Got $400? 4 Top TSX Stocks to Buy and Hold Forever

With less than $400 today, Canadian investors can own this entire basket of four top TSX stocks.

Nicholas Dobroruka

Nik has been writing for The Motley Fool Canada since 2020. After studying marketing at University in his hometown of Montréal, Nik decided to pack up and move west to Vancouver. By day, Nik is a digital media ninja, specializing in Programmatic advertising. By night, you can find him either Mountain biking in Vancouver’s famous North Shore trails or writing for TMF Canada. Tech, digital payments, and renewable energy are three areas that Nik enjoys following and writing about.

Published April 15, 2022 11:45 am EDT

Despite the high levels of volatility in the stock market today, my watch list is loaded with top TSX stocks.

In the short term, it’s anybody’s guess as to how the S&P/TSX Composite Index will fare. The list of uncertainties in the economy only continues to grow, so I’d bank on the volatility to stick around for a while longer.

If you’ve got a long-term time horizon, though, and you plan on holding your investments for at least a decade or longer, now’s the time to be shopping. The Canadian stock market is full of discounted TSX stocks that your future self will be thanking you for buying today.

This basket of four top TSX stocks will cost Canadian investors less than $400 right now.

Brookfield Renewable Partners

There are more reasons than one to have this renewable energy leader on your watch list.

The main reason I’m already a Brookfield Renewable Partners (TSX: BEP.UN)(NYSE: BEP) shareholder is for growth. The TSX stock has more than doubled the returns of the Canadian stock market over the past five years, and I’m not expecting growth to slow down anytime soon.

On top of that, the company pays a generous dividend. At today’s stock price, energy stock’s dividend yields close to 3.5%.

Good luck trying to find another dividend stock with a market-beating track record that can match that of Brookfield Renewable Partners.

Docebo

Now’s the time to load up on this high-growth tech stock.

After delivering growth of more than 300% in 2020, shares of Docebo (TSX: DCBO)(NASDAQ: DCBO) have been gradually dropping for the past six months. Today, the TSX stock is sitting close to 50% below all-time highs.

Investors looking to add some growth to their portfolios won’t want to miss this sale.

Bank of Nova Scotia

For investors that are already over-indexed towards growth stocks, owning shares of a Canadian bank would be a wise idea.

Bank of Nova Scotia (TSX: BNS)(NYSE: BNS) can provide a portfolio with both stability and a dependable stream of passive income.

The TSX stock has been paying a dividend for close to 200 consecutive years. And at today’s stock price, the bank’s dividend yields more than 4.5%.

Don’t let the fact that the bank stock is trading near all-time highs keep you from starting a position today. This is a company you can feel good about buying at any price, as long as you plan on holding for the long term.

Air Canada

This discounted price may not be here for much longer. Shares of Air Canada (TSX: AC) have been trading flat for most of the past year, but the TSX stock may be on the cusp of a rebound.

Prior to the pandemic, Air Canada had been a market-crushing performer. And even with the 75% selloff in early 2020, shares of Canada’s largest airline are still up 80% over the past five years. That’s good enough for more than doubling the returns of the Canadian stock market.

It may be a while until we witness another selloff like this. Don’t miss your chance at starting a position in this market-beating airline stock.