Canadian retirees and other income investors are wondering which top Canadian dividend stocks might be good to buy right now for a self-directed Tax-Free Savings Account (TFSA) focused on generating reliable passive income.
Bank of Nova Scotia
Bank of Nova Scotia (TSX:BNS) is down 10% in 2025. The pullback gives investors who missed the rally late last year a chance to buy BNS stock on a dip and pick up an attractive dividend.
Bank of Nova Scotia offers a current dividend yield of 6.1%. This is the highest yield among the large Canadian banks.
The company is going through a strategy transition that will direct more capital investment to the United States and Canada in the coming years, and less on Latin America where the bank focused heavily over the past two or three decades. Changes are already happening. Bank of Nova Scotia spent US$2.8 billion in 2024 to buy a 14.9% stake in KeyCorp, an American regional bank. The company…
