The Best Canadian Stocks To Buy for 2024

Are you ready to uncover the hidden gems of the Canadian stock market? Well, hold on tight because, in this blog post, I will reveal the absolute best Canadian stocks to buy!

Whether you’re a seasoned investor or just dipping your toes into the stock market, this article is your ultimate guide to finding the top-performing companies that can potentially skyrocket your portfolio.

In this article, we’ll dive deep into the analysis of various industries and sectors, uncovering the companies with the most promising growth potential. I’ll share my experiences and insights, earned through years of navigating the Canadian market, to give you a unique perspective on each stock.

By the time you finish reading this article, you’ll have a solid understanding of why these stocks stand out from the crowd and the potential they hold for your investment goals.

So, if you’re ready to embark on an exciting adventure to discover the best Canadian stocks to buy, buckle up and let’s get started!

15 Best Canadian Stocks to Build Your Diversified Portfolio

Are you feeling overwhelmed by the vast sea of Canadian stocks? With over 1,600 companies listed on the Toronto Stock Exchange (TSX), it’s no wonder that choosing the best ones for your portfolio can be a daunting task. But fear not, my fellow investors, because I’m here to make your decision-making a breeze.

In this carefully curated list, I’ve handpicked the 15 absolute best Canadian stocks to buy. I’ve considered different industries and sectors in Canada to ensure you can build a well-diversified portfolio that stands strong in any market condition. From the financial sector, including banks and financial services, to industrials, basic materials (mining), energy, and utilities, this list has got you covered.

But here’s the best part: these stocks aren’t just great picks for the present moment; they have the potential to remain excellent choices on the TSX for the foreseeable future. So, you can invest confidently, knowing that you’re getting in on the ground floor of truly remarkable opportunities.

Now, without further ado, I invite you to dive in and explore our carefully selected list of the best Canadian stocks to buy. 

1. Alimentation Couche-Tard 

• Ticker: ATD.TO
• Industry Niche: Consumer Staples 
• Forward P/E Ratio: 18.98
• Market Cap: $77.11 Billion
• Dividend Yield (12-Month Trailing): 0.88%

Alimentation Couche-Tard Inc., or Couche-Tard, is a leading Canadian convenience store operator with a global presence. With over 14,500 stores across multiple continents, including North America, Europe, Asia, and the Middle East, Couche-Tard is a dominant player in the industry.

The company’s strong performance and commitment to dividend growth make it an appealing investment choice. Couche-Tard has a proven track record of increasing dividends and providing consistent returns to shareholders. The company’s strategic acquisitions and expansion efforts have contributed to revenue growth and market presence.

Couche-Tard also prioritises sustainability and innovation, exploring renewable energy sources and adopting environmentally friendly practices. This forward-thinking approach aligns with the growing emphasis on environmental responsibility, positioning Couche-Tard for long-term success.

Investors can benefit from Couche-Tard’s attractive dividend yield and potential for capital appreciation. The company’s solid performance has attracted the attention of both individual and institutional investors, solidifying its position as an enticing investment opportunity.

Alimentation Couche-Tard Inc. is a leading convenience store operator with a global reach. Its dividend growth, strategic acquisitions, sustainability focus, and market position make it a compelling investment choice.

2. BCE Inc 

• Ticker: BCE.TO
• Industry Niche: Energy 
• Forward P/E Ratio: 22.34
• Market Cap: $49.83 Billion
• Dividend Yield (12-Month Trailing): 7.11%

BCE Inc., commonly known as BCE or Bell, is a prominent Canadian telecommunications and media company that offers customers a wide range of services across Canada. BCE presents an attractive investment opportunity with its strong performance and commitment to dividend growth.

As one of Canada’s largest telecommunications companies, BCE provides a comprehensive suite of services, including wireless and wireline communications, internet connectivity, television, and media content. Its extensive network infrastructure and broad customer base position BCE as a key player in the industry.

