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 earnings.

The market rally this 12 months 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 development.

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 12 months 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 12 months. Contributions from acquisitions and new initiatives are serving to drive development throughout the enterprise.

Enbridge spent US$14 billion in 2024 to purchase three pure gasoline utilities in the US. 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) information centres.

Enbridge is engaged on a $32 billion capital program backlog and has $50 billion in whole initiatives into account. 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 Assets

Canadian Pure Assets (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 properly under the $55 it fetched at one level in 2024.

Falling oil costs are largely responsible 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 12 months. Pure gasoline costs have additionally been beneath strain in latest months, particularly in Canada, the place there may be at present a glut of provide.

Analysts broadly count on headwinds to persist within the oil market heading into 2026. An financial downturn in the US is feasible if tariffs begin to drive larger inflation. Ongoing commerce uncertainty between the U.S. and China may result in extra financial weak spot 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 the US, proceed to lift output.

Regardless of the near-term headwinds, CNRL needs to be a stable long-term decide for dividend buyers. The corporate’s break-even WTI worth is within the US$40 to US$45 per barrel vary, so it’s nonetheless very worthwhile at at this time’s WTI worth. CNRL continues to increase manufacturing via acquisitions and a profitable drilling program.

The corporate’s robust stability sheet allows it to increase the observe report of dividend development. 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 worth. CNRL is arguably a contrarian decide proper now, however you receives a commission properly 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. In case you have some money to place to work in a TFSA concentrating on passive earnings, these shares need to be in your radar.