A Year Later: 3 Canadian Stocks I Still Want in My TFSA

Three TFSA-friendly compounders still look like they’re executing a year later, even if none of them is truly “cheap.”

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. Social Media Follow Amy on LinkedIn and Canada Stock Digest. 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 April 22, 9:00 pm EDT

Investors don’t need a full decade to know whether a Tax-Free Savings Account (TFSA) stock is pulling its weight. After one year, you can usually spot the signs. Revenue should still move higher, management should still sound confident, and the market should still have a reason to care. A TFSA works best when you fill it with businesses that can keep compounding without asking for much attention. That is why a one-year check-in matters. It helps separate a stock that merely had a good run from one that still looks built to win.

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TOI

Topicus.com (TSXV: TOI) is a vertical market software company that owns and builds specialized software businesses across Europe, serving niche customers in areas like health care, education, finance, and public services. Over the last year, Topicus stock stayed busy on the deal front, including its moves around Asseco Poland and the completed acquisition of Cipal Schaubroeck in Belgium. That steady acquisition machine matters as it’s a big part of how Topicus stock grows.

In the fourth quarter of 2025, Topicus stock reported net income moved lower for the year, so this is not a perfect story, and Topicus stock is not cheap, with shares trading around 5.1 times sales and more than 16 times enterprise value to earnings before interest, taxes, depreciation and amortization (EBITDA). Still, for a TFSA, I like the long runway. It is a patient compounding story, and those can be gold inside a tax-free account.

CIGI

Colliers (TSX: CIGI) is no longer just a commercial real estate name. It now leans on a diversified platform that includes engineering, investment management, and recurring real estate services. That wider mix has made the business more resilient, and over the last year it has kept pushing that strategy forward. The biggest recent move was the planned acquisition of Ayesa Engineering for about US$700 million, which should deepen Colliers’ engineering reach and give it one more way to grow beyond plain old property transactions.

In 2025, Colliers reported revenue of US$5.6 billion, up 15%, while adjusted EBITDA climbed 14% to US$732.5 million. Adjusted earnings per share rose 14% to US$6.58. That’s the kind of steady progress TFSA investors want to see. The stock is not screamingly cheap, with a forward price-to-earnings ratio around 13.5, but it also does not look unreasonable for a company that has doubled in size over the last five years. Risks remain, of course. A slower deal market or a rougher real estate backdrop could cool growth. Even so, Colliers looks like a stock that still deserves space in a long-term account.

WCN

Waste Connections (TSX: WCN) may be the easiest stock here to hold without losing sleep. Garbage is not glamorous, but that is exactly the point. The company operates waste collection, disposal, recycling, and renewable fuels businesses across North America, with a strong presence in secondary and exclusive markets. That gives it durable pricing power and reliable demand. Over the last year, it kept building through acquisitions and also raised its dividend by 11.1%, which is a nice reminder that even a boring business can reward shareholders very well.

Fourth-quarter 2025 revenue came in at US$2.4 billion, while adjusted EBITDA rose 8.7% to US$795.6 million. For the full year, revenue hit US$9.5 billion and adjusted EBITDA reached US$3.1 billion. Management also guided for 2026 revenue of as much as US$10 billion and double-digit adjusted free cash flow growth. The catch is valuation. Waste Connections trades at roughly 22 times forward earnings, which is not exactly a bargain. But quality rarely goes on sale for long. In a TFSA, a dependable compounder with pricing power can still earn its premium.

Bottom line

A year later, I still want all three in a TFSA, but for different reasons. Topicus stock brings niche software growth, Colliers adds diversified professional services with room to expand, and Waste Connections offers steady, defensive compounding. If I had to rank them today, Waste Connections looks like the safest hold, Topicus stock looks like the most exciting long-term grower, and Colliers sits neatly in the middle. That is a very solid trio for any investor who wants a TFSA that keeps quietly doing its job.