Written by Christopher Liew, CFA at The Motley Fool Canada
Doubling the value of a stock investment is possible if the holding is a dividend payer and you reinvest the dividends instead of pocketing the cash. The Tax-Free Savings Account (TFSA) is an excellent tool to build wealth because money growth is tax-free. Moreover, any capital appreciation inside the tax-advantaged account will not affect the annual contribution room.
The TSX just had its second-highest close on July 22, 2024, and has been hovering at record levels recently. If you have the appetite to invest this month, three outperforming Canadian stocks from different industries are among the top picks to double your TFSA’s value.
Oil & gas exploration & production
TFSA investors have the best of both worlds with Whitecap Resources (TSX:WCP). At $10.19 per share, this energy stock outperforms the broader market (+19.19% year to date) and pays a hefty…
