10 Best Canadian Stocks To Buy In 2024 And Hold Forever

Best Sports Betting Stocks in Canada

With residents in Canada concerned about inflation, it’s never been more important for investors to buy the best Canadian stocks. Below, we’ll rank the best Canadian stocks to buy on the Toronto Stock Exchange and go over the long-term outlook of each company.

How To Buy Stocks In Canada With The Best Investing Apps

Today, the top investing apps make it easy to buy the best Canadian stocks on the TSX.

In four easy steps, residents can receive free cash to invest in the best stocks to buy right now in Canada.

At Questrade, new users can simply sign up, add funds, make a trade and receive a $50 trade commission rebate to buy their favorite Canadian stocks.

Check out our step-by-step guide on how to buy the best Canadian stocks right now.

  1. Click here to sign up for a Questrade account
  2. Fill out the required documents with accurate personal information
  3. Add funds to your Questrade account
  4. Receive a $50 trade commission rebate to invest in the best Canadian stocks

Ranking The Best Canadian Stocks To Buy and Hold In 2024

In Canada, investors don’t have to look very far to find the best Canadian stocks.

The recent market downturn has left several companies undervalued on the TSX.

Below, we’ll rank the best Canadian stocks to buy right now. Click below to jump to a stock.

  1. Barrick Gold (TSX:ABX)
  2. Toronto Dominion Bank (TSX:TD)
  3. Canadian Tire (TSX:CTC.TO)
  4. Dollarama (TSX:DOL)
  5. Shopify (TSX:SHOP)
  6. Telus (TSX:T)
  7. Aritzia (TSX:ATZ)
  8. Bragg Gaming Group (TSX:BRAG)
  9. Canadian Natural Resources (TSX:CNQ)
  10. Nuvei (TSX:NVEI)

Top-10 Best Stocks To Buy Right Now In Canada

Investors in Canada who want to diversify their portfolio can buy the best Canadian stocks from the comfort of their own homes.

Below, we’ll dig a little deeper into each of our stock picks and explain why each of these investments belongs in your portfolio right now.

1. Barrick Gold (TSX:ABX)

Barrick Gold ABX

  • Rating: ⭐⭐⭐⭐
  • 52 Week Range: 19.02 – 33.50
  • Avg. Volume: 6,440,629
  • Market Cap: 38.341B
  • PE Ratio (TTM): 15.03
  • EPS (TTM): 1.44
  • Earnings Date: Nov 7, 2024
  • Forward Dividend & Yield: 1.04 (4.82%)
  • Ex-Dividend Date: Jul 07, 2024

Barrick Gold (TSX:ABX)(NYSE:GOLD), the second-largest gold miner in the world, has outperformed the market so far this year but is still down from its April 2022 high of $33.50.

Along with the price of gold, metals and mining stocks have seen their share prices decline over the last 12 months.

However, that didn’t stop Barrick Gold from exhibiting strong profit growth in Q2.

The company projects that it has at least 10 years of productive life remaining.

Barrick Gold expects to produce an average of 5.5 million ounces of gold per year through 2030 and is set to cut costs by 11 percent per ounce by 2026.

The company also has a strong balance sheet and pays a dividend of 4.82 percent, which makes it a great option for passive income investors.

With the company set to increase gold production and realize higher average gold prices, ABX is well-positioned to rebound and continue to pay a growing dividend.

2. Toronto Dominion Bank (TSX:TD)

Toronto Dominion Bank, also known as TD, is one of the best Canadian bank stocks to buy right now

  • Rating: ⭐⭐⭐⭐
  • 52 Week Range: 77.27 – 109.08
  • Avg. Volume: 5,460,014
  • Market Cap: 159.591B
  • PE Ratio (TTM): 10.99
  • EPS (TTM): 8.05
  • Earnings Date: Aug 25, 2024
  • Forward Dividend & Yield: 3.56 (4.09%)
  • Ex-Dividend Date: Jul 07, 2024

Toronto-Dominion Bank is one of the most widely-owned stocks in Canada.

TD Bank is Canada’s second-biggest company in terms of total market value (market cap) and has a history of serving Canadians that dates back over 100 years.

The Canadian bank is also one of the best dividend stocks in Canada. It offers a forward dividend yield of 4.25% and still has room for growth after falling from its 52-week high of $109.

The pullback appears to be over though, as the company has gained over 10 percent since bouncing from under the $80 mark last month.

Recent purchases of First Horizon and Cowen should further TD’s expansion in the US and help it position itself as one of the top banks in the United States.

Don’t be fooled by the bank’s stock price.

With a P/E ratio of nearly 11 and interest rates already on the rise, the TD is among the most undervalued stocks on the TSX today.

3. Canadian Tire (TSX:CTC.TO)

Canadian Tire TSX:CTT

  • Rating: ⭐⭐⭐⭐⭐
  • 52 Week Range: 250.00 – 425.00
  • Avg. Volume: 171
  • Market Cap: 9.607B
  • PE Ratio (TTM): 16.03
  • EPS (TTM): 17.73
  • Earnings Date: Aug 11, 2024
  • Forward Dividend & Yield: 5.85 (1.93%)
  • Ex-Dividend Date: Oct 28, 2024

Canadian Tire Corporation Limited is a retail company in Canada that operates in the automotive, hardware, sports, leisure, and housewares sectors.

Investors in Canada that are looking for individual companies that can power through a stock market downturn don’t have to look very far.

Not only is Canadian Tire one of the safest Canadian stocks, but it’s one of the best stocks to buy right now in Canada too.

With over 100 years of history and a proven success record, Canadian Tire is a company that consumers in Canada trust for more than just their favorite goods.

While it is known more as a brick-and-mortar powerhouse, Canadian Tire has actually made a strong transition into the world of e-commerce.

Backed by strong customer loyalty, Canadian Tire is still paying a dividend yield of 4.1 percent and is currently trading at 8.9 times P/E.

Those numbers should be attractive to investors in Canada, as it represents the highest yield and lowest P/E to be had since the 2020 market crash.

