How to Use Your TFSA to Double That Annual $7,000 Contribution

Doubling a $7,000 Tax-Free Savings Account (TFSA) contribution in a single year would take a 100% return, and that is rare. You only get there with a high-volatility stock that catches a perfect wave, or with concentrated risk that can just as easily cut your account in half.

A more realistic way to “double” is to stack results: add new contributions, reinvest distributions, and aim for strong multi-year compounding so the account value grows faster than what you deposit. If you still want a shot at faster growth, you need a business with real earnings power and a catalyst that can show up in quarterly numbers.

GSY

This stock speaks for itself. goeasy (TSX: GSY) is a non-prime consumer lender. It provides installment loans and related financial services to Canadians who do not always qualify for traditional bank credit. It operates through well-known brands and has built a repeatable model: grow the loan book, price for risk, manage losses, and keep operating costs tight. The dividend stock has earned a growth reputation as it has historically scaled earnings and dividends at the same time.

Over the last year, the biggest story has been the balance between growth and credit quality. As the economy remains bumpy and consumers feel stretched, investors tend to zoom in on net charge-offs, delinquency trends, and loan yield. goeasy leaned into secured lending growth and ongoing underwriting tweaks to keep losses within its targeted range while still growing the portfolio.

The other key “news” theme has been that goeasy keeps playing offence, not defence. The dividend stock continued expanding its loan portfolio, growing its customer base, and positioning itself for longer-term scale. All while still returning capital through a meaningful dividend. That combination often attracts TFSA investors who want growth potential but still like getting paid while they wait.

Earnings support

On earnings and operating performance, the dividend stock’s recent results show why the market still treats it like a growth name. In the third quarter of 2025, it reported revenue of $440 million, up 15% year over year, and loan growth of $336 million, up 32%. The consumer loan portfolio reached $5.4 billion, up 24% from the prior year’s quarter. Those are big numbers because they show the engine still runs, even in a tougher credit backdrop.

The credit line matters just as much as the growth line. In the same period, goeasy noted its net charge-off rate declined year over year and stayed within its outlook range for the quarter. That is a key detail, because the fastest way for a lender’s growth story to break is for credit losses to spike at the wrong time. The dividend stock also reported efficiency improvements over the first nine months of 2025, which supports the idea that scale is still helping margins.

For valuation, goeasy often looks cheaper than people expect for a long-time compounder, because the market keeps a close eye on consumer credit risk. It recently traded at just 8.6 times earnings with a dividend yield at 4.8%. That is not a promise of upside, but it does mean you are not paying a sky-high multiple for growth. The big debate is whether the market is being too cautious about credit, or appropriately cautious. Meanwhile, here’s what would have to happen to turn that $7,000 into $14,000 in a year, including dividends.

Bottom line

So could goeasy be the one stock that doubles a TFSA annual contribution? It could, but that is not the best way to think about it. The better question is whether it can compound strongly enough over a couple of years to make your TFSA feel like it is accelerating. goeasy can deliver that kind of outcome if loan growth stays healthy, losses remain controlled, and earnings keep scaling. It can also disappoint if unemployment rises, credit losses widen, or regulators tighten rules in ways that pressure pricing and growth. If you want a realistic “double,” you buy it for multi-year compounding, not for a one-year miracle.