Canadian seniors are looking for dependable dividend shares so as to add to their self-directed Tax-Free Financial savings Account (TFSA) portfolios targeted on producing high-yield passive revenue.
The TSX is close to its document excessive, however retirees can nonetheless discover enticing shares to purchase within the present market situations.
Enbridge
Enbridge (TSX:ENB) trades close to $60 per share on the time of writing. The inventory is down about $5 from its 2025 peak, so traders have an opportunity to purchase ENB on a modest dip proper now.
Enbridge is a big within the North American power infrastructure business with a present market capitalization close to $130 billion. This provides administration the monetary firepower to make massive acquisitions to drive progress. Enbridge spent US$14 billion in 2024 to purchase three pure fuel utilities in the USA. The deal additional diversified its asset portfolio and positions Enbridge to profit from anticipated demand progress for pure fuel as new gas-fired energy technology services are constructed to produce electrical energy to AI knowledge centres.
Enbridge can also be engaged on a $28 billion capital program. As the brand new property are accomplished and go into service, the increase to income and earnings ought to assist regular dividend progress over the medium time period. Enbridge raised the dividend in every of the previous 30 years. Traders who purchase ENB inventory on the present degree can get a dividend yield of 6.3%.
Alternatives for brand new main pipeline developments in Canada may emerge because the nation seems to be to pivot away from its reliance on the USA for the sale of oil and pure fuel. Enbridge could be a number one candidate to take part in any new oil pipeline initiatives, so long as the situations are enticing for the corporate and its shareholders.
TC Power
TC Power (TSX:TRP) not too long ago accomplished two main pipeline initiatives that can drive income progress in 2025 and the approaching years. The 670km Coastal GasLink pipeline took longer to finish than anticipated and noticed its funds greater than double to roughly $14.5 billion, however the mission is now in service, delivering pure fuel from Canadian producers to the brand new LNG Canada export facility on the coast of British Columbia.
TC Power’s 715 km Southeast Gateway pure fuel pipeline in Mexico fared higher and is now amassing tolls. The full value for the mission is estimated at US$3.9 billion, about 13% beneath funds. It solely took three years to get the pipeline accomplished. Mexico plans to construct new gas-fired energy vegetation to supply 8.5 gigawatts of energy for the nation.
TC Power did a great job of monetizing non-core property prior to now two years to shore up the stability sheet after taking up additional debt to finish the Coastal GasLink mission. Falling rates of interest and a stronger capital place will assist allow TC Power to pursue its ongoing portfolio of progress initiatives. Administration expects capital investments to be about $6 billion per yr over the medium time period.
TC raised its dividend in every of the previous 25 years. The inventory trades close to $64 on the time of writing in comparison with greater than $70 final month. Traders who purchase the pullback can choose up a dividend yield of 5.3%.
As with Enbridge, TC Power is positioned nicely to take part in any new pipeline infrastructure initiatives in Canada.
The underside line
Enbridge and TC Power pay enticing dividends that ought to proceed to develop. When you have some money to place to work in a TFSA targeted on passive revenue, these shares should be in your radar.
