TFSA: 4 Growth Stocks to Buy and Hold Forever

Here are four top Canadian growth stocks to load up on in your TFSA this year.

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TFSA (Tax free savings account) acronym on wooden cubes on the background of stacks of coins

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As of January 1, 2025, Canadians gained an extra $7,000 of contribution room in their Tax-Free Savings Account (TFSA). That puts the total contribution limit of the TFSA up to $102,000.

The TFSA is an obvious choice for short-term savings goals due to its tax-free withdrawals. But there’s a lot to like about the TFSA if you’re a long-term saver, too. 

In addition to tax-free withdrawals, gains are also not taxed. This means that investment gains can compound year after year inside a TFSA, which is completely tax-free.

With that in mind, here’s a basket of four proven growth stocks to add to your watch list.

Shopify

It’s been a bumpy ride for Shopify (TSX:SHOP) in recent years. Despite that, the stock still hasn’t had any problem outperforming the market’s returns. The tech giant is up more than 200% over the past two years, yet it continues to trade below all-time highs from 2021.

Shopify likely won’t be a low-volatility investment anytime soon. But if you’re in it for the long haul, volatility shouldn’t concern you all that much.

This is not a company that long-term investors need to think twice about loading up on, especially not when it’s trading close to 30% below all-time highs.

Lightspeed Commerce

At a market cap of just $3 billion, Lightspeed Commerce (TSX:LSPD) is a far smaller company than Shopify. What it does have in common, though, is the potential to be a massive market-beater, and it’s not a stranger to volatility.

Despite revenue growth continuing to be in the double-digit range, Lightspeed hasn’t been able to return to anywhere near its all-time highs. 

Management recently announced that they were exploring options for a potential sale of the company, to which the market reacted very positively. 

On the flip side, even if there is no sale, there’s a lot of long-term growth potential here to be excited about with this international commerce player.

At a very discounted price, Lightspeed is a low-risk, high-reward type of investment right now.

goeasy

Don’t miss your chance to load up on this under-the-radar growth stock. goeasy (TSX:GSY) rarely goes on sale, but that’s exactly where it’s trading right now. 

The stock is down 20% from all-time highs that were last set in 2021. Even so, shares are up a whopping 140% over the past five years, easily outpacing the returns of the S&P/TSX Composite Index.

With more interest rate cuts potentially around the corner, the consumer-facing financial services provider could be in for a spike in demand.

Now could be an incredibly opportunistic time to start a position in this proven growth stock.

Air Canada

Canada’s largest airline certainly doesn’t have the most dependable market-beating track record you can find on the TSX. That being said, the airline industry isn’t exactly known for delivering huge gains. 

Air Canada (TSX:AC) is one of the few North American airlines that has shown that it can sometimes be a growth driver. 

Short-term investors may be wary of loading up on a cyclical stock like this one. Patient, long-term investors are the ones who would be interested in this buying opportunity.

Once Air Canada finally grinds back to new all-time highs, it might be a while before it’s trading at a discount like this again.

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 Lightspeed Commerce and Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Lightspeed Commerce. The Motley Fool has a disclosure policy.

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