4. Dollarama (TSX:DOL)

Dollarama TSX:DOL

  • Rating: ⭐⭐⭐⭐
  • 52 Week Range: 53.39 – 82.61
  • Avg. Volume: 679,667
  • Market Cap: 23.832B
  • PE Ratio (TTM): 35.75
  • EPS (TTM): 8.05
  • Earnings Date: Jul 07, 2024
  • Forward Dividend & Yield: 0.21 (0.27%)
  • Ex-Dividend Date: Jul 07, 2024

Headquartered in Montreal, Dollarama is a Canadian dollar store retail chain that has spread across the country in recent years.

While many Canadians are preparing for a downturn in the economy, Dollarama might be one company that could continue to grow during a recession.

The dollar store chain has been the country’s biggest retailer of items costing $4 or less since 2009 and already has a presence in every province.

As of January 2022, Dollarama had over 1,421 stores in Canada.

One of the safest Canadian stocks to buy right now, Dollarama also showed strength on its most recent financial report.

For the April quarter, Dollarama reported a 20.9 percent increase in EBITA to $300 million.

Sales also increased by 12.4 percent YoY, which is part of the reason that the stock hasn’t stopped climbing since December 2021.

With nearly 30 percent year-to-date gains per share, Dollarama has exceeded Street analysts earnings estimates for four consecutive quarters, making it one of the best Canadian stocks to buy right now.

5. Shopify (TSX:SHOP)

Shopify is one of the most undervalued Canadian stocks

  • Rating: ⭐⭐⭐
  • 52 Week Range: 38.63 – 222.87
  • Avg. Volume: 3,363,732
  • Market Cap: 63.832B
  • PE Ratio (TTM): 267.58
  • EPS (TTM): 0.19
  • Earnings Date: Oct 31, 2024
  • Forward Dividend & Yield: N/A
  • Ex-Dividend Date: N/A

Headquartered in Ottawa, Ontario, Shopify emerged as a tech giant thanks to its proprietary e-commerce platform that gave new life to online stores and retail point-of-sale systems.

One of the top blue-chip stocks in Canada, Shopify offers online retailers a wide range of services, including payments, marketing, shipping, and customer engagement tools.

Today, Shopify serves over 1.7 billion businesses in approximately 175 countries worldwide.

After shares rose as high as $222.87, SHOP has dropped back down to its pre-pandemic levels at $41.09.

However, there are still plenty of reasons for investors to be optimistic.

Analysts at JP Morgan estimate that the global e-commerce market will grow by 63 percent by 2026.

Meanwhile, Shopify sales for the period ended June 30 were up 16 percent to $1.3 billion, which is still a good sign despite its year-on-year decline.

As the economy begins to regain its strength, Shopify stock could become a hot buy once again.

At its current price, Shopify ranks among the best Canadian stocks to add to a diversified portfolio.

6. Telus (TSX:T)

Telus T

  • Rating: ⭐⭐⭐
  • 52 Week Range: 27.34 – 34.65
  • Avg. Volume: 2,767,370
  • Market Cap: 41.854B
  • PE Ratio (TTM): 22.62
  • EPS (TTM): 1.34
  • Earnings Date: Nov 4, 2024
  • Forward Dividend & Yield: 1.35 (4.50%)
  • Ex-Dividend Date: Sept 08, 2024

Based in Vancouver, BC, Telus has become one of Canada’s biggest telecommunications companies.

Many Canadians know Telus as a mobile phone network, but the company has also expanded to provide health services, agricultural services, and more.

A major player in Canadian healthcare, Telus offers a suite of professional and personal healthcare solutions.

While other stocks have taken a major hit over the past few months, Telus stock has been relatively stable.

Trading at about 15% off of its 52-week highs, Telus has proven to be one of the best stocks to buy in Canada.

The telecommunications giant is also one of just 20 companies listed on the TSX today that has increased its dividend in each of the past 17 years.

In 2024, Telus offers investors a 4.5 percent forward dividend yield, making it one of the best Canadian dividend stocks.

7. Aritzia (TSX:ATZ)

Aritzia TSX:ATZ

  • Rating: ⭐⭐⭐
  • 52 Week Range: 31.67 – 60.64
  • Avg. Volume: 345,175
  • Market Cap: 4.963B
  • PE Ratio (TTM): 30.09
  • EPS (TTM): 1.50
  • Earnings Date: Oct 13, 2024
  • Forward Dividend & Yield: N/A
  • Ex-Dividend Date: N/A

Aritzia is another stock that is trading at a discount compared to its highs from earlier this year.

The Vancouver women’s clothing brand is trading at 42 percent off of its 52-week highs, which were set earlier this year.

Unlike other stocks on this list, Aritzia doesn’t pay a dividend but the company has reinvested profits back into the business to accelerate the company’s growth.

On its last financial statement, Aritzia showed a 33 percent return on equity, which is well above the industry average of about 21 percent.

Check out a few highlights from the report below:

The company reported that net revenue increased by 65.2% to $407.9 million from Q1 2022. During that same timeframe, Aritzia increased its USA revenue by 81 percent to $206.8 million and its total retail revenue by 101.3% to $287.8 million.

Net income also increased by 85.8% to $33.3 million, another indicator of the brand’s strong performance.

In addition to a growing brand, Aritzia has a promising ownership structure with individual insiders and institutions holding more than 50 percent of the shares.

With strong brand recognition and growing success from its brick-and-mortar stores, Aritzia has become one of the best Canadian stocks to buy in 2024.

8. Bragg Gaming Group (TSX:BRAG)

Bragg Gaming Group

  • Rating: ⭐⭐⭐⭐
  • 52 Week Range: 5.32 – 15.78
  • Avg. Volume: 33,196
  • Market Cap: 151.962M
  • PE Ratio (TTM): N/A
  • EPS (TTM): -0.49
  • Earnings Date: Nov 11, 2024
  • Forward Dividend & Yield: N/A
  • Ex-Dividend Date: N/A

Bragg Gaming Group is a global gaming technology and content group.

An owner of leading B2B iGaming companies, Bragg was one of the companies leading the charge to make sports betting legal in Canada.

While the stock has tumbled from its 52-week high of 15.43 during the pandemic, there are still plenty of reasons to be optimistic about the Canadian iGaming stock.

The company has been on the road to profitability and appeared to be approaching the breakeven point in its most recent financial statement.

Bragg raised its full-year guidance for 2022 following a recent financial report.

The company improved its adjusted EBITDA by 62.9 percent to 3.2 million USD. Similarly, gross profit margin rose to 55.9 percent, a quarterly record.

