Long-term investing is a proven strategy for wealth creation, helping investors navigate short-term market volatility while benefiting from compounding. However, building a successful long-term portfolio requires choosing quality businesses with strong fundamentals, reliable cash flows, and sustainable growth prospects. Investors can further enhance their returns by holding these stocks in a Tax-Free Savings Account (TFSA), allowing their investment gains and income to grow tax-free. Against this backdrop, let’s explore four TSX stocks that could be excellent additions to a long-term portfolio.
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Aritzia
Aritzia (TSX: ATZ) is a Canadian women’s fashion house and premium apparel retailer with 146 boutiques across North America and a strong digital presence. Backed by robust financial growth and continued expansion, the company has delivered an impressive 795% return over the past decade, representing an annualized gain of 24.5%.
Its growth momentum remains strong, as reflected in its impressive second-quarter fiscal 2027 results. Revenue surged 44.1% year over year, while adjusted EBITDA jumped 99.7%. Further, its adjusted EBITDA margin expanded by 580 basis points to 21%, and it generated $303.2 million in operating cash flow.
Looking ahead, Aritzia plans to open 12–15 boutiques and reposition 5–7 existing locations annually through 2032, targeting mid-teens annualized growth in retail space. It also aims to increase North American digital net revenue to $4.1–$4.5 billion by 2032, representing 20% annualized growth.
Overall, management expects revenue to reach $9.5–$10.5 billion by 2032, implying annualized growth of 15–17%. With plans to expand its product offerings, strengthen digital marketing, and enhance customer loyalty, Aritzia is well-positioned to sustain its growth momentum, making it an attractive addition to a long-term TFSA portfolio.
Waste Connections
Second on my list is Waste Connections (TSX: WCN), a leading provider of non-hazardous solid waste collection, transfer, and disposal services. The company primarily operates in secondary and exclusive markets across the United States and Canada, where it faces relatively less competition and benefits from stronger pricing power. These competitive advantages have supported its margins and consistent financial performance. Moreover, its disciplined acquisition strategy, complemented by organic growth, has driven business expansion and shareholder returns. Over the past decade, Waste Connections has delivered an impressive return of approximately 350%, representing an annualized gain of 16.2%.
Looking ahead, the company continues to pursue strategic acquisitions, supported by its healthy cash flows and solid balance sheet. It is also growing its renewable natural gas (RNG) portfolio, creating additional growth opportunities. Meanwhile, investments in advanced technologies and employee retention could improve operational efficiency, strengthen margins, and support long-term profitability. Given its resilient business model, consistent cash generation, and multiple growth drivers, Waste Connections appears well-positioned to deliver sustainable returns, making it an ideal long-term buy.
Fortis
Fortis (TSX: FTS) is another attractive TSX stock for a long-term TFSA portfolio, supported by the essential nature of its business and highly regulated asset base. The utility serves approximately 3.5 million electricity and natural gas customers across Canada, the United States, and the Caribbean. Notably, most of its assets are concentrated in low-risk transmission and distribution operations, shielding its financial performance from market volatility and commodity price fluctuations. Backed by this resilient business model, Fortis has delivered an impressive 550% return over the past 20 years, representing an annualized gain of 9.85%. The utility has raised its dividend payouts for the last 53 years and currently offers a forward yield of 3.2%.
Looking ahead, Fortis continues to expand its asset base to support long-term growth. The company invested $4.2 billion during the first three quarters and remains on track to invest $6 billion this year. Further, its five-year capital investment plan calls for spending $32.2 billion to expand its rate base to $63.9 billion by the end of 2032, representing annualized growth of 7.5%. These investments should strengthen its regulated operations, support steady earnings growth, and create a solid foundation for future shareholder returns. Given its defensive business model and visible growth prospects, Fortis could be a compelling addition to a long-term TFSA portfolio.
Enbridge
My final pick is Enbridge (TSX: ENB), which operates more than 200 diversified energy assets spanning oil and natural gas pipelines, utilities, and renewable energy. The company generates approximately 98% of its earnings from regulated assets and long-term contracts, while inflation-linked mechanisms protect about 80% of its earnings. This resilient business model has supported consistent financial performance, helping Enbridge deliver an impressive 800% return over the past 20 years, representing an annualized gain of 11.6%.
Moreover, Enbridge has an exceptional dividend track record, having paid uninterrupted dividends since 1953 and raised its payouts for 31 consecutive years. Its forward dividend yield currently stands at an attractive 5.7%, making it appealing to income-seeking investors.
Looking ahead, Enbridge plans to invest $10–$11 billion annually to expand its asset base and capitalize on rising demand for energy infrastructure and services across North America. These investments should support long-term growth, with management targeting 5% annualized growth in both EPS and distributable cash flow per share. The company also expects to return $40–$45 billion to shareholders over the next five years. Given its resilient operations, attractive yield, and visible growth opportunities, Enbridge would be an excellent long-term buy.
