One name that’s currently attracting attention as a steady income play inside a TFSA is Enbridge Inc., a Canadian energy infrastructure giant whose business revolves around transporting crude oil, liquids and natural gas across long-term contracted pipelines. Analysts and dividend investors note that its dividend yield sits at about 5.5% at recent prices — a level that can be appealing for those focused on tax-free income and long-term stability.

Enbridge’s core strength lies in its fee-based revenue model. Unlike commodity producers whose fortunes swing with oil and gas prices, Enbridge earns toll-like fees for moving energy products through its network. This structure tends to produce more predictable cash flows even when commodity prices are volatile, which helps support its dividend distribution and makes it a defensive option in a broader equity portfolio.

For TFSA investors, this stability matters for two reasons. First, dividends collected inside a TFSA are completely tax-free, meaning you keep the full payout without withholding tax on Canadian dividends. Second, when a stock generates reliable cash flow, it can allow you to reinvest dividends or live off income without selling shares, preserving your long-term capital base. The combination of yield and structural defensive qualities can make income-oriented stocks like Enbridge attractive for retirement or passive-income strategies.

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That said, no dividend stock is without risk. Infrastructure names like Enbridge can still face regulatory hurdles, capital expenditure pressures, and economic cycles that affect energy demand and sentiment. Dividend yields can also widen when share prices fall, which feels good in headline yield terms but also reflects market caution. However, for long-term investors comfortable with the energy infrastructure space and seeking steady, tax-free income, this type of stock has characteristics that align with many TFSA income strategies.

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In short, at a yield near 5.5% and with predictable fee-based cash flows, Enbridge is a name worth considering if your TFSA goal is to combine defensive income with long-term holding potential.