Despite concerns about elevated valuations, rising geopolitical tensions, and the possibility of an artificial intelligence (AI)-driven bubble, Canadian equities have maintained strong momentum, with the S&P/TSX Composite Index up 26.6% year to date. Given this mix of risks and ongoing investor optimism, I believe it’s prudent for investors to balance their portfolios with a blend of growth, dividend, and defensive stocks. With that in mind, here are my top three picks.
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Shopify
Shopify (TSX:SHOP) remains one of the most compelling Canadian growth stocks to buy today. The company offers a wide array of products and services across more than 175 countries, enabling enterprises to launch, manage, and scale their operations efficiently. The continued global adoption of e-commerce has created a strong long-term growth runway for Shopify.
To strengthen its competitive position, Shopify is consistently developing innovative solutions, including AI-powered tools, and has partnered with leading AI companies to create advanced offerings that address evolving merchant needs. The company has also expanded its payment solutions into new markets and broadened its platform to serve business-to-business (B2B) and offline retail customers, thereby further enhancing its growth potential.
Moreover, Shopify has formed strategic partnerships with major logistics providers to improve its shipping and fulfillment capabilities, resulting in faster delivery times and more reliable, flexible fulfillment options for merchants.
At the same time, the company is boosting operational efficiency through automation and deeper AI integration, accelerating its progress toward healthy and sustainable profitability. Given these multiple growth drivers, I believe Shopify is an excellent buy at current levels.
Fortis
Fortis (TSX:FTS) remains an excellent defensive investment due to its regulated asset base and low-risk transmission and distribution operations. The company owns nine electric and natural gas utilities serving 3.5 million customers across the United States, Canada, and the Caribbean. Its regulated business model provides stable, predictable financial performance regardless of economic conditions, supporting consistent stock price growth.
Over the past decade, Fortis has delivered an average annual shareholder return of 10.7%, outperforming broader equity markets. It also has an exceptional dividend track record, having increased its payout for 52 consecutive years. The stock currently offers a solid dividend yield of 3.59%.
Fortis continues to strengthen its growth outlook by expanding its asset base. The company invested $4.2 billion in capital projects during the first three quarters and is on pace to deploy $5.6 billion this year. Looking ahead, it plans to invest $28.8 billion over the next five years, which would expand its rate base at a healthy annualized rate of 7% to reach $57.9 billion. Supported by this robust growth pipeline, management expects to raise dividends by 4–6% annually through 2030, reinforcing Fortis’s appeal as a top dividend stock to buy right now.
Enbridge
Given its consistent dividend growth and attractive yield, Enbridge (TSX:ENB) stands out as an ideal dividend stock for any long-term portfolio. Its tolling framework, long-term take-or-pay pipeline contracts, regulated utility assets, and clean energy facilities backed by power purchase agreements together generate stable, predictable cash flows regardless of broader market conditions. With minimal exposure to commodity price fluctuations and inflation-indexed earnings, Enbridge’s financial performance remains resilient even in uncertain environments.
These steady cash flows have enabled the Calgary-based energy infrastructure giant to raise its dividend for 31 consecutive years. The stock currently offers a compelling yield of 5.82%.
Looking ahead, Enbridge has a secured capital project backlog of approximately $35 billion, with plans to bring these assets into service through 2030. The company intends to invest $9–$10 billion annually to advance these projects. Supported by this robust growth outlook, management expects adjusted earnings per share and discounted cash flow per share to grow at mid-single-digit rates for the remainder of the decade. Additionally, Enbridge aims to return $40–$45 billion to shareholders over the next five years, reinforcing its position as an attractive long-term buy.
