Investing $2,000 in the Canadian stock market can feel like a big decision, but the key is balancing stability and growth. By choosing one reliable dividend stock and one high-potential growth stock, you can create a portfolio that delivers steady income — all while allowing room for strong capital appreciation. That’s where Fortis (TSX:FTS) and Shopify (TSX: SHOP) come into play. Fortis offers long-term stability with its recession-resistant utility business, while Shopify is a tech leader poised for explosive future growth. Together, these create an excellent one-two punch for Canadian investors looking to put their money to work right now.
Fortis
Fortis is one of Canada’s most trusted utility stocks, and for good reason. The Canadian stock operates electric and gas utilities across North America, with a regulated business model that ensures steady revenue regardless of economic conditions.
Another reason Fortis is a great pick is its rock-solid dividend. Fortis has raised its dividend for 50 consecutive years, making it one of the most reliable dividend stocks on the TSX. As of early 2025, the forward annual dividend stands at $2.46 per share, yielding 3.95%. Given its stable revenue and long-term growth strategy, Fortis remains a top choice for passive-income investors.
Yet Fortis isn’t just about paying dividends. It’s also investing in the future. The Canadian stock has a $25 billion capital plan for 2024-2028, aimed at modernizing infrastructure, expanding renewable energy initiatives, and strengthening its grid. This long-term strategy should help increase earnings and support future dividend hikes. Furthermore, Fortis has a strong history of weathering economic downturns. Whether the market is booming or slowing down, people still need electricity and gas. That makes Fortis a great defensive stock, offering stability even when markets get choppy.
Shopify
On the growth side of the equation, Shopify is one of Canada’s most exciting Canadian stocks. The e-commerce giant has been expanding rapidly, helping businesses around the world set up and manage online stores. Shopify’s latest earnings show why it’s a compelling investment. Revenue surged 26% year over year to $2.16 billion in the third quarter (Q3) of 2024. Gross merchandise volume (GMV) climbed 24% to $69.72 billion. Net income soared to $828 million, compared to a loss in the prior year.
Shopify bounced back strongly after a challenging 2022, with improved profitability and strong demand from merchants. The Canadian stock has also embraced artificial intelligence (AI)-driven technology, launching its new AI assistant “Sidekick” to help businesses make better decisions. This innovation could drive even more growth in the years ahead.
While Shopify’s valuation remains high, with a forward price to earnings (P/E) of 79.37, its long-term growth potential justifies the premium. The Canadian stock is expected to continue expanding its services, including Shopify Payments, Shopify Capital, and its fulfillment network, which could create additional revenue streams.
Shopify also delivered an upbeat holiday forecast, expecting mid- to high-20s percentage revenue growth in Q4 2024. That bullish outlook sent the stock surging, signalling strong demand for its platform. With e-commerce adoption growing globally, Shopify is well-positioned to capitalize on digital shopping trends and new AI-driven tools.
A balanced investment
By splitting your $2,000 investment between Fortis and Shopify, you get the best of both worlds. Fortis provides stability and consistent dividends, making it a great long-term hold. Shopify, however, offers high-growth potential, allowing your portfolio to benefit from Canada’s booming tech sector.
If you’re looking for a lower-risk strategy, you might consider putting 60% of your funds into Fortis and 40% into Shopify. This approach prioritizes stability and income while still allowing for strong growth. Alternatively, if you have a higher risk tolerance, flipping that ratio by putting 60% into Shopify and 40% into Fortis could deliver bigger returns over the long term.
Investing doesn’t have to be complicated. By picking one solid dividend stock and one growth stock, you can build a diversified and balanced portfolio. Fortis ensures steady income and capital preservation, while Shopify gives you exposure to the rapidly growing e-commerce industry.