Bragg is expected to generate positive profits in 2024 and with no debt on its balance sheet, the iGaming stock should have plenty of room for growth in the not-so-distant future.

Currently trading at under $6 per share, Bragg is among the best Canadian penny stocks to buy right now.

9. Canadian Natural Resources (TSX:CNQ)

Canadian Natural Resources is one of the best Canadian industrial stocks

  • Rating: ⭐⭐⭐
  • 52 Week Range: 37.82 – 88.18
  • Avg. Volume: 6,104,325
  • Market Cap: 80.527B
  • PE Ratio (TTM): 7.24
  • EPS (TTM): 9.63
  • Earnings Date: Nov 7, 2024
  • Forward Dividend & Yield: 3.00 (4.17%)
  • Ex-Dividend Date: Aug 22, 2024

Headquartered in Alberta, Canada, Canadian Natural Resources is an oil and gas company based in Canada that primarily operates on the West Coast.

In 2020, Forbes Global 2000 ranked Canadian Natural Resources as the 306th-largest public company in the world.

Analyst Dennis Fong recently cut his price target for CNQ from $95 to $85 due to rising costs and inflationary pressures.

However, CNQ is also among the companies that has benefited from strong natural gas prices.

The company has also posted strong financials in recent quarters, including a 29 percent return on equity in the trailing 12 months to June 2022.

With a forward dividend yield of 4.32 percent, CNQ is one of the best Canadian investments to own as part of a diversified dividend portfolio.

Another important fact for passive income investors: the company has increased its dividend in each of the past 22 years.

That makes CNQ one of the best Canadian stocks to buy and hold right now.

10. Nuvei (TSX:NVEI)

  • Rating: ⭐⭐⭐
  • 52 Week Range: 38.38 – 180.00
  • Avg. Volume: 298,661
  • Market Cap: 6.782B
  • PE Ratio (TTM): 68.78
  • EPS (TTM): 0.68
  • Earnings Date: Nov 11, 2024
  • Forward Dividend & Yield: N/A
  • Ex-Dividend Date: N/A

Nuvei is another undervalued Canadian stock that is trading at a discount right now.

NVEI shares have lost more than 50 percent of their value year-to-date and has been in a freefall since November but the stock may have finally reached the bottom.

Now trading at around $30, shares of the Canadian payment technology partner rose as high as $140 during September 2021.

That’s a 78 percent discount compared to its 52-week highs.

Still, at it’s current price, Nuvei is among the best Canadian stocks to buy right now.

Few Canadian growth stocks possess the same kind of potential to bounce back as Nuvei.

Despite a challenging environment, Nuvei was able to maintain its medium and long term guidance.

Management is also confident that it will deliver 30 percent annual revenue growth in the medium term.

In the future, its adjusted EBIDTA margin has a chance to cross 50 percent, which should help drive the stock price back up over the long run.

Ranking The Top-5 Investing Apps in Canada

In terms of convenience, speed, and reliability, Questrade outranks even the best investing apps in Canada.

Using the Questrade app, investors can buy and sell the best Canadian stocks with the click of a button.

Headquartered in Toronto, Questrade has a reputation for putting customers first.

At Questrade, members keep more of their money, thanks to lower fees for buying and selling their favorite stocks.

Questrade allows members to trade stocks on the TSX for as little as $4.95 per trade, which is among the lowest commission fees on the market.

With that being said, some investing apps, like Wealth Simple, don’t even take commission fees for trading your favorite Canadian companies on the stock market.

So, how do you choose the best investing app for your own personal needs?

Below, we’ll go over the top-5 investing apps in Canada and what they have to offer for new members.

  1. Questrade – $50 in free stock trades with a commission rebate
  2. WealthSimple – $10 in free cash added to your non-registered account
  3. Interactive Brokers – Earn up to 1.83% USD on idle cash balances
  4. CIBC Investor’s Edge – Free trades for investors age 18-24
  5. Desjardians Online Brokerage – Free investment training and analytics tools

Toronto Stock Exchange

Based in Toronto’s Financial District, the Toronto Stock Exchange is a wholly owned subsidiary of the TMX Group.

With over 1,500 companies, the TSX is Canada’s largest marketplace for investor to buy and sell stocks.

The TSX also features some of the world’s best mining and energy companies.  In fact, more mining and oil and gas companies are listed on TSX than any other stock exchange.

In 2019, TSX and TSXV continued to surpass a number of Canadian and global benchmarks, setting new records for listings, market capitalization and trading volume.

Not only are the TSX and TSXV important sources of Canadian wealth, but the exchanges are significant marketplaces for international capital as well.

The total market capitalization of companies listed on the TSX and TSV has reportedly eclipsed $3.3 trillion.

Check out some key facts about the TSX and TSXV below.

Total Market Capitalization on TSX & TSXV $3.3 Trillion
Total Equity Capital Raised on TSX & TSXV in 2019 $43 billion
Average Financing Size on TSX $68 million
Average Financing Size on TSXV $3.5 million

TSX Today At A Glance

Today, the TSX and TSXV are home to more than 3,200 listed Canadian businesses.

On trading days, the stock market is open from 9:30 am to 4:00 pm ET and has a post-trading session from 4:15 pm ET to 5:00 pm ET.

For a quick glance at some of the key stock market metrics for the TSX and TSXV, check out the chart below.

Metric TSX TSXV
Listed Companies 1,640 1,649
Quoted Market Value $3,398.8B $78.3B
Median Market Capitalization $148.1M $11.5M
Average Market Capitalization $2B $48M
Total Financings $36.2B $6.7B
Average Financing $68M $3.5M
Going Public Activity* 171 129
Graduates from TSXV 20

Stock Market Holidays in Canada and the US

The markets never sleep but even the most passionate day traders need to take a break every once in a while.

Luckily, there are some days when the US and Canadian stock markets are closed during the year.

Below, we’ll go over the stock market holidays in Canada in the US in 2024.

