10 Best Canadian Stocks to Hold Forever

If you're looking to build a strong, resilient investment portfolio, there’s nothing better than focusing on reliable, long-term stocks. In Canada, several blue-chip companies have proven their ability to weather economic storms and continue to provide shareholders with substantial returns. Whether you're a beginner or an experienced investor, choosing stocks that you can confidently hold forever is key to financial stability and growth. Below, we delve into the top ten Canadian stocks that meet these criteria, from energy titans to technology disruptors. These companies represent the backbone of Canada’s economy and are ideal candidates for long-term investment.

1. Royal Bank of Canada (RBC)

Canada’s largest bank, Royal Bank of Canada (RBC), is a pillar of stability in the financial world. As a diversified financial services company, RBC operates in over 30 countries, providing everything from personal banking to wealth management and capital markets services. The bank's strong balance sheet, growing dividends, and conservative risk management make it a top choice for investors seeking long-term value.

With a dividend yield averaging around 4%, investors can benefit not only from RBC's consistent income generation but also from its steady capital appreciation. Additionally, RBC has been a leader in adopting new financial technologies, positioning it well for future growth.

2. Toronto-Dominion Bank (TD)

Toronto-Dominion Bank, commonly known as TD, is another heavyweight in Canada’s banking sector. With a focus on retail banking, TD has a large customer base in both Canada and the U.S., offering investors exposure to two of the world’s largest economies.

What sets TD apart is its strong U.S. presence, which accounts for nearly a third of its earnings. This international diversification makes it less vulnerable to Canadian economic fluctuations. Like RBC, TD is known for its impressive dividend growth and prudent risk management. Its retail banking model provides consistent revenue, making TD a safe bet for those looking to invest for the long term.

3. Enbridge Inc.

Enbridge is North America’s largest energy infrastructure company, responsible for transporting about 25% of the crude oil produced in North America. It also delivers natural gas to over 3 million customers in the U.S. and Canada. For long-term investors, Enbridge stands out due to its stable cash flow, high dividend yield, and significant role in the energy sector.

Despite fluctuations in energy prices, Enbridge's business model—based on regulated pipelines—ensures consistent revenue. Its long-term contracts provide stability, making it a strong candidate for income-focused investors. Enbridge's dividend yield is currently over 6%, providing both income and growth potential.

4. Canadian National Railway (CN)

Canadian National Railway is essential to North America’s transportation network, operating approximately 20,000 route miles of track across Canada and the United States. Its monopoly-like control over Canada’s east-west rail system makes it indispensable for the movement of goods and commodities.

The company's efficiency in managing its assets, combined with the growing demand for freight transportation, makes CN a reliable long-term investment. With its consistent dividend payments and strong cash flow, CN Railway is one of the best industrial stocks to hold forever.

5. Canadian Pacific Kansas City Limited (CPKC)

Canadian Pacific Kansas City (CPKC) is another major player in the Canadian railway industry, having recently merged with Kansas City Southern to create the first rail network linking Canada, the U.S., and Mexico. This unique positioning gives CPKC a competitive advantage in North American trade.

As a major transporter of commodities, including oil, agricultural products, and chemicals, CPKC benefits from rising global demand. Its growth potential following the merger is substantial, and with its ability to generate strong cash flow, CPKC offers both growth and income opportunities for long-term investors.

6. Brookfield Asset Management

Brookfield Asset Management is a global leader in alternative asset management, with over $800 billion in assets under management. The company focuses on real estate, renewable energy, infrastructure, and private equity—sectors that are poised for long-term growth.

Brookfield's diversified portfolio and expertise in managing long-duration assets make it an ideal stock for investors seeking stability and growth. Its significant exposure to renewable energy, in particular, positions it as a key player in the global transition to cleaner energy sources.

7. Shopify Inc.

Shopify is Canada’s leading technology company, providing e-commerce solutions to businesses worldwide. Although Shopify is a more volatile stock compared to traditional blue chips, its growth potential is enormous.

As more businesses shift to online platforms, Shopify stands to benefit significantly. Its subscription-based revenue model provides a steady stream of income, while its expanding suite of services, including payment processing and logistics, ensures continued growth. For long-term investors with a higher risk tolerance, Shopify is a great option.

8. Fortis Inc.

Fortis is one of North America’s largest utility companies, serving over 3 million customers across Canada, the U.S., and the Caribbean. The company's regulated utility business provides stable and predictable cash flow, making it an ideal stock for conservative, income-focused investors.

With a strong track record of dividend growth—over 49 consecutive years of increases—Fortis offers both stability and income. Its focus on renewable energy and infrastructure investment also positions it well for future growth.

9. BCE Inc.

BCE is Canada’s largest telecommunications company, offering services in wireless, internet, and media. As a leader in Canada’s telecom industry, BCE benefits from the growing demand for high-speed internet and mobile connectivity.

With a dividend yield of over 5%, BCE provides consistent income to investors. Its strong competitive position, coupled with its investments in 5G infrastructure, make it a solid long-term investment. For those looking to benefit from the digital revolution, BCE is a top pick.

10. Canadian Natural Resources (CNRL)

Canadian Natural Resources is one of Canada’s largest energy producers, with operations in oil, natural gas, and oil sands. CNRL’s low-cost production model and diverse asset base provide it with a competitive edge in the energy market.

Despite the volatility of energy prices, CNRL has consistently generated strong cash flow, allowing it to pay generous dividends to shareholders. Its focus on operational efficiency and disciplined capital allocation makes it a top choice for long-term investors seeking exposure to the energy sector.

Conclusion

Investing in Canadian stocks can provide a solid foundation for long-term wealth creation. By choosing companies with strong balance sheets, consistent dividend growth, and dominant positions in their respective industries, investors can build a portfolio that will stand the test of time. The ten stocks listed here offer a combination of income and growth potential, making them ideal candidates for those looking to invest for the long haul.