TFSA: The 3 Best Canadian Stocks to Buy With Your $6,000 Annual Contribution in 2022

Investors should target Canadian stocks like Enbridge Inc. (TSX:ENB)(NYSE:ENB) for their TFSA ahead of the New Year.

This month, Canada released the annual contribution limit in the Tax-Free Savings Account (TFSA) for the upcoming year. In 2022, the TFSA annual limit will remain at $6,000. That will increase the cumulative contribution room to $81,500. Today, I want to look at three top Canadian stocks that are worth scooping up with that extra $6,000 room. Let’s jump in.

Here’s a dividend heavyweight that is worth holding in your TFSA

Enbridge (TSX: ENB)(NYSE: ENB) is an energy infrastructure giant and one of the largest stocks by market cap on the TSX. TFSA investors who are hungry for steady income and a high yield should look to this Canadian stock ahead of the New Year. Shares of Enbridge have climbed 18% in 2021 as of early afternoon trading on December 1. The stock is down 7.5% month over month.

The company delivered adjusted earnings of $1.18 billion, or $0.59 per share, in the third quarter of 2021 — up from $961 million, or $0.48 per share, in the previous year. Meanwhile, distributable cash flow (DCF) rose to $2.3 billion, or $1.13 per common share, over $2.1 billion, or $1.03 per share, in Q3 2020. Enbridge reaffirmed its solid full-year guidance for EBITDA and DCF per share.

Shares of this Canadian stock possess a favourable price-to-earnings (P/E) ratio of 17. TFSA investors can rely on its quarterly dividend of $0.835 per share, which represents a hefty 6.8% yield.

One Canadian stock that has soared since the start of the COVID-19 pandemic

goeasy (TSX: GSY) is an alternative financial services company based in Mississauga. This Canadian stock has been on a tear since dipping during the March 2020 market pullback. Its shares shave climbed 83% in 2021 at the time of this writing. However, goeasy is down 9.4% in the month-over-month period.

In November, I’d suggested that investors should scoop up this growth stock on the dip. goeasy posted loan portfolio growth of 60% to $1.90 billion in the third quarter of 2021. Meanwhile, revenue rose 36% to $220 million. It achieved total same-store growth of 15% and hiked its dividend for the seventh consecutive year. goeasy has unveiled promising forecasts going into the 2022-2023 year.

This Canadian stock last had a favourable P/E ratio of 11. It offers a quarterly dividend of $0.66 per share, representing a 1.4% yield. goeasy can provide huge growth and a little bit of income in your TFSA for the long haul.

Why you should snatch up Canada Goose with the extra $2,000

Canada Goose (TSX: GOOS)(NYSE: GOOS) is the third Canadian stock I’d looked to snatch up with the last bit of contribution room available in 2022. Shares of this top clothing manufacturer, designer, and marketer have increased 50% in 2021 at the time of this writing. The stock has plunged 8.5% over the past week. This is one of my top growth stocks to target in a TFSA as we enter the holiday season.

In Q2 fiscal 2022, Canada Goose delivered global e-commerce revenue growth of 33%. Gross profit climbed to $135 million compared to $94.2 million in the second quarter of fiscal 2021. Canada Goose boasts a very good balance sheet and is on track for big growth going forward. This Canadian stock belongs in your TFSA right now.

Fool contributor Ambrose O'Callaghan owns shares of goeasy Ltd. The Motley Fool recommends Enbridge.

More on Investing

worker carries stack of pizza boxes for delivery
Investing

Why I’m Sticking With This Dividend Stock Through Volatility

Restaurant Brands International (TSX:QSR) is a standout dividend grower still worth holding amid recent industry troubles.

Read more »

Happy shoppers look at a cellphone.
Investing

Can Aritzia Stock Stay This Hot?

With continued geographic expansion, digital investment, and strong customer demand supporting its growth trajectory, Aritzia can sustain its upward momentum,…

Read more »

panning for gold uncovers nuggets and flakes
Stocks for Beginners

Gold Pulled Back From Its Record: This Royalty Stock Raised Its Dividend 18%

OR Royalties offers a different way to own gold exposure, with strong dividend coverage and a modest starting yield.

Read more »

Data center servers IT workers
Retirement

CPP and OAS Alone Probably Won’t Cover Retirement: How to Fill the Gap

Prepare for retirement by understanding the limits of CPP and OAS for your financial future. Stay informed and secure.

Read more »

House models and one with REIT real estate investment trust.
Dividend Stocks

A Perfect TFSA Stock: An 8.4% Payout Each Month

GO Residential REIT pays cash monthly and yields about 8.2% annually. Learn what backs the payout, the H&R deal, and…

Read more »

Data Center Engineer Using Laptop Computer crypto mining
Energy Stocks

I’m Watching Hammond Power’s Backlog, Now Nearly Double Last Year’s

Hammond Power's revenue backlog is up 96.9% YoY on AI data centre demand. Here's what to watch ahead of Q3…

Read more »

Forklift in a warehouse
Dividend Stocks

The Best Monthly Paying Dividend Stock on the TSX: My Pick and My Buy Price

Granite combines monthly income with a reported payout cushion, while an $80 buy price improves what a new investor receives.

Read more »

customer uses bank ATM
Dividend Stocks

This Dividend Giant Just Hiked Its Payout By 7%

Royal Bank of Canada (TSX:RY) just keeps rewarding shareholders with generous dividend hikes.

Read more »