Canadian Holidays

  • New Year’s Day: Monday, January 1, 2024
  • Family Day: Monday, February 19, 2024
  • Good Friday: Friday, March 29, 2024
  • Victoria Day: Monday, May 20, 2024
  • Canada Day: Monday, July 1, 2024
  • Civic Holiday: Monday, August 5, 2024
  • Labour Day: Monday, September 2, 2024
  • Thanksgiving Day: Monday, October 14, 2024
  • Christmas Day: Wednesday, December 25, 2024
  • Boxing Day: Thursday, December 26, 2024

U.S. Holidays

  • Martin Luther King, Jr. Day: Monday, January 15, 2024
  • Memorial Day: Monday, May 27, 2024
  • Juneteenth National Independence Day: Wednesday, June 19, 2024
  • Independence Day: Thursday, July 4, 2024
  • Thanksgiving Day: Thursday, November 28, 2024

Top-10 Dividend Stocks In Canada

Buying high-dividend stocks is one way that Canadians are trying to combat inflation and supplement their income during the market downturn.

Stocks with high dividend yields allow investors to grow their net worth and create a passive income stream.

Check out the chart below for a breakdown of 10 of the best dividend stocks in Canada.

Name Ticker Guidance Rating Forward Dividend Yield YTD Returns
IGM Financial Inc IGM Narrow 6.33% −22.39%
Great-West Lifeco Inc GWO None 6.26% −16.56%
AGF Management Ltd AGF.B None 6.14% −21.29%
Manulife Financial Corp MFC None 5.96% −7.28%
Power Corporation of Canada POW None 5.82% −18.96%
Enbridge Inc ENB Hold 6.33% 11.28%
BCE Inc BCE Narrow 5.79% −2.56%
Bank of Nova Scotia BNS Narrow 5.36% −14.68%
Keyera Corp KEY None 6.45% 5.73%
Pembina Pipeline Corp PPL None 5.56% 19.18%

Which Canadian Stocks Have The Highest Dividend Yield?

The best Canadian stocks don’t always have the highest dividend.

According to TradingView data, Newport Exploration Ltd has the highest dividend payment in Canada at 18.60 percent. Priced at just 43 cents, Newport Exploration Ltd (NWX.V) offers an annual dividend of 0.08 per share, making it the Canadian stock with the highest forward dividend yield.

At $6.00, Labrador Iron Ore Rty Corporation (LIF.TO) offers the biggest dividend payment of any Canadian company on a per share basis, followed by Bank of Nova Scotia (BNS.TO) at $3.60 per share.

Buying shares in the best Canadian dividend stocks can be tricky, as investors often dump shares on ex-dividend day, which can cause some people to panic when the price drops.

Below, we’ll go over a few of the top dividend stocks in Canada that are being recommended by investment analysts on the web.

  1. Keyera Corp – 6.45%
  2. IGM Financial Inc – 6.33%
  3. Enbridge Inc – 6.33%
  4. Great-West Lifeco Inc – 6.26%
  5. AGF Management Ltd – 6.14%

Honourable Mention:

  • Manulife Financial Corp – 5.96%

For more information on high dividend stocks in Canada, check out the chart below.

Name Ticker Guidance Rating Forward Dividend Yield
Keyera Corp KEY None ⭐⭐ 6.45%
IGM Financial Inc IGM Narrow ⭐⭐⭐⭐ 6.33%
Enbridge Inc ENB Hold ⭐⭐⭐ 6.33%
Great-West Lifeco Inc GWO None 6.26%
AGF Management Ltd AGF.B None ⭐⭐⭐⭐ 6.14%

Best Canadian Penny Stocks To Buy Now

Some of the best Canadian stocks were once small cap penny stocks.

For investors with a little more risk tolerance, penny stocks are a great way to diversify your portfolio and generate bigger returns.

Below, we’ll go over the top Canadian penny stocks to buy right now.

  • Greenway Cannabis Corp (CSE:GWAY)
  • Playgon Games Inc (TSXV:DEAL)
  • Rivalry Corp (TSXV:RVLR)

1. Greenway Cannabis Corp (CSE:GWAY)

Greenway Cannabis is one of the most undervalued Canadian stocks

  • Rating: ⭐⭐⭐⭐
  • 52 Week Range: 0.4400 – 1.8000
  • Avg. Volume: 9,199
  • Market Cap: 103.431M
  • PE Ratio (TTM): N/A
  • EPS (TTM): 0.0130
  • Earnings Date: Nov 1, 2024

Greenway Cannabis Corporation is a cultivator of high-quality greenhouse cannabis located in Kingsville, Ontario.

The company recently fell from its 52-week high of $1.80 but rebounded with a strong quarter, posting record revenues in Q2 2022.

Greenway posted a record $1,963,709 in revenue and positive EBITDA of $390,094 while doubling the number of B2B partners from the previous quarter.

In addition to record revenue numbers, the Canadian company also set a record for the amount of cannabis sold a single quarter, giving it a strong future outlook.

Unlike most Canadian cannabis companies, Greenway’s management team has decades of combined experience in greenhouse and nursery facilities, which should help it stand the test of time in a saturated market.

Right now, Greenway is among the best Canadian penny stocks to buy.

2. Playgon Games Inc (TSXV:DEAL)

Playgon Games, a Canadian online casino company, is one one of the best penny stocks to buy right now in Canada

  • Rating: ⭐⭐⭐
  • 52 Week Range: 0.0400 – 0.5000
  • Avg. Volume: 162,763
  • Market Cap: 22.8M
  • PE Ratio (TTM): N/A
  • EPS (TTM): 0.0670
  • Earnings Date: Aug 25, 2024

Moving on from Canadian weed stocks, two emerging companies in Canada’s sports betting market have caught our attention.

With an authentic look and feel, Playgon Games brings the thrill of gambling at casinos in Las Vegas right to your fingertips.

Playgon delivers a state-of-the-art live dealer solution that is designed for mobile betting.

The Canadian technology company is focused on developing and licensing digital content for the global iGaming market.

Playgon Games is also the first and only live dealer casino that streams live from Las Vegas, giving users authentic feel when gambling online.

The company has already added 35 operators and recently announced that it has applied for a gaming-related supplier-manufacturer license with the Alcohol and Gaming Commission of Ontario (ACGO).

The license will enable Playgon to supply regulated Ontario casinos with its live dealer tables and authentic Las Vegas gambling experience.

The company also received further validation after striking deals with Relax Gaming and Markor Technology earlier this year.

Simon Hammon, Relax’s chief product officer, called Playgon an “incredibly talented, forward-thinking company” that is known for “taking entertaining live dealer games to the next level.”

With room for exponential growth in a new and exciting sector, Playgon is among the best Canadian penny stocks to buy right now.

