3 TSX Bargains I'd Buy for My TFSA in April

3 TSX Bargains I’d Buy for My TFSA in April

These TSX stocks continue to be ignored for the opportunity they are, and it’s a perfect time to add them to your TFSA.

Amy Legate-Wolfe

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Before joining Motley Fool Canada, she wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote: “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published April 18, 2023 12:15 pm EDT

There are still so many TSX stocks on sale right now, hitting a bargain that frankly will be laughable in a year. But not all TSX stocks. So, if I find the cash, these are the three stocks I would consider buying for my Tax-Free Savings Account (TFSA) in April.

Nutrien

Nutrien (TSX:NTR) went through a rough patch over the last year after climbing from the rise in potash prices before falling with a poor market. Yet it’s still the company it always was — a company that remains stable and continues to grow through mergers and acquisitions.

Yet Nutrien stock is now down about 28% in the last year! That’s far from its all-time highs around $140 per share. And that’s exactly why it’s a huge deal on the TSX today. The stock trades at just 5.2 times earnings as of writing and even had a dividend yield at 2.98% right now as well.

Given we will always need food, crop nutrients will continue to thrive. Nutrien stock remains at the head of this industry, expanding and creating an e-commerce solution for farmers that expanded in the pandemic. So, this is definitely one to buy for a TFSA today.

TFI stock

Another strong option is TFI International (TSX:TFII). The reasons are actually quite similar to Nutrien stock. We need shipping, yet during a downturn, many are turning to TFI stock to meet their shipping solutions rather than pay them themselves.

TFI stock will remain around for decades, thanks to this need to ship products around North America. It continues to put cash aside for even more mergers and acquisitions; it recently reported that it’s set aside $300 million to invest before June 2023.

Shares are actually up by 50% in the last year and 14% year to date as of writing. However, it still trades at just 12.8 times earnings as of writing. And again, you get a nice little dividend yield at 1.23% as well.

NorthWest REIT

Finally, let’s throw a solid real estate investment trust (REIT) into the mix. In this case, consider adding NorthWest Healthcare Properties REIT (TSX:NWH.UN) into your portfolio.

There are a few reasons. First off, it’s a healthcare property company. It focuses on essential properties like hospitals and healthcare facilities for operations. Because of this, it can achieve an average lease agreement of 14 years! And that’s at a superbly high 97% occupancy rate.

Yet shares are down about 40% this year alone! It’s really astounding, especially as you can lock it up with a dividend yield currently at 9.79% as of writing.

NorthWest REIT is definitely a strong option among these dividend stocks if you want cash to reinvest. You can get a solid dividend yield, while the company continues to expand its operations around the world.

Bottom line

Given that NorthWest REIT is in the field of healthcare, you’ve now hit all the essentials of food, shipping, and health for your TFSA portfolio. So, don’t miss out on these investments on the TSX today.