The Best TSX Stocks to Buy With $1,000 Right Now

It’s trying times out there, but these three TSX stocks offer the best way to bring in income through 2023 and beyond.

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A great strategy for investing is to put cash aside each paycheque. You can start collecting more and more cash, waiting for the right time to buy one of those TSX stocks you’ve been eyeing.

But if you’ve been hoarding that cash during this market, I wouldn’t blame you. After all, shares have been dropping, rebounding, then dropping again, creating a volatile situation for investors to consider.

However, if you’re now sitting on $1,000 and wanting to invest it, there are TSX stocks that I would invest in pretty much no matter what. But these are the best TSX stocks to invest $1,000 right now.

A passive-income play

If you need passive income, then perhaps the best one to consider right now is NorthWest Healthcare Properties REIT (TSX:NWH.UN). I discuss this one a lot, but for good reason. NorthWest stock is a monthly passive-income provider with a dividend yield at 7.91% as of writing. Further, it’s valuable, trading at just 8.78 times earnings. Even better, it would take just 93.62% of its equity to cover all its debts.

Furthermore, this company is a solid choice for those seeking long-term passive income. The company is in the healthcare sector, using its cash to buy up healthcare properties around the world. This has created enormous cash flow and asset growth quarter after quarter.

Right now, shares are down 22% year to date, so you can lock in a dividend yield for a steal. In fact, $1,000 would bring in passive income of $78.50 per year as of writing!

COMPANYRECENT PRICENUMBER OF SHARESDIVIDENDTOTAL PAYOUTFREQUENCY
NWH.UN$10.1998$0.80$78.50monthly

A growth play

If you’re looking for growth, then I would certainly look at the tech sector. Sure, there are companies that haven’t had a great year. But don’t look at the new investments, and instead look at tech stocks that have been around for decades.

A strong option right now is CGI Group (TSX:GIB.A). CGI stock is an acquisition powerhouse, buying up cheap, essential software companies and giving them what they need to thrive. They then put them back out there fresh and new and ready to rake in cash.

CGI stock has been doing this for decades, with shares up 1,397% in the last two decades. This year, shares are up about 6.5% year to date after strong earnings. So, this is certainly one that could also provide some defence in your portfolio right now.

A no-brainer stock

If you’re looking for a stock you can set and forget, then look to Toronto-Dominion Bank (TSX:TD). TD stock has been a huge mover in the banking industry over the last two decades. It’s now one of the top 10 banks in America and continues to grow its online presence. Further, it’s making lucrative partnerships with more credit cards practically every quarter.

Then there’s the company’s main operations, where it aims to provide loans for pretty much any income level. Because of this, loan growth has remained relatively strong, even in the midst of hiking interest rates. This was why earnings remained solid during its recent report, with loan and margin growth coming in strong.

Plus, the stock is still cheap trading at 11.57 times earnings and offers a 3.96% dividend yield as of writing. As for share growth, TD stock is down just 1.77% year to date but up 223% in the last decade.

Bottom line

Don’t let fear get in the way of portfolio growth. These three TSX stocks should continue to grow for decades, just as they have in the last few years. But of the batch of TSX stocks out there, they also provide the most solid move forward out of a potential economic downturn in 2023.

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 Amy Legate-Wolfe has positions in NorthWest Healthcare Properties Real Estate Investment Trust and Toronto-Dominion Bank. The Motley Fool recommends CGI and NorthWest Healthcare Properties Real Estate Investment Trust. The Motley Fool has a disclosure policy.

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