3. Rivalry Corp (TSXV:RVLR)

Rivalry Corp is one of the best Canadian penny stocks

  • Rating: ⭐⭐⭐
  • 52 Week Range: 0.7500 – 3.8000
  • Avg. Volume: 29,660
  • Market Cap: 51.879M
  • PE Ratio (TTM): N/A
  • EPS (TTM): 0.0730
  • Earnings Date: Nov 23, 2024

Rivalry Corp is one of the sportsbooks trying to gain a share of the Ontario sports betting market.

Despite falling from its 52-week highs at $3.80, Rivalry Corp is still well-positioned to stand out from the pack, according to industry analysts.

Eight Capital analyst Adhir Kadve has predicted that Rivalry will reach his target stock price of $4.00 by the end of the year.

The Canadian sports betting and entertainment company was one of the first operators to become fully registered Ontario sportsbooks.

Since then, Rivalry has been trending up and is fresh off of posted record quarter in Q1 2022.

The company posted $40.2 million in betting handle, up 273 percent year-over-year. Revenue also reached record-highs at $4.8 million, an increase of 149 percent YoY.

With a healthy cash position and no debt, look for Rivalry to establish itself as one of the best Canadian stocks in the iGaming sector.

Best Canadian Stocks To Buy By Sector

  • Energy – Enbridge Inc. (TSX:ENB)
  • MiningBarrick Gold (TSX:ABX.TO)
  • Industrials – Thomson Reuters (TSX:TRI)
  • Utilities – Algonquin Power (TSX:AQN)
  • Healthcare – Jamieson Wellness Inc (JWEL.TO)
  • Financials – Toronto Dominion Bank (TSX:TD)
  • Consumer Discretionary – Dollarama (TSX: DOL)
  • Consumer Staples – Loblaw Companies (TSX:L)
  • Information Technology – Converge Technology Solutions Corp. (CTS.TO)
  • Communication Services – Telus (TSX:T)
  • REIT StocksGranite Real Estate Investment Trust (TSX:GRT.UN)

Most Expensive Stocks in the World

Priced at over $455,170 per share, Berkshire Hathaway is the most expensive stock in the world.

That number is actually down more than 19% from the post-pandemic high of 544,389.25 in late-March 2022.

Part of the reason the stock is so expensive is that the company never went through a stock split. In fact, CEO Warren Buffet reportedly decided against a stock split to prevent short-term trading, which would have led to higher volatility in the stock.

Most Expensive Canadian Stocks

While it doesn’t quite measure up to Berkshire Hathaway, the most expensive stock in Canada is Constellation Software Inc.

With a share price of $2,189.48 CAD,  the company is priced more than three times higher than the next most expensive Canadian stock. Perhaps, equally as impressive, Constellation Software Inc has maintained a technical buy rating from industry experts.

For a complete breakdown of the most expensive stocks in Canada, check out the list below.

  1. Constellation Software Inc – $2,189.48 CAD
  2. E L Financial Corp LTD – $830.00  CAD
  3. Fairfax Financial Holdings – $644.20 CAD
  4. Senvest Capital Inc – $318.11 CAD
  5. Canadian Tire LTD – $303.00 CAD
  6. Boyd Group Services Inc – $194.11 CAD
  7. Intact Financial Corporation – $193.81 CAD
  8. Waste Connections Inc – $182.92 CAD
  9. Firstservice Corp – $178.52 CAD
  10. Franco Nevada Corp – $170.80 CAD

*Note: all Canadian stock prices as of Aug. 15, 2022

Types of Investment Accounts in Canada

It is crucial to have the right mix of investments in a portfolio. There are different investment accounts in Canada and they are categorized as either a Non-registered account or a Registered account which can be a TFSA, RRSP, or FHSA.

A Non-Registered account is either cash or a margin account. Continue reading to learn more about the investment accounts available in Canada.

1. Non-Registered Account

A Non-registered account is attractive because there are no limits on how much an investor can add to or remove from the account.

Another advantage of this account for investors is that anyone over the age of 18 can open this account. However, the drawback is that income earned on investments in the account is subject to tax. The tax liability will depend on the investment income earned.

2. TFSA — Tax-Free Savings Account

A TFSA unlike a non-registered account is a tax-free savings account that allows investors to invest a certain amount in a year tax-free. It is available to any Canadian over 18 years with a valid social insurance number.

The yearly contribution limit for 2024 is $7,000. The lifetime contribution limit for individuals that were born before 1991 is $81,500 while those born after 1991 will have a smaller total contribution limit. Any unused contribution can be rolled over from one year into the next.

Investments held in a TFSA are tax-free, however, any amount above the contribution limit will be taxed at a rate of 1% for each month it was above the limit.

Changes in your investment value can change how much you have to invest in the future. For example, if an investor invested $10000 and it rose to $15,000 and they withdraw, they would have the $15,000 in addition to contribution next year available for their TFSA. On the other hand, if the $10000 investment fell to $2000 and it is withdrawn, the investor will only have $2000 plus the yearly contribution available in their account.

Withholding tax may apply to foreign dividend-producing investments. Investments in US dividend-paying companies incur a 15% withholding tax.

3. RRSP — Registered Retirement Savings Plan

A Registered Retirement Savings Plan is a savings and investment plan purely for retirement and is only available to individuals below 69 years.

It is amazing for investors because contributions paid into it during the working years of an individual are deducted from the taxable income so it, therefore, reduces income tax.

Withdrawals can be made at any point but withholding tax will be paid on it and is also included as income when tax is filed unless withdrawals are used for the purchase of a first-time home through the Home Buyers’ Plan or for funding education through the Lifelong Learning Plan.

However, the withdrawals have to be paid back to the account under the applicable timeline to qualify for the two plans.

The RRSP matures when an individual turns 71 and can be withdrawn in three ways:

  • A One-time Withdrawal will be subject to withholding tax and included as income in income tax filing.
  • An Annuity can be purchased that will pay a guaranteed income for life or for a specific period. Withholding tax is not paid but since it is income, it may be taxable.
  • It can be converted to a Registered Retirement Income Fund (RRIF) which will pay a constant retirement income.

There’s a minimum amount that must be withdrawn each year and will be included as taxable income but no withholding tax is paid on it unless it exceeds the limit.

