TFSA: 2 Discounted Dividend Stocks to Buy for Passive Income

Retirees and other dividend investors are searching for good dividend-growth stocks to add to their self-directed Tax-Free Savings Account (TFSA) portfolios focused on generating reliable passive income.

The TSX continues to sit near its record high, but some top Canadian dividend stocks have pulled back and now offer attractive entry points.

Canadian Natural Resources

Canadian Natural Resources (TSX:CNQ) trades near $44 per share at the time of writing, compared to $48 earlier this month. The stock was as high as $55 in 2024.

Weak oil prices are putting pressure on margins in the energy sector. This situation is likely to persist in 2026 as supply growth is predicted to outpace demand expansion. OPEC is trying to win back lost market share while other major producers, including Canada and the United States, continue to boost output.

Despite the challenges, CNRL is delivering earnings growth this year as production expansion through acquisitions and drilling programs offset lower margins. CNRL says its West Texas Intermediate (WTI) breakeven point is roughly US$40 to $45 per barrel. Even at the current WTI price of US$56, the company generates decent profits.

At some point, the oil market will rebalance, and prices should drift higher. When that occurs, CNRL should pick up a new tailwind. In the meantime, investors can pick up a dividend yield of 5.3%. CNRL raised the distribution in each of the past 25 years.

Enbridge

Enbridge (TSX:ENB) is down about $5 per share from its 2025 high of around $70. Investors who missed the big rally in the stock can take advantage of the dip to add the energy infrastructure giant to their income portfolios.

Enbridge is working on a $35 billion secured capital program that will help drive revenue and distributable cash flow higher in the next few years. Oil and natural gas production are rising in Canada and the United States to supply domestic and global demand growth. Enbridge’s oil pipeline infrastructure already moves about 30% of the oil produced in the two countries, and the Mainline pipeline network is being expanded. Enbridge also owns a large oil export terminal in Texas.

On the natural gas side, Enbridge purchased three natural gas utilities in the United States in 2024 for US$14 billion. The deals made Enbridge the largest natural gas utility operator in North America. These assets, when combined with the existing gas transmission network, position Enbridge to benefit from the expected surge in natural gas demand as new gas-fired generation facilities are built to provide power for AI data centres.

Enbridge expanded its renewable energy division in recent years and now has solar and wind projects in the United States and Europe.

The board raised the dividend in each of the past 31 years. Investors who buy ENB stock at the current level can get a dividend yield of 6%.

The bottom line

CNRL and Enbridge are industry leaders paying attractive dividends that should continue to grow. If you have some cash to put to work in a TFSA focused on dividend income, these stocks deserve to be on your radar.

The post TFSA: 2 Discounted Dividend Stocks to Buy for Passive Income appeared first on The Motley Fool Canada.

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More reading

• How to Upgrade Your Dividend Portfolio for 2026
• 1 Magnificent Canadian Stock Down 20% to Buy and Hold Forever
• TFSA: 3 Top-Tier Dividend Stocks for That $7,000 Contribution
• 2 Dividend Growth Stocks Look Like Standout Buys as the Market Keeps Surging
• Energy Stocks Just Keep on Shining, and Here Are 2 to Buy Today

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