Top Canadian Stocks to Buy for Your TFSA

One of the best ways to grow your hard-earned savings is by putting your Tax-Free Savings Account (TFSA) to work with stocks that can perform across many years, not just a few months or quarters. A TFSA can reward patience, especially when it holds quality stocks tied to essential spending or long-term infrastructure. Such businesses continue generating revenue even when economic conditions change. That consistency can make a TFSA easier to stick with during market pullbacks. In this article, I will talk about two top Canadian stocks and explain why they can be strong additions to a long-term TFSA portfolio.

TC Energy stock

If you’re looking for top Canadian stocks for long-term TFSA stability, TC Energy (TSX:TRP) is definitely worth considering, with a focus on essential energy infrastructure. It mainly runs one of the largest natural gas pipeline networks in North America, with assets that are largely backed by long-term contracts.

After climbing nearly 16% over the last six months, TRP stock currently trades at $74.63 per share, giving it a market capitalization of roughly $77.7 billion. TC Energy also offers dividend income, with an annualized yield of about 4.6%, which can be attractive inside a TFSA.

In 2024, TC Energy went through a major structural change by spinning off from its Liquids Pipelines business, which created a separate publicly traded company. This move was aimed at simplifying its business with a sharp focus on regulated natural gas infrastructure.

Since that spinoff, TC Energy’s financial performance has reflected growing investor clarity as it continues to concentrate capital on core pipeline systems. As a result, the company’s cash flow predictability has also improved. This approach continues to back its dividends and balance sheet strength, which matter for TFSA investors focused on income.

Overall, with long-lived assets and contract-backed revenue, TC Energy could be a stable TFSA holding for investors who value durability over rapid growth.

Dollarama stock

Dollarama (TSX:DOL) is another reliable Canadian stock that TFSA investors buy today and hold for the long term. Being Canada’s largest discount retailer, it sells everyday items at fixed low-price points. That’s why the demand for its products remains solid even amid economic slowdowns.

Following a 40% jump in its share price over the last year, Dollarama trades near $193 per share, with a market cap of about $52.8 billion. It also pays a smaller dividend, with an annualized yield of about 0.2%, reflecting its current emphasis on reinvesting for growth.

In the three months ended on November 2, 2025, Dollarama’s sales climbed by 22.2% YoY (year-over-year) to $1.9 billion, with the help of a 6% rise in its comparable store sales in Canada. On the profitability side, its EBITDA (earnings before interest, taxes, depreciation, and amortization) also improved by nearly 20% YoY to $612 million, giving it an EBITDA margin of 32%.

During the quarter, the company also continued returning capital to shareholders, repurchasing 2.6 million shares for $484.6 million. Beyond Canada, the company committed additional capital to Dollarcity expansion in Latin America, including a US$18 million capital contribution toward growth in Mexico.

Over the long run, Dollarama’s strategy of store expansion, disciplined pricing, and cost control supports its consistent earnings growth. These factors could help its share price continue soaring in the years to come, making it an attractive Canadian stock for TFSA investors.

The post Top Canadian Stocks to Buy for Your TFSA appeared first on The Motley Fool Canada.

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More reading

• Best Stock to Buy Right Now: Enbridge vs TC Energy?
• Load Up on These Growth Stocks Today Before They Lead the Charge in 2026
• Top Canadian Stocks to Buy With $2,000 in 2026
• 2 Top Canadian Blue-Chip Stocks to Buy Now
• 5 Canadian Stocks to Buy and Hold for the Next Five Years

Fool contributor Jitendra Parashar has positions in Dollarama. The Motley Fool recommends Dollarama. The Motley Fool has a disclosure policy.