3 of the Best Canadian Stocks I’d Buy and Hold Forever

Canadian stocks like goeasy have consistently outperformed the broader equity market and delivered solid capital gains.

| More on:
stock research, analyze data

Image source: Getty Images

The TSX boasts several fundamentally strong stocks that have consistently delivered above-average returns and created significant wealth for their shareholders. While these Canadian stocks have experienced considerable gains, their resilient business model and potential to generate profitable growth suggests they could continue to deliver notable capital gains and dividend income in the long run. 

Against this background, here are three of the best Canadian stocks to I’d buy and hold forever. 


Shopify (TSX:SHOP) is poised to capitalize on the transition towards omnichannel selling models. The technology company provides infrastructure for multi-channel commerce. Shopify’s software enables merchants to market and sell their products across multiple platforms. This, in turn, attracts new merchants, helps retain revenue from existing merchants, and increases sales to both new and existing ones.

Shopify’s multi-channel platform and growing share of e-commerce in overall retail sales augur well for long-term growth. Moreover, its focus on driving innovation and developing new solutions to extend its platform’s functionality is positive. Further, Shopify is integrating artificial intelligence (AI) technology into its products and platform, which will likely boost its volumes and revenue. 

It’s worth noting that Shopify is transitioning towards an asset-light business model, which will ease pressure on margins and enable the company to deliver sustainable profit in the long term. Overall, Shopify’s durable revenue growth, focus on adding more merchants to its platform (merchants outside North America increased 35% in 2023), innovation, increase in subscription fees, and higher take rate will drive its financials and share price. 


goeasy (TSX:GSY) is one of my top picks for creating wealth in the long term. Shares of this financial services company are known for consistently generating stellar returns and outperforming the broader markets. goeasy provides loans to subprime borrowers and benefits from a large addressable market. In addition, its ability to grow loans and manage credit risk effectively supports its top- and bottom-line growth. 

goeasy’s loan book has grown at a compound annual growth rate of 35% between 2019 and 2023. Meanwhile, its free cash flows sport a CAGR of 33% during the same period. Thanks to its stellar growth, goeasy stock has increased at a CAGR of about 34% in the last five years, delivering capital gains of approximately 333%. Furthermore, its growing earnings base has enabled it to consistently pay and increase its dividends for years. 

Looking ahead, goeasy stock will likely benefit from its growing consumer loan portfolio. The company’s omnichannel offerings, wide product range, diversified funding sources, and geographical expansion will likely drive its top line. Further, leverage from higher revenue, stable credit performance, and improving efficiency will cushion its earnings and drive its share price higher. 


Dollarama (TSX:DOL) is a compelling long-term investment due to its defensive business model and high growth. The discount retailer sells a wide variety of products at low and fixed price points, making its business model relatively resilient and stabilizing its performance. Further, Dollarama’s ability to grow earnings in all market conditions and focus on rewarding shareholders with share repurchases and higher dividends support my bull case. 

Dollarama’s revenue and earnings have been growing at a double-digit rate since fiscal 2011. Thanks to its reliable financial performance, Dollarama stock has gained about 697% in the past decade and consistently outperformed the broader equity market. The company uninterruptedly increased its dividend during the same period. 

In the coming years, Dollarama’s extensive and growing store base, focus on value pricing, direct sourcing strategy, and product expansion will likely fuel its financials and, thereby, its share price. 

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 Shopify. The Motley Fool has a disclosure policy.

More on Investing

Happy family father of mother and child daughter launch a kite on nature at sunset

3 Soaring Stocks to Hold for the Next 20 Years

These three stocks are good bets for the long haul, given their healthy long-term growth prospects.

Read more »

grow dividends
Tech Stocks

Celestica Stock Is up 44% Since Earnings: What Investors Need to Know

Celestica continues to benefit from strong demand and production efficiencies, yet the stock remains undervalued.

Read more »

A plant grows from coins.

2 Dividend Stocks Paying 5% or More That Could Beat the Market in 2024 and Beyond 

Here are two top dividend stocks long-term investors may certainly want to consider for their yields and growth profiles right…

Read more »

edit Balloon shaped as a heart
Dividend Stocks

Love Value Stocks? 2 That Are Screaming Buys in May 2024

Patience can pay off by investing in these two value stocks with nice dividends and the potential to turn around.

Read more »

healthcare pharma
Tech Stocks

What’s Going on With WELL Health Stock?

WELL stock (TSX:WELL) made strong moves once again, with record earnings and even higher guidance for 2024.

Read more »

Senior Couple Walking With Pet Bulldog In Countryside
Dividend Stocks

2 Everlasting Canadian Stocks for Your RRSP

The Canadian National Railway (TSX:CNR) stock is worth owning for the long haul.

Read more »

money cash dividends
Stocks for Beginners

Is TD Stock the Best Dividend Stock for You?

Shares of TD stock (TSX:TD) plunged on the news of a money laundering probe. But could this mean it's a…

Read more »

exchange traded funds

New to Investing? Get Started With This Easy, Hands-Off Method

Vanguard S&P 500 Index ETF (CAD-hedged) (TSX:VSP) is a glorious first investment candidate for beginner investors.

Read more »