these shares should be in your radar.
