Your Tax-Free Savings Account (TFSA) contribution limit may be fixed each year, but the future value of the money you contribute is not. Once invested in fundamentally solid Canadian stocks, that contribution could keep growing without creating a tax bill on the gains earned inside the account.
The real challenge is choosing companies that have both strong finances and the ability to grow over the long run. But proven growth businesses could make that easier. While it takes time and some risk to double your investment, it remains within reach for patient investors. In this article, I’ll spotlight two top Canadian stocks that could help you pursue it.
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Shopify stock
For investors looking to fuel TFSA growth, Shopify (TSX:SHOP) continues to rank among Canada’s top long-term growth stocks.
The Ottawa-based firm provides the technology businesses use to sell online, in stores, and through other sales channels. Currently, it operates in more than 175 countries. SHOP stock has gained about 36% over the last year and currently trades at $175.17 per share, giving the company a market cap of roughly $227.3 billion. Shopify does not pay a dividend, making it more suitable for investors focused on capital growth.
The recent rally in SHOP stock is supported by its impressive business momentum. In the first quarter ended in March 2026, Shopify’s gross merchandise volume rose 35% year-over-year (YoY) to US$100.7 billion. Its revenue climbed 34% YoY to US$3.2 billion as merchant solutions revenue jumped 39% and subscription solutions revenue increased 21%.
The Canadian e-commerce platform giant’s gross profit advanced 32% YoY to US$1.6 billion. At the same time, its operating income surged 88% to US$382 million, showing that revenue is growing much faster than many operating costs. Meanwhile, Shopify’s free cash flow also improved to US$476 million from US$363 million, while its free cash flow margin remained solid at 15%.
Overall, Shopify’s growing commerce network, artificial intelligence (AI) investments, and ability to serve businesses of different sizes could support expansion for years. For TFSA investors trying to double the value of a contribution, it clearly offers the kind of high-growth potential that could help achieve that goal over time.
Dollarama stock
For investors who want TFSA growth from a more defensive business, Dollarama (TSX:DOL) could be another attractive choice.
This Mont-Royal-based company sells affordable everyday, seasonal, and general merchandise through stores in Canada. It also has growing operations in Latin America and Australia. DOL stock has risen about 15% over the last year and currently trades at $190 per share with a market cap of around $51.4 billion. It offers a modest annualized dividend yield of roughly 0.3%.
In the first quarter of its fiscal 2027 (ended on May 3, 2026), Dollarama’s sales climbed 21.4% YoY to $1.9 billion. This growth reflected new Canadian stores, a 5.6% increase in comparable Canadian store sales, and a $193 million contribution from Australia.
On the profitability side, the company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) surged by 17.4% YoY to $582.5 million.
Moreover, Dollarama continues to open stores in Canada while expanding Dollarcity in Latin America and transforming its Australian operations. Its value-focused model also continues to attract customers in uncertain economic conditions.
That great combination of resilience and international expansion makes Dollarama an appealing TFSA stock for investors aiming to multiply annual contributions over the long run.
