When it comes to building a rock-solid Tax-Free Savings Account (TFSA) portfolio, we all like to think about what's set to grow. However, dividends and stability can be even more important. That's why two top contenders worth considering are Bank of Nova Scotia (TSX:BNS) and BCE (TSX:BCE). Both dividend stocks have a long history of delivering consistent dividends and strong financial performances. Thus, they are ideal candidates for long-term investors seeking stability and growth. Let's dive into why these two stocks are perfect for decades-long holding in your TFSA.

Into earnings

Starting with Bank of Nova Scotia, or Scotiabank, it has a stellar reputation in the Canadian banking sector. With a recent share price of $73.77 and a forward annual dividend yield of 5.7%, this bank is all about rewarding its shareholders. The bank has been consistent in paying dividends, and its recent earnings show a solid foundation. While the quarterly revenue growth year-over-year (YoY) was slightly modest at 0.90%, Scotiabank continues to be a powerhouse, with $29.6 billion in trailing 12-month (ttm) revenue. Though earnings growth dipped by 13.6% compared to the same period last year, Scotiabank's solid dividend history and financial resilience make it a great option for those looking to generate income.

BCE, one of Canada's largest telecom companies, is another prime choice. The stock offers a forward annual dividend yield of 8.7% and a recent share price of $46.10. Therefore, BCE stands out as a fantastic income generator. The dividend stock's commitment to paying dividends, even with a slightly high payout ratio of 182.8%, shows its dedication to shareholders. BCE has faced some challenges, including a 1% decline in quarterly revenue YoY. Yet the company saw impressive quarterly earnings growth of 55.5%, proving it can bounce back when needed.

The experience needed

Both companies are led by experienced management teams that prioritize shareholder returns. Scotiabank's leadership, under CEO Brian J. Porter, has been focused on navigating economic uncertainties while maintaining its dividend policy. Similarly, BCE's CEO Mirko Bibic has steered the company through challenges in the telecom industry, focusing on maintaining its market share and high dividend payouts. Their forward-thinking management strategies position both companies well for future growth.

Looking at the future outlook, Scotiabank remains poised for growth, particularly with its international banking division, which provides a unique edge over its Canadian peers. The bank's strategy to expand in Latin America offers potential long-term growth, even as its domestic operations continue to provide stability. BCE, on the other hand, is well-positioned to benefit from the continued demand for telecommunications services in Canada. The telco is particularly well-positioned in the realms of 5G expansion and broadband internet, which are expected to drive future revenue growth.

Scotiabank has been making waves with its ongoing digital transformation efforts, aiming to streamline operations and enhance customer experiences. Meanwhile, BCE's recent focus has been on expanding its fibre optic network, which is expected to improve its long-term competitiveness in the telecom sector. Both of these strategic moves should support sustainable growth and income for investors.

Bottom line

Altogether, both Scotiabank and BCE offer strong dividend yields, experienced management, and growth potential – thus making them perfect candidates for a TFSA. Whether you're looking for steady income or long-term capital appreciation, holding onto these stocks for decades could prove highly rewarding. Recent earnings, stable dividends, and bright future outlooks make BNS and BCE two top stocks to buy and hold, especially for a secure financial future.