Big market swings can make anyone nervous. But if you’re investing through a Tax-Free Savings Account (TFSA), you’ve got a superpower of tax-free growth. And that means you don’t have to let short-term volatility scare you away from long-term upside. In fact, this is exactly where you want to lean into quality growth stocks — the ones that may bounce around now but could seriously multiply over time. With the right picks, even $10,000 in your TFSA today could look very different in 10 years.
In this article, I’ll highlight two dividend-paying Canadian high-growth stocks that I’d feel confident holding in a TFSA for the long term.
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Lundin Gold stock
The first growth stock TFSA investors can consider right now is Lundin Gold (TSX: LUG). This Vancouver-based miner owns the Fruta del Norte gold mine in Ecuador, which is one of the highest-grade operating gold mines on the planet. It also controls a massive land package that offers big exploration potential down the road.
After surging by 130% over the last year, LUG stock is currently trading at $43.52 per share with a market cap of $10.5 billion. At the current market price, it offers a quarterly dividend with a 2.6% annualized yield.
The ongoing trend in Lundin Gold’s financials looks impressive, as it crushed expectations in 2024. For the year, it delivered record gold production of 502,029 ounces, beating its own guidance. This helped the company post a solid 32% YoY (year-over-year) jump in its total revenue to US$1.19 billion.
Similarly, its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) jumped to US$780 million, with an improved EBITDA margin of 65.3%. More importantly, the company closed the year with US$349 million in cash, making it debt-free.
In addition, Lundin Gold’s plant expansion project is nearly complete, which is already boosting its processing volumes and gold recovery rates. The gold company is also going full steam ahead with near-mine and regional drilling, which could extend the life of its flagship asset — brightening its long-term growth outlook.
Maple Leaf Foods stock
Maple Leaf Foods (TSX: MFI) is another attractive stock that could deliver unexpected upside for TFSA investors in the long run. This Mississauga-based firm focuses on offering everything from ready-to-cook meats to plant-based protein under brands like Schneiders, Greenfield, and Maple Leaf Prime.
MFI stock has quietly gained traction of late, rising 25% over the last three months. As a result, it currently trades at $25.04 with a market cap of $3.1 billion. With a 3.9% dividend yield, investors also get a nice income boost while waiting for long-term growth to play out.
In the fourth quarter, Maple Leaf’s sales climbed by 4.3% YoY to $1.24 billion. For the quarter, the company’s adjusted EBITDA surged by 29% from a year ago to $155 million with the help of operational efficiencies and improved pork market conditions.
Interestingly, the company plans to spin off its pork business in 2025 — a move that could unlock serious value and sharpen Maple Leaf’s focus on branded foods. For TFSA investors chasing both upside and stability, this could be a smart stock to buy and hold.
