Long-term investing is an ideal approach to building wealth, as it enables investors to harness the power of compounding while minimizing the impact of short-term market volatility. It also reduces transaction costs and eliminates the need for constant monitoring, making the strategy both convenient and accessible. However, selecting the right stocks remains crucial for long-term success. With that in mind, here are three top Canadian stocks with strong long-term growth potential and well-suited for patient investors.
Shopify
Shopify (TSX:SHOP) provides a wide range of products and services that help businesses around the world launch, manage, and scale their operations. The accelerating shift toward omnichannel commerce continues to create significant long-term growth opportunities for the company. Shopify is also investing heavily in AI (artificial intelligence)-driven tools and innovations designed to enhance the customer experience and strengthen merchant performance. In addition, its partnerships with leading AI companies are enabling the development of advanced solutions to meet evolving customer needs.
The company is further expanding its payment offerings into new markets, supporting broader merchant adoption. It has also established strategic alliances with major logistics providers to enhance its shipping and fulfillment network – reducing delivery times and offering merchants more reliable and flexible fulfillment options. At the same time, Shopify is improving operational efficiency through automation and deeper integration of AI, helping advance its path toward stronger profitability.
With compelling growth drivers, continuous innovation, and improving financial performance, Shopify appears well-positioned to deliver substantial long-term returns.
Celestica
Another stock with strong long-term growth potential is Celestica (TSX:CLS), which provides essential data centre infrastructure for AI, cloud, and hybrid-cloud environments. As hyperscalers continue to expand their large-scale data centre footprints to support accelerating AI adoption, demand for high-performance computing solutions remains robust.
In response, Celestica is consistently developing and introducing innovative products – such as advanced switches and storage systems – that further strengthen its competitive position. Besides, rising defence budgets amid ongoing geopolitical tensions could also boost revenue from the company’s advanced technology solutions segment. Therefore, the company’s growth prospects look healthy. Meanwhile, it recently raised its 2025 outlook and issued an encouraging forecast for 2026. Its updated 2025 revenue and adjusted EPS (earnings per share) guidance imply year-over-year growth of 26.4% and 52.1%, respectively. Looking ahead to 2026, revenue and adjusted EPS are projected to rise 65.8% and 111.3% from 2024 levels.
Given these strong growth drivers and favourable industry trends, Celestica appears well-positioned to sustain its impressive momentum.
Dollarama
My final pick is Dollarama (TSX:DOL), a leading discount retailer with 1,665 stores in Canada and 395 in Australia. Thanks to its direct sourcing model and highly efficient logistics network, the company offers a wide range of consumer goods at attractive price points, allowing it to maintain strong sales momentum regardless of broader economic conditions.
The Montreal-based retailer is also pursuing an aggressive expansion strategy, with plans to grow its Canadian store count to 2,200 and its Australian footprint to 700 locations by fiscal 2034. Supported by a rapid sales ramp-up, a low payback period, and minimal maintenance capital requirements, these expansions are well-positioned to drive meaningful growth in both revenue and earnings.
In addition, Dollarama holds a 60.1% stake in Dollarcity, which operates 658 stores across five Latin American countries. With Dollarcity targeting an expansion to 1,050 stores by 2031 and Dollarama retaining the option to increase its ownership to 70% by the end of 2027, Dollarcity’s contribution to Dollarama’s bottom line is likely to increase over time.
Given its multiple growth catalysts, disciplined execution, and resilient business model, I expect Dollarama to continue delivering strong long-term returns.