BCE’s performance and dividend growth perspective makes it an appealing choice for income-focused investors. The company has a solid record of increasing dividends and delivering consistent and reliable returns to shareholders. BCE’s stable and recurring revenue streams and prudent financial management contribute to its ability to sustain dividend growth over time.

Moreover, BCE demonstrates a strategic focus on innovation and technology. The company invests in expanding and enhancing its network capabilities to meet customers’ evolving needs in the digital age. BCE’s forward-thinking approach and commitment to technological advancements position it favourably for future growth and resilience in the telecommunications industry.

Investing in BCE offers a combination of dividend income and the potential for capital appreciation. The stock provides an attractive dividend yield, benefiting investors from regular income. BCE’s market position, financial stability, and growth prospects make it an appealing long-term investment opportunity.

BCE Inc. is Canada’s leading telecommunications and media company. Its strong performance, commitment to dividend growth, focus on innovation, and market position make it a compelling investment choice. 

3. Brookfield Asset Management 

• Ticker: BAM.TO
• Industry Niche: Financial Services 
• Forward P/E Ratio: 7.94
• Market Cap: $20.31 Billion
• Dividend Yield (12-Month Trailing): 3.36%

Brookfield Asset Management Inc., or Brookfield, is a renowned global alternative asset management company based in Canada. Brookfield has established itself as a leader in the industry with a diversified portfolio spanning real estate, infrastructure, renewable power, and private equity.

The company’s strong performance and growth potential make it an attractive investment opportunity. Brookfield has consistently delivered solid returns to its investors through its expertise in identifying and managing high-quality assets. The company’s global presence and extensive network enable it to capitalise on opportunities across different markets and sectors.

From a dividend growth perspective, Brookfield offers an enticing proposition. The company has a record of increasing dividends over time, providing shareholders with a reliable and growing income stream. Its ability to generate stable cash flows from its diversified asset base contributes to its dividend sustainability and growth potential.

Brookfield’s investment thesis revolves around its unique approach to value creation. The company seeks out undervalued assets, often distressed or underperforming, and applies its operational expertise to unlock its full potential. Through active management and strategic initiatives, Brookfield aims to enhance the value of its investments and generate attractive returns for its stakeholders.

Investing in Brookfield presents an opportunity for both income and capital appreciation. The company’s dividend yield and its potential for asset value appreciation offer a compelling investment proposition. Brookfield’s disciplined approach to risk management and long-term investment horizon also contribute to its reputation as a prudent and reliable investment option.

Brookfield Asset Management Inc. is a globally recognised alternative asset management company with a diversified portfolio. Its strong performance, dividend growth potential, value creation strategy, and prudent risk management make it an appealing investment choice. Brookfield offers a compelling investment thesis for investors seeking exposure to a well-established and successful asset management firm.

4. Canadian National Railway Co.

• Ticker: CNR.TO
• Industry Niche:  Industrials
• Forward P/E Ratio: 22.49
• Market Cap: $108.33 Billion
• Dividend Yield (12-Month Trailing): 1.91%

Canadian National Railway Company, or CN Rail, is a premier railway operator in Canada with an extensive network spanning across North America. With its vital role in transporting goods and commodities, CN Rail supports economic growth and trade.

The company’s performance reflects its position as a leader in the rail industry. CN Rail consistently delivers strong financial results, driven by its efficient operations, reliable service, and commitment to customer satisfaction. Its ability to transport diverse products, including commodities, intermodal containers, and automotive goods, contributes to its resilience and long-term growth potential.

From a dividend growth perspective, CN Rail has a compelling track record. The company has a history of increasing dividends, offering shareholders a growing income stream. Its stable cash flows and disciplined financial management provide a solid foundation for sustaining and expanding dividend payments over time.

Investing in CN Rail aligns with an investment thesis centred on key factors. Firstly, the company benefits from its position as an essential infrastructure player with high barriers to entry in the rail industry. Secondly, CN Rail’s extensive network, strategic locations, and intermodal capabilities position it well to capitalise on the growing demand for transportation services. Lastly, the company’s ongoing investments in technology and infrastructure upgrades contribute to operational efficiency and future growth prospects.

