4 of the Top Canadian Stocks I’d Buy With $1,000 Today

If you’ve got cash that you’re looking to invest today, here are four of the top Canadian stocks to consider buying for the long run.

| More on:
Canadian Dollars

Image source: Getty Images

There’s no question that the biggest advantage of the stock market is the opportunity it gives you to begin investing with even the smallest amounts of capital. As soon as you have the cash to invest, you can begin to start finding the top Canadian stocks to buy today.

This is a major opportunity. Without the stock market, you would need thousands or even millions to buy assets or businesses that could grow your money.

And these days, with the improvement in technology, you can now find investing platforms that even let you buy fractions of shares.

So, if you’ve got cash today and are looking for the top Canadian stocks to buy, here are four of the best to consider.

A top communications stock

After the pandemic hit and changed the way tonnes of industries do business, many are still working from home. The ease of working remotely has many benefits and should continue to be a growing trend, which is perfect for investors of Sangoma Technologies (TSXV:STC).

Sangoma is a tech stock that offers communications as a service. Even before the pandemic having high-quality communication was crucial for many companies. So, the stock is well positioned, as the industry is set to continue to grow over the years.

Plus, Sangoma sells both the hardware and software components necessary for high-quality communications. And with the incredible acquisitions it’s been making lately, Sangoma looks like it has a tonne of long-term growth potential.

So, if you’re looking for a top Canadian stock to buy today, Sangoma is a top recommendation.

A top Canadian growth stock to buy now

Another top Canadian stock you’ll want to buy and hold for the long term is Park Lawn (TSX:PLC). Park Lawn is a rapidly growing company in the death services industry.

This is an industry that has a tonne of long-term growth potential in addition to being an industry that will be around forever. Besides the industry, though, Park Lawn is a great investment, as it’s proven to be a top growth stock.

Through tonnes of acquisitions and organic growth, it’s managed to expand its operations rapidly.

The pandemic impacted revenue a bit due to stay-at-home orders and limits on the number of people who can gather. Going forward, though, it’s an incredible growth stock and one of the best Canadian businesses to buy and hold for the long term.

A top green energy stock to buy

Another industry where you can find great long-term investments is green energy. If you’re looking to invest today, I’d buy one of the top Canadian growth stocks in the industry: Northland Power (TSX:NPI).

Northland is one of the best businesses to buy for the long run. It’s been trading down this week after issuing a slightly negative earnings report. However, much of the negative news is short term, which has nothing to do with Northland’s long-term growth strategy.

It continues to offer one of the best ways to gain exposure to the rapid growth industry. So, this pullback is a good chance to buy the renewable energy stock while it’s still cheap.

And a more defensive stock like Northland is always a good idea, especially with a fourth COVID wave potentially looming.

One of the best financial stocks in Canada

Lastly, another top Canadian stock to buy now is goeasy (TSX:GSY). goeasy is a rapidly growing consumer loan business that continues to set new 52-week highs.

goeasy’s primary business model consists of loaning money to below prime borrowers. To compensate goeasy for the risk of lending to these below prime consumers, the company can charge a higher interest rate on its loans.

This should help offset the underperforming loans that may not get paid back. However, if goeasy manages to keep these underperforming loans low, it can earn some significant profits. And that’s exactly how the company has grown so rapidly.

goeasy has proven it’s one of the top Canadian stocks you can buy. However, with the stock having such an impressive performance, you may want to look to buy it on a pullback. But then again, I wouldn’t wait too long. You’ll want exposure to this rapid growth stock sooner rather than later.

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 Daniel Da Costa owns shares of NORTHLAND POWER INC. The Motley Fool has no position in any of the stocks mentioned.

More on Stocks for Beginners

A worker overlooks an oil refinery plant.
Dividend Stocks

3 of the Safest Dividend Stocks in Canada

If you need a pick me up during this downturn, one that will last decades, consider these three safe stocks…

Read more »

Dollar symbol and Canadian flag on keyboard
Stocks for Beginners

4 Canadian Stocks for Beginners in April 2023

New to investing but don't know where to start? Check out these top Canadian stocks that might be operating right…

Read more »

Skiier goes down the mountain on a sunny day
Dividend Stocks

3 Top Stocks Poised to Beat the TSX Index

Three TSX stocks that could outrace the market in 2023.

Read more »

Hourglass projecting a dollar sign as shadow
Stocks for Beginners

TFSA Investors: Don’t Wait. Now Is the Time to Buy These Top TSX Stocks

These top TSX stocks offer long-term growth, dividends, as well as significant value at current levels for TFSA investors.

Read more »

Dividend Stocks

Presenting… An Everyday Stock Portfolio for Canadian Investors!

Looking to diversify your portfolio? Here's a look at some of the best everyday stock portfolio options for Canadian Investors!

Read more »

edit Taxes CRA
Stocks for Beginners

How I’m Using My RRSP This Tax Season

Don't dismiss what you can make from your RRSP this year and every year, especially if you invest in a…

Read more »

tsx today
Stocks for Beginners

TSX Today: Why Canadian Stocks Could Rise on Thursday, March 30

Continued recovery in major global stock indexes and strengthening commodity prices could help the TSX rise today.

Read more »

Two seniors float in a pool.
Stocks for Beginners

2 Smart Stocks to Buy in 2023 That Could Help You Retire Richer

When it comes to investing in smart stocks on the TSX today, these two are some of the best that…

Read more »