3 Canadian Stocks That Could Be an Ideal Fit for a $7,000 TFSA Investment

A Tax-Free Savings Account (TFSA) gives Canadian investors a rare advantage — the ability to grow wealth without worrying about taxes eating into returns. But simply contributing the annual $7,000 limit isn’t enough. The real impact comes from choosing the right mix of stocks that can deliver both stability and long-term growth.

That’s why building a balanced TFSA portfolio matters more than ever in today’s uncertain economic environment. So, basically, you want businesses that are reliable, financially strong, and capable of growing over time. In this article, I’ll highlight three such Canadian stocks that could be a smart fit for your $7,000 TFSA investment.

A steady backbone with reliable cash flows

When it comes to stability, not many sectors are as dependable as energy infrastructure. TC Energy (TSX:TRP) is a great example of a company that generates consistent cash flows through its massive pipeline network across North America, transporting over 30% of the continent’s natural gas.

After rallying by 22% in the last 12 months, TRP stock currently trades at $83.03 per share with a market cap of $86.5 billion. Right now, it offers a 4.2% dividend yield. Its strong stock performance is mainly backed by solid financial growth. In the fourth quarter of 2025, comparable EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 13% year over year (YoY) to $3 billion, while its full-year comparable EBITDA reached $11 billion, up 9%.

What makes TC Energy even more attractive is the predictability of its business. About 98% of its EBITDA is supported by regulated or long-term contracts. With plans to bring roughly $4 billion in new capacity online in 2026 and capital spending of up to $6.5 billion, the company continues to invest heavily in future growth.

A high-performing energy giant with strong momentum

Imperial Oil (TSX:IMO) brings a different kind of strength to the table. As an integrated energy company with upstream, downstream, and chemical operations, it benefits from multiple revenue streams across the energy value chain.

IMO stock trades at $167.54 per share with a market cap of $81 billion and offers a 2.1% dividend yield. Over the last year, it has surged by 88%, reflecting its strong operational performance.

In the fourth quarter of 2025, Imperial reported net profit of $492 million. Similarly, the company’s cash flow from operations rose to $1,918 million, while upstream production reached 444,000 oil-equivalent barrels per day — the highest level in over 30 years.

Going forward, the company is focused on increasing production volumes, reducing costs, and improving efficiency. Its long-term strategy, combined with strong cash generation, makes Imperial a compelling addition for TFSA investors seeking growth with some income.

A banking giant with an improving growth outlook

No well-rounded TFSA portfolio is complete without exposure to the financial sector. And Toronto-Dominion Bank (TSX:TD) stands out as one of the largest and most diversified banks in North America.

Currently trading at $145.41 per share with a market cap of $243 billion, TD offers a 3% dividend yield. The stock has gained 72% over the last year, reflecting renewed investor confidence.

In the first quarter of its fiscal year 2026 (ended in January), TD’s diluted earnings per share (EPS) rose to $2.34 from $1.55 a year ago, while its adjusted EPS climbed to $2.44. The bank’s net income also jumped 45% YoY to $4.04 billion, and revenue reached $16.6 billion.

Beyond the numbers, TD is investing heavily in digital innovation. Its integration of banking data into platforms like Workday aims to simplify financial processes for businesses and improve efficiency. These initiatives could support its long-term growth while strengthening customer relationships.

The post 3 Canadian Stocks That Could Be an Ideal Fit for a $7,000 TFSA Investment appeared first on The Motley Fool Canada.

Should you invest $1,000 in Imperial Oil right now?

Before you buy stock in Imperial Oil, consider this:

The Motley Fool Canada team has identified what they believe are the top 10 TSX stocks for 2026… and Imperial Oil wasn’t one of them. The 10 stocks that made the cut could potentially produce monster returns in the coming years.

Consider MercadoLibre, which we first recommended on January 8, 2014 … if you invested $1,000 in the “eBay of Latin America” at the time of our recommendation, you’d have over $18,000!*

Now, it’s worth noting Stock Advisor Canada’s total average return is 94%* – a market-crushing outperformance compared to 85%* for the S&P/TSX Composite Index. Don’t miss out on our top 10 stocks, available when you join our mailing list!

Get the 10 stocks instantly #start_btn6 { background: #0e6d04 none repeat scroll 0 0; color: #fff; font-size: 1.2em; font-family: 'Montserrat', sans-serif; font-weight: 600; height: auto; line-height: 1.2em; margin: 30px 0; max-width: 350px; text-align: center; width: auto; box-shadow: 0 1px 0 rgba(0, 0, 0, 0.5), 0 1px 0 #fff inset, 0 0 2px rgba(0, 0, 0, 0.2); border-radius: 5px; } #start_btn6 a { color: #fff; display: block; padding: 20px; padding-right:1em; padding-left:1em; } #start_btn6 a:hover { background: #FFE300 none repeat scroll 0 0; color: #000; } @media (max-width: 480px) { div#start_btn6 { font-size:1.1em; max-width: 320px;} } margin_bottom_5 { margin-bottom:5px; } margin_top_10 { margin-top:10px; }

* Returns as of April 20th, 2026

More reading

• The Best Canadian Stocks to Buy Right Away With $45,000
• 3 Canadian Blue-Chip Stocks to Buy Before the Next Rally
• The Canadian Energy Dividend Stocks Worth Watching Right Now
• 2 Dividend Stocks Worth Holding for the Next 7 Years
• 3 Canadian Blue-Chip Stocks Worth Holding Through 2026 and Beyond

Fool contributor Jitendra Parashar has positions in Toronto-Dominion Bank. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.