1 Canadian Stock to Buy Today and Hold Forever

If you want a Canadian stock you can buy today and hold forever, stop chasing the loudest chart and start chasing the steadiest business. Markets can feel jumpy when rates shift and headlines whip investors around, but a true hold-forever pick keeps earning through it all.

Look for a Canadian stock that sells something people cannot skip, runs with repeat customers, and grows cash flow without constant reinvention. The best ones also raise dividends from real profits, keep debt sensible, and protect a moat you can explain at the kitchen table. That’s why today we’re looking at one particular market: trash.

WCN

Waste Connections (TSX:WCN) fits that essential and repeatable test because it runs an integrated solid waste business. It collects, transfers, and disposes of non-hazardous waste, and it also earns revenue from recycling and renewable fuels generation. It even has a smaller slice of non-hazardous oilfield waste services and intermodal moves for cargo and waste containers. The work sounds unglamorous, but it sits at the heart of modern life, which makes demand remarkably sticky.

In the last year, the Canadian stock has looked calm rather than dramatic. As of writing, shares have fallen 4% in the last year, and risen 2% in the last month. That pace will not beat every sector when investors chase momentum, but it can help you stick with a plan when markets get choppy. For passive-income investors, temperament matters, because panic-selling can erase years of careful compounding faster than any mediocre quarter ever could.

Into earnings

That steadiness also reflects how the Canadian stock competes. Waste Connections focuses on many exclusive and secondary markets across 46 U.S. states and six Canadian provinces, and that footprint gives it local scale where it operates. It wins with logistics, contracts, and consistency, not flashy product cycles. Plenty of dividend stocks promise safety, yet their underlying business still swings with commodity prices, regulation, or consumer taste. Trash does not care about fashion trends, and that simple fact supports repeat revenue.

The latest earnings report shows why investors keep circling back to it. In the third quarter of 2025, Waste Connections grew revenue to US$2.5 billion and lifted adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to US$830.3 million. It also grew adjusted profit per share to US$1.44 from US$1.35 a year earlier. Pricing did the heavy lifting, with core price growth at 6.3% in the quarter even as volumes softened. In short, it protected profitability without needing perfect economic weather.

Looking ahead

Now for the trade-off. Waste Connections trades at 70 times earnings at writing, 22 times forward earnings, and 5.6 times book value. You pay up for the consistency, and that premium can sting if you want quick wins. The dividend yield also looks small, roughly around 0.5%, so it will not fund a retirement cheque on day one. This Canadian stock aims to grow income over time, not to deliver a big headline yield today.

So why call it a buy-and-hold forever name for passive income? Because it combines durability with dividend growth and disciplined reinvestment. Management raised the quarterly dividend 11.1% in October 2025, taking it to US$0.35 per share. That raise matters more than the current yield because it signals that cash flow supports higher payouts while the Canadian stock keeps upgrading routes and assets. Add gradual pricing power and bolt-on acquisitions, and you get a business that can compound steadily through good markets and bad ones.

Bottom line

You should still challenge the thesis before you commit, because forever does not mean risk-free. A premium valuation can limit short-term upside, volumes can dip in a slowdown, and acquisition-heavy growth demands good judgement and good integration. If you need the highest yield right now, you will find flashier dividend names. But if you want a Canadian stock that can quietly earn, raise its payout, and keep doing it while you focus on life, Waste Connections can earn a spot in a long-term TFSA.

The post 1 Canadian Stock to Buy Today and Hold Forever appeared first on The Motley Fool Canada.

Should you invest $1,000 in Waste Connections right now?

Before you buy stock in Waste Connections, consider this:

The Motley Fool Stock Advisor Canada analyst team identified what they believe are the 15 best stocks for investors to buy now… and Waste Connections wasn’t one of them. The 15 stocks that made the cut could potentially produce monster returns in the coming years.

Consider MercadoLibre, which we first recommended on January 8, 2014 … if you invested $1,000 in the “eBay of Latin America” at the time of our recommendation, you’d have $21,105.89!*

Now, it’s worth noting Stock Advisor Canada’s total average return is 95%* – a market-crushing outperformance compared to 72%* for the S&P/TSX Composite Index. Don’t miss out on our top 15 list, available when you join Stock Advisor Canada.

See the 15 Stocks #start_btn6 { background: #0e6d04 none repeat scroll 0 0; color: #fff; font-size: 1.2em; font-family: 'Montserrat', sans-serif; font-weight: 600; height: auto; line-height: 1.2em; margin: 30px 0; max-width: 350px; text-align: center; width: auto; box-shadow: 0 1px 0 rgba(0, 0, 0, 0.5), 0 1px 0 #fff inset, 0 0 2px rgba(0, 0, 0, 0.2); border-radius: 5px; } #start_btn6 a { color: #fff; display: block; padding: 20px; padding-right:1em; padding-left:1em; } #start_btn6 a:hover { background: #FFE300 none repeat scroll 0 0; color: #000; } @media (max-width: 480px) { div#start_btn6 { font-size:1.1em; max-width: 320px;} } margin_bottom_5 { margin-bottom:5px; } margin_top_10 { margin-top:10px; }

* Returns as of November 17th, 2025

More reading

• Forget Risk: 3 Safe Stocks Canadians Can Buy for Steady Returns
• 3 Top TSX Stocks I’d Buy for 2026 and Beyond
• Defensive Stocks Every Canadian Investor Needs During Market Volatility
• Safe Canadian Stocks to Buy Now and Hold During Market Volatility
• 1 Smart Buy-and-Hold Canadian Stock

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.