Investing is one of the best ways to grow your money and become rich. But you don’t need to only focus on buying stocks to make that happen. There are plenty of top Canadian ETFs you can buy that will help you retire a millionaire.
The key is that, just like stocks, you want to find high-quality investments you can own for the long haul. Whether that’s a well-managed portfolio of growth stocks, for example, or an industry ETF that you can own for years, there are plenty of high-quality investments to consider.
With that in mind, here are two of the best Canadian ETFs to buy now that can help you retire a millionaire.
Tech stock ETFs are some of the best value investments Canadians can buy today
The best way to invest is to look for assets that are undervalued and take a position for the long run. And there’s no question that if you’re looking for investments that are cheap today, one of the best Canadian ETFs to buy will be iShares S&P/TSX Capped Information Tech Index ETF (TSX: XIT).
Technology stocks have been underperforming for a few months, including high-quality stocks that have years of growth ahead of them. So, it’s no surprise that the ETF, which is well diversified and offers exposure to several different tech stocks, has still been impacted quite significantly.
The fund offers exposure to several Canadian tech stocks, including popular names like Shopify, BlackBerry, and Lightspeed Commerce, all stocks that are trading undervalued.
Right now, the XIT ETF trades at roughly 30% off its 52-week high, which is quite a significant bargain for a lower-risk investment like an ETF. If you’re looking for one of the top Canadian ETFs to buy today that could help make you a millionaire, at this discount, the XIT is a top candidate.
Dividend-growth stocks are some of the best ways to get rich
Another key and crucial step to becoming a millionaire by investing your hard-earned money is to take advantage of compound interest. And with dividend-growth stocks, these investments help you to compound your money even quicker, thanks to all the passive income you’re constantly receiving.
That’s why one of the best Canadian ETFs to buy now is iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (TSX: CDZ). There are several reasons why an ETF of high-quality dividend-growth stocks is a perfect investment today.
First, owning these stocks for the long haul is ideal, as I mentioned above, due to all the compound interest you can make. However, these are also some of the highest quality and most resilient stocks in Canada. So, the CDZ ETF is also a great investment today due to the protection it can provide your capital, while there is so much uncertainty in markets.
It’s no surprise the CDZ is trading right around its all-time high, even though the market has been on edge for weeks. I wouldn’t worry about the lack of discount, though. These stocks are high quality, they’ll continue to increase their dividend payments for years, and the ETF offers a yield of more than 3.1% today.
So, if your goal is to get rich by finding the top Canadian ETFs to buy, then the CDZ is one of the first investments I’d recommend you consider.
