Building a million-dollar Tax-Free Savings Account (TFSA) rarely happens overnight. Most TFSA millionaires get there by staying patient, consistently investing, and owning businesses that can grow steadily for years. However, to achieve this goal, you should look beyond dividend stocks and focus on companies with improving fundamentals, strong long-term opportunities, and the ability to adapt as industries evolve.
That’s one reason many successful Foolish investors continue looking for TSX stocks with both growth potential and resilience. The right combination could create powerful compounding returns over time, especially inside a tax-sheltered account like a TFSA.
Two Canadian growth stocks appear to fit this description right now. While they operate in completely different industries, both companies are showing signs of huge long-term transformation. Let’s take a closer look at why these stocks could stand out for long-term TFSA investors.
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BlackBerry stock
The first stock that could help you reach your goal of a million-dollar TFSA in the long run is BlackBerry (TSX: BB). The Waterloo-based firm is focused on intelligent software solutions for enterprises, governments, and the automotive industry.
Its QNX business has become especially important to its future growth story. Interestingly, the software platform is currently embedded in more than 275 million vehicles worldwide and continues expanding into areas like robotics and physical artificial intelligence (AI) applications.
After rallying by 64% so far this year, BlackBerry stock currently trades at $8.46 per share, giving the company a market cap of $5 billion.
In its latest quarterly report (for the quarter ended in February), BlackBerry delivered 10% year-over-year (YoY) revenue growth, marking a return to top-line growth for fiscal 2026. Its QNX segment performed well, with revenue rising 20% from a year ago to US$78.7 million. The company’s profitability trends are also improving as it generated operating cash flow of US$45.6 million during the quarter, while its generally accepted accounting principles (GAAP) net profit improved for the eighth consecutive quarter to US$24.3 million.
Beyond automotive software, BlackBerry’s Secure Communications segment is also gaining momentum as governments and enterprises increasingly prioritize digital sovereignty and cybersecurity solutions.
With improving financials, disciplined cash generation, and expanding opportunities in embedded software, BlackBerry appears better positioned for long-term growth than many investors may realize.
Air Canada stock
The second stock I find attractive for TFSA investors right now is Air Canada (TSX: AC), as it offers a recovery-driven growth story linked to the global travel industry. Despite operating in a cyclical sector, the airline has been working to strengthen its fundamentals and position itself for long-term expansion.
At the time of writing, the Canadian airline giant traded at around $19 per share with a market capitalization of $5.3 billion. Although the stock has remained volatile lately, its recent operational performance highlights improving business fundamentals.
In the first quarter of 2026, Air Canada delivered record first-quarter operating revenue of $5.8 billion, backed by strong travel demand across its domestic and international network. The company also generated adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $623 million and operating profit of $117 million.
More importantly, Air Canada continues to focus heavily on balance sheet management and operational efficiency. It has maintained a disciplined approach toward debt reduction, capital allocation, and preserving financial flexibility despite ongoing volatility in fuel prices and geopolitical conflicts.
By 2028, Air Canada aims to generate more than $30 billion in annual revenue while targeting an adjusted EBITDA margin between 18% and 20%.
While airline stocks naturally carry more risk than defensive sectors, Air Canada’s improving profitability, resilient demand environment, and long-term growth strategy could make it attractive for patient TFSA investors willing to tolerate some short-term volatility.
Foolish bottom line
TFSA millionaires often distinguish themselves by identifying companies capable of evolving, strengthening operations, and creating long-term shareholder value. While BlackBerry and Air Canada may not be perfect stocks, both appear positioned to benefit from improving business trends and future growth opportunities.