Investors can expect both income and potential capital appreciation from CN Rail. The stock offers an attractive dividend yield, providing a consistent income stream for investors. Additionally, CN Rail’s strong market position, resilient business model, and ability to generate sustainable profits make it an appealing long-term investment choice.

The Canadian National Railway Company is a leading railway operator with a robust presence in North America. Its strong performance, dividend growth potential, strategic positioning, and critical role in transportation make it an attractive investment opportunity. 

5. Canadian Natural Resources  

• Ticker: CNQ.TO
• Industry Niche: Oil/Energy
• Forward P/E Ratio: 8.82
• Market Cap: $81.01 Billion
• Dividend Yield (12-Month Trailing): $0.90

Canadian Natural Resources Limited, or Canadian Natural, is a prominent Canadian energy company engaged in developing, developing, producing, and marketing crude oil, natural gas, and natural gas liquids. With a diverse portfolio of assets, Canadian Natural has established itself as one of Canada’s largest independent energy producers.

The company’s performance reflects its strength in the energy sector. Canadian Natural has consistently delivered robust financial results driven by efficient operations, low-cost production, and prudent capital allocation. Its strong production growth and solid reserve base contribute to its resilience and long-term profitability.

From a dividend growth perspective, Canadian Natural offers an attractive proposition. The company has a record of increasing dividends, providing shareholders a growing income stream. Its disciplined approach to capital allocation, cost management, and focus on generating strong cash flows support the sustainability and potential expansion of dividend payments over time.

Investors can expect both income and potential capital appreciation from Canadian Natural. The stock offers an attractive dividend yield, providing a steady income stream. Additionally, Canadian Natural’s strong market position, diverse asset portfolio, and focus on operational excellence make it an appealing long-term investment choice.

6. Enbridge 

• Ticker: ENB.TO
• Industry Niche: Utilities
• Forward P/E Ratio: 32.81
• Market Cap: $105.6 Billion
• Dividend Yield (12-Month Trailing): 7.44%

Enbridge Inc. is a prominent Canadian energy infrastructure company that operates one of the largest pipeline networks in North America. With an extensive network spanning thousands of kilometres, Enbridge is vital in transporting and distributing crude oil, natural gas, and renewable energy.

Enbridge has a strong performance history driven by its stable and essential business operations. The company generates reliable cash flows through long-term contracts, providing a solid foundation for sustainable dividend growth. Enbridge is known for its impressive dividend track record, consistently increasing its payouts to shareholders over the years.

From a dividend growth perspective, Enbridge offers an attractive investment opportunity. Its diversified business segments and ongoing expansion projects support its commitment to dividend sustainability. Enbridge aims to deliver annual dividend growth of 5-7%, demonstrating its dedication to providing consistent shareholder returns.

Additionally, Enbridge is actively involved in renewable energy initiatives, including investments in wind, solar, and hydroelectric power projects. This diversification into renewable energy aligns with the transition to cleaner energy sources, presenting Enbridge with opportunities for future growth and sustainability.

Investors can expect reliable income and potential capital appreciation from Enbridge. The company’s solid performance and commitment to dividend growth have attracted the attention of both individual and institutional investors. Enbridge’s strong market position, focus on sustainability, and long-term growth prospects make it an appealing investment choice in the energy sector.

7. Fortis 

• Ticker: FTS.TO
• Industry Niche: Energy 
• Forward P/E Ratio: 18.11
• Market Cap: $27.39 Billion
• Dividend Yield (12-Month Trailing): 4.22%

Fortis Inc., a Canadian electric utility holding company, is undeniably one of the best Canadian dividend-paying stocks available today. It provides electricity to over 3 million customers across Canada, the US, and Central America. Fortis is a reliable income generator with a remarkable 49-year track record of dividend growth.

What sets Fortis apart is its strategic focus on expansion, sustainability, and renewable energy. The company’s aggressive investments and expansion efforts have led to strong revenue growth, positioning Fortis as a leading Canadian dividend stock market player.

