3 Top TFSA Stocks for Canadian Investors to Buy Now

These three TFSA stocks blend growth, dividends, and recession resistance, giving you a simple long-term “buy and hold” shortlist.

Key Points
  • Shopify is a fast-growing e-commerce platform with strong cash flow, but its high valuation can swing hard.
  • National Bank offers steadier returns with a growing dividend, though credit and housing risks remain.
  • Waste Connections is a defensive “boring winner” with steady profits, but it trades at a premium valuation.

When you hunt for top Tax-Free Savings Account (TFSA) stocks to buy now, you want one simple thing: the best chance of long-term wealth with as little tax drag as possible. That usually means a mix of growth and dependability, plus businesses that can handle rate swings and economic slowdowns without blowing up your sleep. So today, let’s look at three that belong on your watchlist.

The TFSA is a powerful savings vehicle for Canadians who are saving for retirement.

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SHOP

Shopify (TSX: SHOP) sits near the centre of global online selling, even when consumers wobble. It powers checkout, payments, shipping, and marketing for merchants that want to sell everywhere, and it earns money as those merchants grow. The stock has been a rocket over the last year, with shares surging by 48%. That tells you the market remains willing to pay up for growth, but it also reminds you that this name can swing hard in both directions.

The latest earnings back up the optimism, with a big asterisk. Shopify reports in U.S. dollars. In Q3 2025, it posted revenue of $2.8 billion, operating income of $343 million, and free cash flow (FCF) of $507 million, alongside gross merchant value (GMV) of $92 billion. Its outlook also remained upbeat, as it expected Q4 2025 revenue growth in the mid-to-high twenties percentage range year over year, and it aimed for a free cash flow margin slightly above Q3. The valuation is still high, however, which means the stock can punish investors if growth slows for even a quarter.

NA

National Bank of Canada (TSX: NA) plays a totally different TFSA role. It gives you a well-run Canadian bank with earnings tied to lending, wealth management, and capital markets, and it has kept finding ways to grow even when the economic mood turns sour. This bank stock has been running high, trading up 31% in the last year, which says investors have regained confidence in Canadian financials. It also pays a dividend of 2.9%, which can feel extra satisfying inside a TFSA because every dollar that lands stays yours.

Recent earnings show why the stock has held up. In fiscal Q4 2025, National Bank reported net income of $1.06 billion and diluted earnings per share (EPS) of $2.57, while adjusted net income came in at $1.16 billion and adjusted diluted EPS hit $2.82. It also raised its quarterly dividend by $0.06 to $1.24 per share. On valuation, it trades at about 17 times earnings at writing, which looks reasonable for a bank that is still growing and returning cash to shareholders. Although credit quality and the Canadian housing cycle will always sit in the risk column.

WCN

Waste Connections (TSX: WCN) might be the stealth TFSA favourite in this group, as garbage does not take recessions seriously. It runs solid waste collection, transfer, and disposal operations, with a big footprint in North America, and it tends to win by executing well rather than telling flashy stories. The stock has stayed relatively sturdy, with shares down 8% in the last year. That range looks calmer than most growth stocks, which can matter a lot if you plan to hold for years.

The numbers also show a business that keeps compounding. In Q3 2025, Waste Connections reported revenue of $2.46 billion, net income of $286.3 million (or $1.11 per share), and adjusted net income of $372 million (or $1.44 per share). It delivered adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $830.3 million, with an adjusted EBITDA margin of 33.8% of revenue, and it raised its regular quarterly dividend by 11.1%. While trading at 70 times earnings, the market often assigns a premium to businesses that grow steadily and shrug off chaos.

Bottom line

Put together, SHOP, NA, and WCN make a strong “buy now” TFSA trio, as each offers a different kind of win. If you want TFSA stocks you can own, add to, and stop overthinking, this mix gives you a solid starting point.

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Shopify. The Motley Fool has a disclosure policy.

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