3 Stocks to Buy Now That Could Help You Retire a Millionaire

These three Canadian stocks could be your ticket to retiring rich.

| More on:
financial freedom sign

Image source: Getty Images

Investing in the stock market can be as difficult or easy as you’d like to make it for yourself. 

If you plan on earning short-term gains by timing the market, your work will be cut out for you. Predicting short-term movements in the stock market is incredibly difficult to do.

Long-term investors, however, have the luxury of being patient. As market pullbacks are inevitable, long-term investors can instead focus their time on finding top-quality businesses that they’re comfortable holding for years to come.

Building a winning portfolio

There’s no secret recipe for building a successful investment portfolio of stocks. However, for those with long-term time horizons, there are a few things to keep in mind. 

I’d encourage long-term investors to always keep diversification and growth potential top of mind. Diversifying between different asset classes can help reduce overall risk in a portfolio. In terms of growth potential, it’s ultimately going to be the compounded returns that are going to help you retire rich. 

With that in mind, I’ve put together a well-diversified basket of three Canadian stocks. Together, the trio of companies can provide an investment portfolio with diversification, growth potential, and passive income.


Brookfield (TSX:BN.TO) does it all for its shareholders. The stock has been a massive market beater over the past decade and pays a dividend that’s nearing a 1% yield at today’s stock price. It’s the diversification, though, that sets Brookfield apart from many other TSX stocks.

The $85 billion company is a global asset manager. With operations across the globe, spanning a range of different industries, you won’t find many stocks more diversified than this one.

This is a perfect choice for investors who are still in the early stages of building their portfolio and could use the extra diversification.


In terms of growth potential, the tech sector is an excellent place to be shopping. That’s especially true today, with no shortage of discounted tech stocks to choose from.

Shopify (TSX:SHOP) has rallied 70% over the past year, yet shares are still down 50% from all-time highs from 2021. Even so, the tech stock is up close to 300% over the past five years. In comparison, the broader Canadian stock market has returned less than 50%.

If you can handle the volatility, Shopify should be on your watch list. There are plenty of market-beating years still ahead for this tech company.

Bank of Nova Scotia

The Canadian banks are far from the most exciting stocks on the TSX, but there are two very good reasons to own one. 

First off, they are dependable. The banking sector is certainly not fast-growing, but it has been reliable for Canadian investors for years.

  • We just revealed five stocks as “best buys” this month … join Stock Advisor Canada to find out if Enbridge made the list!

Dividends are the primary reason I’d suggest owning a bank stock in your portfolio. The Big Five are not only all currently yielding above 4% but also own some of the longest payout streaks on the TSX.

At a dividend yield that’s currently above 6%, Bank of Nova Scotia (TSX:BNS) is the highest-yielding among the Big Five. It’s also been paying a dividend to its shareholders for close to 200 consecutive years.

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 Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Bank Of Nova Scotia, Brookfield, and Brookfield Corporation. The Motley Fool has a disclosure policy.

More on Investing

Payday ringed on a calendar
Dividend Stocks

This 6% Dividend Stock Pays Cash Every Month

Can a 6% dividend yield help you build a monthly retirement income? An investment made right can help you build…

Read more »

Payday ringed on a calendar
Dividend Stocks

Passive Income: How Much Should You Invest to Earn $1,000 Every Month?

These three monthly-paying dividend stocks can help you earn a monthly passive income of $1,000.

Read more »

clock time
Tech Stocks

Up 47%, Is it Time to Buy Payfare Stock?

Payfare (TSX:PAY) stock has been rising higher in the last six months after dropping significantly since 2021. Is it time…

Read more »

Dividend Stocks

3 Dividend Stocks to Double Up on Right Now

Some of these dividend stocks will take longer to recover than others, but they'll certainly pay you to stick around.

Read more »

edit Person using calculator next to charts and graphs
Stocks for Beginners

Watching This 1 Key Metric Could Help You Beat the Stock Market 

If you're looking for the best way to beat the TSX 60, look at this key metric and find a…

Read more »

Online shopping
Stocks for Beginners

Is Couche-Tard Stock a Buy?

Couche-Tard stock (TSX:ATD) may be up 11% in the last year, but quarterly results have been shrinking, leaving investors on…

Read more »

TFSA and coins
Dividend Stocks

TFSA Passive Income: How Much to Invest to Earn $250/Month

Want to earn $250/month of tax-free passive income? Here are four Canadian dividend stocks to look at buying in your…

Read more »

Clock pointing towards a 'sell' signal
Tech Stocks

2 Canadian Growth Stocks to Buy and 1 to Sell

Financial growth stocks like EQB Inc (TSX:EQB) are much cheaper than tech growth stocks.

Read more »