The Canadian stock market has been on fire as of late. Following a sudden pullback in early April, the S&P/TSX Composite Index has surged an impressive 20% in less than four months. The recent swing has the previously mentioned index now up 10% on the year, not even including dividends.

As hot as the market is right now, though, there are still deals out there for a patient investor. The market as a whole may be at an all-time high, but many individual stocks are trading at massive discounts today.

With that in mind, I’ve reviewed two beaten-down TSX stocks that are no strangers to delivering market-beating returns. 

If you’ve got time on your side, these two companies are worth a serious look.

Lightspeed Commerce

It’s been a rollercoaster of a ride for anyone who has been a long-term Lightspeed Commerce (TSX:LSPD) shareholder, including myself.

 

The tech stock finds itself today down close to 90% below all-time highs from 2021. In addition, shares are currently trading at just about the same price that they went public at in 2019. 

In the short term, I wouldn’t expect Lightspeed to return to its market-beating ways just yet. The company is still largely figuring out its presence in the global commerce ecosystem. As with any turnaround story, it will not happen overnight. 

The long-term bull case is that Lightspeed has built a global presence in the continuously growing commerce space, offering its customers a wide range of products and services to choose from. A wide-spanning presence has been a key reason for the company being able to continue delivering revenue growth in the double-digit range.

If you’re looking for a low-risk, high-reward type of investment, this would be my choice.

Brookfield Renewable Partners

Similar to the Canadian stock market, Brookfield Renewable Partners (TSX:BEP.UN) has been on a promising run as of late. 

The renewable energy stock is up more than 20% over the past six months. Even so, shares continue to trade 40% below all-time highs from 2021, excluding dividends. 

Like many others in the renewable energy space, Brookfield Renewable Partners has seen its stock price largely struggle since late 2021. The sector as a whole exploded in 2019 and 2020, which perhaps at least partially explains the decline in the years that followed.

For long-term investors, the renewable energy space may be a cyclical one, but it’s hard to argue against the growth opportunity. Clean energy consumption is only expected to continue growing, which I’m betting will at some point lead to Brookfield Renewable Partners’s return to its market-beating ways.

And in the short term, there’s a high-yielding dividend to enjoy. At today’s stock price, Brookfield Renewable Partners’s dividend is yielding a whopping 5%.

Foolish bottom line

There’s no need to contemplate investing while the market as a whole is trading at all-time highs. As you can tell from the two companies I reviewed, there are high-quality TSX stocks that are trading at opportunistic discounts today.

Don’t miss your chance to load up on shares while these discounted prices last.

The post 2 Canadian Stocks Trading at Fire-Sale Prices appeared first on The Motley Fool Canada.

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• Here’s My Highest Conviction Canadian Stock to Buy Right Now
• Rates Are on Hold for Now — These 2 TSX Dividend Stocks Look Worth Owning Regardless

Fool contributor Nicholas Dobroruka has positions in Brookfield Renewable Partners and Lightspeed Commerce. The Motley Fool recommends Brookfield Renewable Partners and Lightspeed Commerce. The Motley Fool has a disclosure policy.

The Canadian stock market has been on a tear over the past two months. After a 10% pullback in the first week of April earlier this year, the S&P/TSX Composite Index has returned close to 20%, putting the index up more than 5% on the year.

As hot as the market has been as of late, though, now isn’t necessarily the time to be on the sidelines. For those with long-term time horizons, there are plenty of top-quality TSX stocks trading at attractive prices right now.

With that in mind, I’ve put together a well-diversified basket of three Canadian stocks that are all trading at discounts today. Together, the trio of campaigns can provide an investment portfolio with market-beating growth potential, passive income, and stability.

goeasy

goeasy (TSX:GSY) is an under-the-radar growth stock that rarely trades at a discount, which is where it finds itself today.

Even with shares down 30% from all-time highs, though, the stock is still up a market-crushing 150% over the past five years.

goeasy is a consumer-facing financial services provider. The company, unsurprisingly, has seen demand take a hit as interest rates have sky-rocketed in recent years. But with more rate cuts potentially around the corner, now could be an opportunistic time to start a position in this consistent market-beater.

