3 Stocks That Could Help You Retire a Millionaire

These TSX stocks have a proven track record of delivering solid growth and multiple catalysts to help you retire a millionaire.

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The primary reason for investing in stocks is to generate higher returns and create wealth for retirement. While every individual’s financial targets differ, most investors would want to be a millionaire when they retire. However, when choosing stocks for long-term financial goals, one must take caution and invest in shares of companies with a proven history of delivering solid growth and possessing multiple catalysts that will enable them to keep growing. 

Against this backdrop, here are three Canadian stocks that could help you retire a millionaire.


Shopify (TSX:SHOP) stock has created significant wealth for its investors. For instance, the stock has grown at a CAGR (compound annual growth rate) of 38.4% since it was listed on the TSX. This growth includes the massive correction in its price following the easing of COVID-19-led restrictions. Investors should note that Shopify benefitted significantly from the COVID-19 pandemic, leading to the enormous demand for its offerings. However, the normalization of demand and pressure on consumer spending weighed on its stock.

Nonetheless, Shopify stock has recovered in 2023 and is up over 90% year to date. This growth reflects the company’s ability to grow sales rapidly, even at a large scale. The growing adoption of its innovative products, like Payments and Capital, and the addition of sales and marketing channels will likely drive its merchant base and overall volumes and revenues. Further, Shopify focuses on streamlining its business, reducing costs, and generating sustainable profitability, which is positive. It recently divested its logistics business, which will cushion its margins and bottom line. 

While Shopify is poised to gain from the emphasis on digital transformation, its stock is trading cheap. It is trading at the next 12-month enterprise value-to-sales ratio of 10.7, much lower than the pre-pandemic levels, making it a compelling investment near current levels.


Growing at a CAGR of over 28% in the past decade, goeasy (TSX:GSY) is another millionaire-maker stock. It offers loans to subprime borrowers and has delivered solid growth over the past decade. goeasy’s top-line sported a CAGR of 17.7% between 2012 and 2022. At the same time, its earnings grew at a CAGR of 29.5%.

A large subprime lending market, high-quality loan origination, multi-channel offerings, and an expanded product base will enable it to continue to deliver double-digit sales growth. Moreover, stable credit performance and efficiency savings will cushion its bottom line. 

Further, investors will benefit from its solid dividend payouts. The lender increased its dividend by 327% in the past five years. goeasy stock is trading at an NTM price-to-earnings multiple of 8.3, which is cheap considering a high-growth earnings base and solid dividend payments. 


Canada’s air cargo leader, Cargojet (TSX:CJT), is another stock with the potential to make its investors millionaires. The stock has witnessed a massive correction over the past couple of years. Despite the significant decline in its price, Cargojet stock still increased at a CAGR of more than 26% in the past decade. 

The company is grappling with lower volumes in the short term. However, its fundamentals remain strong, and the company is expected to benefit from long-term customer relationships, a solid domestic network, high retention rate, and strategic partnerships with companies. These will ensure steady revenue and cash flows.

Cargojet stock has witnessed a pullback, which presents a good buying opportunity near the current levels. Further, the company has lowered its debt, reducing costs and preserving cash is encouraging. Additionally, a recovery in e-commerce demand will accelerate its growth and drive its stock higher. 

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 Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cargojet and Shopify. The Motley Fool has a disclosure policy.

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