A Tax-Free Savings Account (TFSA) can be one of the most powerful tools for building long-term wealth, especially when focused on long-term growth instead of short-term trading. The best part is that any gains earned inside the account remain completely tax-free, allowing your investments to compound faster over time.
But simply contributing to a TFSA isn’t enough. To truly maximize its potential, investors should focus on high-quality growth stocks that could continue expanding for years. Let’s take a closer look at two top TSX growth stocks that could be excellent choices to put your TFSA contributions into if your goal is long-term growth.
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MDA Space stock
The global space industry has seen solid growth in recent years, and MDA Space (TSX:MDA) has positioned itself right at the centre of that transformation. The Toronto-based company specializes in satellite systems, robotics, geointelligence, and space infrastructure, making it a major player in both low Earth orbit and geosynchronous equatorial orbit missions.
After rallying by more than 160% over the last six months alone, MDA stock currently trades at $59.51 per share, with a market cap of about $8.3 billion. These incredible gains clearly reflect growing investor confidence in the company’s long-term growth potential.
In the first quarter of 2026, MDA Space’s revenue rose 32% year-over-year (YoY) to $464.1 million, while its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) also surged 32% to $90.6 million. The company’s satellite systems business remained the biggest driver, with revenue jumping 41% YoY to $313.1 million, helped by work on Telesat Lightspeed and Globalstar’s next-generation low Earth orbit constellation program.
MDA ended the quarter with a $3.7 billion backlog, giving it strong revenue visibility into 2026 and beyond. The company also pointed to a $40 billion pipeline of commercial and government opportunities.
With demand rising for satellite connectivity, space infrastructure, and defence-related capabilities, MDA Space stock still appears well-positioned for long-term gains despite its massive rally.
Celestica stock
Another growth-focused TSX stock that could be an attractive TFSA investment is Celestica (TSX:CLS). The Canadian technology firm has become a major player in data centre infrastructure and advanced hardware solutions, benefiting from the rapid expansion of cloud computing and artificial intelligence (AI) infrastructure.
Celestica stock currently trades close to $508 per share, giving it a market cap of $58.4 billion. Over the last year, the stock has skyrocketed by nearly 210%, making it one of the strongest-performing technology stocks on the TSX.
The company posted revenue of US$4.1 billion in the first quarter, representing a massive 53% YoY increase. Its adjusted earnings climbed to US$1.83 per share in the latest quarter from just US$0.74 per share a year earlier. Celestica’s adjusted operating margin also reached 8%, highlighting improving operational efficiency as demand for its solutions continues rising.
Meanwhile, the company is continuing to secure strategic partnerships tied to the growing artificial intelligence market. For example, Celestica recently received an award for a co-packaged optics switch program with a hyperscaler customer, with production expected to ramp up in 2027. This technology is designed to improve AI networking capabilities.
Encouraged by these strong results, CLS stock has also raised its 2026 outlook to US$19 billion in revenue and US$10.15 per share in adjusted earnings, reflecting stronger customer demand and improving visibility.
As AI infrastructure spending continues accelerating globally, Celestica appears well-positioned to benefit from that trend over the long term. For TFSA investors focused on growth, this TSX technology stock remains an attractive option.
