TFSA Must-Haves: 2 Top Dividend Stocks for Canadians to Buy and Hold Forever

TFSAs are excellent long-term investment vehicles for Canadian investors. Apart from the obvious tax benefits that these accounts can offer, they can also supercharge future income streams with the right dividend stocks.

Here’s a look at two top dividend stocks that Canadian investors should consider buying now and holding forever.

Option 1: Bank of Nova Scotia

It’s hard to assemble a list of top dividend stocks to buy and hold forever without mentioning one of Canada’s big bank stocks.

And the big bank stock that investors should be looking closely at for a TFSA investment is Bank of Nova Scotia (TSX:BNS).

Scotiabank isn’t the largest of the banks, but it is the most international of the big banks. That international presence makes Scotiabank an intriguing option for investors who want some growth in addition to one of the top dividend stocks to buy and hold.

Unlike its peers, Scotiabank has turned to international markets to fund its growth. Until recently, that included a focus on developing markets in Latin America. Scotiabank has since turned to more mature markets in North America to drive that growth.

While that growth is substantial, prospective investors should also not discount Scotiabank’s solid domestic market in Canada. That segment still accounts for the bulk of Scotiabank’s revenue and funds the juicy payout, which makes the bank one of the top dividend stocks to own.

As of the time of writing, Scotiabank offers a robust 4.4% quarterly dividend. For investors with $20,000 to invest in Scotiabank, it works out to an annual income of just over $875.

Adding to that appeal is the fact that Scotiabank has provided annual bumps to that dividend going back for over a decade and has paid dividends without fail for well over a century.

Unlike its peers, a dividend bump was notably absent from Scotiabank’s quarterly announcement last week. Scotiabank typically announces annual upticks early in the year, so investors may see the next increase in 2026.

Option 2: Enbridge

Another of the must-have dividend stocks for investors to consider right now is Enbridge (TSX:ENB). Enbridge is one of the largest energy infrastructure companies in North America.

The company’s portfolio includes a vast pipeline network, natural gas utility operation, and growing renewable energy business. All of those segments offer stable revenue generation and defensive appeal, in addition to funding Enbridge’s massive growth backlog.

In terms of revenue generation, the pipeline business offers the greatest defensive appeal. The company transports massive amounts of crude and natural gas across its network, operating like a toll road network.

Additionally, because it operates in that passive manner, the pipeline business is largely immune to the volatility in oil prices.

A similar defensive appeal extends to both the natural gas and renewable energy segments. Those areas operate under regulated long-term contracts, generating predictable and recurring revenue streams that leave room for growth and dividends.

Enbridge’s quarterly payout is the reason this stock is considered one of the top Canadian dividend stocks. Enbridge has been paying out that dividend for seven decades without fail and has provided investors with annual upticks for 30 consecutive years without fail.

As of the time of writing, Enbridge offers a yield of 5.9%, making it a solid pick for any income-seeking investor. Using that same $20,000 example from above, investors can expect to earn nearly $1,200 from that initial outlay.

Two standout Canadian dividend stocks to consider

No stock is without risk. That’s why the importance of diversifying cannot be stated enough. Fortunately, both Scotiabank and Enbridge offer investors a unique mix of growth, stability, and income generation to make them top Canadian dividend stocks for any portfolio.

Buy them, hold them, and watch your income grow.

The post TFSA Must-Haves: 2 Top Dividend Stocks for Canadians to Buy and Hold Forever appeared first on The Motley Fool Canada.

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More reading

• 2 Unstoppable Dividend Stocks to Buy if There’s a Stock Market Sell-Off
• Bank of Nova Scotia Stock Tops $100: How High Could it Go?
• Should Investors Dump Enbridge Stock and Buy This Dividend Champ Instead? 
• Canadian Investors: The Best $7,000 TFSA Approach
• Canadian Bank Stocks: Buy, Sell, or Hold in 2026?

Fool contributor Demetris Afxentiou has positions in Bank of Nova Scotia and Enbridge. The Motley Fool recommends Bank of Nova Scotia and Enbridge. The Motley Fool has a disclosure policy.