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The pullback in the share prices of several top Canadian dividend stocks is giving investors an opportunity to buy great TSX dividend-growth stocks at discounted prices for a self-directed Tax-Free Savings Account (TFSA) focused on high-yield passive income.
Enbridge
Enbridge (TSX:ENB) has increased its dividend in each of the past 29 years. The energy infrastructure giant’s current dividend yield is 7.6% and more dividend increases should be on the way.
Enbridge is in the process of closing its US$14 billion acquisition of three natural gas utilities in the United States. The company also has a $25 billion capital program on the go to boost revenue in the coming years. Management expects distributable cash flow (DCF) to grow by 3% annually through 2026 and by 5% after that timeframe. This should support ongoing annual dividend increases in the 3-5% range.
ENB stock trades near $48 per share at the…
