Building wealth doesn’t have to be complicated. With a Tax-Free Savings Account (TFSA), Canadians can grow their money over time without worrying about taxes on gains or income. But the key is picking the right stocks, ones you can hold for decades. The best TFSA stocks aren’t necessarily the most exciting. They’re the ones that quietly deliver strong returns, pay dividends, and stay resilient in all kinds of markets. Three great examples today are CCL Industries (TSX:CCL.B), Manulife (TSX:MFC), and WSP Global (TSX:WSP).
CCL
CCL is one of the world’s largest producers of labels and packaging. While that might not sound thrilling, it’s a business built for stability. CCL has over 200 production facilities around the world, serving clients in healthcare, food, consumer goods, and tech.
In its most recent earnings report, CCL reported revenue of $1.9 billion, up 8.6% from the year before. Earnings per share (EPS) hit $1.18, and free cash flow swung back to positive after a brief dip last year. This shows CCL isn’t just growing, it’s generating real cash that can support future expansion and dividends. The dividend stock currently pays a dividend yield of 1.6%, and it has a history of raising that payout over time.
Manulife
Then there’s Manulife, one of Canada’s largest insurance and wealth management companies. It operates in Canada, the U.S., and across Asia, giving it a strong global footprint. In its most recent quarter, Manulife reported $1.8 billion in core earnings, a steady result despite some market headwinds. Core earnings per share rose to $0.99 from $0.91 the year before.
Net income dropped, mainly due to changes in investment values, but the core business remained strong. Its Canadian division saw solid insurance growth and lower expenses, while Asia showed promise as demand for wealth products improved. Manulife’s dividend yield sits around 4.2%, and it has a long track record of rewarding shareholders.
WSP
Finally, WSP Global is a lesser-known gem that delivers engineering and infrastructure consulting services around the world. Whether it’s public transit systems, bridges, or green buildings, WSP is helping design the world’s future.
In its latest quarter, WSP saw revenue climb 22.4% to $4.4 billion, with net earnings of $144 million or $1.10 per share. That’s up from $126 million last year. The dividend stock also reported a backlog of $16.6 billion, meaning it has years of projects already lined up. WSP’s dividend is modest at just 0.55%, but it has room to grow thanks to strong earnings and demand.
Bottom line
What makes all three of these stocks ideal for a TFSA is their mix of income, growth, and staying power. None of them are highly speculative. Each one operates in industries that are essential, whether it’s consumer packaging, financial services, or infrastructure development. Each also generates healthy free cash flow, which supports dividend payouts and long-term investments in the business.
Investors could invest $5,000 across all three today and collect quarterly dividends, with the potential for steady capital growth. And because these dividend stocks are diversified in what they do and where they operate, you get some built-in protection from market swings. In fact, $5,000 across each would bring in annual dividends of $316.60!
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL PAYOUT | FREQUENCY | INVESTMENT TOTAL |
|---|---|---|---|---|---|---|
| CCL.B | $78.11 | 64 | $1.28 | $81.92 | Quarterly | $4,999.04 |
| MFC | $42.18 | 118 | $1.76 | $207.68 | Quarterly | $4,977.24 |
| WSP | $272.26 | 18 | $1.50 | $27 | Quarterly | $4,900.68 |
A TFSA is one of the best tools Canadians have to build long-term wealth. The sooner you start filling it with solid, income-generating stocks like CCL, Manulife, and WSP, the more time you will give your investments to grow tax-free. You don’t need to check the market every day. Just buy quality businesses, sit back, and let compounding do the rest.
