3 Canadian Stocks That Look Built for Uncertain Times

When markets get shaky, “boring” stocks with essential demand and real cash flow can be the best kind of exciting.

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 May 1, 10:00 am EDT

| More on: IAGWCN

Key Points

iA Financial combines insurance and wealth management, and it’s still growing earnings at a reasonable valuation.
Waste Connections is an essential service with strong pricing power, but investors pay up for that stability.
Both offer defensive demand and dividends, with iA providing more yield and WCN offering more consistency.

Uncertain markets have a way of sorting the showboats from the survivors. When investors feel nervous, the best Canadian stocks often share a few simple traits. They sell products or services people still need, they generate reliable cash flow, and they don’t depend on perfect economic weather to keep moving. Insurance, waste collection, and other essential services may not sound thrilling. Yet that’s exactly the point. In a volatile market, boring can look beautiful.

investor looks at volatility chart — Source: Getty Images

IAG

iA Financial (TSX:IAG) offers insurance, wealth management, savings, and retirement products across Canada and the United States. That gives it a practical place in uncertain times. People may delay vacations or big purchases, but they still need insurance and long-term financial planning. In fact, volatile markets can make households think more seriously about protection, retirement, and financial security.

The numbers also support the case. For 2025, iA reported core earnings per share (EPS) growth of 16%, core return on equity of 17.1%, and assets under management (AUM) and administration of $341.1 billion. That last figure climbed 31% over 12 months, helped by strong segregated fund inflows, markets, and its RF Capital Group acquisition.

Around recent trading levels, IAG sat near 15 times earnings, which doesn’t scream bargain but still looks reasonable for a growing insurer. The risk is that a market downturn could slow wealth growth sales and pressure investor confidence. Even so, iA’s mix of insurance, wealth, capital strength, and dividend growth gives it a sturdy feel. Add in a dividend of 2.2%, and it looks downright welcoming.

WCN

Waste Connections (TSX:WCN) brings the same kind of recession-resistant appeal, just through a different essential service. The company collects, transfers, recycles, and disposes of waste across North America. Garbage pickup isn’t optional. Businesses, homes, municipalities, and construction sites keep producing waste in strong and weak economies. That gives WCN stock a steady base that many companies would love to have.

Its latest results show why WCN stock often earns a premium valuation. In the first quarter of 2026, Waste Connections reported revenue of US$2.37 billion, up from US$2.23 billion a year earlier. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to US$769.5 million, while adjusted earnings hit US$1.23 per diluted share.

For full-year 2025, revenue reached US$9.47 billion, up 6.1%, with adjusted EBITDA of US$3.13 billion. The catch is valuation. WCN stock rarely looks cheap, and higher fuel or labour costs can pinch margins. Right now, in fact, it trades at 40 times earnings and 21.8 times forward earnings. Yet its pricing power, acquisition pipeline, and essential-service model make it a strong fit when investors want durability. And again, there’s a 0.85% dividend yield, which is small, but not nothing.

Foolish takeaway

The bottom line is simple. Uncertain times don’t call for complicated bets. They call for companies with real demand, strong cash flow, and businesses people keep using no matter what headlines say. IA Financial offers current exposure to insurance and wealth growth. WCN stock adds a quietly powerful defensive layer. And both can still bring in some income with a $7,000 investment.