2 TFSA Stocks to Buy Right Now With $7,000

Here are two quality stocks you can buy and hold in a TFSA with $7,000.

Aditya Raghunath

Author Bio Aditya Raghunath is a financial writer and equity researcher who has spent more than a decade exploring investing and personal finance. Recognizing how complex financial markets can feel to everyday investors, he turned to equity research and financial journalism to help readers make informed decisions through clear, data-driven analysis. His work has been featured on financial platforms including Benzinga, Barchart, TIKR, and TheStreet.com. Aditya focuses on helping investors identify resilient businesses with durable competitive advantages, strong cash flows, and the potential to compound wealth over the long term. Outside of financial research, Aditya enjoys travelling with his family, exploring new cultures, and following global economic developments. Education Master's degree in Finance and Marketing Areas of Expertise Canadian and U.S. equities, growth and value stocks, dividend investing, dividend sustainability, portfolio strategy, asset allocation, exchange-traded funds (ETFs), long-term compounding, macroeconomic trends, interest rates, inflation, and sector rotation. Social Media Profiles LinkedIn Favorite Investment Quote "The stock market is a device for transferring money from the impatient to the patient." — Warren Buffett

Published October 28, 2024 9:30 pm EDT

Canadians should aim to leverage the tax-sheltered benefits of the TFSA (Tax-Free Savings Account) to derive substantial gains over time. Any returns earned from qualified investments in a TFSA are exempt from Canada Revenue Agency taxes, making the registered account ideal for holding quality growth stocks as part of expanding addressable markets.

The TFSA contribution limit in 2024 has risen to $7,000, up from $6,500 last year. So, here are two quality stocks you can buy and hold in a TFSA with $7,000.

Piggy bank with word TFSA for tax-free savings accounts. — Source: Getty Images

TFSA stock #1

Valued at US$74 billion by market cap, CrowdStrike (NASDAQ: CRWD) is among the largest cybersecurity companies globally. It provides cloud-enabled protection across endpoints and workloads, offering services such as threat intelligence, managed security, IT operations, and log management, among others.

CrowdStrike ended the fiscal second quarter (Q2) of 2025 with an annual recurring revenue of US$3.86 billion, up 32% year over year. Its net new ARR stood at US$218 million, up 11% year over year in Q2 (ended in July). It grew sales by 32% to US$964 million, while operating income rose by 46% to US$227 million in Q2.

CrowdStrike reported a free cash flow of US$272 million, indicating a margin of 22%. Its free cash flow in the last 12 months has totaled US$1.17 billion, from US$990 million in fiscal 2024 to US$706 million in fiscal 2023.

Analysts tracking the tech stock expect adjusted earnings to expand from US$3.09 per share in 2024 to US$4.27 per share in 2026. So, priced at 70 times forward earnings, CRWD stock trades at a lofty valuation. However, analysts expect the stock to gain over 8% in the next 12 months.

Holding CrowdStrike in a TFSA should help you enjoy market-beating returns in the upcoming demand. The global transition towards digital transformation and the proliferation of connected devices should continue to drive demand for CrowdStrike’s products and solutions higher.

TFSA stock #2

TerraVest Industries (TSX: TVK) is one Canadian stock you can consider holding in the TFSA. It has three primary business segments that include the following:

Fuel Containment: It manufactures bulk liquified petroleum gas (LPG) transport trailers, LPG delivery and service trucks, storage tanks, fuel tanks, furnaces, and boilers.
Processing Equipment: It manufactures and sells wellhead processing, central facilities processing equipment, natural gas liquids and LPG transport trailers, and other processing equipment.
Service: The business provides well servicing to Canada’s oil and gas sector.

Valued at $2 billion by market cap, TerraVest has returned more than 6,000% to shareholders in the last two decades after adjusting for dividends. It currently pays shareholders an annual dividend of $0.60 per share, translating to a forward yield of just 0.6%. However, these payouts have risen from $0.32 per share in 2013.

In the last 12 months, TerraVest has reported a free cash flow of almost $100 million. Comparatively, its annual dividend expense is less than $12 million, indicating a payout ratio of just 12%. A low payout ratio allows TerraVest to target accretive acquisitions and increase future earnings and cash flow.

Despite its outsized gains, TVK stock trades at 24.2 times forward earnings, which is reasonable, making it a top investment choice in October 2024.