There’s something comforting about setting it and forgetting it, especially when it comes to investing. With all the market noise and daily headlines, it’s nice to know that some Canadian stocks can be bought and simply held for life. Inside a Tax-Free Savings Account (TFSA), the goal is to grow your money while paying zero tax on gains or dividends. So, when choosing which stocks deserve a permanent spot in your TFSA, it makes sense to look for long-term stability, consistent performance, and future potential.
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TD stock
Let’s start with TD Bank (TSX:TD). This is one of the Big Five banks in Canada and for good reason. TD is deeply rooted in Canada’s financial landscape and has a growing presence in the United States. In its most recent second-quarter earnings for 2025, TD reported total revenue of $11.1 billion. That’s a big jump thanks to its sale of a large stake in Charles Schwab. Even with that one-time boost set aside, TD still posted solid adjusted earnings of $3.6 billion. While that was down 4% from last year, TD’s core banking business remains strong.
The Canadian personal and commercial banking segment brought in $1.7 billion in net income, down just 4% year over year. The decline was mostly due to higher loan loss provisions, something we’re seeing across the entire sector. TD’s Common Equity Tier 1 ratio now sits at a healthy 14.9%, giving it a strong cushion. And let’s not forget the dividend. TD currently pays a yield around 5.5%, which is attractive in any environment. With a long history of dividend increases and a loyal customer base, the Canadian stock brings income and stability to any TFSA.
Bombardier
Next, there’s Bombardier (TSX:BBD.B). While it wasn’t always seen as a stock to hold forever, Bombardier completely reinvented itself. After divesting its commercial jet and rail divisions, it is now laser-focused on business jets, and that focus is paying off. In Q1 2025, Bombardier posted revenue of $1.5 billion, a 19% increase over the previous year. It delivered 23 aircraft, three more than in Q1 2024, and adjusted net income rose 55% to $68 million.
One of the standout highlights is its services segment, which brought in $495 million. These are recurring revenues tied to maintenance, parts, and pilot training. It’s stable, high-margin, and growing. The Canadian stock’s backlog hit $14.2 billion by the end of March 2025. That means Bombardier has years of locked-in orders, a big plus in any industry, especially aviation. While it’s not a dividend stock, Bombardier could offer long-term capital appreciation and benefit from the rising demand in private aviation globally.
MDA
Last but not least, there’s MDA (TSX:MDA), a lesser-known Canadian tech gem. It’s in the business of building satellite systems, space robotics, and Earth observation technology. Basically, if it’s going into space, MDA might be involved. The Canadian stock had a blowout Q1 in 2025, posting revenue of $351 million, which was up 68% year over year. Net income came in at $37.2 million, more than double the previous year. MDA’s backlog now sits at $4.8 billion, up 46%. That’s a great indicator of future revenue.
MDA is a play on the future of space tech. With governments and private companies investing heavily in space infrastructure, this is a stock that could be a long-term growth story. While it’s not a dividend payer today, its growth potential makes it an exciting part of a well-balanced TFSA.
Bottom line
The beauty of the TFSA is that it rewards patient investors. By putting TD, Bombardier, and MDA in your TFSA, you get a nice mix of defensive income, cyclical growth, and futuristic innovation. You don’t have to check them every day. You just need to believe in the stories, and let time do the rest.
