TFSA: 3 Top-Tier Dividend Stocks for That $7,000 Contribution

Canadian savers are wondering which TSX stocks might be good to own in a self-directed Tax-Free Savings Account (TFSA) focused on dividends and long-term total returns.

The rally in the TSX in 2025 has pushed many stocks to new highs, but investors can still find attractive picks in the Canadian market.

Canadian Natural Resources

Weak oil prices impacted the share prices of many oil producers in the past 18 months. Canadian Natural Resources (TSX:CNQ), for example, trades near $44 per share at the time of writing compared to $55 at one point in 2024. The stock is up from its 2025 low of around $35 reached in April, but has struggled to regain the $50 mark this year.

Robust production growth in Canada and the United States, along with supply surges from OPEC and other producers, pushed the oil market into a surplus situation. Demand growth remains relatively weak as China struggles with ongoing challenges in its property market and American tariffs disrupt the global economy. Analysts broadly expect oil prices to face headwinds for some time, but the market will eventually balance out, and prices should drift higher when that happens.

CNRL remains very profitable and continues to drive revenue growth through acquisitions and successful drilling programs across its asset base. The natural gas operations help diversify the revenue stream, and expanded pipeline capacity for both oil and natural gas is helping CNRL and its peers sell more product to international markets.

CNRL raised the dividend in each of the 25 years. Investors who buy CNQ stock at the current price can get a dividend yield of 5.3%.

Fortis

Fortis (TSX:FTS) should be a good defensive stock to buy for investors who are concerned that the economy might slip into a recession.

Fortis operates utility businesses in Canada, the United States, and the Caribbean. The assets include natural gas distribution utilities, power generation facilities, and electricity transmission networks. Revenue from these businesses is rate-regulated. This means cash flow tends to be predictable and reliable. Households and commercial operations need to use electricity and natural gas regardless of the situation in the economy.

Fortis is working on a $28.8 billion capital program that will increase the rate base by roughly 7% per year over five years. This should support planned annual dividend growth of 4% to 6% through 2030. Fortis raised the dividend in each of the past 52 years.

Bank of Nova Scotia

Bank of Nova Scotia (TSX:BNS) trades for $100 per share at the time of writing. The stock is near its record high after rising 30% so far in 2025.

Bank of Nova Scotia is making progress on its turnaround program. The company is shifting growth investment to the United States and Canada and away from Latin America, where it has a significant presence in Mexico, Peru, and Chile. Bank of Nova Scotia is also streamlining operations to make the domestic business more efficient.

Even after the big rally, investors can still get a 4.4% dividend yield right now from the stock. As return on equity improves, the market should reward BNS with a higher multiple.

The bottom line

CNRL, Fortis, and Bank of Nova Scotia pay attractive dividends that should continue to grow. If you have some cash to put to work in a TFSA focused on dividends, these stocks deserve to be on your radar.

The post TFSA: 3 Top-Tier Dividend Stocks for That $7,000 Contribution appeared first on The Motley Fool Canada.

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More reading

• Retirees: Do You Own These Crucial RRSP Stocks?
• The Red Flags The CRA Is Watching for Every TFSA Holder
• For Passive Income Investing, 3 Canadian Stocks to Buy Right Now
• Passive Income: Is Fortis Stock Still a Buy for its Dividend?
• Invest $1,000 Per Month to Create $130 in Passive Income in 2026

The Motley Fool recommends Bank Of Nova Scotia, Canadian Natural Resources, and Fortis. The Motley Fool has a disclosure policy. Fool contributor Andrew Walker has no position in any stock mentioned.