Some under-the-radar opportunities could help you build a strong long-term portfolio by combining capital appreciation with reliable income. Interestingly, real-world Tax-Free Savings Account (TFSA) data highlight why this matters. According to Canadian statistics, the average TFSA balance for investors aged 60 to 64 is about $33,242.
While that’s a solid amount, it also shows that many investors may not be fully maximizing the long-term growth potential of their accounts. That’s why the takeaway is clear: consistently investing in high-quality stocks that can grow and generate income over time is essential to building a larger TFSA portfolio. Now, let’s take a closer look at two TFSA-friendly stocks that could help you build a resilient and income-generating portfolio over time.
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Nutrien stock
Nutrien (TSX: NTR) operates in the agricultural sector, supplying essential crop nutrients such as nitrogen, phosphate, and potash to farmers around the world. NTR stock currently trades at $95.44 per share, with a market cap of about $60 billion. Over the past year, it has gained around 12% while offering a quarterly dividend yield of 3.8%.
Nutrien’s recent performance has been supported by strong global demand for crop nutrients, driven by population growth and the need for higher agricultural productivity. In its latest earnings report, the company delivered solid results, with revenue rising 18% YoY (year-over-year) to US$10.8 billion. This growth was largely fueled by higher pricing for nitrogen and potash, along with strong demand in key markets such as North America and Latin America.
The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by 25% YoY to US$1.8 billion, reflecting improved operational efficiency. Meanwhile, net earnings climbed 30% YoY to US$2.3 billion, highlighting its ability to convert revenue growth into strong profits.
Looking ahead, Nutrien remains well-positioned for long-term growth. It continues to invest in expanding its production capabilities and strengthening its distribution network. At the same time, its focus on digital agriculture and precision farming technologies could further improve efficiency and support future earnings growth.
Metro stock
Another solid TSX stock worth considering for TFSA investors is Metro (TSX: MRU), a top food and pharmacy retailer operating primarily in Quebec and Ontario. The company runs around 1,000 food stores under banners such as Metro, Super C, Food Basics, and Adonis. It also manages approximately 640 pharmacies under brands like Jean Coutu and Brunet.
After climbing nearly 5% over the last year, Metro stock currently trades at $96.44 per share with a market cap of roughly $20 billion. At this market price, it offers a dividend yield of 1.7%.
Metro’s strength lies in its consistent execution and defensive business model. In its latest earnings report, the company posted a 3% YoY increase in revenue to $4.2 billion, supported by steady in-store traffic and operational improvements. Its EBITDA rose by 5% YoY to $350 million, while net income increased by 7% YoY to $180 million. These numbers highlight the company’s ability to maintain stable growth even in a challenging consumer environment.
Looking forward, Metro is investing in expanding its e-commerce capabilities and improving the customer experience. Its focus on supply chain efficiency, digital tools, and sustainability initiatives could further strengthen its competitive position over time.
Foolish takeaway
For investors aiming to build long-term wealth inside a TFSA, focusing on stable, high-quality businesses is key. Nutrien and Metro both offer a compelling combination of steady growth, solid financial performance, and reliable dividends.
While they may not be very popular among growth investors, these companies have the fundamentals to deliver consistent returns over time. As the average TFSA balance data suggests, building meaningful wealth requires staying invested in strong businesses over the long run. Adding such stocks to your portfolio could help you make a reliable income-generating investment strategy.
