Canadian pensioners are trying to find high TSX dividend shares so as to add to their self-directed Tax-Free Financial savings Account (TFSA) portfolios centered on producing regular and rising passive revenue. The Financial institution of Canada’s steep charge hikes designed to cut back inflation by cooling off the economic system may set off a recession in 2023 or 2024. As such, it is sensible to place new cash to work in dividend shares that ought to maintain up effectively throughout an financial downturn.

BCE

BCE (TSX:BCE) is a big within the Canadian communications sector with a present market capitalization of near $59 billion. The inventory gave up some positive aspects over the previous 12 months, falling from the 2022 excessive round $74 to $57 final fall. Since then, the pattern has been a bit uneven, however the inventory is clawing its manner again.

Discount hunters is likely to be sensing that the Financial institution of Canada is completed elevating rates of interest. This could put a ceiling on the destructive impression on BCE’s borrowing prices. The corporate makes use of debt to fund a portion of the capital program and has indicated that rising debt prices will put a pinch on earnings in 2023.

BCE continues to construct out its 5G cell community whereas additionally working fibre-optic traces to the premises of its prospects. These packages set the enterprise up for income development within the coming years and will assist BCE shield its aggressive place available in the market.

BCE expects income and free money circulate to be larger in 2023 than in 2022, even with the financial headwinds. That ought to help one other respectable dividend enhance for 2024. BCE raised the distribution by a minimum of 5% in every of the previous 15 years.

Buyers who purchase the inventory on the present worth can get a 6% dividend yield.

Enbridge

Enbridge (TSX:ENB) has elevated its dividend for 28 consecutive years, and buyers ought to see the pattern proceed, even when the scale of the rise is smaller than it was when Enbridge was constructing out its huge oil pipeline community.

The bigger an organization will get, the tougher it’s to keep up the earlier tempo of development. At a present market capitalization of roughly $108 billion, Enbridge is an vitality infrastructure behemoth. The times of getting giant, new pipeline initiatives authorised and constructed are possible over as a solution to drive development. Consequently, Enbridge is shifting its technique to reap the benefits of its experience to capitalize on rising market alternatives.

Enbridge purchased an oil export terminal in Texas in 2021 for US$3 billion. The corporate can also be a associate on the Woodfibre liquified pure gasoline (LNG) terminal being inbuilt British Columbia. That facility is anticipated to enter service in 2027 and can ship LNG to overseas patrons. Worldwide demand for Canadian and U.S. vitality is on the rise and anticipated to be sturdy within the coming years.

Enbridge has a diversified income steam coming from the prevailing liquids and pure gasoline pipeline networks, pure gasoline utilities, and renewable vitality property. The present $18 billion capital program ought to drive ongoing income development. Home gas demand is anticipated to stay sturdy, even when the economic system slips right into a recession.

ENB inventory trades close to $53 per share on the time of writing in comparison with greater than $59 final June. Buyers should purchase the dip and choose up a 6.7% dividend yield.

The underside line on high shares for passive revenue

BCE and Enbridge pay engaging dividends that ought to proceed to develop. When you have some money to place to work in a TFSA centered on passive revenue, these shares should be in your radar.