The Very Best Canadian Stocks to Hold Forever in a TFSA

TFSAs are great investment vehicles. One of the reasons for that is that they reward long-term compounding and steady dividend growth. This can prove to be a game-changer for investors who seek out the best Canadian stocks to hold forever within a TFSA.

Fortunately, the market offers plenty of options that fit the label of the best Canadian stocks to hold forever.

Here’s a trio of options providing investors with the growth, stability and defensive appeal to establish that portfolio foundation.

Invest in this forever stock today

Railways are some of the most defensive picks on the market, and Canadian National Railway (TSX:CNR) is an option to consider right now.

Canadian National boasts a massive rail network that stretches from coast-to-coast and down through the U.S. Midwest to the Gulf Coast. That network connects three coastlines and most major metro markets in both Canada and the U.S.

Factoring in the high barriers to entry and pricing power associated with freight transportation, you have one of the most defensive options on the market.

In fact, each year, Canadian National transports over $250 billion worth of goods across its network. Those goods can be anything from automotive components and raw materials to crude oil, wheat, and chemicals.

That level of diversification is hard to beat, especially when backed by steady demand from multiple sectors of the economy.

Turning to income, Canadian National is equally impressive. The railway pays a quarterly dividend and currently offers a yield of 2.6%. Canadian National’s dividend record is equally strong, with three decades of consecutive increases that reflect the stability of its cash flows.

For TFSA investors, this combination of reliability and long‑term compounding makes Canadian National a natural fit in any TFSA. The business grows slowly but steadily, and its essential role in North American trade gives it a long runway for continued performance.

In short, Canadian National is handily one of the best Canadian stocks to hold forever.

Consider this long-term holding

Telecoms such as BCE (TSX:BCE) represent another option for investors seeking the best Canadian stocks to hold forever to consider. BCE is one of Canada’s largest telecom providers and a core defensive holding for long‑term investors.   

Telecom services are essential, and BCE’s position in wireless, broadband, and media gives it a recurring revenue base that provides defensive appeal.

Telecoms like BCE are capital-intensive businesses, and the higher interest rates we’ve seen in recent years have impacted BCE’s business. Specifically, BCE has slashed costs, suspended dividend increases, and cut its yield.

Despite that pressure, as rates have stabilized, BCE has improved.

As of the time of writing, BCE’s dividend earns a yield of 5%. The defensive nature of BCE and its reliable revenue generation makes it a valuable anchor inside a TFSA.

For investors seeking stability and income, BCE remains a dependable name in the Canadian market.

Own this forever stock

When seeking out the best Canadian stocks to hold forever in a TFSA, it’s hard not to consider adding REITs to that list.

Enter Granite REIT (TSX:GRT.UN).

Granite is an industrial REIT offering a portfolio focused on logistics, warehousing, and distribution properties. This is contrary to the REIT stereotype of only residential or commercial properties.

Industrial properties have become increasingly important as supply chains evolve and e‑commerce continues to expand. Granite’s tenants are large, financially strong companies bound to long‑term leases, often with built-in rent escalators.

This helps to create predictable cash flows. Additionally, Granite has a long history of disciplined management and steady distribution growth.

As of the time of writing, Granite’s distribution works out to 4.2%.

Granite’s focus on industrial properties gives it a defensive profile compared to retail or office REITs, and its geographic diversification adds another layer of stability.

Granite’s combination of income and resilience makes it a compelling long‑term holding in a TFSA.

The best Canadian stocks to hold forever

No stock is without risk, which is why the importance of diversification cannot be stated enough. Fortunately, the trio noted above offers a balanced foundation that can support a TFSA for decades.

For investors seeking the best Canadian stocks to hold forever, these three names offer a blend of growth, income, and resilience that fits the long‑term nature of the account.

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

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More reading

• BCE or Telus: Which TSX Dividend Stock Is a Better Buy Now?
• 2 TSX Stocks That Can Turn a $56,000 TFSA Into a Lasting Income Machine
• My 3 Favourite Stocks for Monthly Passive Income
• TFSA Balances at 30: Where Do Most Canadians Stand?
• The Bank of Canada Speaks Up Again: Here’s What to Buy for a TFSA Now

Fool contributor Demetris Afxentiou has positions in Canadian National Railway. The Motley Fool recommends Canadian National Railway and Granite Real Estate Investment Trust. The Motley Fool has a disclosure policy.