4. Margin Account

A Margin account is a non-registered account offered by a stockbroking company that allows an investor to borrow to buy securities. A margin account gives more buying power compared to having to deposit cash before being able to buy.

Margin accounts are risky as an investor can lose more than they invested because there’s usually a fee paid to the stockbroker for borrowing.

An investor can get a margin call which is when the value of securities in their account falls below a certain level, called the maintenance margin, and therefore the holder of the account will need to deposit more cash or sell securities to meet the margin requirements.

The interest cost can be removed from the taxable income generated in the account.

The Basics of TFSA Investing in Canada

Tax-free savings accounts are a relatively new addition to the investment options available to Canadians.

In Canada, TFSA accounts give residents a tax haven to accumulate wealth and plan for their financial goals.

TFSA accounts allow Canadians to contribute a portion of their earnings, buy investments, and grow their net worth without paying taxes on their capital gains.

Below, we’ll go over everything you need to know about tax-free savings accounts in Canada.

What Is A TFSA Account?

Also known as a TFSA, a tax-free savings account is an investment account that acts as a tax shelter for Canadians.

Introduced in 2009, tax-free savings accounts give Canadians an additional savings vehicle to start to grow their wealth.

In Canada, a TFSA can hold cash, guaranteed investment certificates (GICs), mutual funds, index funds, exchange-traded funds (ETFs), or other investment products.

Unlike RRSP accounts, investing in a TFSA does not come with any associated tax deductions.

As a result, Canadians will not receive an immediate tax break when investing in a TFSA.

Instead, TFSA investors defer their tax breaks until they withdraw their cash.

Since TFSA withdrawals are not subject to taxation, Canadians who invest cash in their tax-free savings account do not pay taxes on the capital gains from their investments.

According to a BMO study, 63 percent of Canadians own a TFSA. The average TFSA in Canada holds $34,917, which means many Canadians have already started reaping the benefits of tax-free savings.

TFSA Limits

Like other registered accounts in Canada, a TFSA comes with a yearly contribution limit, which is the maximum amount that Canadians can contribute tax-free.

Once money enters a TFSA, the money cannot be taxed by the Canada Revenue Agency.

TFSA contribution limits are cumulative. This means that if you do not deposit the maximum amount in one year, the remainder will roll over, increasing your contribution limit in the following years.

Since TFSA accounts were introduced in 2009 and are only available to people age 18 or older, Canadians born in 1991 or earlier are allowed the maximum contribution limit.

If you were born before 1991, you can deposit a total of $81,500.

For Canadians born after 1991, the maximum cumulative contribution limit will decrease depending on the year that they turned 18 years old.

For a complete breakdown of the TFSA contribution limits by year, scroll down below.

Year That You Turned 18 Annual TFSA Contribution Limit Maximum Cumulative Contribution Limit
2024 $7,000 $7,000
2023 $6,500 $13,500
2022 $6,000 $19,500
2021 $6,000 $25,500
2020 $6,000 $31,500
2019 $6,000 $37,500
2018 $5,500 $43,000
2017 $5,500 $48,500
2016 $5,500 $54,000
2015 $10,000 $64,000
2014 $5,500 $69,500
2013 $5,500 $75,000
2012 $5,000 $80,000
2011 $5,000 $85,000
2010 $5,000 $90,000
2009 or Earlier $5,000 $95,000

Are TFSA Contributions Tax Deductible?

No, TFSA contributions are not tax deductible.

Unlike RRSPs, investing money in your tax-free savings account will not directly lead to paying less in taxes.

However, since TFSA withdrawals are not taxed, any capital gains will be off-limits from Canada Revenue Agency.

What is the Annual TFSA Contribution Limit in 2024?

In 2024, the annual TFSA contribution limit is $7,000.

For Canadians born in 1991 or earlier, the cumulative TFSA contribution limit is $95,000.

Top-5 Canadian Growth Stocks To Buy In Your TFSA Account

Check out some of the best TFSA stocks to buy in Canada right now.

  1. Dollarama (TSX:DOL)
  2. Bragg Gaming Group (TSX:BRAG)
  3. Aritzia (TSX:ATZ)

Saving for Retirement in Canada with an RRSP

Saving for retirement might not be sexy but it makes both dollars and sense for Canadians that are smart with their money.

Not only does investing in an RRSP account help citizens save for retirement, but it can also help Canadians reduce their taxes too.

A Government of Canada study from 2019 indicates that 69 percent of Canadians are preparing for retirement but less than half of Canadians know how much they need to save.

Before we go over some of the best Canadian stocks to buy for retirement, let’s go over some basics about an RRSP account.

What Is An RRSP?

An RRSP, or Registered Retirement Savings Plan, is an account that you create, register, and contribute to over the course of your working life in order to save for retirement.

When you retire, you can convert your account to a Registered Retirement Income Fund (RRIF) and withdraw an income.

An RRSP account lets you save for your retirement by deferring taxes on your investment earnings

Investments inside an RRSP are not taxed until they are withdrawn, which allows Canadians to build wealth faster.

RRSP contributions are also tax-deductible, meaning that Canadians will ultimately pay less tax and save more money by choosing to save for retirement.

Canadians can also use their RRSP to help with the down payment on their first home through the Home Buyers’ Plan.

RRSP Limits and Deductions

An RRSP account comes with certain benefits but there are also limits and restrictions associated with saving for retirement.

Check out some of the RRSP limits and deductions below.

  • 2021 RRSP deduction limit — $27,830 or 18% of your earned income from the previous year, whichever is lower
  • First-time home buyers RRSP limit —  $35,000
  • The age at which contributions stop and your RRSP must be converted to an income option (like a RRIF) — 71

For a complete breakdown of the RRSP limits from 1991-2024, check out the chart below.

Year RRSP Contribution Limit
2023 $30,780
2022 $29,210
2021 $27,830
2020 $27,230
2019 $26,500
2018 $26,230
2017 $26,010
2016 $25,370
2015 $24,930
2014 $24,270
2013 $23,820
2012 $22,970
2011 $22,450
2010 $22,000
2009 $21,000
2008 $20,000
2007 $19,000
2006 $18,000
2005 $16,500
2004 $15,500
2003 $14,500
2002 $13,500
2001 $13,500
2000 $13,500
1999 $13,500
1998 $13,500
1997 $13,500
1996 $13,500
1995 $14,500
1994 $13,500
1993 $12,500
1992 $12,500
1991 $11,500

How to Open an RRSP Account

Canadians who want to save for retirement should consider opening an RRSP account with a financial institution or online brokerage.