Fortis Inc. maintains strong financial health, low debt levels, and consistent profitability, providing a solid foundation for sustainable dividends. The company’s robust cash flow profile ensures comfortable dividend coverage even in challenging economic conditions.

In addition to its attractive forward dividend yield, Fortis aims to increase shareholder returns with an expected annual dividend growth rate. Furthermore, the stock is reasonably priced compared to industry averages, presenting an opportunity for potential capital appreciation.

Fortis’ recognition among hedge fund investors further affirms its status as an authoritative choice for generating sustainable passive income.

Fortis Inc. exemplifies the qualities of a dividend growth powerhouse with its strategic vision, remarkable dividend history, financial strength, attractive yield, reasonable valuation, and professional recognition, making it an exceptional Canadian dividend stock.

8. Royal Bank 

• Ticker: RY.TO
• Industry Niche: Bank
• Forward P/E Ratio: 12.89
• Market Cap: $189.74 Billion
• Dividend Yield (12-Month Trailing): 4.08%

Royal Bank of Canada (RBC), commonly known as Royal Bank, is one of Canada’s largest and most respected financial institutions. With a strong presence in Canada and a growing international footprint, Royal Bank offers a wide range of banking and financial services to individuals, businesses, and institutions.

The company has demonstrated consistent performance over the years, with a solid track record of revenue growth and profitability. Royal Bank’s diversified business segments, including personal and commercial banking, wealth management, capital markets, and insurance, contribute to its stability and resilience.

Royal Bank is also known for its commitment to dividend growth, making it an attractive choice for income-focused investors. The bank has a history of increasing dividends and has shown resilience during economic downturns. Its strong capital position and risk management practices support its ability to sustain and grow dividends over time.

Furthermore, Royal Bank has embraced technology and innovation to enhance customer experience and drive operational efficiency. Its digital banking initiatives and investments in fintech demonstrate a forward-thinking approach that positions the bank for long-term success in the evolving financial landscape.

As an investment opportunity, Royal Bank offers a combination of stable dividends, the potential for capital appreciation, and a solid financial foundation. The bank’s strong market position, diversified business model, and commitment to innovation make it attractive for investors seeking exposure to the Canadian financial sector.

The Royal Bank of Canada is a leading financial institution with a strong performance and dividend growth track record. Its diverse business segments, focus on technology and innovation, and solid financial position make it a compelling investment option in the Canadian market.

9. Shopify 

• Ticker: STOP.TO
• Industry Niche: Computer and Technology
• Forward P/E Ratio: —
• Market Cap: $133.71 Billion

Shopify Inc. is a prominent Canadian e-commerce company that provides a platform for businesses to create online stores and sell products or services. With a global presence and a customer base spanning various industries, Shopify has established itself as a leader in the e-commerce space.

The company’s performance has been remarkable, with consistent revenue growth and strong financial results. Shopify’s subscription solutions and merchant solutions segments have been key drivers of its success, fueled by an increasing number of businesses turning to online platforms. The company’s ability to adapt to changing consumer behaviour and capitalise on the e-commerce trend has contributed to its impressive performance.

Investing in Shopify offers exposure to the thriving e-commerce industry and the potential for long-term growth. The company’s robust platform, continuous innovation, and commitment to empowering businesses make it an attractive investment option. As more businesses transition to online sales, Shopify is well-positioned to benefit from this secular trend.

10. Loblaw 

• Ticker: L.TO
• Industry Niche: Consumer Defensive
• Forward P/E Ratio: 19.69
• Market Cap: $39.95 Billion
• Dividend Yield (12-Month Trailing): 1.41%

Loblaw Companies Limited, or Loblaw, is a prominent Canadian retail company with a diverse portfolio of grocery, pharmacy, health, beauty, and apparel businesses. With a widespread presence across Canada, Loblaw operates various retail banners, including Loblaws, Real Canadian Superstore, Shoppers Drug Mart, and Joe Fresh.