If you’re looking to add some market-beating growth potential to your portfolio, I’d suggest taking advantage of this discount while it lasts.

Brookfield Renewable Partners

It’s not hard to find a discount in the renewable energy space today. Following two growth-filled years in 2019 and 2020, the sector as a whole has largely been on the decline since early 2021.

Excluding dividends, shares of Brookfield Renewable Partners (TSX:BEP.UN) are down nearly 50% from their all-time highs, which were last set in January 2021. 

In the short term, aside from a dividend that’s currently yielding more than 5%, I wouldn’t expect much from a top renewable energy stock like Brookfield Renewable Partners. It may take time for the sector to rebound and for its leaders to return to their market-beating ways. But for investors with long-term time horizons, there could be some serious value here. 

Brookfield Renewable Partners is no stranger to outperforming the market’s returns. So, if you’re bullish on the long-term rise in renewable energy consumption, I’d have this high-yielding energy stock on your watch list.

Bank of Nova Scotia

To balance out this basket, I’ve included a high-yielding, dependable bank stock. 

If you’re looking for passive income and dependability, you can’t go wrong with any of the Big Five Canadian banks. But in this basket, I’ve included Bank of Nova Scotia (TSX:BNS), which is currently the highest-yielding amongst its peers.

At today’s stock price, Bank of Nova Scotia’s dividend is nearing a dividend yield of 6%. The other four major banks are all currently yielding below 5%. In addition, Bank of Nova Scotia has been paying a dividend to its shareholders for close to 200 consecutive years.

If your portfolio already skews towards growth stocks, adding a dependable dividend-payer like Bank of Nova Scotia might be a wise idea.

The post The Best Ways to Invest $10,000 in Canadian Markets Now appeared first on The Motley Fool Canada.

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Fool contributor Nicholas Dobroruka has positions in Brookfield Renewable Partners. The Motley Fool recommends Bank Of Nova Scotia and Brookfield Renewable Partners. The Motley Fool has a disclosure policy.

After a sudden pullback at the start of April earlier this year, the Canadian stock market has been on fire ever since. The S&P/TSX Composite Index is up close to 20% since the first week of April, putting the index up more than 5% on the year.

Investing in tech stocks

For investors looking to put some money to work today, the tech sector could be a great place to start. 

Whether you’re looking for a dependable market-beater or the next multi-bagger, there’s a tech company for you that can provide your portfolio with market-beating growth potential. 

With that in mind, I’ve put together a well-rounded basket of three Canadian tech stocks. While the basket may heavily index toward the tech sector, each of the stocks varies in terms of risk and growth potential. 

If you’re looking to add some long-term growth potential to your portfolio, I’d have these three companies on your radar.

Shopify

It wasn’t all that long ago that Shopify (TSX:SHOP) was the largest company on the TSX. However, with shares still trading below all-time highs from 2021, Shopify has long since relinquished its spot as the largest company in the country.

Shares might be down 30% from all-time highs, but that doesn’t mean Shopify hasn’t returned to its market-beating ways. The tech stock is up a market-beating 50% over the past year and close to 100% over the past two years.

Shopify wasn’t the lone tech stock that saw its stock price plummet in 2022. The sector as a whole is still largely recovering from the 2022 sell-off that began in late 2021. 

With plenty of runway still ahead for Shopify, now could be an incredibly opportunistic time for a long-term investor to start a position in the company. 

I’d be prepared for more volatility, but that’s the price to pay for a chance at earning market-crushing returns.

Lightspeed Commerce

Just a few years ago, Lightspeed Commerce (TSX:LSPD) was one of the hottest stocks in the country.

Today, there are plenty of question marks around what the company will look like in the next three to five years. 

The fact remains that Lightspeed has an international presence in the growing commerce space, offering its customers a range of different products and services to choose from. Revenue growth continues to be in the double-digit range but nowhere near the rate that investors were seeing just a couple of years ago.

What makes Lightspeed an intriguing buy today is its price. At $15 a share, the stock has been beaten down from its 2021 all-time highs and is now below the price at which it joined the TSX.

If you’re looking for a low-risk, high-reward type of growth stock, Lightspeed is for you.

Descartes Systems

To balance out this basket, I’ve included a steady market-beating growth stock that has also found itself trading at a discount.

