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Retirees and other Tax-Free Savings Account (TFSA) investors are searching for top TSX dividend stocks with long track records of distribution growth to add to portfolios focused on passive income.
Enbridge
Enbridge (TSX:ENB) increased its dividend in each of the past 30 years. The stock is up more than 20% in the past 12 months.
The latest rally actually started in October 2023, around the time the U.S. Federal Reserve and the Bank of Canada indicated they were done raising interest rates to get inflation under control. Steep interest rate hikes that occurred in 2022 and 2023 drove up borrowing costs and raised debt expenses on variable-rate loans. Enbridge and other pipeline companies use debt to fund part of their growth initiatives, which can cost billions of dollars and often take years to complete. This is why the jump in interest rates triggered a pullback in Enbridge’s…
