Traders who missed the January rally can nonetheless discover high TSX dividend shares to purchase at undervalued costs so as to add to their Registered Retirement Financial savings Plan (RRSP) portfolios.

BCE

BCE (TSX:BCE) is Canada’s largest communications firm with a present market capitalization close to $56 billion. The inventory has a protracted historical past of paying rising dividends, and this development is predicted to proceed.

BCE just lately reported strong full-year 2022 outcomes. Working income elevated 3.1%, and adjusted web earnings rose 5.6%. On a per-share foundation, adjusted web earnings elevated 5% and free money stream rose 2.9% to greater than $3 billion.

BCE mentioned greater rates of interest will put strain on earnings in 2023, however the board nonetheless elevated the dividend by 5.2% to $3.87 per share. That is the fifteenth consecutive annual dividend hike of no less than 5%.

BCE inventory traded as excessive as $74 per share final yr. On the time of writing, the inventory is near $61.

The pullback seems overdone, given the important nature of the core income stream and the sturdy stability sheet. Traders who purchase BCE inventory on the present value can get an annualized yield of about 6.3%.

TD Financial institution

TD (TSX:TD) trades for near $93 per share on the time of writing. That is above the 2022 low round $78 however nonetheless approach down from the $109 the inventory fetched in early 2022.

TD constructed up a big reserve of extra money through the pandemic and determined to spend the funds on two strategic acquisitions in america. TD is investing US$13.4 billion to purchase First Horizon in a transfer that may add greater than 400 branches to the present American operations and can make TD a top-six financial institution within the nation. TD can be strengthening its capital markets enterprise with the US$1.3 billion buy of Cowen, an funding financial institution.

TD nonetheless appears to be like enticing on the present a number of of 9.8 instances trailing 12-month earnings. Administration expects fiscal 2023 adjusted earnings to be 7-10% above final yr’s outcomes, even with the present financial headwinds.

Annual dividend progress has averaged greater than 10% over the previous 25 years. Traders can get a 4% yield from TD inventory in the present day.

Enbridge

Enbridge (TSX:ENB) is a significant participant within the North American power infrastructure business with oil pipelines, pure gasoline pipelines, pure gasoline utilities, oil export amenities, and renewable power belongings.

The corporate strikes 30% of the oil produced in Canada and america and a few fifth of the pure gasoline utilized by American properties and companies. Enbridge is shifting its progress technique to capitalize on rising export alternatives and the growth of renewable power. The corporate bought an oil export terminal in Texas in 2021 and just lately acquired a 30% stake in a liquified pure gasoline (LNG) export facility being in-built British Columbia.

Demand for North American oil and pure gasoline is predicted to rise within the coming years, so Enbridge ought to see regular demand for its companies.

The inventory trades close to $53.50 per share on the time of writing. That’s down from greater than $59 final June. Enbridge is predicted to report strong full-year 2022 outcomes on February 10. The board already elevated the dividend by 3.2% for 2023. Traders can now choose up a 6.6% dividend yield.

The underside line on high dividend shares for RRSP traders

BCE, TD, and Enbridge pay enticing dividends that ought to proceed to develop. If in case you have some money to place to work in a self-directed RRSP, these shares seem low cost in the present day and should be in your radar.