Shares of Descartes Systems (TSX:DSG) are down 20% from all-time highs that were set earlier this year. Even so, the stock is up a market-beating 100% over the past five years. 

This is the type of growth stock for investors who are searching for market-beating growth potential but also trying to minimize risk and volatility.

The post 3 No-Brainer Tech Stocks to Buy With $500 Right Now appeared first on The Motley Fool Canada.

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Fool contributor Nicholas Dobroruka has positions in Lightspeed Commerce and Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Descartes Systems Group and Lightspeed Commerce. The Motley Fool has a disclosure policy.

The Canadian stock market has experienced significant volatility this year. In early April, the S&P/TSX Composite Index dropped a staggering 10% in less than a week. Despite that, the index is still up an impressive 5% on the year, not even including dividends.

The market as a whole may have rebounded well from April’s sell-off off but not all individual stocks have fared as well. As a result, there’s no shortage of top-quality stocks on the TSX trading at opportunistic discounts right now.

With that in mind, I’ve put together a basket of three growth stocks that are no strangers to outperforming the market’s returns. And with most of them trading at significant discounts today, now could be an excellent time for a long-term investor to load up. 

Shopify

You can’t mention Canadian growth stocks and not include Shopify (TSX:SHOP). The tech stock has been a growth juggernaut on the TSX ever since it went public in 2015, and I’d expect that to continue for years to come as well.

Shopify is still in the process of recovering from its sell-off that lasted for almost the entire year in 2022. Since bottoming out in late 2022, though, the tech stock has returned to its market-crushing ways. Shares are up a whopping 200% since the start of 2023.

It might be a bumpy ride, but I certainly would not want to bet against Shopify’s long-term growth potential. And with shares down close to 30% from all-time highs, this is not a discount you’ll want to miss out on.

Lightspeed Commerce

Speaking of volatility, long-term Lightspeed Commerce (TSX:LSPD) shareholders have had a wild ride over the past several years. 

At one point in late 2021, the stock was a seven-bagger from its initial public offering price. Today, shares are trading at a loss from when Lightspeed joined the TSX in 2019, while the Canadian market as a whole is up more than 50%.

The future growth potential for Lightspeed pales in comparison to Shopify, but that doesn’t mean there isn’t any value here. Shares are trading at an extremely affordable price today, and revenue growth is still in the double-digit range.

If you’re looking for a low-risk, high-reward type of investment, Lightspeed is the company for you.

goeasy

To balance out the two tech stocks in this basket, I’ve included an under-the-radar financial services company. 

goeasy (TSX:GSY) is a consumer-facing financial services provider that boasts a strong track record of delivering market-beating returns. Shares are up a market-crushing 175% over the past five years and 700% over the past decade.

Growth has understandably slowed in recent years, but there’s no reason to believe that goeasy will begin underperforming the market’s returns anytime soon.

goeasy is a great option for growth investors who have found themselves overindexing to the tech sector, which I will admit I am guilty of.

Shares are trading at a rare discount today, down nearly 30% from all-time highs, which were last set in late 2021.

The post 3 Growth Stocks to Buy With $3,000 for the Next Three Years appeared first on The Motley Fool Canada.

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Fool contributor Nicholas Dobroruka has positions in Lightspeed Commerce and Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Lightspeed Commerce. The Motley Fool has a disclosure policy.

Registered retirement savings plans aren’t the only accounts to consider when saving for retirement. The Tax-Free Savings Account (TFSA) has the potential to be a meaningful contributor to your retirement savings. What it might take, though, is time.

As the name suggests, there are tax benefits for TFSA contributions. Canadians have the luxury to withdraw funds from their TFSAs at any time, completely tax-free. Even better, any gains earned within a TFSA are also not taxed. Canadians can let their investments grow and compound year after year and withdraw the funds when they’re ready to retire, all without paying a cent of tax.

The catch is that there are limits to how much you can contribute to your TFSA. In 2025, that limit is $7,000. That being said, unused contributions can be carried over from one year to the next. This means that anyone who was aged 18 years or older in 2009, when the TFSA was introduced, would have a total contribution limit today of $102,000.