The company has demonstrated strong financial performance over the years, driven by its extensive store network and a focus on delivering quality products and services to customers. Loblaw’s commitment to innovation and customer-centric strategies has contributed to its competitive advantage in the retail industry.

Loblaw has a history of dividend growth and has consistently increased its dividend payments to shareholders. This commitment to returning value to investors through dividends is an attractive feature for income-oriented investors seeking reliable and growing dividend income.

Looking forward, Loblaw continues to pursue growth opportunities and invest in its digital capabilities to enhance the customer experience and meet evolving consumer needs. The company’s focus on expanding its e-commerce offerings and leveraging data analytics positions it well in the increasingly digital retail landscape.

Investing in Loblaw exposes investors to the resilient and essential grocery and pharmacy sectors, providing stability and potential long-term growth. The company’s strong market position, track record of dividend growth, and ongoing investments in innovation make it an appealing investment choice for those seeking a combination of income and capital appreciation.

11. Agnico-Eagles Mines 

• Ticker: AEM.TO
• Industry Niche: Basic Materials
• Forward P/E Ratio: 9.61
• Market Cap: $34.63 Billion
• Dividend Yield (12-Month Trailing): 3.18%

Agnico-Eagle Mines Limited, or Agnico-Eagle, is a prominent Canadian gold mining company with operations spanning across Canada, Mexico, and Finland. The company is known for its commitment to operational excellence and responsible mining practices.

Agnico-Eagle has delivered impressive financial performances over the years, driven by its portfolio of high-quality mines and disciplined cost management. The company’s focus on maintaining a strong balance sheet and generating free cash flow has provided a solid foundation for growth and shareholder value creation.

From a dividend growth perspective, Agnico-Eagle has demonstrated a consistent track record of increasing dividend payments to shareholders. As a gold mining company, Agnico-Eagle’s dividends are tied to the price of gold and the company’s financial performance, making it an attractive option for income-oriented investors seeking exposure to the precious metals sector.

Agnico-Eagle is well-positioned to capitalise on its existing assets and pursue growth opportunities. The company has a strong pipeline of development projects and exploration prospects, ensuring a sustainable production profile in the long term. Agnico-Eagle’s focus on operational efficiency and disciplined capital allocation further supports its growth prospects.

Investing in Agnico-Eagle exposes investors to the gold mining industry, which historically has been a safe haven and a hedge against economic uncertainties. The company’s solid financial performance, commitment to responsible mining practices, and potential for dividend growth make it an appealing investment opportunity for those seeking exposure to the precious metals sector.

12. SmartCentres REIT

• Ticker: SRU.UT.TO
• Industry Niche: Real Estate
• Forward P/E Ratio: 9.40
• Market Cap: $4.36 Billion
• Dividend Yield (12-Month Trailing): 7.32%

SmartCentres REIT is one of Canada’s largest real estate investment trusts, specialising in developing, owning, and operating retail properties. With a diversified portfolio of over 160 shopping centres across the country, SmartCentres is a prominent player in the Canadian retail real estate market.

The company has a track record of strong performance, driven by its focus on high-quality properties in prime locations and its ability to attract top-tier tenants. SmartCentres’ properties are often anchored by leading retailers, ensuring stable rental income and consistent cash flows.

From a dividend growth perspective, SmartCentres REIT has a history of providing attractive dividends to its shareholders. The company’s stable cash flow generation and commitment to sustainable distributions have contributed to its ability to increase dividends over time. This makes SmartCentres an appealing choice for income-oriented investors.

SmartCentres REIT aims to leverage its expertise in retail real estate to adapt to changing market dynamics. The company is exploring opportunities to enhance its properties through mixed-use developments, incorporating residential, office, and other uses alongside retail. This strategy aims to create vibrant, sustainable communities that cater to evolving consumer needs.

Investing in SmartCentres REIT exposes investors to the Canadian retail real estate market, which has historically provided stable income and long-term capital appreciation. The company’s strong performance, commitment to dividend growth, and focus on strategic developments position it as an attractive investment opportunity in the real estate sector.

