5 Stocks You Can Confidently Invest $500 in Right Now

With all the discounts on the TSX today, you don’t need to break the bank to invest in Canadian stocks right now.

| More on:

Image source: Getty Images

It can be difficult to find confidence in today’s volatile market. And with both interest rates and inflation not looking like they’ll drop significantly anytime soon, we may be in for another bumpy ride in 2023.

Regardless of how the year turns out, though, I’m certainly not staying on the sidelines this year. As a long-term investor, there are too many good deals on the TSX to pass up on right now. 

With that in mind, I’ve put together a list of five top Canadian stocks you can feel good about buying, regardless of the market’s condition.


It’s not often that goeasy (TSX:GSY) goes on sale like this. And with shares already nearing a 20% gain in 2023, these discounted prices may not be around for much longer.

After a monster performance in 2021, shares of goeasy dropped 40% last year. Today, the stock is trading close to 50% below all-time highs that hit in late 2021.

High interest rates have understandably hurt demand in the short term for the consumer-facing financial services provider. But for those that can afford to be patient, this is a proven growth stock that likely won’t be trading at a discount for much longer. 

Toronto-Dominion Bank

During volatile market periods like these, it’s never a bad idea to own a few dependable companies like Toronto-Dominion Bank (TSX:TD) in your portfolio. Growth investors may not have much interest in owning any of the Big Five. But growth is far from the main reason to have a company like TD Bank on your watch list.

In addition to adding stability to an investment portfolio, the bank stock can also be a meaningful income generator.

At today’s stock price, TD Bank’s dividend is yielding above 4%.


Speaking of dependable companies, you won’t find many TSX stocks that can provide a portfolio with as much defensiveness as this utility stock.

For anyone that feels their portfolio is over-indexed towards growth stocks, Fortis (TSX:FTS) would be a wise investment to make. 

Fortis’s dividend is also yielding upwards of 4% at today’s stock price. 

Northland Power

If you’ve had a renewable energy stock on your watch list, now is the time to invest. The sector as a whole has been trending mostly downwards since early 2021, resulting in many top green energy stocks trading at hugely opportunistic discounts right now.

Northland Power (TSX:NPI) is currently trading 30% below all-time highs. Still, shares are up a market-beating 50% over the past five years. And that’s not even including the energy company’s impressive 3.5% dividend yield, either.

Descartes Systems

Last on my list is a high-growth tech company that’s outperformed many of its peers during what was a tough year for the tech sector in 2022.

Descartes Systems (TSX:DSG) managed to remain close to on par with the market’s return last year and is currently trading just shy of 10% from all-time highs. Shares are also nearing a 200% gain over the past five years.

Not many other TSX stocks can rival this tech company’s performance over the past two decades. And with a massive market opportunity still in front of Descartes Systems, this is not a growth stock I expect to begin trailing the market’s returns anytime soon.

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 Nicholas Dobroruka has no position in any of the stocks mentioned. The Motley Fool recommends Descartes Systems Group and Fortis. The Motley Fool has a disclosure policy.

More on Dividend Stocks

A worker uses a double monitor computer screen in an office.
Dividend Stocks

2 of the Best Canadian Stocks That Pay Out Monthly

These two Canadian dividend stocks are some of the best to buy, offering yields upwards of 5.4% and returning cash…

Read more »

Various Canadian dollars in gray pants pocket
Dividend Stocks

Passive-Income Seekers: 4 Safe Dividend Stocks to Own Beyond 2033

Dividend stocks are great, but only if they continue to perform after downturns as well. In the case of these…

Read more »

clock time
Dividend Stocks

How Investors Can Build a $1 Million Portfolio in 12 Years

If you can handle it, you can certainly create a million-dollar portfolio in just 12 years, especially considering this dividend…

Read more »

A close up image of Canadian $20 Dollar bills
Dividend Stocks

4 Big Dividend-Paying Stocks for 2023

These four stocks all earn strong cash flow and offer attractive dividend yields, making them some of the best to…

Read more »

grow dividends
Dividend Stocks

This 7.5 Percent Dividend Stock Pays Cash Every Month

If you need cash now, this dividend stock is certainly one I would consider that could double in share price…

Read more »

Path to retirement
Dividend Stocks

Need Passive Income? Turn $6,000 Into $106 Every Month

Find the right dividend stock for stable growth and you can turn $6,000 into $106 each month!

Read more »

Silver coins fall into a piggy bank.
Dividend Stocks

2 Top Stocks to Supercharge Your TFSA Into a Cash Cow

IA Financial and Brookfield Renewable Partners are great passive income generators for new TFSA investors.

Read more »

edit Real Estate Investment Trust REIT on double exsposure business background.
Dividend Stocks

Invest in This 7.5% Dividend Stock for Passive Income

This dividend stock could provide you with double the amount of annual passive income by investing now instead of at…

Read more »