For Canadians looking to build long-term wealth, a Tax-Free Savings Account (TFSA) is an effective investment tool. Every dollar of capital gains and dividends earned inside a TFSA grows completely tax-free, allowing your investments to compound faster over time.
In 2026, the annual TFSA contribution limit is $7,000. While that amount may not seem large, the right investment strategy can grow your single year’s contribution into a much larger sum over time. One ideal way to double your annual contribution is to buy and hold growth stocks with a proven business model and ability to deliver above-average returns.
With that in mind, here are some of the best Canadian growth stocks that could help you turn this year’s TFSA contribution into substantially more in the years ahead.
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Growth stock #1: MDA Space
MDA Space (TSX:MDA) is without a doubt a solid growth stock with potential to double your annual TFSA contribution. While the shares of this space technology company have fallen roughly 38% from their peak amid valuation concerns and fears of shareholder dilution stemming from its acquisition of Collecte Localisation Satellites (CLS), the pullback presents an attractive buying opportunity.
MDA operates across satellite systems, robotics, and geointelligence, giving it exposure to multiple high-growth markets. Rising global defence spending is also creating new opportunities, as governments invest in space-based surveillance, communications, and security technologies.
The CLS acquisition strengthens MDA’s geospatial services business by adding artificial intelligence (AI)-powered Earth observation and satellite IoT capabilities. The deal is expected to boost adjusted EBITDA and adjusted earnings per share within the first year while doubling the company’s recurring revenue.
MDA Space’s long-term outlook remains strong. Demand for communications satellites and next-generation satellite constellations continues to grow, while its robotics division is benefiting from government-backed space initiatives and commercial partnerships. Its geointelligence business is also expanding as demand for Earth observation data and analytics increases.
MDA finished the first quarter of 2026 with a $3.7 billion backlog, providing solid revenue visibility, while management estimates a $40 billion opportunity pipeline over the next five years. With a growing global presence, MDA Space appears well-positioned to capitalize on the expanding space economy and deliver solid long-term returns.
Growth stock #2: Bird Construction
Bird Construction (TSX:BDT) has already delivered impressive returns this year, but the rally may be far from over. Supported by powerful long-term trends and a growing project backlog, the Canadian construction company could still have significant upside, making it an attractive stock to consider for a TFSA.
One of Bird’s biggest advantages is its exposure to Canada’s expanding infrastructure and industrial investment cycle. Governments and businesses continue to pour capital into high-growth sectors, including nuclear energy, liquefied natural gas (LNG), critical minerals, defence, healthcare, renewable power, and transportation. As spending across these industries accelerates, Bird is well-positioned to secure a steady stream of new projects.
AI is creating another compelling growth opportunity. The rapid construction of AI data centres is expected to generate substantial demand for specialized construction services, and management estimates this market alone represents more than $20 billion in potential opportunities.
The company’s recent contract wins further support its investment case. Bird secured nearly $1 billion in new project awards across nuclear, civil, marine, mining, industrial, maintenance, and building projects. The breadth of these awards highlights the company’s diversified business model and ability to win work across multiple end markets. More importantly, these projects strengthen revenue visibility by expanding an already robust backlog.
Bird maintains a healthy balance sheet, enabling it to pursue strategic acquisitions and continue to reward shareholders through dividends. At the end of the first quarter, Bird’s backlog stood at an impressive $11 billion, providing strong visibility into future revenue.
With multiple growth catalysts, a record backlog, and solid financial flexibility, Bird Construction appears well-equipped to capitalize on Canada’s infrastructure boom and deliver solid returns.
