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The Tax-Free Savings Account (TFSA) is an excellent place to hold quality stocks forever. If you have a stock that can steadily and consistently multiply in value over time, you don’t want to pay any tax on your capital gains.
Not only does the TFSA provide the most tax savings (i.e., no tax), but it is also the most flexible. It allows you to withdraw your gains without any tax consequence.
It’s a wonderful place to compound your capital by investing in stocks. If you are wondering what sorts of stocks could be excellent “forever” bets in a TFSA, here are three excellent Canadian stocks.
A very long-term transport stock for a TFSA
You can’t get a much better forever stock than one that has been in business for nearly 150 years. Canadian Pacific Kansas City (TSX:CP) is one of the oldest continuing businesses in North America.
It has grown to have a very strong…
