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4 Stocks to Add to Your TFSA After the Market Slide

The S&P/TSX Index bounced back on February 12, gaining 200 points. The TSX has still fallen 5.9% in 2018 thus far, which leaves investors with some questions in mid-February. Naturally, the biggest question is whether or not this is a buy-low opportunity or a pause in what could be a broader correction as markets respond to rising interest rates.

Today, we will look at four stocks that can make great additions to your Tax-Free Savings Account (TFSA) during this period. The stocks below offer the potential for bounce-back capital appreciation after a dip, and all can generate income for your portfolio.

Snc-Lavalin Group Inc. (TSX:SNC)

Snc-Lavalin is a Montreal-based global engineering and construction company. Shares of Snc-Lavalin have declined 6.2% in 2018 as of close on February 12. The company is expected to release its 2017 fourth-quarter and full-year results on February 22.

In the third quarter of 2017, Snc-Lavalin posted adjusted net income of $88.6 million, or $0.51 per diluted share, compared to $24.4 million, or $0.16 per diluted share, in Q3 2016. The company was dealt some good news in February, as it emerged the winner with its $6.3 billion bid for a Montreal rail project that will connect the city to its suburbs and international airport. The stock also offers a dividend of $0.27 per share, representing a 2% dividend yield.

Dollarama Inc. (TSX:DOL)

Dollarama stock rose 2.68% on February 12 but has dropped 2.3% in 2018. The Montreal-based company is the largest dollar store retailer in Canada. Dollarama is expected to release its fourth-quarter and full-year results in late March.

In the third quarter, the company posted comparable-store sales growth of 4.6%, and operating income jumped 18.4% to $189.3 million. Dollarama expects other retailers to absorb the brunt of the hit from the minimum wage hike in Ontario, and the company announced no intention to raise its store prices in response. The stock also offers a modest dividend of $0.11 per share, representing a 0.3% dividend yield.

Canadian Pacific Railway (TSX:CP)(NYSE:CP)

CP Rail stock has declined 3% in 2018. The freight company has faced some downward pressure due to a strengthening Canadian dollar, but it has surged since late last year on positive earnings. CP Rail released its fourth-quarter and full-year results on January 18.

Revenues rose 5% to $1.71 billion, and adjusted diluted earnings per share increased 6% to $3.22. For the full year, CP Rail saw revenues hit $6.5 billion — a 5% jump from 2016 — and the company delivered a dividend of $0.56 per share with a 1% dividend yield.

Jamieson Wellness Inc. (TSX:JWEL)

Jamieson has dropped 7.3% in 2018. The supplements company is well positioned to grow long term with a business model geared towards an aging population. The company is expected to release its fourth-quarter and full-year results on February 22.

In the 2017 third quarter, Jamieson saw revenues jump 45% to $80.1 million and adjusted EBITDA climb 42.9% to $16.1 million. The stock also offers a dividend of $0.08 per share, representing a 1.5% dividend yield.

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Fool contributor Ambrose O'Callaghan has no position in any of the stocks mentioned.

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