Equity markets are an excellent place to build long-term wealth. If you are new to investing, you should not be discouraged by the amount of money you can initially invest. Building wealth is less about making large investments and more about staying consistent over time. Even small, regular contributions can compound significantly over the years, helping you build a substantial portfolio and achieve your long-term financial goals.
Against this backdrop, here are five quality Canadian stocks that are ideal for beginners.
Source: Getty Images
Dollarama
Dollarama (TSX: DOL) is a leading Canadian discount retailer offering a broad range of consumer products at attractive prices, supported by its efficient direct-sourcing model and logistics network. Its value-oriented business model enables it to maintain healthy same-store sales across economic cycles. The company is also expanding its store network, targeting 2,200 Canadian stores and 700 Australian stores by fiscal 2034, up from 1,719 and 410, respectively.
Dollarama also owns a 60.1% stake in Dollarcity, which operates 652 stores across five Latin American countries. Dollarcity plans to expand to 1,100 stores by the end of 2031. With multiple growth drivers and a resilient business model, Dollarama could be an excellent long-term investment for beginners seeking to build wealth through consistent investing.
Fortis
Fortis (TSX: FTS) is another stock that could be ideal for beginners. Its highly regulated asset base and low-risk utility operations help shield its financial performance from market cycles, commodity-price fluctuations, and broader economic volatility. This resilient business model has supported consistent financial results and reliable shareholder returns, with the company delivering an average total shareholder return of approximately 10% over the past 20 years. Fortis has also increased its dividend for 52 consecutive years and currently offers a forward yield of 3.4%.
Moreover, Fortis is expanding its regulated asset base and plans to invest $28.8 billion through 2030. These investments are expected to grow its rate base at an annualized rate of 7% to $57.9 billion by the end of the decade, supporting long-term earnings growth. Backed by this expansion, management expects to increase its dividend by 4–6% annually in the coming years, further enhancing the stock’s appeal as a reliable long-term investment.
Enbridge
Third on my list is Enbridge (TSX: ENB), which has increased its dividend for 31 consecutive years and currently offers an attractive yield of approximately 5.6%. Its highly contracted business model, regulated assets, and inflation-indexed mechanisms help insulate its financial performance from broader economic fluctuations and rising costs. Supported by this resilient business model, the diversified energy infrastructure company has delivered a total return of approximately 880% over the past 20 years, representing an annualized return of 12.1%.
Looking ahead, Enbridge has identified approximately $50 billion in growth opportunities, supported by rising oil and natural gas production and consumption across North America. The company plans to invest $10–11 billion annually to fund these opportunities and expand its asset base. Meanwhile, management expects to return $40–45 billion to shareholders through 2030, further enhancing Enbridge’s appeal as a reliable long-term investment for beginners.
Waste Connections
Waste Connections (TSX: WCN) provides waste management services across the United States and Canada. Its focus on secondary and exclusive markets helps limit competition and supports attractive margins. The company has also consistently expanded through organic growth and strategic acquisitions, driving strong financial performance and shareholder returns. Over the past decade, WCN has delivered a total shareholder return of approximately 280%, representing an annualized return of 14.3%.
Looking ahead, WCN continues to pursue acquisitions and organic growth. After commissioning seven renewable natural gas (RNG) facilities, it plans to bring five more online by year-end. This year’s acquisitions added about $100 million in annualized revenue, while potential deals could add another $30 million. With a strong business model and healthy growth prospects, WCN could be an excellent long-term investment for beginners.
Bank of Nova Scotia
My final pick is the Bank of Nova Scotia (TSX: BNS), which provides a broad range of financial services across multiple countries. Its diversified revenue streams support stable cash flows, enabling the bank to maintain a consistent dividend track record dating back to 1833. With a quarterly payout of $1.14 per share, BNS currently offers a forward yield of approximately 3.5%.
Looking ahead, BNS is repositioning its business to strengthen its more profitable North American operations while reducing exposure to riskier and less profitable Latin American markets. Its core lending business could also benefit from a relatively higher interest-rate environment through stronger net interest income. Given its improving financial performance, long-standing dividend history, and attractive growth prospects, BNS could be an excellent long-term investment for beginners seeking reliable income and growth.
