4 Top Canadian Stocks to Buy Right Now With $500

The Canadian stock market is trading at all-time highs but I’m still a buyer. Here are four TSX stocks at the top of my watch list right now.

stock market

Image source: Getty Images

Canadian stocks are riding an incredible bull run right now. The S&P/TSX Composite Index is up more than 15% year to date and close to 30% over the past 12 months. It’s definitely been a great year to be invested in top Canadian companies. 

But even though the market is trading at all-time highs, I’m not looking to sell any of my winning positions. In fact, I’m looking to add a couple of new TSX stocks to my portfolio. 

Valuations may be getting high for some stocks, but it doesn’t mean you need a lot of cash to invest in the Canadian market today. With $500, you can own this entire basket of four market-leading Canadian stocks. 

Lightspeed POS

Shares of Lightspeed POS (TSX:LSPD)(NYSE:LSPD) may only cost $100, but it’s far from a cheap stock. The high-growth tech company trades a frothy price-to-sales ratio above 60. You won’t find many other TSX stocks trading that high.

Its high price tag is justified by its long-term growth potential. Shares are up more than 450% since it joined the TSX in 2019 and revenue growth is still continuing to rise. 

In Lightspeed’s more recent fiscal quarter, management reported revenue growth above 125%, driven by more than 140,000 customer locations spread across 100 countries.

This is one growth stock that I am completely comfortable paying a premium for. 

WELL Health Technologies

Telemedicine stocks exploded during 2020 as the pandemic wreaked havoc across the globe. But now as vaccination numbers continue to increase, many of the market leaders in this growing industry are beginning to cool off.

WELL Health Technologies (TSX:WELL) stock soared more than 400% in 2020 alone. Shares had been trending steadily downwards for most of 2021, but the stock has seen a recent jump in price. So much so that it’s trading just below all-time highs right now.

This is one industry that I think is just getting started. It’s hard to predict who the market leaders will be in 10 years’ time, so there’s absolutely no harm in owning several telemedicine stocks in your portfolio.

Sun Life Financial

To balance out the first two growth stocks on this list, I’ve included a dependable dividend-paying stock, Sun Life Financial (TSX:SLF)(NYSE:SLF), in this basket.

Sun Life likely won’t be the fastest-growing stock in your portfolio, and there’s nothing wrong with that. This insurance stock will help balance out the volatility that comes with owning top growth companies like Lightspeed.

Shareholders of Sun Life will also earn a top dividend. At today’s stock price, the insurance stock’s annual dividend of $2.20 per share earns investors a yield of 3.5%.


Last on my list of radar stocks is a blend between the first three stocks. 

Telus (TSX:T)(NYSE:TU) offers shareholders lots of market-beating growth potential, but it also pays shareholders an impressive dividend.

While Telus hasn’t been a consistent market-beater in recent years, that may change over the next decade. Many companies stand to benefit from the expansion of 5G technology, but perhaps none more than the telecommunication companies.

And while Telus shareholders wait for the stock to return to market-beating growth, they’ll enjoy a juicy dividend of 4.5%.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Nicholas Dobroruka owns shares of Lightspeed POS Inc. The Motley Fool owns shares of and recommends Lightspeed POS Inc. The Motley Fool recommends TELUS CORPORATION.

More on Tech Stocks

edit Sale sign, value, discount
Dividend Stocks

3 Remarkably Cheap TSX Stocks to Buy Right Now

These three cheap TSX stocks are some of the best buys on the TSX, and yet their share price is…

Read more »

Family relationship with bond and care
Dividend Stocks

TFSA Investors: 3 Cheap Canadian Stocks for Retirees

These three Canadian stocks are super cheap for retirees looking for a great buy that will last the test of…

Read more »

consider the options
Tech Stocks

Better Buy (2024 Edition): Shopify or Nvidia Stock?

Shopify (TSX:SHOP) isn't the only red-hot tech stock in town that could add to recent gains.

Read more »

Illustration of bull and bear
Tech Stocks

A Bull Market Is Coming: 3 Growth Stocks That Could Thrive

Given their high growth prospects and cheaper valuation, these three growth stocks would be an excellent buy as the market…

Read more »

online shopping
Tech Stocks

2 Stocks That Saw Major Black Friday Boosts

These stocks saw a pretty amazing Black Friday, a sign that both are probably going to be a great buy…

Read more »

Growing plant shoots on coins
Tech Stocks

2 Top Growth Stocks in Canada for December 2023

Here are two of the best Canadian growth stocks you can buy in December 2023.

Read more »

Dots over the earth connecting the world
Tech Stocks

Is Constellation Software Stock Worth a Buy in December?

Constellation stock (TSX:CSU) is up 46% in the last year alone, but after an earnings miss should investors still consider…

Read more »

Man data analyze
Tech Stocks

Beyond SPY Stock: Top U.S. Picks for Canadian Investors

Venturing beyond SPY stock opens up a world of investment possibilities for Canadian investors. Top U.S. picks include Apple.

Read more »