Business & Investment

TFSA Pensions: High Yield, Two Top TSX Dividend Stocks for Passive Income

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Retired and other income investors are looking for the best TSX Dividend stock Buy for their TFSA portfolio.


Embridge (TSX: ENB)(NYSE: ENB) We will pay a quarterly dividend of 0.835 per share. This is suitable for an annual yield of 6.6% with a current stock price of $ 50.50.

Equity critics say there aren’t many opportunities for growth for a company in an era when it’s nearly impossible to approve and build a new large-scale pipeline project. Enbridge recently completed the Line 3 exchange project eight years later. This line transports oil from Alberta to a US refinery.

While the megaprojects are probably over, Embridge still has few opportunities to achieve steady growth, especially in the natural gas transport, gas distribution and renewable energy groups.

At the same time, Embridge is big enough to make a strategic acquisition, as seen in the recent US $ 3 billion purchase of oil export platforms and related pipeline assets in Texas. The integration of the energy infrastructure industry is expected to continue and Embridge has the financial firepower to become an active buyer.

Behind the pipeline campaign is the increasing value of existing infrastructure.

The embridge pipeline network can also be used to transport hydrogen. This has the potential for the future of the fuel industry.

A decent dividend increase is planned for 2022, and continued annual dividend increases may track an increase in distributable cash flow. Current payments are already attractive and inventories look cheap at this level.


Manulife (TSX: MFC)(NYSE: MFC) After the turmoil during the financial crisis, we continue to remove risk from our business and expand our turnaround story.

The latest transaction unleashes $ 2 billion worth of shareholder value by reinsuring 75% of the US variable annuity portfolio. Revenues will decline by $ 200 million next year and will continue to decline moderately, but this move will make a big difference in how badly Manulife could be hit by the next stock market plunge.

Manulife reported strong earnings in the third quarter of 2021 despite the ongoing challenges of COVID-19. As a result, the board has taken advantage of the recent lifting of the ban on dividends and share buybacks imposed on banks and insurance companies last year. Manulife plans to increase its dividend by 18% and buy back up to 5% of its outstanding shares.

Manulife should see steady growth in its Asian business over the next few years. The region’s population size and steady growth of the middle class have contributed significantly to the growing demand for insurance and wealth management products.

Manulife seems to be undervalued when its current share price falls below $ 25. Investors buying now can get a dividend yield of 5.3%.

Conclusion Top of TFSA High Yield Stocks

Enbridge and Manulife are industry leaders and pay high-yielding dividends that should continue to grow over the next few years. If you have some cash to work for a voluntary TFSA focused on passive income, these stocks deserve your radar.

TFSA Pensions: High Yield, Two Top TSX Dividend Stocks for Passive Income TFSA Pensions: High Yield, Two Top TSX Dividend Stocks for Passive Income

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