Falling Assured Funding Certificates (GIC) charges are as soon as once more forcing Canadian pensioners to hunt out alternate options to generate passive revenue inside their self-directed Tax-Free Financial savings Account (TFSA). One fashionable technique includes proudly owning prime TSX dividend shares with good monitor data and dependable distributions.
Enbridge
Enbridge (TSX:ENB) simply reported stable third-quarter (Q3) 2025 outcomes and offered an essential replace on its capital program. The power infrastructure big added $3 billion to its improvement pipeline in the latest quarter, boosting the secured capital tasks program to $35 billion.
As the brand new property are accomplished over the following 5 years, Enbridge expects the income and money circulate growth to end in 5% annual distributable money circulate development past 2026 by means of 2030. That ought to assist ongoing dividend will increase. Enbridge raised the dividend in every of the previous 30 years.
The corporate has additionally been lively on the acquisition entrance because it continues to diversify its asset base. Enbridge bought three pure gasoline utilities in the USA in 2024. These property complement the present pure gasoline transmission infrastructure and place Enbridge to learn from an anticipated surge in pure gasoline demand within the coming years as gas-fired energy services are constructed to generate electrical energy.
Enbridge’s different purchases embody an oil export terminal in Texas and America’s third-largest wind and photo voltaic developer. As well as, Enbridge is a accomplice on the Woodfibre liquified pure gasoline (LNG) export facility being constructed on the coast of British Columbia. These companies all create alternatives for income growth.
Enbridge’s share worth is up significantly over the previous two years, however traders can nonetheless get a 5.6% dividend yield from the inventory.
Financial institution of Nova Scotia
Financial institution of Nova Scotia (TSX:BNS) is one other inventory that has been on a pleasant run, not too long ago hitting a brand new all-time excessive. The financial institution is beginning to see the advantages of a turnaround program that has targeted on making the enterprise extra environment friendly whereas pivoting development investments away from Latin America to the USA and Canada.
Previously two or three many years, Financial institution of Nova Scotia spent billions of {dollars} to purchase property in Latin America, hoping there can be robust development alternatives as the center class expanded. Political and financial volatility, nevertheless, has resulted in lower-than-anticipated returns for shareholders. Financial institution of Nova Scotia’s share worth trailed the efficiency of its giant Canadian friends, which targeted extra on the USA and Canada for development.
As a part of its transition, Financial institution of Nova Scotia bought its property in Colombia, Costa Rica, and Panama earlier this 12 months. In 2024, it additionally purchased a 14.9% stake in KeyCorp, an American regional financial institution, to spice up its U.S. presence.
Trying forward, decrease rates of interest will ease strain on debtors who’re carrying an excessive amount of debt. This could result in decrease provisions for credit score losses on the banks, so long as unemployment doesn’t surge. If the economic system slides right into a recession and job losses mount, Financial institution of Nova Scotia has a robust sufficient capital cushion to trip out the turbulence.
Traders who purchase BNS inventory on the present stage can get a dividend yield of 4.7%.
The underside line
Enbridge and Financial institution of Nova Scotia pay engaging dividends right this moment with yields effectively above charges at the moment supplied on GICs. When you have some money to place to work in a portfolio targeted on passive revenue, these shares should be in your radar.
