Dividend shares are all the time a number of the hottest shares that Canadian buyers purchase and maintain of their Tax-Free Financial savings Accounts (TFSAs) because of the quite a few benefits that they provide. And whereas many dividend shares make wonderful long-term investments, blue-chip dividend shares like BCE (TSX:BCE) and Enbridge (TSX:ENB) are particularly fashionable decisions.

These shares earn tonnes of money move every month and have extremely resilient enterprise fashions since a lot of their operations are defensive.

Along with these benefits in regular occasions, they’re particularly vital on this atmosphere, when there’s much more uncertainty each within the inventory market and economic system. Nevertheless, whereas BCE and Enbridge are two of the highest dividend shares to purchase in your TFSA, chances are you’ll be questioning which inventory is the higher purchase.

Since each corporations are large companies with dominant positions of their trade, for a lot of buyers, it can come right down to your present portfolio make-up. If you have already got a tonne of publicity to power, for instance, BCE is probably going the higher inventory for you, and vice versa.

Assuming buyers have a well-balanced portfolio already, although, right here’s what to think about and which inventory is the higher purchase in your TFSA at present.

BCE inventory

With a market cap north of $57 billion, BCE is a wonderful blue-chip dividend inventory to purchase for a number of causes. First off, telecommunications is a vital trade, a lot of BCE’s operations are extremely resilient.

That implies that the inventory may see a slight influence from a recession, however for probably the most half, its income and money move ought to stay sturdy.

Moreover, like Enbridge inventory, it owns lots of long-life belongings, which require little upkeep permitting BCE to earn billions in money move every quarter.

It’s price declaring, although, that in recent times the telecom has spent some huge cash on capex to construct out new infrastructure corresponding to 5G expertise and fibre-to-the-home. Nevertheless, these elevated capex ranges shouldn’t final for much longer and will result in continued dividend development for years to return.

As we speak, the inventory provides a yield that’s upwards of 6.2% and one which’s been elevated for 14 consecutive years now.

Nevertheless, though that’s a pretty yield and the dividend development streak is spectacular, BCE may face elevated competitors within the house, particularly with Rogers’ latest acquisition of Shaw.

Due to this fact, though BCE is a high-quality and dependable inventory, and it provides a pretty dividend yield if in case you have a well-balanced portfolio and aren’t anxious about overexposing your self to power, Enbridge could be the higher purchase in your TFSA at present.

Enbridge inventory

Enbridge, an organization with a market cap of greater than $106 billion, is one other large blue-chip inventory with many similarities to BCE.

Like BCE, it’s a inventory with a dominant place in an trade that gives important companies. Moreover, it’s additionally a money cow that owns loads of long-life belongings, which continually earns it billions in money move.

Nevertheless, Enbridge inventory seems like the higher purchase in your TFSA at present as a result of, along with dealing with much less potential competitors within the close to time period, it will additionally seemingly be much less impacted by a possible recession.

Moreover, Enbridge has an extended observe document of dividend development, at 27 consecutive years. It additionally has a extra sustainable payout ratio. For instance, even when Enbridge inventory’s distributable money move is available in on the backside of its 2023 steering vary, the inventory’s payout ratio would solely be 67.6% this 12 months.

Along with a safer dividend, Enbridge additionally provides a barely larger dividend yield at present, which is presently at roughly 6.8%.

Due to this fact, though each BCE and Enbridge are two high-quality dividend shares that buyers should purchase for his or her TFSAs, it seems like Enbridge is the higher of the 2 for buyers trying to purchase at present.