Growth stocks can be excellent long-term investments for building wealth. As these companies expand their revenue and earnings at a solid pace, their shares have the potential to generate strong capital appreciation and outperform the broader market over time.
Holding high-quality growth stocks in a Tax-Free Savings Account (TFSA) can further boost your long-term returns. Any capital gains and dividends earned within a TFSA are completely tax-free, allowing your investments to compound without the drag of taxes. Over the years, this tax-efficient growth can make a meaningful difference to the overall value of your portfolio.
Against this backdrop, here are three Canadian stocks worth adding to a TFSA this summer.
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Enerflex
Enerflex (TSX:EFX) is a compelling long-term growth stock to hold in a TFSA as rising global demand for energy infrastructure creates a favourable backdrop for its business. Its contract-based model and recurring revenue help cushion earnings during periods of market volatility.
Supporting Enerflex’s growth is its vertically integrated business. By designing, manufacturing, installing, and servicing energy infrastructure, the company captures revenue across the entire project lifecycle while strengthening customer relationships.
Industry tailwinds should continue to support future growth. In addition, growing focus on energy security and the ongoing transition to lower-emission fuels are driving investment in natural gas infrastructure, positioning Enerflex to benefit from sustained demand.
The company also has strong revenue visibility. Its Energy Infrastructure segment is backed by roughly $1.3 billion in contracted long-term revenue, while its higher-margin After-Market Services business generates dependable recurring income. Meanwhile, the Engineered Systems division holds an order backlog of approximately $1.3 billion, supporting future growth.
With favourable demand trends, a healthy balance sheet, and strength across its businesses, Enerflex appears well-positioned to deliver attractive returns.
MDA Space
MDA Space (TSX:MDA) is another high-growth stock worth considering for your TFSA. As one of Canada’s leading space technology companies, MDA Space will benefit from the rapid expansion of the global space economy. With expertise spanning satellite systems, robotics, space operations, and geointelligence, MDA stands to gain as governments and commercial customers ramp up spending on satellite communications, Earth observation, and national security.
Several long-term trends support the company’s growth outlook. Rising global demand for high-speed connectivity is driving investment in next-generation satellite infrastructure. At the same time, increased public and private spending on space exploration is creating new commercial opportunities. Further, governments around the world are expanding investments in space-based surveillance, intelligence, and secure communications, providing another solid driver of demand for MDA’s technologies and services.
MDA is performing well. At the end of the first quarter of 2026, the company reported a $3.7 billion order backlog and a nearly $40 billion opportunity pipeline over the next five years. With strong industry tailwinds, a growing addressable market, and a substantial pipeline of future business, MDA Space appears well-positioned to deliver sustained long-term growth, making it an attractive TFSA stock for investors seeking capital appreciation.
Bird Construction
Bird Construction (TSX:BDT) is another compelling growth stock to add to a TFSA, as it is well-positioned to benefit from Canada’s infrastructure spending boom. It continues to secure large, high-value construction and maintenance contracts, which augur well for growth.
Bird has exposure to fast-growing sectors, including defence, healthcare, nuclear energy, LNG, renewable energy, critical minerals, transportation, and AI data centres. Management estimates the AI data centre opportunity alone exceeds $20 billion, creating a significant long-term growth runway.
Bird’s financial strength further supports its outlook. A healthy balance sheet enables strategic acquisitions, growth investments, and reliable dividend payments. Moreover, its $11 billion project backlog provides revenue visibility.
With exposure to multiple high-growth markets, a robust backlog, and solid financial flexibility, Bird Construction appears well-positioned to deliver sustained growth and attractive long-term returns.
