Building a successful Tax-Free Savings Account (TFSA) in the long run is about more than simply chasing the hottest growth stocks. The best long-term TFSA portfolios usually maintain a good balance of businesses from different sectors that can continue growing through tough economic times. That kind of diversification can help you reduce risks while still giving you the opportunity to produce strong long-term returns.
While some companies thrive when consumers become more cautious with spending, others benefit from global demand trends tied to essential industries. Finding stocks that can complement each other in a TFSA could make a huge difference over time.
In this article, I’ll highlight two such TSX stocks from very different industries that could help maximize your long-term TFSA growth potential.
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Dollarama stock
When Canadians look for value shopping, Dollarama (TSX: DOL) is arguably one of the first names that comes to mind. This Mont-Royal-based discount retailer has built a dominant position in Canada’s value retail market over the years by offering everyday products at affordable prices.
After delivering 106% returns over the last three years, DOL stock currently trades at $172.84 per share with a market cap of $46.9 billion. While the company’s quarterly dividend yield is modest at 0.3%, Dollarama has consistently focused on long-term growth and shareholder returns.
One main reason the retailer’s financials continue growing is its ability to deliver even during uncertain economic periods. In its latest quarter (ended in January 2026), Dollarama’s sales climbed 11.7% year-over-year (YoY) to $2.1 billion. That increase was supported by new store openings and rising comparable store sales in Canada.
During the quarter, the company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) also rose 6.2% YoY to $711.5 million, while its operating profit climbed 4.7% from a year ago to $584.4 million.
In addition, expansion remains a major part of Dollarama’s strategy. During the quarter, the company opened 75 net new stores in Canada and seven additional stores in Australia through The Reject Shop banner. These moves continue strengthening its domestic footprint while also diversifying future growth opportunities internationally.
For long-term TFSA investors, Dollarama’s defensive retail operations, disciplined expansion, and strong profitability could make it a valuable core holding.
Nutrien stock
While Dollarama offers exposure to retail stability, Nutrien (TSX: NTR) can give TFSA investors access to the global agriculture industry, which remains important to long-term food production and crop demand. If you don’t know it already, this Saskatoon-based firm is one of the world’s largest providers of crop inputs and agricultural services.
After surging 22% over the last 12 months, NTR stock now trades at $97.34 per share with a market cap of $46.7 billion. It also offers a dividend yield of 3%.
In the latest quarter (ended in March), Nutrien delivered net earnings of US$139 million along with adjusted EBITDA of US$1.1 billion. The company’s retail segment played an important role in supporting this growth, with the segment’s adjusted EBITDA increasing to US$108 million due to stronger crop nutrient sales volumes and improving margins across the United States and Australia.
Meanwhile, its Potash segment also delivered impressive results, with its adjusted EBITDA climbing to US$578 million with the help of higher global benchmark prices and record sales volumes.
Going forward, Nutrien continues focusing on simplifying operations, improving capital efficiency, and strengthening its core asset base. These efforts could support stronger free cash flow generation and improve long-term profitability.
