The Best Canadian Stocks to Buy and Hold Forever in a TFSA

There’s no question that every investor should take advantage of the Tax-Free Savings Account (TFSA). But you don’t want to use your TFSA to simply save money or buy just any stocks. It’s essential that you buy the best Canadian stocks to buy and hold for years in your TFSA.

The TFSA is so powerful because it allows you to grow your money without paying taxes on capital gains or dividends. That’s why it’s the ideal account for owning the best Canadian stocks that will generate you the most significant gains.

The key, though, is choosing the right stocks. Not every company deserves a permanent spot in your TFSA.

So, to find the best stocks to buy and hold for years, it’s essential to find businesses with reliable operations, solid management teams, and long track records of growing their earnings over time.

What makes this strategy so powerful is that once you buy these high-quality stocks, you let time, compounding, and tax-free growth do the heavy lifting. And the longer you hold them, the more valuable the TFSA becomes.

So, if you are looking for high-quality investments to add to your TFSA as we head into the new year, here are six of the best Canadian stocks you can buy now and plan to hold forever.

The best Canadian stocks to buy in your TFSA for 2026

Any Canadian stock under the Brookfield umbrella is a high-quality investment, but if I had to pick just one, the best to buy is the parent company, Brookfield Corporation (TSX:BN).

Brookfield is one of the best long-term compounders you can own in a TFSA. It owns and operates high-quality assets across infrastructure, renewables, real estate, and private equity.

These assets generate predictable cash flow and benefit from inflation over time.

What makes Brookfield truly special, though, is its scale, global diversification, and disciplined capital allocation, which allow it to consistently generate above-average returns over the long haul.

Dollarama (TSX:DOL) is another stock that consistently earns above-average returns, and it might just be the very best Canadian stock to buy in your TFSA. It’s also one of the most reliable growth stocks on the TSX.

As a discount retailer, Dollarama’s defensive business model performs well in both strong and weak economies, and its long track record of revenue and profitability growth proves how consistent it is.

Alimentation Couche-Tard (TSX:ATD) is another textbook buy-and-hold stock that generates steady cash flow. Couche-Tard owns a global portfolio of convenience stores and gas stations with an incredible history of disciplined acquisitions.

For years, management has consistently grown earnings while returning capital to shareholders through buybacks and dividends, which is why it’s easily one of the best Canadian stocks to buy and hold in your TFSA.

Speaking of defensive growth stocks that have grown rapidly by acquisition, GFL Environmental (TSX:GFL) operates in one of the most reliable industries there is.

Waste collection and environmental services are one of the best industries to run a business in because they are essential, recurring, and largely immune to economic downturns.

Therefore, as the GFL continues to scale and improve margins, the stock should only become more profitable, making it one of the best defensive growth stocks that Canadian investors can buy in their TFSAs.

There’s no question that a list of the best Canadian stocks to buy for the long haul should include a stock like Canadian National Railway (TSX:CNR).

CNR is one of the most dominant businesses in Canada because railways have massive barriers to entry, predictable demand, and pricing power.

It’s an ideal investment in your TFSA for the long haul because CNR benefits from long-term economic growth and increased trade activity. Plus, its wide moat and consistent earnings growth make it a stock you can own for decades and confidently hold through market cycles.

The TFSA is also ideal for dividend growth stocks, which is why Enbridge (TSX:ENB) is one of the best Canadian stocks to buy.

Its regulated and contract-backed pipeline assets generate highly predictable cash flow, which supports its reliable dividend. Furthermore, its position as a North American energy infrastructure giant and the fact that energy demand isn’t going anywhere make it a stock you can have confidence buying now and holding for decades.  

The post The Best Canadian Stocks to Buy and Hold Forever in a TFSA appeared first on The Motley Fool Canada.

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More reading

• The Top 3 Canadian Dividend Stocks I Think Belong in Every Portfolio
• Safe Canadian Stocks to Buy Now and Hold Through Market Volatility
• A Dividend Giant I’d Buy Over BCE Stock Right Now
• Young Investors: The Perfect Starter Stock for Your TFSA
• Invest Ahead: 3 Potential Big Winners in 2026 and Beyond

Fool contributor Daniel Da Costa has positions in Brookfield and Enbridge. The Motley Fool has positions in and recommends Alimentation Couche-Tard and Brookfield. The Motley Fool recommends Brookfield Corporation, Canadian National Railway, Dollarama, and Enbridge. The Motley Fool has a disclosure policy.