2 TSX Giants to Buy for Years of Growth and Dividends

Canadian investors who missed the rally in the TSX this year are wondering which top stocks are still attractive to buy for a self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) portfolio focused on dividends and long-term total returns.

Fortis

Fortis (TSX:FTS) trades near $73 per share at the time of writing, compared to $53 in June last year.

The rebound began roughly around the time the Bank of Canada started to cut interest rates. Fortis and other utility stocks had taken a hit in 2022 and 2023 as the central banks in Canada and the United States increased interest rates in an effort to get inflation under control. Fortis uses debt to fund its growth projects that cost billions of dollars and sometimes take years to complete. The jump in borrowing costs due to higher interest rates puts pressure on earnings and cuts into cash that can be used to pay dividends or reduce debt. Higher financing expenses can also force companies to delay or shelve planned projects.

With rates heading lower in both Canada and the United States, investors have moved back into Fortis. More upside could be on the way if rate cuts continue through next year. Even if rates stay at current levels, there should be good momentum for shareholders. Fortis is working on a $29 billion capital program that will increase the rate base by a compound annual rate of about 7% over five years. As the new assets are completed and go into service, the added cash flow should support planned annual dividend increases of 4% to 6% through 2030.

Fortis has raised the dividend in each of the past 52 years. The stock currently provides a dividend yield of 3.5%.

Enbridge

With a current market capitalization of nearly $149 billion, Enbridge (TSX:ENB) is one of the largest companies on the TSX. Being this big enables Enbridge to make large acquisitions that would only be possible for a handful of peers or private equity players. For example, Enbridge spent US$14 billion in 2024 to buy three American natural gas utilities. The deals turned Enbridge into the largest operator of natural gas utilities in North America at a time when natural gas demand is expected to rise. The assets complement the existing natural gas transmission infrastructure and position Enbridge to benefit as gas-fired power-generation facilities are built to provide electricity to AI data centres.

Enbridge has also expanded into energy exports and bulked up its renewable energy division in recent years. The company bought an oil export terminal in Texas and is a partner on the Woodfibre liquified natural gas (LNG) export facility being built on the coast of British Columbia.

Enbridge is working on a $35 billion capital program that will help boost distributable cash flow over the next few years. This should enable ongoing annual dividend increases in the 3% to 5% range. Enbridge raised the dividend in each of the past 30 years. Investors who buy ENB stock at the current price can get a dividend yield of 5.5%.

The bottom line

Fortis and Enbridge pay attractive dividends that should continue to grow. If you have some cash to put to work, these stocks deserve to be on your radar.

The post 2 TSX Giants to Buy for Years of Growth and Dividends appeared first on The Motley Fool Canada.

Should you invest $1,000 in Fortis Inc. right now?

Before you buy stock in Fortis Inc., consider this:

The Motley Fool Stock Advisor Canada analyst team identified what they believe are the 15 best stocks for investors to buy now… and Fortis Inc. wasn’t one of them. The 15 stocks that made the cut could potentially produce monster returns in the coming years.

Consider MercadoLibre, which we first recommended on January 8, 2014 … if you invested $1,000 in the “eBay of Latin America” at the time of our recommendation, you’d have $21,105.89!*

Now, it’s worth noting Stock Advisor Canada’s total average return is 95%* – a market-crushing outperformance compared to 72%* for the S&P/TSX Composite Index. Don’t miss out on our top 15 list, available when you join Stock Advisor Canada.

See the 15 Stocks #start_btn6 { background: #0e6d04 none repeat scroll 0 0; color: #fff; font-size: 1.2em; font-family: 'Montserrat', sans-serif; font-weight: 600; height: auto; line-height: 1.2em; margin: 30px 0; max-width: 350px; text-align: center; width: auto; box-shadow: 0 1px 0 rgba(0, 0, 0, 0.5), 0 1px 0 #fff inset, 0 0 2px rgba(0, 0, 0, 0.2); border-radius: 5px; } #start_btn6 a { color: #fff; display: block; padding: 20px; padding-right:1em; padding-left:1em; } #start_btn6 a:hover { background: #FFE300 none repeat scroll 0 0; color: #000; } @media (max-width: 480px) { div#start_btn6 { font-size:1.1em; max-width: 320px;} } margin_bottom_5 { margin-bottom:5px; } margin_top_10 { margin-top:10px; }

* Returns as of November 17th, 2025

More reading

• A Top Canadian Dividend Stock to Buy in December 2025
• Prediction: 10 Years From Now You’ll Be Glad You Bought These Magnificent TSX Dividend Stocks
• Crush the TSX With This Income-Generating Dividend Stock
• 3 High-Yield Dividend Stocks That Are Screaming Buys Right Now
• The 3 Best Canadian Dividend Stocks to Buy in December

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.