The top investing apps in Canada make it easy to sign up, fund, and buy stocks in an RRSP account.

Canadians can simply fill out some of their personal information, verify their identity, and use a number of secure payment options to add funds to their retirement account.

From there, investors can purchase different investment products, buy the best Canadian stocks or simply leave their retirement funds in cash.

Not only does investing in your RRSP account help you save for retirement, but it also provides Canadians with a tax break and leverage for a down payment on their first home.

The Best Canadian Stocks To Buy In Your RRSP Account

Saving for retirement in an RRSP is a great way to plan for your future.

Since RRSP contributions provide an immediate tax break, Canadians can pay less tax and save more money by putting away funds for the future.

Canadians can also build wealth by buying stocks, bonds, GICs, ETFs, and other investments inside of their RRSP. Any growth inside your RRSP is not taxed until withdrawn, which also allows Canadians to build wealth faster.

But how do you know which stocks to buy in your RRSP account?

When saving for retirement in your RRSP account, it is important to consider how often you expect to make trades.

Many Canadians who save for retirement don’t intend on touching that money until 65 or later.

This makes Canadian dividend stocks a particularly attractive choice for RRSP investors.

According to top industry analysts, some of the best Canadian stocks to buy and hold in your RRSP account are:

  1. Royal Bank Stock
  2. TD Bank Stock
  3. National Bank Stock

Scroll down below to learn more about some of the best stocks to buy in your RRSP account.

1. Royal Bank (TSX:RY)

  • Rating: ⭐⭐⭐⭐
  • 52 Week Range: 118.24 – 149.60
  • Avg. Volume: 3,795,453
  • Market Cap: 181.237B
  • PE Ratio (TTM): 11.30
  • EPS (TTM): 11.44
  • Earnings Date: Aug 24, 2024
  • Forward Dividend & Yield: 5.12 (3.99%)
  • Ex-Dividend Date: July 25, 2024

Royal Bank of Canada is the largest bank in Canada in terms of market cap.

Founded in 1864, Royal Bank has grown to serve over 17 million clients and is one of the safest Canadian stocks to own through economic cycles.

After trading as high as $149.60 earlier this year, Royal Bank shares have plummeted over the last eight months. Still, with an annual net income of over $16 billion, there are plenty of reasons to buy and hold RBC stock.

Canadian bank stocks have been held down by a weaker economy and fears of a recession stemming from high inflation and rising interest rates.

Higher interest rates typically benefit banks over the long run, which should help Royal Bank increase its net interest income in the coming years.

At about $122 per share, the high dividend stock is currently trading at a discount of about 10.9 times earnings, approximately 10 percent less than its normal valuation.

With a dividend yield of about 4.2 percent and an EPS growth rate of about 9.5 percent per year over the past decade, Royal Bank stock is one of the best Canadian stocks to buy and hold in your RRSP account.

2. Toronto Dominion Bank (TSX:TD)

  • Rating: ⭐⭐⭐⭐
  • 52 Week Range: 77.27 – 109.08
  • Avg. Volume: 5,460,014
  • Market Cap: 159.591B
  • PE Ratio (TTM): 10.99
  • EPS (TTM): 8.05
  • Earnings Date: Aug 25, 2024
  • Forward Dividend & Yield: 3.56 (4.09%)
  • Ex-Dividend Date: Jul 07, 2024

Another blue-chip Canadian stock, Toronto Dominion Bank released its Q3 2022 earnings report on August 25, 2022.

While management continued to warn of a coming recession, the Canadian bank continued to beat expectations. Adjusted net income was reported at $3.81 billion, or $2.09 per share, up from $3.62 billion, or $1.96 per share, in the prior year.

Retail banking segments in Canada and the US delivered net income growth of 6% and 11%, respectively.

Even with a possible recession on the horizon, TD is a safe bet, as banks are generally positioned to perform well during economic cycles.

Yet, TD Bank stock is still down more than 15 percent year-to-date.

With a strong price-to-earnings (P/E) ratio of nearly 11, TD Bank represents the perfect balance of growth and income to any RRSP.

The Canadian bank stock offers a quarterly dividend of $0.89 per share and 4.1 percent dividend yield, allowing investors to compound their wealth by reinvesting their earnings.

With room to grow and the ability to earn a passive income, TD ranks among the best RRSP stocks to buy right now in Canada.

3. National Bank (TSX:NA)

  • Rating: ⭐⭐⭐
  • 52 Week Range: 82.38 – 106.10
  • Avg. Volume: 1,561,390
  • Market Cap: 31.751B
  • PE Ratio (TTM): 9.68
  • EPS (TTM): 11.44
  • Earnings Date: Aug 24, 2024
  • Forward Dividend & Yield: 3.68 (3.93%)
  • Ex-Dividend Date: June 24, 2024

One of the most undervalued stocks in Canada, National Bank is a safe play during a market downturn.

The Montreal-based bank has a market cap of $31 billion but is down approximately five percent year-to-date, making this a smart time to start looking at the stock.

While the stock has taken a beating, National Bank of Canada continued to beat analysts’ earnings estimates for the third consecutive quarter.

Not only does National Bank have a strong balance sheet and robust cash flow, but the bank also posted considerable growth on its most recent financial statement.

In the July quarter, the bank’s net profit from personal and commercial banking rose 11 percent YoY.

With room for growth and a dividend yield of around 4% at the current stock price, National Bank is one of the best Canadian bank stocks to buy right now.

Best Cheap Canadian Stocks To Buy Right Now

Most investors know the motto: buy low, sell high.

The reality is, that identifying cheap stocks is easier said than done.

So, what makes a stock cheap?

The price of a stock is not necessarily indicative of its value. As a result, a stock is only cheap or expensive in relation to its potential for growth.

Generally speaking, companies that have lower P/E ratios are considered cheap to buy.

The lower the P/E ratio, the more attractive a stock looks.

By purchasing share of a stock at a lower P/E ratio, investors are hoping that the stock will rebound.

Below, we’ll list some of the cheapest stocks to buy in Canada, which includes one emerging penny stock and one of the best crypto stocks on the TSX.