Maximize returns in a TFSA

At an annual return rate of 5%, which is below the historical average of the Canadian stock market, a $102,000 investment could grow to a significant amount within a few decades. And that’s without even making any contributions along the way.

With that in mind, I’ve reviewed three top Canadian stocks that have all largely outperformed an average annual return rate of 5% in recent years. 

If you’re looking to maximize the returns in your TFSA over the long term, these three companies should be on your radar. 

Brookfield

Brookfield (TSX:BN) is a perfect pick for anyone who is just starting out their investing journey. The global asset manager can provide a portfolio with loads of diversification, as well as market-beating growth potential.

Over the past five years, Brookfield has returned more than 100%. That’s good enough for nearly doubling the returns of the S&P/TSX Composite Index.

Descartes Systems

Speaking of market-beating returns, Descartes Systems (TSX:DSG) has built an impressive track record of outperforming the market. 

The tech stock has been a consistent market beater for the past two decades, largely outperforming the Canadian market’s returns. The tech stock has returned more than 100% over the past five years and is six-bagger over the past decade.

Descartes Systems might experience more volatility than a steady stock like Brookfield, but that’s the price to pay for owning a high-growth tech stock.

Bank of Nova Scotia

To balance out my basket of three companies, I’ve included a high-yielding, dependable Canadian bank. 

There’s not a whole lot to get excited about this stock, at least in comparison to a tech company like Descartes Systems. But if you’re after dependable returns, Bank of Nova Scotia (TSX:BNS) is the stock for you.

Similar to its peers, Bank of Nova Scotia pays a top dividend, which is currently yielding just about 6%. In addition to that, the bank has been paying out a dividend for close to 200 consecutive years. Good luck finding another high-yielding dividend stock on the TSX with a payout streak like that.

The post How to Grow Your $7,000 TFSA Contribution for Decades to Come appeared first on The Motley Fool Canada.

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Fool contributor Nicholas Dobroruka has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Brookfield. The Motley Fool recommends Bank Of Nova Scotia, Brookfield Corporation, and Descartes Systems Group. The Motley Fool has a disclosure policy.

Until April, it had been a relatively uneventful year for Canadian investors. The S&P/TSX Composite Index spent the first three months of the year trading mostly sideways. And then came the start of the tariff announcements, which sent the marketing plummeting 10% in less than a week.

Impressively, though, after bottoming out on April 8, the S&P/TSX Composite Index has surged nearly 15%. The index is back in positive territory on the year and seemingly full of momentum.

In the short term, it’s anybody’s guess as to how the market will fare. Things seem great right now, but one tariff announcement has the potential to send the market spiralling again.

Investing for the long term

The beauty of investing for the long term is that you don’t need to stress over potential short-term volatility. Instead, you can spend your time looking for top-quality companies that hopefully are also trading at attractive prices. And with all of the volatility we’ve seen as of late, there’s no shortage of discounts to choose from on the TSX.

With that in mind, I’ve put together a list of three Canadian stocks that are all trading at opportunistic discounts. 

If you’re committed to a buy-and-hold investment strategy for the long term, these three companies should be on your radar.

goeasy

goeasy (TSX:GSY) has historically not been a stock that has gone on sale often. So, with shares down 30% from all-time highs, I wouldn’t suggest waiting around too long if you’re hoping to load up at a discount.

The consumer-facing financial services provider has dealt with a ton of volatility in recent years due to the spike in interest rates. In the short term, we may see that volatility continue. But over the long term, with interest rate cuts likely in the future, now could be an incredibly opportunistic time to start a position in this growth stock.

Shopify

Shopify (TSX:SHOP) is certainly no stranger to volatility either. The tech stock has been on a wild ride since 2020, including plenty of new all-time highs and crushing downturns to match. Today, shares are down close to 40% from all-time highs, which were last set in late 2021.

After the steep sell-off that began in 2021 and lasted for most of 2022, the stock has been on the rise ever since. Shares are nearing a market-crushing 200% return since the beginning of 2023.

If you’re interested in owning shares of Shopify, I wouldn’t expect volatility to slow down anytime soon. But if you’re looking for a stock that’s loaded with long-term market-beating growth potential, this is the company for you.

