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The TFSA (Tax-Free Savings Account) is perhaps the best place for Canadian stocks you plan to hold for a lifetime. This Canada Revenue Agency-registered account has the least strings attached.
Inside your TFSA, you pay no tax on the investment income (interest, dividends, or capital gains) you earn. Likewise, you pay no tax when you withdraw your funds. As a result, you can let your investments compound and multiply over the years with zero tax consequences. You don’t want to pay a big tax bill on your big gains.
If you are looking for stocks that you can buy and hold for decades in your TFSA, here are four to look at now.
Constellation: Still a long runway for this top TFSA stock
Even though Constellation Software (TSX:CSU) is up 13% in 2024, it would still be one of my top bets for a long-term hold. Constellation has built an exceptional platform for managing and…
