Retirees and different traders are looking for good Canadian shares so as to add to their self-directed Tax-Free Financial savings Account (TFSA) portfolios centered on passive earnings.
With the TSX close to its file excessive and tariffs threatening to trigger a recession, it is smart to seek for shares which have strong monitor data of delivering dividend development by the total financial cycle.
Enbridge
Enbridge (Tsx: Enb) has a present market capitalization of about $133 billion. The corporate’s measurement and strong stability sheet give Enbridge the monetary flexibility to make giant strategic acquisitions to drive development whereas enabling the enterprise to additionally pursue an aggressive capital program.
Enbridge spent US$14 billion in 2024 to purchase three pure gasoline utilities in america. The offers made Enbridge the largest pure gasoline utility operator in North America. Pure gasoline demand is predicted to rise within the coming years. Enbridge’s transmission, storage, and distribution belongings place the corporate to profit from the development.
On the event aspect Enbridge is working by a $28 billion capital program that may drive further income and earnings development within the coming years. This could assist ongoing dividend will increase. Enbridge raised the dividend in every of the previous 30 years. Buyers who purchase the inventory on the present worth can get a dividend yield of 6.1%.
Canadian Pure Resoources
Canadian Pure Assets (Tsx: cnq) produces the oil and pure gasoline that Enbridge carries alongside its its pipeline networks. Turbulent commodity markets make vitality producers typically extra dangerous than pipeline shares as investments. Nonetheless, CNRL’s diversified belongings and powerful stability sheet allow it to journey out volatility whereas nonetheless producing good income, even throughout instances of weaker vitality costs.
CNRL is a serious Canadian pure gasoline producer, in addition to being an oil participant. The gasoline aspect of the enterprise helps hedge in opposition to decrease oil costs. Pure gasoline at present trades above the value it fetched for many of 2023 and 2024.
Oil nonetheless stays the most important a part of CNRL’s enterprise. The corporate has oil sands, standard heavy oil, standard gentle oil, and offshore oil manufacturing, together with pure gasoline liquids. The diversified merchandise present CNRL with choices to shift capital relying on the actions of vitality costs to capitalize on the very best alternatives.
Like Enbridge, CNRL has the monetary firepower to make giant acquisitions to drive income and revenue development. The corporate spent US$6.5 billion final 12 months to purchase Chevron’s belongings in Canada. These companies helped CNRL ship robust Q1 2025 leads to an in any other case difficult vitality market.
New pipeline capability to the Pacific, Atlantic, and Arctic coasts in Canada can be optimistic for CNRL. Buyers ought to regulate information concerning vitality hall tasks that may very well be prioritized as Canada seems to diversify its buyer base to scale back reliance on america.
CNRL trades close to $42 per share on the time of writing in comparison with $55 at one level final 12 months. Buyers who purchase the pullback can get a dividend yield of 6.1%. CNRL has elevated the distribution yearly for the previous 25 years.
The underside line
Enbridge and CNRL are business leaders with nice monitor data of dividend development. You probably have some money to place to work in a dividend portfolio centered on passive earnings these shares should be in your radar.