The Best $10,000 TFSA Approach for Canadian Investors

Any time you have spare discretionary savings is a great time to consider contributing and investing in your TFSA (Tax-Free Savings Account). When you invest inside a TFSA, you are safe from any income tax. That means all gains, dividends, and interest income stay with you.

In fact, you can bolster your annual returns by as much as 20% by simply investing inside your TFSA. No tax to the Canada Revenue Agency means more income sticks with you.

If you are new to the TFSA and only have $10,000 to invest, I would split the capital four ways into these four diversified, quality stocks.

Constellation Software: A top tech stock for a TFSA

The first stock I would deploy $2,500 of TFSA cash into is Constellation Software (TSX:CSU). It is not often you can buy one of Canada’s greatest long-term performing stocks at a 50% discount to its price only a year ago.

Constellation stock is down on worries about leadership succession, capital deployment, and artificial intelligence threats. So far, none of these worries have come to fruition.

Constellation just announced another quarter of 20% revenue growth and 44% free cash flow growth. Its acquisition machine targeting small, niche software businesses is firing on all cylinders. It deployed over $700 million in capital in the quarter.

A $2,500 allocation would allow you to buy one share today. Given its depressed valuation today, shareholders could enjoy substantial upside if they are patient in the coming years.

Stantec: A Canadian consulting leader

Stantec (TSX:STN) is another stock that looks like a good addition to a TFSA in 2026. Its stock is down 19% for the year. Like Constellation, it has been slammed by worries about AI disruption.

Yet, it has been posting great numbers. This quarter, revenues rose 9%, adjusted earnings per share soared 15%, and backlog increased 13% to a record $9 billion.

This company is a leader in design, engineering, and environmental services across Canada, the U.S. and globally. It has a highly diversified business, attractive single-digit organic growth, and a track record of smart capital allocation.

It continues to project mid-teens earnings-per-share growth for 2026. At only 16.5 times 2026 earnings, it looks like an attractive buy for a TFSA right now.

AltaGas: A perfect dividend stock for a TFSA

If you want something that pays a higher yield, AltaGas (TSX:ALA) could be a good TFSA addition. You get a mix of growth, stability, and income with this stock.

AltaGas has leading natural gas utilities and midstream franchises. The stock gives you exposure to two attractive, stable, and growing segments. The war in the Middle East is creating a surge in demand for its gas export products. This could fuel growth above its outlook this year.

AltaGas yields 2.5% today. It expects to grow its dividend by a 5-7% compounded annual rate over the coming years.

Calian Group: A massive tailwind propelling this small-cap stock

A small-cap stock I’d look to add to my TFSA is Calian Group (TSX:CGY). It is an important contractor to NATO and the Canadian defence department. It has a focus on essential services like healthcare, defense training, satcom, and cybersecurity.

This is one of the best companies to get exposure to Canada’s rising defense spending plans. It just announced a quarter where backlog it a new record of $1.5 billion. Revenues were up 18% (12% organic) and adjusted earnings before interest, tax, depreciation, and amortization soared 60%!

Even though its stock is up 46% this year, it remains reasonably priced at only 18 times earnings. For a solid business with exposure to a great long-term tailwind, this could be a good addition to a TFSA.

The post The Best $10,000 TFSA Approach for Canadian Investors appeared first on The Motley Fool Canada.

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* Returns as of April 20th, 2026

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Fool contributor Robin Brown has positions in Calian Group, Constellation Software, and Stantec. The Motley Fool recommends Calian Group, Constellation Software, and Stantec. The Motley Fool has a disclosure policy.