3 Canadian Stocks for Investors Who Want Income Now and Growth Later

With the right stocks, it’s possible to get paid today and still grow your wealth.

Amy Legate-Wolfe

Author Bio

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband.

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Favorite Investment Quote

“October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published March 30, 11:25 am EDT

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Key Points

Wajax combines heavy-equipment exposure with a 4%+ yield and steady earnings growth.
Russel Metals benefits from industrial demand while returning cash through dividends, buybacks, and acquisitions.
Jamieson offers more defensive growth in wellness, with a smaller dividend but solid 2026 guidance.

It is absolutely possible to get both income and growth through Canadian stocks. The TSX is full of businesses that do not fit neatly into one box. Some companies are still expanding quickly but also pay dividends, while others throw off steady cash while still finding room to grow through acquisitions, new contracts, or stronger margins.

For investors with $10,000 (or any other starting amount!), that kind of mix can be a sweet spot. You do not need to choose between getting paid now and building wealth for later.

woman checks off all the boxes — Source: Getty Images

Wajax: Industrial Upside With a 4%-Plus Yield

Wajax (TSX: WJX) is an industrial stock that still gives investors meaningful income. It sells and services heavy equipment and industrial parts across mining, construction, energy, and other sectors, so it benefits when the real economy keeps moving.

In 2025, revenue rose 2.3% to $2.15 billion, adjusted EBITDA climbed 5.2% to $176.7 million, and adjusted EPS rose 19.2% to $2.90. That’s solid execution in a market that was not universally kind to cyclical names. With the shares recently around $32 and an annual dividend of $1.40 per share — yielding approximately 4.4% — Wajax looks like a practical mix of cyclical growth and real income, especially if industrial and infrastructure spending stays healthy in 2026.

If you are a Canadian investor looking for dividend income without sacrificing growth potential, here are three TSX stocks worth considering.

Russel Metals: A Metals Distributor That Just Got an Investment-Grade Upgrade

Russel Metals (TSX: RUS) fits the income-and-growth goal with a slightly different flavour. It distributes and processes steel and other metals for industrial customers, manufacturing demand, and infrastructure projects, without needing to mine anything itself. In 2025, revenue rose 9% to $4.6 billion, EBITDA increased 13% to $337 million, and the company closed the Kloeckner Metals acquisition while repurchasing $86 million of shares and paying $96 million in dividends.

Two recent developments sharpen the investment case here. S&P Global upgraded Russel to investment-grade BBB- from BB+ with a stable outlook, which is a meaningful credit milestone that expands its financing options and signals improved balance sheet confidence. The quarterly dividend also recently rose to $0.43 per share, or $1.72 annualized. At roughly $47 per share, the trailing yield sits around 3.7%. For investors who want exposure to a tougher part of the economy without giving up shareholder returns, Russel looks like a strong option.

Jamieson Wellness: Defensive Growth From Canada’s Leading Supplement Brand

Jamieson Wellness (TSX: JWEL) gives our list a more defensive kind of growth. It manufactures and sells vitamins, supplements, and wellness products under the Jamieson, Youtheory, and Progressive brands — a consumer category that tends to hold up fairly well even when people get cautious about spending. China is an increasingly important growth driver, where the brand’s reputation for quality helps it stand apart in a crowded market.

In 2025, revenue rose 14.3% to $873.3 million, adjusted EBITDA rose 15.9% to $169.1 million, and adjusted diluted EPS climbed 19.1% to $2.31. Management guided for 2026 revenue of $895 million to $935 million and adjusted EBITDA of $174 million to $181 million. A company officer added shares as recently as March 19, 2026 — a modest but positive signal of internal confidence. With a market cap around $1.4 billion and a quarterly dividend of $0.23 per share yielding 2.7%, Jamieson is not a giant yielder, but it offers a nice balance of steady demand and continued growth.

Bottom line

The best Canadian stocks for income and growth are usually the ones doing both without trying too hard to be glamorous. Wajax brings industrial upside and a 4%-plus dividend. Russel Metals brings metals distribution exposure, a freshly earned investment-grade credit rating, and reliable shareholder returns. Jamieson Wellness brings defensive consumer demand and double-digit earnings growth. All three can generate solid income from a $10,000 starting investment: