Building a reliable—and ideally growing—stream of passive income is a core objective for many long-term investors. While choosing the right TSX stocks can feel overwhelming, there are several strong options that can deliver consistent returns. With a $20,000 investment, you can realistically generate around $1,000 per year in passive income.

Below are two standout TSX stocks that can help you achieve that goal.

Also Read: Canadian Dividend Stocks to Buy

Bank of Nova Scotia

No passive-income portfolio is complete without at least one major Canadian bank, and Bank of Nova Scotia (TSX:BNS) is a top choice. As Canada’s most internationally diversified bank, Scotiabank benefits from a stable domestic base while leveraging growth in key international markets. In recent years, the bank has been shifting focus from more volatile Latin American regions toward more stable opportunities in the U.S. and Mexico—a strategy that is paying off.

In its latest quarter, Scotiabank reported adjusted net income of $2,518 million, up from $2,191 million a year earlier. The international banking segment contributed significantly, posting $716 million in profit—a 7% year-over-year increase.

These strong results support Scotiabank’s robust dividend. The bank currently offers a yield of about 4.7%, and it has maintained an uninterrupted dividend for more than 190 years. Scotiabank has also increased its payout annually for nearly 30 years.

A $10,000 investment today would generate just over $460 per year. With dividend reinvestments and modest annual increases, that income could grow to nearly $600 over the next decade—without adding any additional capital.

Also Read: Best Canadian Stocks for Dividends

Enbridge

Enbridge (TSX:ENB) is another top-tier option for passive-income investors, thanks to its massive and diversified energy infrastructure business. The company’s pipeline network, which transports staggering volumes of crude oil and natural gas, is the backbone of its operations and one of the key reasons it remains such a defensive investment.

Enbridge moves roughly one-third of all crude oil produced in North America and supplies about 20% of the natural gas consumed in the U.S. Beyond pipelines, the company also operates a fast-growing natural gas utility and a renewable energy segment, providing stable, recurring cash flow.

This strong cash generation supports Enbridge’s impressive dividend, which currently yields around 5.57%. A $10,000 investment would produce roughly $550 annually.

Enbridge has increased its dividend every year for three decades, and management aims to continue that streak. For long-term investors seeking dependable income, it remains a classic buy-and-hold stock.

By allocating $10,000 each to Bank of Nova Scotia and Enbridge, investors can comfortably earn approximately $1,000 per year in passive income—while benefiting from decades of proven dividend growth.