It’s no secret that investing is essential to help grow your hard-earned money for your retirement. However, as important as it is to buy high-quality stocks now that can grow your money fast enough to retire a millionaire, you also want to buy safe stocks to avoid losing money.
There’s no question that the better the stocks you buy, the faster your money will grow and the more capital you’ll have for retirement. However, at the same time, avoiding underperforming stocks that can lose money and set you back years is arguably even more important.
That’s why it’s essential to focus on stocks with incredible growth potential and find high-quality businesses that can consistently expand their operations and grow the value of your investments for years to come.
So, with that in mind, if you’re looking for top Canadian stocks to buy now that can help you retire a millionaire, here are three of the best on the TSX.
One of the largest dividend-growth stocks in Canada
When looking for high-quality companies that you can buy now and have confidence in holding for the long haul, Enbridge (TSX:ENB), the massive $100 billion energy infrastructure stock, is certainly among the best.
Enbridge’s size, essential operations and competitive advantages are three of the main reasons why it’s such an incredible long-term investment.
Because of all the oil and gas that it transports across North America, it’s crucial to the economy. Furthermore, the fact that it owns long-life assets, and that there are significant barriers to entry in its industry, Enbridge is a cash cow with considerable competitive advantages that allows it to consistently generate billions in cash flow.
This enables Enbridge to pay a significant dividend, which it increases yearly. Plus, it can retain some of that cash flow to invest in expanding its operations and growing its value for shareholders well into the future.
In fact, even with Enbridge trading just off its 52-week high, it still offers a yield of more than 7.2%. Plus, that dividend has been increased every year for more than a quarter century now.
And with the stock consistently investing in the future, such as its rapidly growing renewable energy portfolio, not only will that significant dividend lead to major returns over the long haul, you can also expect to see attractive capital gains as well.
One of the best long-term growth stocks to buy now
Speaking of a rapidly growing renewable energy portfolio, another top Canadian stock to buy right now is Brookfield Renewable Partners (TSX:BEP.UN), the largest green energy stock in Canada.
The transition to cleaner energy is well underway in countries worldwide. Yet, even with the commitment from countries all over the world, it will still take decades to continue lowering our emissions and reversing the effects of climate change. Therefore, this transition is giving stocks like Brookfield a massive opportunity for long-term growth.
So, while there are plenty of green energy stocks to consider for your portfolio, Brookfield, with its size, expert management, and global diversification, is certainly one of the best Canadian stocks you can buy now.
Plus, in addition to its industry’s natural growth potential, Brookfield is consistently looking at how it can recycle capital and take advantage of new opportunities, investing in projects it believes are undervalued.
A top Canadian real estate stock
Last but not least, there’s no question that some of the top long-term investments are in residential real estate, one of the most defensive industries on the TSX. That’s why Canadian Apartment Properties REIT (TSX:CAR.UN) is one of the best stocks to buy now.
Not only are residential REITs highly defensive, but they also have significant growth potential over the long haul. Furthermore, with interest rates now declining in Canada, the industry economics are becoming even more favourable.
Plus, just like the two stocks above, CAPREIT offers investors a mix of both dividend growth and capital gains growth, making it an ideal stock to buy and hold for years to come.
So, if you’re looking to build a high-quality and reliable portfolio to help you retire a millionaire, there’s no question that CAPREIT is one of the best stocks to buy now.
