An Ideal TSX Dividend Stock for Consistent TFSA Passive Income

Canadian savers are looking for good dividend stocks to add to their self-directed Tax-Free Savings Account (TFSA) portfolios focused on generating steady tax-free passive income.

Fortis Fortis (TSX: FTS) just announced its 53rd consecutive annual dividend increase.

The stock is near its all-time high, reflecting the confidence the market has in the company’s ability to deliver growth in the coming years.

Fortis is a Canadian utility company with assets spread out across Canada, the United States, and the Caribbean.

The company owns and operates power generation facilities, natural gas and electricity distribution utilities, and electricity transmission grids.

Fortis recently reported solid Q3 2026 financial results.

Adjusted net earnings came in at $0.92 per share compared to $0.87 per share in the same quarter last year.

Fortis also provided an update to its five-year growth program.

The company expects to invest $32.2 billion through 2031, delivering 7.5% compound annual growth in the rate base.

The resulting boost to cash flow should support planned annual dividend increases of 4% to 6% through 2031.

Beyond this timeline, Fortis is evaluating a number of other projects across the asset portfolio that could get added to the capital program and would extend the dividend expansion past the next five years.

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