13. Constellation Software

• Ticker: CSU.TO
• Industry Niche: Technology
• Forward P/E Ratio: 103.17
• Market Cap: $72.84 Billion
• Dividend Yield (12-Month Trailing): 0.16%

Constellation Software is a leading Canadian software company known for its acquisition-driven growth strategy. The company acquires and manages a portfolio of vertical market software businesses across various industries, including healthcare, the public sector, financial services, and more.

Constellation Software’s performance has been remarkable, with consistent revenue and earnings growth over the years. The company’s strategy of acquiring profitable and niche software companies allows it to tap into diverse markets and benefit from its recurring revenue models. This has resulted in strong financial performance and a solid record of creating shareholder value.

While Constellation Software does not currently offer a dividend, its investment thesis lies in its ability to generate long-term capital appreciation. The company’s disciplined approach to acquisitions, operational efficiency, and focus on driving organic growth within its portfolio companies position it for continued success.

Constellation Software’s management team has a proven track record of identifying attractive acquisition targets, integrating them effectively, and optimising their operations. The company’s decentralised management structure allows acquired businesses to maintain their entrepreneurial spirit while benefiting from Constellation Software’s resources and expertise.

14. Nuvei 

• Ticker: NVEI.TO
• Industry Niche: Information
• Forward P/E Ratio: 99.37
• Market Cap: $4.23 Billion

Nuvei is a leading global payment technology company that provides a comprehensive platform for businesses to accept and process payments across various channels, including e-commerce, point-of-sale, and mobile. With a presence in over 200 markets and supporting more than 470 payment methods, Nuvei is a trusted partner for businesses of all sizes.

Nuvei has demonstrated strong performance in the payment technology industry. The company has experienced significant revenue growth, driven by its expanding customer base and strategic partnerships. Nuvei’s focus on innovation, security, and seamless payment experiences has helped it establish a competitive edge in the market.

As of now, Nuvei does not offer a dividend. However, the investment thesis for Nuvei stock lies in its potential for capital appreciation. The company operates in a rapidly evolving industry with increasing demand for digital payment solutions. Nuvei’s robust platform, global presence, and commitment to technology innovation position it well for long-term growth.

Nuvei’s growth strategy includes pursuing strategic acquisitions to enhance its capabilities and expand its market reach. By acquiring complementary businesses, Nuvei can strengthen its product offerings and broaden its customer base, driving further revenue growth and market share gains.

Investing in Nuvei offers exposure to the global payment technology industry, which is experiencing a shift towards digital payments and e-commerce. The company’s strong financial performance, technological expertise, and focus on customer satisfaction make it an attractive investment opportunity.

15. Bellus 

• Ticker: BLU.TO
• Industry Niche: Medical
• Forward P/E Ratio: —
• Market Cap: $1.85 Billion

Bellus Health Inc., or Bellus, is a biopharmaceutical company focused on developing and commercialising innovative therapies to address unmet medical needs. The company primarily focuses on discovering and developing novel drugs for treating chronic cough and other hypersensitisation disorders.

Bellus has shown promising performances in advancing its pipeline of drug candidates. One of its key assets is BLU-5937, a highly selective P2X3 antagonist being developed for the treatment of chronic cough. The drug has demonstrated positive results in clinical trials, showing the potential to relieve patients suffering from this debilitating condition.

As a growth-oriented biopharmaceutical company, Bellus does not currently offer dividends. However, the investment thesis for Bellus stock lies in the potential of its drug pipeline and the unmet medical needs it aims to address. Chronic cough represents a significant market opportunity, and successful development and commercialisation of BLU-5937 could lead to substantial value creation for the company.

Investing in Bellus provides exposure to the biopharmaceutical sector, which offers significant growth potential driven by advancements in medical research and increasing demand for innovative therapies. The company’s strong clinical data, focus on unmet medical needs, and experienced management team contribute to its investment appeal.