Brookfield Infrastructure Partners

There’s not a whole lot to get excited about with this dividend-paying utility stock. What Brookfield Infrastructure Partners (TSX:BIP.UN) can provide a portfolio with, though, is dependability and a whole lot of passive income.

For investors who plan on owning growth stocks like goeasy and Shopify, having a few shares of a dependable stock like Brookfield Infrastructure Partners could go a long way. The utility company can help keep volatility to a minimum in an investment portfolio. 

At today’s stock price, Brookfield Infrastructure Partners’s dividend is yielding more than 5%.

The post Where I’d Invest $5,100 in the TSX Today appeared first on The Motley Fool Canada.

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Fool contributor Nicholas Dobroruka has positions in Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Brookfield Infrastructure Partners. The Motley Fool has a disclosure policy.

The Canadian stock market has been on an impressive run over the past month. Tariff announcements initially sent the stock market spiralling in early April, with the S&P/TSX Composite Index dropping 10% in less than a week. But after bottoming out, the index has come roaring back, returning 8% over the past month, while also hitting new all-time highs.

As hot as the market is today, though, there’s still no shortage of discounts for Canadian investors to choose from on the TSX.

For opportunistic, long-term investors, the renewable energy sector could be a great place to go bargain-hunting.

Investing in the renewable energy sector today

It’s not hard to find a renewable energy stock trading at a significant discount today. The sector as a whole has been on the decline since early 2021, largely underperforming the broader Canadian stock market’s returns.

Aside from the passive income, short-term investors likely won’t have much interest in the beaten-down renewable energy sector.

Long-term investors, however, should not overlook these bargain prices. I strongly believe that the growth potential of the renewable energy sector as a whole remains firmly intact. The question you need to ask yourself is, how patient are you willing to be? It may take time for the sector to return to its market-beating ways. 

Brookfield Renewable Partners

If you’re interested in adding a top renewable energy stock to your watch list, you cannot go wrong with Brookfield Renewable Partners (TSX:BEP.UN). 

The $20 billion company is a global leader in the space, with operations spread across the globe and a well-diversified portfolio of assets. 

Owning shares of Brookfield Renewable Partners can provide an investor with broad exposure to the space, as well as a chance of earning market-beating returns.

Prior to the start of 2021, Brookfield Renewable Partners was no stranger to outperforming the market’s returns. From 2010 to 2020, the energy stock has been a consistent market-beater, returning more than 200%. And that’s not even including dividends, either.

Today, the stock is down nearly 50% from all-time highs and is barely positive over the past five years. But as a leader in the growth-filled renewable energy sector, I wouldn’t bet against Brookfield Renewable Partners on returning to its market-beating ways. 

If you are interested in loading up at Brookfield Renewable Partners at these fire-sale prices, at least there will be a top dividend to enjoy while you wait for the stock to return to all-time highs. At today’s stock price, the company’s dividend is yielding a whopping 6%.

Foolish bottom line

I wouldn’t bank on the renewable energy sector being your ticket to get rich quick. That being said, you’d be hard-pressed to find any trustworthy get-rich-quick stocks on the TSX.

Instead, I’d suggest investing in a top-quality business with long-term growth potential, such as Brookfield Renewable Partners. 

It may require patience, but if you’re bullish on the long-term rise in renewable energy consumption, Brookfield Renewable Partners should be at the top of your watch list right now.

The post If I Could Only Buy and Hold a Single Renewable Energy Stock, This Would Be it appeared first on The Motley Fool Canada.

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Fool contributor Nicholas Dobroruka has positions in Brookfield Renewable Partners. The Motley Fool recommends Brookfield Renewable Partners. The Motley Fool has a disclosure policy.

The Canadian stock market has rebounded incredibly well after plummeting in early April. The S&P/TSX Composite Index managed to drop more than 10% in a span of less than one week last month. However, since bottoming out one month ago, the index has surged more than 10% and is now back in positive territory on the year.

At this rate, it seems as if it’s only a matter of time before the Canadian stock market returns to all-time highs, which were last set in January earlier this year. 

Of course, anything can happen in the short term, though. Another 10% pullback could be around the corner. That being said, volatility is no reason to keep a long-term investor on the sidelines. 

