3 of the Best Canadian Stocks I Plan to Hold Forever

These Canadian stocks offer dividends, growth, and huge opportunities for investors. Including investors like me!

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Right now investors are wondering what they should buy, how much they should buy, even if they should buy at all. And the issue is I believe that investors might be straying from their long-term goals.

Those goals should include long-term investment strategies, and that means buying and holding for years. Even decades! That’s why today I’m going to go over three Canadian stocks that I plan to hold forever.

Brookfield Renewable Partners LP

Brookfield Renewable Partners LP (TSX:BEP.UN) might be considered one of the more volatile stocks over the last few years. After all, the stock skyrocketed upwards after United States President Joe Biden stated there would be major investments into renewable energy in his presidency.

Yet, the issue is, after rising there was an economic downturn that led to shares dropping lower and lower. Now, shares are about half of where they were when Biden came to office. Yet has anything really changed? Not really.

That’s why this is such a strong long-term strategy. Renewable energy sources are the future no matter what, and BEP stock offers a diversified set of assets to get into. What’s more, it offers a dividend yield of 5.47% as of writing! That’s far higher than its five-year average of 4.38%. So not only will I be holding the stock, I’ll likely purchase even more.

Royal Bank

The Canadian Big Six Banks have had a rough year or two, but that doesn’t mean you should get out of them either. In fact, arguably I’ll be buying more! That’s because these banks have proven time and again they can come back from even the worst economic scenarios.

This includes the Great Depression, Great Recessions, inflation and stagflation, and of course a pandemic. One such stock that stands above the rest, however, is Royal Bank of Canada (TSX:RY). That’s because it still remains the largest of the banks by market capitalization and assets under management.

The bank was certainly hurt by needing loan provisions, and foreign exchange and fair value led to lower earnings. However, as the market recovers so too will Royal Bank stock. Therefore, if you’re looking for a great deal with practically guaranteed returns, Royal Bank stock is a great option. One I’ll keep buying with shares down 12% in the last year, and a 4.6% dividend yield that’s far higher than the five-year average of 3.9%.


Finally, goeasy (TSX:GSY) is another of the Canadian stocks I’ll continue to hold for decades. In this case, it’s because goeasy stock has proven that it can last over decades, and indeed continue to hit records! The company set yet another record revenue report during its latest earnings release, causing a jump in share price.

Yet goeasy stock still has more room to grow. Even more so after the company saw shares drop after the federal government announced a cap on annual percentage rates (APR) at 35%. However, goeasy stock was happy with the news, as smaller companies will be pushed out in favour of goeasy stock instead.

So this company certainly is one of the Canadian stocks I’ll hold onto, especially as it climbs to 52-week highs. Meanwhile, I can look forward to a dividend yield at 2.92%.

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 Brookfield Renewable Partners, Goeasy, and Royal Bank Of Canada. The Motley Fool recommends Brookfield Renewable Partners. The Motley Fool has a disclosure policy.

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