Retirees and other dividend investors are finally getting a chance to buy some top TSX stocks at discounted prices for a self-directed Tax-Free Savings Account (TFSA) portfolio focused on generating steady tax-free passive income. Enbridge (TSX: ENB) trades near $69 per share, with a dividend yield of 5.6%, significantly above Canada’s current 3% inflation rate. The company has raised dividends for 31 consecutive years and plans ongoing increases through development projects and acquisitions.
Enbridge has sanctioned $9 billion in growth projects in 2026 and a $41 billion capital program as of Q2 2026. Recent expansions include a $2.7 billion Westcoast natural gas pipeline expansion in British Columbia and a $600 million acquisition of oil infrastructure in the Permian Basin (Texas/New Mexico). These moves aim to diversify revenue streams, including U.S. natural gas utilities purchased for $14 billion in 2024, positioning Enbridge as the largest natural gas utility operator in North America.
The company also invests in renewable energy projects for tech firms. Risks include potential share price declines due to higher borrowing costs, regulatory pressures (e.g., Line 5 pipeline shutdown threats), and continued central bank rate hikes. Despite near-term volatility, the dividend yield and capital program support long-term growth.
Source: The Motley Fool Canada
