2 Dividend Stocks Canadian Investors Could Comfortably Hold Right Through Retirement

Canadians are searching for good TSX dividend stocks to add to their self-directed Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP) portfolios focused on dividend income and long-term total returns.

With the TSX near a record high and economic headwinds potentially on the horizon, it makes sense to put new money to work in stocks that have demonstrated an ability to deliver steady dividend growth through the full economic cycle.

Enbridge

Enbridge (TSX:ENB) trades near $71 per share at the time of writing. The stock is down about $6 in recent weeks after rising to a new all-time high in March.

Investors who missed the big rally over the past two-and-a-half years have an opportunity to buy a dip.

Enbridge’s rebound began in the fall of 2023 around the time that the Bank of Canada and the U.S. Federal Reserve indicated they were done raising interest rates. The central banks increased borrowing costs considerably in 2022 and 2023 in an effort to cool off the hot post-pandemic economy and get inflation under control.

Soaring financing costs are negative for companies like Enbridge that use a lot of debt to fund their growth programs. Enbridge makes big acquisitions. It also invests significant amounts of money in development projects that can cost billions of dollars and sometimes take years to complete.

The sharp rise in interest rates that occurred in 2022 and 2023 scared some investors who worried that higher debt expenses would cut into cash flow enough to warrant a dividend reduction. This didn’t happen. In fact, Enbridge continued to raise its dividend in 2024 and 2025 as it bought more businesses and completed capital projects that drove revenue and earnings higher.

Interest rate cuts in 2024 and 2025 gave Enbridge a nice tailwind.

Enbridge is currently working on a $39 billion capital program that will help boost adjusted earnings and distributable cash flow in the coming years. This should support ongoing dividend increases. At the current share price, ENB provides a dividend yield of close to 5.5%.

Fortis

Investors might be tempted to skip Fortis (TSX:FTS) on an initial look at its dividend yield, which is only 3.3% at the time of writing. This would probably be a mistake. In fact, Fortis has proven to be one of those stocks that dividend investors can comfortably buy and own for decades. The dividend yield isn’t as high as the yield available from other stocks, but the dividend growth and long-term total returns make up for the smaller initial payback.

Fortis gets nearly all of its revenue from rate-regulated businesses. This means cash flow is normally predictable. The assets include power generation facilities, electricity transmission networks, and natural gas distribution utilities located in Canada, the United States, and the Caribbean.

Fortis has a $28.8 billion capital program on the go that will drive revenue and cash flow growth in the coming years. This should support planned annual dividend increases of 4% to 6% through 2030. Fortis increased the dividend in each of the past 52 years, so investors should be comfortable with the guidance.

The bottom line

Enbridge and Fortis pay good dividends that should continue to increase. If you have some cash to put to work in a dividend portfolio, these stocks deserve to be on your radar.

The post 2 Dividend Stocks Canadian Investors Could Comfortably Hold Right Through Retirement appeared first on The Motley Fool Canada.

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More reading

• How to Make $300 Per Month Tax-Free From Your TFSA
• If I Were Only Buying 3 Stocks Right Now, These Would Be Them
• 3 Canadian Blue-Chip Stocks Worth Holding Through 2026 and Beyond
• The Sectors Where Canada Actually Beats the United States
• 2 Undervalued Canadian Dividend Stocks That Look Attractive in 2026

The Motley Fool recommends Enbridge and Fortis. The Motley Fool has a disclosure policy. Fool contributor Andrew Walker has no position in any stock mentioned.