2 TSX Dividend Giants for Reliable TFSA Passive Income

With Guaranteed Investment Certificate (GIC) rates drifting lower, many Canadian retirees are once again turning to high-quality TSX dividend stocks to generate steady passive income inside their self-directed Tax-Free Savings Accounts (TFSAs). A proven approach is to focus on companies with dependable distributions and long histories of delivering shareholder value.

Enbridge
Enbridge (TSX:ENB) recently posted strong Q3 2025 results and announced meaningful progress in its long-term capital plans. The company added $3 billion worth of new developments during the quarter, bringing its total secured capital program to $35 billion.

As these projects come online over the next five years, Enbridge expects revenue and cash flow to grow enough to support 5% annual distributable cash flow increases from 2026 through 2030. This outlook aligns well with the company’s remarkable track record — Enbridge has raised its dividend every year for the past 30 years.

The company continues to diversify through strategic acquisitions, including three U.S. natural gas utilities purchased in 2024. These assets strengthen Enbridge’s existing natural gas transmission network and position it to benefit from rising natural gas demand as new gas-fired power plants are built. Enbridge has also added an oil export terminal in Texas and acquired one of America’s major wind and solar developers. Meanwhile, its involvement in the Woodfibre LNG project in British Columbia creates yet another path for long-term growth.

Although the stock has climbed significantly over the past two years, shareholders can still capture an attractive 5.6% dividend yield.

Also Read: Best Dividend Paying Stocks Canada

Bank of Nova Scotia

Bank of Nova Scotia (TSX:BNS) has also been gaining momentum, recently reaching a new all-time high. The bank is beginning to realize the benefits of a multi-year turnaround strategy aimed at improving efficiency and shifting its growth priorities from Latin America toward the United States and Canada.

For decades, the bank invested heavily in Latin American markets, betting on middle-class expansion. However, political and economic instability resulted in weaker returns compared with its peers. As part of its new direction, Bank of Nova Scotia exited operations in Colombia, Costa Rica, and Panama earlier this year. In 2024, it also acquired a 14.9% stake in KeyCorp, expanding its U.S. footprint.

Lower interest rates ahead should ease debt burdens for consumers and businesses, reducing credit risk for the banks. Even if the economy slows or unemployment rises, Bank of Nova Scotia’s strong capital base gives it ample protection. Investors buying the stock today can lock in a solid 4.7% dividend yield.

Also Read: Canadian Dividend Stocks to Buy

The Bottom Line

Enbridge and Bank of Nova Scotia offer reliable dividend income at yields far above today’s GIC rates. For TFSA investors seeking stable, long-term passive income, both stocks are compelling additions to consider.