Typically, the closer you get to retirement, the more important it is to have low-risk stocks in your portfolio that you can have confidence in holding for the long haul. With that being said, though, owning defensive TSX stocks can be essential for building a well-diversified portfolio, no matter what stage of life youâre in.

Defensive stocks can help shore up your portfolio, helping to protect your capital in times of turmoil while also potentially providing you returns when the market is flat or even declining.

Not only are these stocks typically much less volatile than some of their riskier peers, but often many defensive stocks also provide investors a significant yield, which can be crucial to earning you returns when most stocks are trading flat or even losing value.

So, if youâre looking to add some stability to your portfolio or potentially boost the passive income your stocks generate, here are three of the best defensive stocks on the TSX to consider buying today.

A top defensive TSX utility stock offering a yield of more than 6%

When it comes to buying low-risk stocks, high-quality utilities like Emera (TSX:EMA) are some of the best defensive stocks on the TSX.

Not only do utility stocks offer essential services that are hardly ever impacted by a worsening economy, but because theyâre regulated by governments, their future revenue, earnings, and even dividend growth can be highly predictable. Furthermore, with six different utility operations serving roughly 2.5 million customers, Emeraâs diversification also helps to mitigate some risks.

This predictability is essential for making them less risky than stocks that often see their earnings fluctuate, especially in times of economic turmoil.

For example, Emera is in the midst of a three-year capital plan, investing $8.8 billion to expand its operations. These investments are expected to generate between 7% and 8% growth in its rate base annually, which will not only lead to higher earnings but also continue to fund its consistent dividend growth. Currently, Emera has a 17-year streak of consecutive annual dividend increases.

Finally, with interest rates in the early stages of declining, industry economics should continue to become more favourable. So, while this defensive TSX stock is still trading cheaply, it's one of the best low-risk stocks to buy now.

A top Canadian telecom stock

Another industry that generates considerable and consistent cash flow and provides highly essential services is the telecom industry, making Telus (TSX:T) one of the best defensive TSX stocks to buy now.

As technology continues to improve, communications are consistently becoming more important in our daily lives. Furthermore, telecom stocks like Telus own tonnes of long-life assets, constantly generating significant free cash flow, which not only makes them more defensive but also allows them to pay an attractive dividend.

In fact, currently, Telus offers a dividend yield of more than 7.1%. Furthermore, like Emera, it has a lengthy dividend growth streak that currently stands at an impressive 20 straight years.

Plus, not only is it a reliable defensive stock offering an attractive yield, but it also has plenty of short- and long-term growth potential. Analysts expect that its normalized earnings per share will increase by roughly 8% this year and another 12% in 2025.

An impressive defensive growth stock

Finally, investors can also consider a defensive growth stock like Dollarama (TSX:DOL). Although it doesnât pay nearly as high a dividend yield as Emera or Telus, it's a stock that can grow in any market condition and can actually thrive when the economy is lagging.

However, because Dollarama is such an impressive growth stock, the one risk it does have is that it trades with a growth premium, which could make it volatile in the near term.

That said, though, while the growth premium makes it somewhat expensive and potentially more volatile, you can mitigate the volatility by ensuring you buy Dollarama and hold for the long haul.

For example, while itâs had its ups and downs over the last decade, investors who have held the stock for the entirety of the last 10 years have earned a total return of more than 800%.

So, if youâre looking for defensive TSX stocks to buy for your portfolio, a reliable company like Dollarama is certainly one to consider.

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