If you’ve got time on your side, now could be an incredibly opportunistic time to put some money to work in the Canadian stock market.

With that in mind, I’ve put together a well-rounded basket of three TSX stocks to add to your watch list today.

Brookfield

There’s almost never a bad time to be investing in this global asset manager. 

Brookfield (TSX:BN) is as diversified a stock as you’ll find on the TSX. The $120 billion asset manager boasts a well-diversified portfolio of assets in addition to a global presence.

As diversified as the stock is, though, Brookfield has had no issues outperforming the market’s returns in recent years. Shares are up 30% over the past year and 130% over the past five years. Those gains are good enough to nearly double what the S&P/TSX Composite Index has returned.

If you’ve got the means to be investing today but are not sure where to start, this is as good a company as any. 

Brookfield might not be trading at much of a discount today, down just 10% from all-time highs. That being said, this is not a stock that you need to think twice about loading up on.

Lightspeed Commerce

Shareholders of this tech stock have been on a wild ride over the past five years. Shares might only be down 25% over that period, but the stock has been through all kinds of highs and lows. 

Lightspeed Commerce (TSX:LSPD) is a very different stock from Brookfield; there’s no question there. Lightspeed doesn’t offer anywhere near the same level of dependability when it comes to returns. What the tech company does offer, though, is a chance to earn multi-bagger returns.

At these prices, Lightspeed Commerce is more of a value stock than a growth stock, which is what it was considered not long ago.

I’d be cautious about how much of your portfolio is allocated to a stock like this, but that doesn’t mean there shouldn’t be a spot for it on your watch list.

For a very reasonable price right now, there’s a ton of long-term growth potential upside here.

Sun Life

To balance out this basket of companies, I’ve included a steady, dividend-paying stalwart in the financial sector.

There’s not a lot to get excited about with insurance stocks — that is, unless you’re searching for dependability and a steady stream of passive income.

It’s during volatile market periods like these that you’ll be glad to own a few shares of a stock like Sun Life (TSX:SLF). The company can help minimize the impact of volatility through its defensiveness and dividend, which is currently yielding 4%. 

If your portfolio overindexes toward high-volatility growth stocks, you’d be wise to have a stock like Sun Life on your radar.

The post Where I’d Invest $4,500 in the TSX Today appeared first on The Motley Fool Canada.

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Fool contributor Nicholas Dobroruka has positions in Lightspeed Commerce. The Motley Fool has positions in and recommends Brookfield. The Motley Fool recommends Brookfield Corporation and Lightspeed Commerce. The Motley Fool has a disclosure policy.

There’s no question that it’s been a bumpy ride for Canadian investors as of late. One month ago, the S&P/TSX Composite Index dropped a staggering 10% in less than a week. Impressively, though, the index has managed to climb back 10% after bottoming out and is back to positive territory on the year. 

In the short term, I don’t know if I’d bank on volatility slowing down anytime soon. It feels like there is so much uncertainty in the macroenvironment today, which is not what investors want to hear. But just because there are high levels of volatility in the stock market doesn’t necessarily mean you should be on the sidelines.

Investing for the long term

For investors with long-term time horizons who are willing to be patient, there are plenty of deals to take advantage of today. The TSX is loaded with top-quality companies trading at discounted prices right now. 

I will admit that it’s not easy to invest during volatile market periods. But before you know it, you’ll be thanking yourself for taking advantage of the market’s volatility. 

With that in mind, I’ve put together a well-rounded basket of Canadian companies that should be on your radar. Together, the trio of stocks have the potential to provide a portfolio with market-beating growth potential, passive income, and dependability. 

Stock #1: goeasy

This growth stock doesn’t go on sale often. So, if you’re looking to add some growth potential to your portfolio, you’ll want to act fast.

Shares of goeasy (TSX:GSY) continue to trade more than 20% below all-time highs. Even so, the growth stock is up a market-crushing 225% over the past five years. 

With more interest rate cuts likely around the corner, now’s the time to load up on this consumer-facing financial services provider. 

Stock #2: Bank of Nova Scotia

There’s nothing all that exciting about owning a Canadian bank. That is, in comparison to a growth stock like goeasy. What a Canadian bank can provide investors with, though, is a ton of passive income and dependability.

