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 first rate 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 gasoline utilities in america. The offers made Enbridge the most important pure gasoline utility operator in North America. These new property complement the in depth pure gasoline transmission infrastructure. Demand for pure gasoline is predicted to rise within the coming years as gas-fired energy technology expands to provide electrical energy for synthetic intelligence (AI) knowledge centres.
Enbridge is engaged on a $32 billion capital program backlog and has $50 billion in complete initiatives into consideration. As new property are accomplished and go into service, the enhance to money movement ought to help ongoing dividend hikes.
Enbridge raised the dividend in every of the previous 30 years. Buyers who purchase ENB inventory on the present stage can get a dividend yield of 5.7%.
Canadian Pure Sources
Canadian Pure Sources (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 effectively beneath the $55 it fetched at one level in 2024.
Falling oil costs are largely in charge 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 gasoline costs have additionally been underneath strain in latest months, particularly in Canada, the place there may be presently a glut of provide.
Analysts broadly anticipate headwinds to persist within the oil market heading into 2026. An financial downturn in america is feasible if tariffs begin to drive increased inflation. Ongoing commerce uncertainty between the U.S. and China might result in further financial weak point in China. The 2 nations are the most important shoppers of oil.
On the availability aspect, OPEC is planning to extend provide to be able to recapture some misplaced market share. That is anticipated to happen as non-OPEC producers, together with Canada and america, proceed to boost output.
Regardless of the near-term headwinds, CNRL ought to be a strong long-term choose for dividend buyers. The corporate’s break-even WTI value is within the US$40 to US$45 per barrel vary, so it’s nonetheless very worthwhile at at the moment’s WTI value. CNRL continues to develop manufacturing via acquisitions and a profitable drilling program.
The corporate’s sturdy stability sheet permits 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 value. CNRL is arguably a contrarian choose proper now, however you receives a commission effectively to attend for the restoration in oil and gasoline costs.
The underside line
Enbridge and CNRL pay enticing dividends that ought to proceed to develop. You probably have some money to place to work in a TFSA focusing on passive revenue, these shares should be in your radar.
