5 Stocks You Can Confidently Invest $500 in Right Now

Are you looking to put some money to work in the stock market today? Here are five companies to put on your watch list.

consider the options

Image source: Getty Images

Canadians don’t need to break the bank to be investing today. The TSX is loaded with top-quality stocks trading at must-buy prices. 

This well-rounded basket of companies can provide investors with a mix of growth, passive income, and stability. Not only are all five stocks currently trading below $500, but Canadian investors can own the entire basket for less than that right now.

Descartes Systems

Descartes Systems (TSX:DSG) is one of the few Canadian tech stocks that has set new all-time highs in 2024. Shares peaked at the end of January and are not far off from setting new highs again this year.

The $10 billion company has been a dependable market beater in recent years. The stock has quietly crushed the market’s returns over the past five years, with shares up more than 150%.

Don’t let the fact that shares are trading near all-time highs keep you from investing today. Descartes Systems is not a growth stock that goes on sale often, so you may be waiting a while if you’re hoping for a discounted price.


Investors hoping to take advantage of Shopify’s (TSX:SHOP) fire-sale price may want to act quickly. The tech giant is up 70% over the past year and is now down only 50% from all-time highs that were set in late 2021. 

Owning shares of Shopify is not for the faint of heart. It’s been an incredibly volatile past several years, and I wouldn’t expect that to change anytime soon. The reason for enduring such extreme levels of volatility is for the chance to earn market-crushing returns.

Shares of Shopify are up more than 300% over the past five years.


If you plan on investing in high-growth companies like Descartes Systems and Shopify, owning a few dependable dividend stocks like Fortis (TSX:FTS) in your portfolio would be a wise idea.

Utility stocks tend to be low-volatility investments, as well as excellent passive-income drivers. Fortis certainly fits that description.

At today’s stock price, the utility stock’s dividend is yielding 4.5%.

Sun Life

The financial sector is another area of the Canadian stock market to look for high-yielding, dependable investments. 

Sun Life (TSX:SLF) is yielding 4.3% at today’s stock price. It’s not the highest yield dividend investors can find on the TSX, but the company is amongst the most dependable around.

Sun Life has been a stalwart in the insurance and wealth management space for decades. The stock’s strong market position has led to many years of market-beating returns, on top of the dividends going out to shareholders. 

Brookfield Renewable Partners

The last pick on my list offers investors a top dividend and a chance to earn market-beating returns. Shares are also trading at an opportunistic discount right now.

The renewable energy sector as a whole has been on the decline since early 2021, which partially explains why Brookfield Renewable Partners (TSX:BEP.UN) is trading close to 50% below all-time highs. Still, shares have outperformed the S&P/TSX Composite Index over the past five years, and that’s not even including dividends.

While the recent decline in price has hurt shareholders in the short term, it has sent the dividend yield surging. At today’s stock price, the dividend yield is above 6%.

Good luck trying to find another stock on the TSX that has delivered market-beating returns over the past five years that’s also currently yielding above 6%.

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 positions in Brookfield Renewable Partners and Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Brookfield Renewable Partners, Descartes Systems Group, and Fortis. The Motley Fool has a disclosure policy.

More on Stocks for Beginners

A data center engineer works on a laptop at a server farm.
Tech Stocks

Why Hut 8 Stock is Up 44% in the Last Week

Hut 8 stock (TSX:HUT) has surged in the last week, and even more year to date. But if you think…

Read more »

Coworkers standing near a wall
Tech Stocks

Why Nvidia Stock Fell 10% Last Week

Nvidia stock (NASDAQ:NVDA) fell by 10% last week after its competitor announced an earnings date, but without preliminary results.

Read more »

edit Business accounting concept, Business man using calculator with computer laptop, budget and loan paper in office.
Dividend Stocks

Got $5,000? Buy and Hold These 3 Value Stocks for Years

These essential and valuable value stocks are the perfect addition to any portfolio, especially if you have $5,000 you want…

Read more »

data analytics, chart and graph icons with female hands typing on laptop in background
Stocks for Beginners

What Investors Should Take Away From WinPak Stock’s Earnings

WinPak (TSX:WPK) stock has stagnated in share price over the last few years, but has there been enough momentum to…

Read more »

bulb idea thinking
Stocks for Beginners

3 No-Brainer Stocks to Buy Now for Less Than $1,000

If you're looking for companies bound for more greatness, these three no-brainer stocks are easy buys, no matter what the…

Read more »

Dollar symbol and Canadian flag on keyboard
Stocks for Beginners

TFSA: 4 Canadian Stocks to Buy and Hold Forever

Here are four stocks that you can buy and hold for decades in your TFSA.

Read more »

Young adult woman walking up the stairs with sun sport background
Stocks for Beginners

New to Investing? This Step-by-Step Guide Will Get You Started

New to investing? Then follow this guide to help you get started, by paying off your debts and saving towards…

Read more »

Man with no money. Businessman holding empty wallet
Dividend Stocks

3 Ways Canadian Investors Can Save Thousands in 2024

If you've done the budgeting and are still coming out with less money than you'd like, consider these three ways…

Read more »