  1. Bragg Gaming Group (TSX:BRAG)
  2. Hut 8 Mining Corp (TSX:HUT)
  3. Greenway Cannabis Corp (CSE:GWAY)

Most Undervalued Canadian Stocks Right Now

Some of the best Canadian stocks are also some of the most undervalued companies on the TSX.

Stock market swings can create plenty of bargains, especially during an economic downturn.

With Canada on the verge of a recession, many Canadians are looking for undervalued stocks.

For a stock to be undervalued, the market price must be trading below its intrinsic value.

To determine whether or not a stock is undervalued, many investors look at different factors, including a company’s price-to-earnings ratio and market cap. Low valuation ratios, insider buying, and institutional ownership are other few ways that wise investors identify undervalued stocks.

Check out some of the most undervalued stocks on the TSX below.

  1. Hive Blockchain Technologies (TSX:HIVE)
  2. Bragg Gaming Group (TSX:BRAG)
  3. Hut 8 Mining Corp (TSX:HUT)

What Are The Best Canadian Stocks To Buy and Hold?

Buy and hold is a long-term passive investing strategy where investors maintain a relatively stable portfolio over time.

Investors who buy and hold stocks are anticipating that the stock price will continue to appreciate in the long run, regardless of short-term fluctuations.

When using this strategy, investors tend to target only the best Canadian stocks.

In Canada, buy-and-hold investors tend to outperform active management, on average, over long-term horizons.

Since buying and holding is a passive income strategy geared towards long-term investments, dividend stocks tend to be excellent buy-and-hold stocks.

Check out some of the best Canadian stocks to buy and hold right now.

  1. Toronto Dominion Bank (TSX:TD)
  2. Barrick Gold (TSX:ABX)
  3. Royal Bank (TSX:RY)

Which US Stocks Should Canadians Be Investing In?

In Canada, investors can buy more than just the best Canadian stocks.

In fact, Canadians can invest in several different stock exchanges from around the world, including the NASDAQ and New York Stock Exchange.

US stocks for companies like Google, Apple, and Tesla can only be found on these exchanges.

Check out the list below for a quick glance at some of the top US stocks to consider adding to your portfolio.

  1. DraftKings (NASDAQ: DKNG)
  2. Apple (NASDAQ: AAPL)
  3. Airbnb Inc. (NASDAQ: ABNB)

What Are The Most Popular Stocks To Buy Right Now?

Next, we’ll take a look at some of the most popular US stocks to buy right now.

  1. GameStop Corp (NYSE:GME)
  2. Tesla Inc (NASDAQ:TSLA)
  3. AMC Entertainment Holdings Inc (NYSE:AMC)
  4. Nio Inc (NYSE:NIO)
  5. Apple Inc (NASDAQ:AAPL)
  6. Amazon.com Inc (NASDAQ:AMZN)

Is Canada Headed For A Recession?

Rising interest rates combined with the recent crashes in the stock market and crypto market could trigger a recession in Canada.

Edgehill Partners Chief Investment Officer Jason Mann expressed his fears in a recent interview

“What has hurt Canada is that finally we’re seeing the market start to price in a recession, even for the most cyclical, inflation sensitive stocks like energy. “Energy was the last place that people were hiding. It’s been a rolling bear market where nothing is safe.”

Are Stocks Taxed In Canada?

In Canada, stocks are subject to capital gains tax upon being sold.

This means that any profits earned on investments in non-registered accounts will contribute to the total taxable income of an individual.

What Is The Capital Gains Tax Rate In Canada?

In Canada, 50% of capital gains are considered taxable.

All capital gains are taxed at the relevant tax bracket of the investor, based on their net income.

This means only half of the profits made by selling an investment are included  as part of your income on your taxes.

What is a Capital Gain?

In Canada, a capital gain (or loss) occurs when an investor realizes a gain on their investment by selling the asset.

This happens when an investor sells their asset for more than the total of its adjusted cost base and the expenses incurred in the process.

Simply put, a capital gain is the profit that is made from buying and selling an asset.

Stocks, bonds, ETFs, precious metals, real estate, and the sale of other types of property are subject to capital gains tax.

For Example:

If an investor purchases shares of a company for $500 and later sells those shares at a higher price for a grand total of $1,000, they will have earned $500 in profits.

This $500 is considered a capital gain, which is the difference between the sale price and the price

Realized vs Unrealized Capital Gains

A capital gain can either be unrealized or realized.

When investing, a gain is only realized when it is sold.

On the other hand, an unrealized capital gain is when an investment increases in value but hasn’t been sold yet.

Only realized capital gains are subject to tax.

How to Calculate Tax on a Capital Gain

In Canada, capital gains are taxed at a rate of 50 percent.

That means half of an investor’s realized gains are subject to tax.

This figure is then added as part of their taxable income for the year, at the applicable tax bracket.

For Example: 

If a Canadian investor earns $1,000 in capital gains in 2024, half (or $500) of that amount will be included as part of their taxable income for the year.

If this individual has a taxable income below $50,197, the $500 will be taxed at a rate of 15 percent, resulting in $75 in taxes.

Capital Gain Tax Formula

The capital gain formula is:

Capital gain = Selling price (net of fees) – the adjusted cost base.

The adjusted cost base is the cost of the investment plus any fees or costs incurred to purchase it.

How To Deal With Capital Losses

Unfortunately, not all investments are sold for a gain.

A capital loss is when an investment or asset is sold for less than its adjusted cost base.

For Canadians that invest in non-registered accounts, capital losses can help offset capital gains in the same year.

Any losses left over can be used to reduce the taxable capital gain in any of the three preceding years or in any future year.

This makes non-registered accounts popular among day traders and investors with a high tolerance for risk.

Canadians that invest in a TFSA or RRSP cannot claim capital losses, so it is best to buy penny stocks and other high-growth stocks in a non-registered account.

What Is The Best Way To Buy Canadian Stocks Right Now?

In 2024, Canadians can buy stocks on the TSX using investing apps from several different financial institutions and online brokerages.

For investors who want to buy the best Canadian stocks with zero commission fees, Questrade is the best option.

Not only does Questrade offer free ETF purchases, but the app also offers the best combination of low commission fees, expert trading tools, and a quick, easy-to-use platform.

Click here to get $50 in free trades with a trade commission rebate when you sign up for a Questrade account.