Top Canadian Stocks to Buy Right Now With $3,000

You don’t need to dig deep into your wallet to invest.  Even with a modest few thousand dollars, you can buy some of the top Canadian stocks to build a firm foundation for future growth. If you’re starting with $3,000, there’s a wide selection of high-quality companies with strong fundamentals that can weather market volatility.

Income-generating anchor

The Bank of Nova Scotia (TSX:BNS) can be the income-generating anchor in a portfolio of three stocks. BNS currently trades at $94.38 per share and pays a 4.7% dividend, the highest yield among Canada’s Big Six banks. Its 193-year dividend track record lends confidence to invest in BNS.

In Q1 fiscal 2026 (three months ending January 31, 2026), net income climbed 131.5% to $2.3 billion versus Q1 fiscal 2025. Scott Thomson, President and CEO of BNS, said all of the $116.3 billion bank’s business lines reported earnings growth during the quarter.

Based on market analysts’ 12-month average price target of $107.14, the upside potential is 13.5%. BNS carries a hold rating.

Market dominance

Loblaw (TSX:L) is not only a budget-friendly option but also a powerhouse in Canada’s grocery and pharmacy space, with significant size and scale. The business tends to perform well in any economic environment. Moreover, value-conscious customers drive demand for its discount banners during periods of economic uncertainty.

The $74.2 billion retailer owns two strong “value” levers (No Frills and Maxi). Loblaw opened 48 additional hard discount stores in 2025. On the pharmacy side, 7 Shoppers Drug Mart pharmacies and 97 new pharmacy care clinics were opened last year.

Per Bank, the CEO of Loblaw, said the hard discount network expansion takes affordability into account for many households. Overall, the goal is to meet customers’ everyday needs for food, health and wellness. For the full-year 2025 (12 months ending January 3, 2026), net earnings increased 23.8% year-over-year to $2.7 billion. Notably, e-commerce sales rose 19.6% from a year ago. Loblaw trades at $63.32 per share and pays a 0.89% dividend.  

Explosive growth

Rising oil prices in March 2026 have boosted the TSX’s energy sector. A small-cap stock leads the charge, as evidenced by its explosive growth. Tenaz Energy (TSX:TNZ) has surged nearly 100% since year-end 2025.

At $55.60 per share, the trailing one-year return and total three-year return are 347.3% and 2,599, respectively. Had you invested $3,000 in TNZ three years ago, your money would be worth $80,970.87. The $1.8 billion energy company is coming from a landmark year, including massive revenue and profit growth in 2025.

For the full year, total petroleum and natural gas sales rose 362% year-over-year to $291 million. Net income reached $315.6 million versus the $7.7 million net loss in 2024. Tenaz Energy develops crude oil and natural gas in Alberta. The Canadian firm is also the largest operator of natural gas assets in the Dutch sector of the North Sea.

Its President and CEO, Anthony Marino, said Tenaz has expanded the scale of the business in 2025 and strengthened the asset base, resulting in a clear path for future growth.   

Mini-portfolio

As your finances allow, gradually accumulate more shares of BNS, L, and TNZ to further strengthen your mini-portfolio. Watch your initial capital grow over time.

The post Top Canadian Stocks to Buy Right Now With $3,000 appeared first on The Motley Fool Canada.

Should you invest $1,000 in Bank Of Nova Scotia right now?

Before you buy stock in Bank Of Nova Scotia, consider this:

The Motley Fool Canada team has identified what they believe are the top 10 TSX stocks for 2026… and Bank Of Nova Scotia wasn’t one of them. The 10 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 $20,155.76!*

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* Returns as of February 17th, 2026

More reading

• Top Canadian Stocks to Buy Right Away With $2,000
• TFSA: 3 Canadian Stocks That Are Perfection With a $7,000 TFSA Investment
• Passive Income: How Much Do You Need to Invest to Make $1,000 Per Month?
• Build Enduring Wealth With These Canadian Blue-Chip Stocks
• 2 Growth Stocks Down 6% to 9% to Buy Now

Fool contributor Christopher Liew has no position in any of the stocks mentioned. The Motley Fool recommends Bank of Nova Scotia. The Motley Fool has a disclosure policy.