How We Chose The Best Canadian Stocks to Buy Now

While choosing the best Canadian stocks to buy for 2024, our team at MoneyReverie carefully analysed various factors. Here are the steps we typically follow when selecting Canadian stocks:

• Research Different Sectors: We studied various sectors of the Canadian economy to identify areas that are expected to perform well. This included sectors such as technology, healthcare, financial services, energy, and consumer goods. We picked the stocks that will perform well in the long run.
• Fundamental analysis: We evaluated the fundamental aspects of potential companies, looking at their financial statements, including revenue growth, profitability, debt levels, and cash flow. We also considered factors like market share, competitive advantages, and the management team’s expertise. This helped us pick stocks that are best in the Canadian market.
• Assess valuation: We also analysed the different company’s valuation metrics, such as price-to-earnings (P/E) ratio, price-to-sales (P/S) ratio, or price-to-book (P/B) ratio. Comparing these metrics to industry peers and historical averages helped us determine whether the stock is overvalued or undervalued.
• Review analyst recommendations: We considered the opinions of financial analysts who cover the Canadian stock market. We researched reports and analyst recommendations because they can provide insights into the potential of specific stocks.

Other Stocks You Can Consider Buying Now in Canada

While these stocks did not make it to our list of the 15 best Canadian dividend stocks to buy now, we acknowledge their potential to outperform the Canadian market in the long run. 

Here are some other Canadian stocks that you can consider adding to your portfolio in 2024:

• TC Energy 
• Bank of Montreal 
• National Bank 
• Scotiabank 
• Toronto Dominion Bank 
• Canadian Pacific Railway 
• TELUS 

Best Canadian Stocks to Buy and Hold

As a long-term Canadian investor, you can benefit from implementing a buy-and-hold strategy offering several advantages. 

It allows you to capitalise on the compounding effect of generous dividends paid by many of the largest Canadian companies, and it also reduces trading fees and promotes long-term capital growth. 

Here are five Canadian stocks that you may consider buying and holding indefinitely:

• Royal Bank of Canada 
• Brookfield Asset Management 
• Shopify
• Toronto Dominion 
• Enbridge 

What are the Best Dividend-Paying Stocks in Canada for Reliable Income Generation?

Dividend-paying stocks in Canada can be an excellent option to consider. These stocks offer the potential for both capital appreciation and regular dividend payments, making them attractive to income-focused investors.

Investing in companies with a track record of consistent dividends can create a steady stream of passive income to support your financial goals. Here are the best dividend-paying stocks in Canada that can provide reliable income generation.

Top Undervalued Stocks in Canada

Undervalued stocks are often considered hidden gems that can deliver significant long-term returns. These stocks are typically priced below their intrinsic value, indicating that the market may not fully account for their future growth prospects. 

While investing in undervalued stocks can be a prudent strategy, it’s important to note that it may take time to realise substantial returns on your investment. 

Here are five of the best undervalued Canadian stocks to consider in 2024:

• Fortis Inc
• Shaw Communications  
• Cenovus Energy  
• Canada Goose Holdings  
• Alimentation Couche-Tard 

How To Buy Stocks in Canada

There are several ways to buy stocks in Canada, but it is easier to buy Canadian stocks on discount brokerages. Our top three recommended online brokerages are Questrade, Qtrade, and Wealthsimple Trade.

Final Thoughts on the Best Canadian Stocks to Buy

When it comes to finding the best Canadian stocks to buy, conducting thorough research and analysis is crucial. You can make informed investment decisions by evaluating fundamental aspects, considering dividends, assessing valuation, and staying informed about market trends.

Remember, investing in stocks carries risks, and aligning your investments with your goals and risk tolerance is important. If you’re seeking expert guidance and personalised advice, don’t hesitate to consult with a financial advisor.

Now that you have insights into the Canadian stock market, it’s time to take action! Explore potential opportunities and seize the moment to build a strong investment portfolio. Invest wisely and embark on your journey toward financial success today. Happy investing!