TFSA: 3 Blue-Chip Stocks to Buy and Hold Forever

The recent market pullback is creating opportunities to add some solid blue-chip stocks to your TFSA. Here are three worth looking at today.

Robin Brown

Robin Brown has been a Motley Fool contributor since January 2020. He has lived in Canada, Norway, and Australia where he studied theology and business management. Robin works as a commercial real estate manager, as well as an investment research advisor for a private investment manager. Today, he provides equity research and analysis for a private family office. He enjoys traveling, hiking, fishing, and spending time with his wife and children.

Published March 31, 2025 9:00 pm EDT

With so much uncertainty in the economy and the stock market, holding some stable blue-chip stocks in your TFSA (Tax-Free Savings Account) might not be a bad idea. Blue-chip stocks tend to be well-established businesses (generally with a market cap over $10 billion) that generate consistent returns, steady profits, and often attractive dividends.

These companies tend to have moderate risks and moderate total returns. They can be great investments for long-term patient investors who want a mix of income and capital upside.

If you want to hold some of these tax-free, your TFSA is the place to put them. Here are three blue-chip stocks to buy today and hold for years ahead.

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Pembina Pipeline: A blue-chip stock for income

Pembina Pipeline (TSX: PPL) is a great blue-chip stock, especially if you want an attractive income stream. With a market cap of $33 billion, Pembina has one of western Canada’s largest energy infrastructure networks.

The energy firm has become a crucial provider of egress and markets to oil patch producers. Over 80% of its income comes from contracted sources. It has strong counterparties, and its 4.9% dividend is very safe.

Pembina has recently been growing its dividend by a low single digit rate. However, it has focused on investing excess cash into growth opportunities.

It has pipeline extensions, data centre power plants, and an LNG export terminal in the works. Undoubtedly, a “new” Canada focused on diversifying energy egress will be very supportive of this business in the future.

Canadian Pacific: Time to buy after the pullback?

Canadian Pacific Kansas City (TSX: CP) is a quintessential blue-chip in Canada. This $92 billion company has been under fire lately. The market is concerned that Trump’s tariff war could really slow down trade (and shipments) between Canada, the U.S., and Mexico.

This company is one of the best railroads in North America. It has a top management team and a top network. If any transport company can navigate these challenges, CP should still end up on top.

There will be an adjustment to the trade positioning, but smart companies like CP will adapt. CP is still holding mid-teens growth projections for 2025. It has plenty of “self-help” initiatives that could keep fuelling that growth. Right now, you can add this stock at an attractive price after it fell by 10% in the past month.

Alimentation Couche-Tard: A win-win blue-chip for long-term investors

Another blue-chip stock to look at adding is Alimentation Couche-Tard (TSX: ATD). With a market cap of $66 billion, Couche-Tard is the largest retailer on the TSX. It operates convenience stores and gas/rest stations across the world.

Since pursuing the acquisition of 7-11’s parent company, its stock has declined by 15%. A tough retail environment hasn’t helped its results either. Fortunately, its most recent quarter showed signs of improvement.

The company has a long-term record of behaving very favourably towards shareholders. While it only yields 1.1%, it has grown its dividend by a 21% compounded annual growth rate.

I suspect if the 7-11 deal falls apart, the company could commence a very significant share buyback. If the deal does occur, Couche-Tard could become the world leader in convenience retail. Its valuation has pulled back, so it could be an intriguing time to buy today.