The Tax-Free Savings Account (TFSA) is a gift to Canadian investors — no taxes on dividends, no taxes on capital gains, and no penalties for withdrawals. But to get the most out of it, you need to focus on quality. In this article, we’ll introduce four of the best Canadian stocks for a long-term TFSA strategy — stocks you can buy once and hold to quietly build wealth over time.
Canadian Natural Resources stock
If stability is the goal, Canadian Natural Resources (TSX:CNQ) could be a great stock for TFSA investors to consider. This top Canadian oil and gas producer has a solid portfolio of long-life assets that support its cash flow even during weaker commodity cycles.
After rallying more than 200% over the last five years, CNQ stock currently trades around $47 per share with a market cap of nearly $98 billion. Its annualized dividend yield currently sits close to 5%.
In the third quarter of 2025, CNQ’s revenue rose about 7% YoY (year over year), backed by higher production and steady pricing. The company’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) grew over 15% YoY for the quarter as costs stayed controlled.
Moreover, CNQ’s long-term appeal lies in its disciplined capital spending and returning excess cash to shareholders, making it one of the top Canadian stocks for TFSA investors.
Scotiabank stock
My second stock pick for TFSA investors, Bank of Nova Scotia (TSX:BNS), brings scale, diversification, and a dividend history that fits most long-term holding strategies.
After climbing nearly 32% over the last year, BNS stock now trades near $102 per share with a market cap of around $127 billion. At this market price, it offers an annualized dividend yield of around 4.3%.
For its fiscal 2025 (ended in October), Scotiabank’s adjusted net income rose to $9.5 billion, while adjusted earnings climbed to $7.09 per share. In the latest quarter, its earnings growth came from higher net interest income and stronger performance in wealth management and capital markets.
Although the bank’s provisions for credit losses increased in recent quarters due to the ongoing economic uncertainties, its capital position remained strong. That balance of income and balance sheet resilience supports Scotiabank’s position as a top TFSA stock to hold forever.
TC Energy stock
If you value visibility more than speed, TC Energy (TSX:TRP) could be a great TFSA stock to consider. This Calgary-based firm mainly focuses on energy pipelines and power assets supported by long-term contracts. After climbing 13% in the last year, it currently trades near $77 with a market cap of around $80 billion. At the current price, it has a dividend yield of about 4.4%, paid quarterly.
In the third quarter of 2025, TC Energy’s comparable EBITDA rose to $2.7 billion with the help of strong pipeline utilization and project execution.
Meanwhile, the company also extended its EBITDA growth outlook through 2028 and reaffirmed dividend payments. Overall, long-term contracts and low-risk expansion projects help place it among the top Canadian stocks for TFSA investors.
IAMGOLD stock
In uncertain economic times, IAMGOLD (TSX:IMG) could add a different layer of security to a TFSA portfolio as it offers exposure to gold prices. Following a spectacular rally of over 170% in the last year, IMG stock now trades around $22 with a market cap of nearly $13 billion.
In the third quarter of 2025, IAMGOLD’s revenue jumped more than 61% YoY as its Côté Gold mine ramped up. Similarly, its adjusted quarterly EBITDA soared by over 62%, while adjusted net profit rose nearly 69% due mainly to higher production and stronger gold prices.
IMG’s long-life Canadian assets and improving margins support its long-term growth outlook, making it an attractive long-term TFSA holding.
