The Tax-Free Savings Account (TFSA) is one of the best wealth-building tools available to Canadians. That is, provided investors pick the right investments. When it comes to stocks in my TFSA, I look for companies that I can comfortably hold for years.
Three picks match that goal, and each gives me a different reason to hold it for at least a decade.
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Enbridge stock provides income I can reinvest
The first of the three stocks in my TFSA to buy and hold is Enbridge (TSX: ENB). For those unfamiliar with the company, Enbridge is one of the largest energy infrastructure stocks in North America.
Enbridge’s portfolio includes pipelines, storage facilities, renewable energy assets, and natural gas utilities. Most of the company’s cash flow stems from regulated assets and long-term agreements. This gives Enbridge a reliable revenue stream.
That stability allows Enbridge to fund its backlog while continuing to pay its quarterly dividend. Nearly $8 billion of projects are expected to enter service this year.
Turning back to that dividend, as of the time of writing, Enbridge offers a yield of 5.7%. A $10,000 investment would produce nearly $570 each year. That’s a decent amount of income to reinvest and help grow that position over time.
Enbridge has provided annual increases to that dividend for 31 consecutive years without fail. That includes a 3% bump to $3.88 per share for 2026.
Canadian National Railway owns infrastructure that is difficult to replace
Another one of the great stocks in my TFSA is Canadian National Railway (TSX: CNR). Canadian National operates one of the largest rail networks in North America, stretching from coast-to-coast and down to the U.S. Gulf Coast.
Its access to three coastlines gives Canadian National one of the strongest competitive moats on the market. The network took decades to build, and the cost, time, and regulatory approvals needed to reproduce it make a new competitor extremely unlikely.
Canadian National also plays an essential role in the continental economy, transporting over $250 billion worth of grain, energy products, vehicles, consumer goods and other freight each year.
And like Enbridge, Canadian National offers a growing quarterly dividend. As of the time of writing, the stock yields 2.2%, and the railway has increased its dividend annually for 30 years.
Between the necessity of the goods that it hauls, the defensive network and the growing dividend, it’s hard not to see how Canadian National fits naturally inside a long-term TFSA.
Alimentation Couche-Tard still has room to grow
Rounding out the three stocks in my TFSA is Alimentation Couche-Tard (TSX: ATD).
Where Enbridge and Canadian National provide the income and some growth, Couche-Tard goes the other way and provides growth with a little bit of income.
Couche-Tard is one of the largest convenience store and gas station operators on the planet. That includes a presence in over a dozen countries on multiple continents.
That network was built through years of disciplined expansion. Its scale allows Couche-Tard to negotiate better purchasing terms, spread technology investments across its stores, and apply successful products and practices across different markets.
Recent expansion has also included EV charging, car wash locations, and additional acquisitions.
A great example from this summer is Couche-Tard’s announcement that it will acquire Poland-based Żabka Group. The company operates over 13,000 convenience stores across both Poland and Romania. Once completed, it will represent the largest acquisition of Couche-Tard to date.
While Couche-Tard is predominantly a growth stock, it does offer a quarterly dividend. As of the time of writing, that dividend carries a yield of 1.1%.
Why I’m keeping these stocks in my TFSA
Couche-Tard, Canadian National, and Enbridge each offer investors something within a TFSA. Enbridge provides income. Canadian National offers access to essential transportation infrastructure. Couche-Tard offers long-term capital growth potential.
Together, they provide a solid mix of income and growth, making them solid additions to any long-term TFSA.
