3 Top TSX Stocks to Add to Your TFSA or RRSP in October 2022

Are you looking for stocks to add to your TFSA or RRSP this month? Here are three top picks!

There are two types of investment accounts that Canadians should become very familiar with. These are the Tax-Free Savings Account (TFSA) (TFSA) and a Registered Retirement Savings Plan (RRSP). By making use of these two accounts, investors are able to avoid or defer paying taxes, respectively.

However, it’s also important to note that Canadians only have a certain amount of contribution room available in each of these accounts. That means investors need to be very prudent about which stocks they hold in a TFSA or RRSP.

In this article, I’ll discuss three top TSX stocks that Canadians should consider adding to these accounts this month.

Invest in this excellent dividend stock

When stocks are trading at a massive discount, it’s an excellent time to pick up shares of dividend stocks. This is because investors could take advantage of much higher dividend yields. Although I tend to preach about not focusing on high dividend yields, when the companies that are offering those high yields are also high quality, investors should take note.

Bank of Nova Scotia (TSX:BNS) is an excellent example. This company is one of the largest companies, and the third-largest bank in Canada. It’s well known for being an excellent dividend stock. It has paid its shareholders a dividend in each of the past 189 years. That means the company has been able to sustain its dividend through many periods of economic uncertainty. Due to the decline in Bank of Nova Scotia stock, its forward dividend yield is currently an attractive 6.28%.

Buying shares in this stock today could help you boost your passive income significantly.

Take advantage of this growth stock

Investors could also go the growth stock route, when investing in their TFSA or RRSP. By doing so, investors wouldn’t have to worry about paying any additional taxes if the stock blows up in the future, if investing in a TFSA. In an RRSP, investors would be subjected to a lower tax rate, if they sell those growth stock shares after retirement. In either case, it sounds like an excellent deal to take advantage of.

One growth stock that investors should consider buying today is Constellation Software (TSX:CSU). Since its initial price offering, Constellation Software has been one of the best performers on the TSX. In fact, over the past 16 years, this stock has grown at a compound annual growth rate (CAGR) of over 33%! Led by its founder Mark Leonard, Constellation Software shows no signs of slowing down. In fact, it has even announced that it’ll start targeting large businesses for acquisition, which could be a new catalyst for this stock.

This stock could still grow a lot

If you’re looking for a third stock to consider for your TFSA or RRSP, then Shopify (TSX:SHOP) gets the nod from me. This company has faced a lot of scrutiny from investors as of late due in large part to its struggles this year. However, despite the obvious challenges, Shopify remains one of the most important companies in a massive and emerging industry.

Heavily reliant on a subscription-based business model, Shopify’s success can be tracked by its monthly recurring revenue. Simply put, if the company can keep increasing that figure each year, then it will continue to have every chance to succeed. Over the past five years, its monthly recurring revenue has grown at a CAGR of 35%.

Should you invest $1,000 in TD Bank right now?

Before you buy stock in TD Bank, consider this:

The Motley Fool Stock Advisor Canada analyst team just identified what they believe are the Top Stocks for 2025 and Beyond for investors to buy now… and TD Bank wasn’t one of them. The Top 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 $21,345.77!*

Stock Advisor Canada provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month – one from Canada and one from the U.S. The Stock Advisor Canada service has outperformed the return of S&P/TSX Composite Index by 24 percentage points since 2013*.

See the Top Stocks * Returns as of 4/21/25

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Jed Lloren has positions in BANK OF NOVA SCOTIA and Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends BANK OF NOVA SCOTIA and Constellation Software. The Motley Fool has a disclosure policy.

Confidently Navigate Market Volatility: Claim Your Free Report!

Feeling uneasy about the ups and downs of the stock market lately? You’re not alone. At The Motley Fool Canada, we get it — and we’re here to help. We’ve crafted an essential guide designed to help you through these uncertain times: "5-Step Checklist: How to Prepare Your Portfolio for Volatility."

Don't miss out on this opportunity for peace of mind. Just click below to learn how to receive your complimentary report today!

Get Our Free Report Today

More on Investing

Printing canadian dollar bills on a print machine
Dividend Stocks

Got $25,000? Turn it Into $250,000 in a TFSA as the Canadian Dollar Rises

Investing doesn't have to be risky or difficult, especially with this top stock.

Read more »

A woman shops in a grocery store while pushing a stroller with a child
Dividend Stocks

Where Will Loblaw Be in 3 Years?

Loblaw (TSX:L) stock could be a stellar performer as tariffs and headwinds move in on Canada's economy.

Read more »

customer uses bank ATM
Dividend Stocks

Where Will National Bank Be in 5 Years?

National Bank of Canada (TSX:NA) stock still looks like a great deal at these levels.

Read more »

grow money, wealth build
Metals and Mining Stocks

The Smartest Mining Stock to Buy With $5,500 Right Now

Agnico Eagle Mines (TSX:AEM) stock has been hot of late. More gains seem likely for the dividend stock.

Read more »

A worker overlooks an oil refinery plant.
Dividend Stocks

The Smartest Industrial Stock to Buy With $3,000 Right Now

Aecon is a value stock that's benefiting from strong infrastructure spending today and in the years to come.

Read more »

chart reflected in eyeglass lenses
Dividend Stocks

This Stock Down 30% Could Be the Bargain of the Decade

With this impressive Canadian growth stock trading 30% off its 52-week high, it might be the best bargain we've seen…

Read more »

Oil industry worker works in oilfield
Dividend Stocks

Invest $20,000 in This TSX Stock for $1,519.76 in Passive Income

So you want some passive income? Consider this top TSX stock.

Read more »

sources of renewable energy
Dividend Stocks

I’d Invest $7,000 in These 3 Stocks for a Lifetime of Dividends

These stocks offer safe, but more importantly, growing dividends, making them three of the best to buy now and hold…

Read more »