The Best Stocks to Invest $50,000 in Right Now

These companies have proven business models and delivered solid capital gains. Moreover, they have significant potential for future growth.

Canadian Dollars

Image source: Getty Images

The stock market has shown resilience and trended upward over the past year, even amid recession concerns. Additionally, moderating inflation and anticipated rate cuts are expected to further boost equity markets in 2024 and beyond.

If you plan to invest $50,000 or even less in equity, it’s wise to choose a diversified basket of stocks with strong fundamentals and solid growth prospects. This approach helps reduce risk and gain exposure to high-growth sectors with secular tailwinds. 

With this backdrop, here are the five best Canadian stocks to buy now with $50,000.


goeasy (TSX:GSY) stock is a must-have in your portfolio to create enduring wealth. Its ability to consistently grow its revenue and earnings at a high double-digit rate and commitment towards enhancing shareholders’ value through higher dividend payments acts as a catalyst. 

The company benefits from its leadership in the Canadian subprime lending market and a large TAM (total addressable market). Furthermore, goeasy’s omnichannel offerings, geographical expansion, diversified funding base, and solid underwriting capabilities position it well to generate stellar earnings in the coming years, which will likely boost its share price and future dividend payments. 

Brookfield Renewable Partners

Adding a few renewable energy stocks to your portfolio is a wise move, given the sector’s strong growth prospects and increasing adoption of clean energy. Brookfield Renewable Partners (TSX:BEP.UN) stands out as a top stock in this sector, poised to capitalize on energy transition opportunities. Its highly diversified asset base and significant installed capacity position it well to benefit from the rising demand for green energy.

Moreover, its highly contracted portfolio and inflation-indexed revenue provide visibility and stability to its cash flows. The company’s 34,000 megawatts of operating renewable power capacity and approximately 157,000-megawatt development pipeline position it well to grow its funds from operations (FFO) at a double-digit rate. The expansion of FFO will likely bolster its share price and enable the company to offer higher dividend payments. 

Constellation Software 

Investors should add a few tech stocks to their portfolio to significantly enhance overall returns in the long term. Constellation Software (TSX:CSU) is one such high-quality Canadian tech stock to consider. Thanks to its diversified portfolio and ability to offer tailored solutions, Constellation Software remains well-positioned to capitalize on evolving technology and demand trends. 

Constellation Software will also likely benefit from its broad portfolio of software businesses and large customer base. Its strategy of consistently acquiring and integrating small- to mid-sized vertical market software (VMS) companies will further drive its financials and bolster CSU stock in the long term. 


Within the tech space, one could also consider adding Shopify (TSX:SHOP) stock. This leading e-commerce company is well-positioned to capitalize on the shift in selling models towards omnichannel platforms. This would enable Shopify to deliver durable revenue growth and generate significant returns in the long term. Shopify’s discounted share price supports the bull case, which presents a good buying opportunity near the current levels. 

The company’s ability to grow its gross merchandise volumes will likely drive its top line. Moreover, its strategic pivot towards an asset-light business model augurs well for long-term growth. Additionally, Shopify’s focus on improving its take rate, launching new products, integrating artificial intelligence (AI) technology into its products, and prioritizing profitable growth bodes well for its prospects. 


Last but not least, investors could add a few high-quality defensive stocks to their portfolios for stability and growth. Dollarama (TSX:DOL) stands out as the top stock offering growth, income, and stability. This discount retailer consistently generates solid revenue and earnings regardless of economic cycles. Further, Dollarama also enhances its shareholders’ value through uninterrupted dividend payments. 

Dollarama’s value pricing strategy could continue to drive traffic and sales in the future. Moreover, product expansion, an extensive and growing store base, and a direct sourcing strategy will likely support the company’s financials and 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 recommends Brookfield Renewable Partners and Constellation Software. The Motley Fool has a disclosure policy.

More on Investing

Prospects for TD Bank stock
Bank Stocks

TD Bank in Hot Water: An ‘Exceptional’ Opportunity

Is TD Bank stock a buy after its money-laundering regulatory problems?

Read more »

investment research
Dividend Stocks

2 TSX Stocks to Buy in 2024 and Hold for the Next 10 Years

Are you looking for some great TSX stocks to buy in 2024? The market is full of options, but these…

Read more »

Dividend Stocks

Pensioners: 2 Stocks That Cut You a Cheque Each Month

Monthly pay dividend stocks like First National Financial (TSX:FN) cut you a cheque each month.

Read more »

money cash dividends
Dividend Stocks

Want Decades of Passive Income? 2 Energy Stocks to Buy Now and Hold Forever

Are you wondering what TSX energy stocks could pay and grow their dividends for decades ahead? Here are two for…

Read more »

The sun sets behind a power source
Dividend Stocks

2 No-Brainer Utilities Stocks to Buy Right Now for Less Than $200

These two utilities stocks can be some of the best picks for investors if you want to shell out some…

Read more »

grow dividends
Energy Stocks

Growth Spurt: 2 TSX Stocks Set to Skyrocket

Two growth stocks in expanding, niche markets are set to skyrocket further in 2024 and beyond.

Read more »

Nuclear power station cooling tower
Energy Stocks

Why Shares of Cameco Are Powering Higher

Cameco (TSX:CCO) shares have surged more than 400% in the last five years alone, with more growth on the way.

Read more »

A bull outlined against a field
Stocks for Beginners

Bull Market Buys: 2 TSX Stocks to Own for the Long Run

Are you looking for stocks that could see a bull run for decades ahead? Here are two top TSX stocks…

Read more »