At a dividend yield of 6% today, Bank of Nova Scotia (TSX:BNS) is the highest-yielding amongst the Big Five. The bank has also been paying a dividend to its shareholders for close to 200 consecutive years. 

Shares of Bank of Nova Scotia are only trading at a discount of 15% from all-time highs. That being said, there’s almost never a bad time to invest in a dependable bank stock like this one.

At a dividend yield above 6% and a payout streak of more than 200 years, you cannot go wrong with Bank of Nova Scotia.

Stock #3: Brookfield Renewable Partners

It’s not hard to find a discount in the beaten-down renewable energy space today. After two growth-filled years in 2019 and 2020, there haven’t been many gains since then for most renewable energy stocks.

Short-term investors might not have much interest here. But if you’re bullish on the rise in renewable energy consumption and are willing to be patient, now could be an excellent time to put some money to work. 

Brookfield Renewable Partners (TSX:BEP.UN) is a global leader in the space. Owning shares of this stock provides instant exposure to the sector. And at today’s stock price, the company’s dividend is yielding a whopping 6.5%.

The post Where I’d Invest $12,000 in The TSX Today appeared first on The Motley Fool Canada.

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Fool contributor Nicholas Dobroruka has positions in Brookfield Renewable Partners. The Motley Fool recommends Bank Of Nova Scotia and Brookfield Renewable Partners. The Motley Fool has a disclosure policy.

The Canadian stock market has rebounded impressively well over the past month. The S&P/TSX Composite Index is up more than 10% since bottoming out in early April, putting the index in positive territory for the year.

The tariff announcements in early April sent stock markets across the globe spiralling downward. The Canadian stock market as a whole dropped roughly 10% in less than a week. Like many other countries, though, the S&P/TSX Composite Index has been on a steady rise since its recent downturn.

Of course, anything can happen in the short term. This year has been filled with volatility, and I wouldn’t expect that to change anytime soon. But just because the market’s volatile right now doesn’t necessarily mean you should be on the sidelines.

Long-term investing for the win

The beauty of investing for the long term is that you don’t need to sweat short-term headwinds. Instead, long-term investors can take advantage of market dips by loading up on top-quality companies at discounted prices.

With that in mind, I’ve reviewed two top TSX stocks that should be on your radar. That is, as long as you’re willing to be patient.

Together, the duo of stocks have the potential to provide a portfolio with a mix of market-beating growth and passive income.

Don’t miss your chance to load up while the two stocks are still trading at bargain prices.

TSX stock #1: Shopify

Opportunistic investors who took advantage of the sell-off in early April could be sitting on a gain of more than 25% from investing in Shopify (TSX:SHOP).

The tech stock has come roaring back over the past four weeks and looks to be back on track with its climb to new all-time highs. 

Like many others in the tech sector, Shopify continues to trade below all-time highs from late 2021. The tech stock has made solid progress over the past two years, returning to its market-beating ways, yet continues to trade close to 40% below all-time highs.

For investors who are willing to take on the volatility for a chance at earning market-beating returns, Shopify is an excellent option. The company might be past its multi-bagger growth years, but I’d strongly argue that it’s still loaded with market-beating growth potential for years to come.

TSX stock #2: Northland Power

If you’re willing to be patient, now could be a great time to invest in the renewable energy space. The sector has been going through a downturn in recent years, presenting lots of buying opportunities for long-term investors.

It might take time, but I’m banking on the leaders in the space at some point returning to their market-beating ways. And in the meantime, it’s not hard to find a renewable energy stock with a dividend yield above 5% today.

Northland Power (TSX:NPI) could be an interesting pick for a patient value investor. Excluding dividends, the stock is down more than 50% below all-time highs, which were last set in early 2021. Before that, though, the stock was no stranger to outperforming the market’s returns.

At today’s stock price, Northland Power’s dividend is yielding a whopping 6.5%.

If you don’t mind being patient and are bullish on the rise in renewable energy consumption, Northland Power should be at the top of your watch list.

The post Where I’d Invest $2,000 in The TSX Today appeared first on The Motley Fool Canada.

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Fool contributor Nicholas Dobroruka has positions in Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool has a disclosure policy.