While market headlines often focus on short-term swings, real wealth in Canada has always been built with patience, strategy, and the right investments. Some Canadian stocks have a track record of not just holding value, but steadily growing it over decades. These companies offer a blend of stability, dividend growth, and long-term performance that appeals to investors who want more than quick wins. Here are 21 Canadian stocks that could build real wealth over time:
Royal Bank of Canada ($RY)
As Canada’s largest bank, Royal Bank has built a reputation for consistency and stability, delivering solid returns even during market downturns. With a strong dividend history and a diversified business model spanning personal banking, wealth management, and capital markets, it’s a long-term favorite for wealth builders. At the same time, its international footprint, particularly in the U.S. and Caribbean, provides additional growth potential. Royal Bank’s ability to adapt to digital trends while maintaining strong client relationships has helped it remain profitable for more than a century, enabling this blue-chip stock to continue to offer steady compounding over time for patient investors.
Toronto-Dominion Bank ($TD)
Toronto-Dominion Bank blends strong Canadian operations with a significant U.S. presence, making it one of the most balanced financial institutions in North America. Known for its customer service and conservative risk management, TD has consistently grown earnings and dividends over the years. Its retail banking dominance, coupled with investments in digital platforms, positions it well for future growth, while its predictable earnings stream appeals to long-term investors who value stability and income. With a history of increasing dividends, TD offers a compelling mix of capital appreciation and reliable payouts that can fuel long-term wealth creation.
Enbridge Inc. ($ENB)
Enbridge is North America’s largest energy infrastructure company, moving roughly 30% of the continent’s crude oil and 20% of its natural gas. Its business model is built on long-term contracts, providing steady cash flow regardless of commodity price swings. Enbridge also offers one of Canada’s most attractive dividend yields, supported by decades of consistent increases. With ongoing investments in renewable energy projects and natural gas infrastructure, the company is positioning itself for the energy transition while maintaining its core strengths. For investors seeking dependable income and moderate growth, Enbridge remains a cornerstone choice for long-term portfolios.
Canadian National Railway ($CNR)
Canadian National Railway operates a vast network spanning Canada and the U.S., making it essential to North American trade and logistics. Its efficient operations and strategic routes give it pricing power and consistent profitability, even in challenging economic climates, while its long history of dividend growth and share buybacks demonstrates a commitment to rewarding shareholders. Railways have high barriers to entry, meaning CNR’s competitive position is well-protected. As global trade expands and supply chains evolve, this rail giant stands to benefit from increased freight volumes, making it a strong candidate for steady, long-term wealth accumulation.
Canadian Pacific Kansas City Limited ($CP)
Following its historic merger with Kansas City Southern, Canadian Pacific Kansas City is now the first single-line railway connecting Canada, the U.S., and Mexico. This expanded reach positions it to capitalize on North American trade growth, especially with shifting supply chains and regional manufacturing trends. The company has a strong track record of operational efficiency and revenue growth, supported by disciplined management. Rail transport remains a critical part of the economy, and CPKC’s unique network gives it a competitive edge.
Bank of Montreal ($BMO)
As Canada’s oldest bank, Bank of Montreal has been building investor wealth for over two centuries. It combines a stable Canadian foundation with a growing U.S. presence, particularly through its acquisition of Bank of the West. BMO is well-regarded for prudent risk management and consistent dividend growth, making it a favorite among income-focused investors. Its diversified business lines, ranging from personal and commercial banking to wealth management and capital markets, provide multiple revenue streams. With a commitment to digital banking innovation and a long-standing record of shareholder returns, BMO remains a steady pillar for long-term portfolios.
Bank of Nova Scotia ($BNS)
The Bank of Nova Scotia, or Scotiabank, differentiates itself with a strong international presence, particularly in Latin America and the Caribbean. This geographic diversity offers unique growth opportunities outside of Canada’s mature banking market, and the bank also has a solid dividend yield and a history of stable payouts, appealing to income-oriented investors. While its international exposure adds some risk, it also provides resilience when different markets outperform. Scotiabank’s strategic investments in technology and focus on retail and commercial banking ensure it stays competitive. For long-term wealth building, its blend of domestic stability and international growth potential is hard to ignore.
Brookfield Corporation ($BN)
Brookfield is a global leader in alternative asset management, with interests in real estate, infrastructure, renewable power, and private equity. Its diversified portfolio spans more than 30 countries, providing stability and growth opportunities across economic cycles. Brookfield’s disciplined investment approach and ability to create value from underperforming assets have made it a wealth-building machine over the decades. The company benefits from long-term, inflation-protected cash flows, making it particularly attractive during uncertain times.
Brookfield Renewable Partners ($BEP)
As the world moves toward cleaner energy, Brookfield Renewable Partners is positioned at the forefront of the shift. The company operates one of the largest renewable power portfolios globally, including hydroelectric, wind, and solar assets, and its business model is built on long-term contracts, ensuring predictable cash flows and a steady dividend. With governments and corporations increasingly prioritizing sustainability, demand for renewable power is set to grow for decades. BEP’s disciplined growth strategy and history of rewarding shareholders make it an attractive pick.
Fortis Inc. ($FTS)
Fortis is one of North America’s most reliable utility companies, with operations in Canada, the U.S., and the Caribbean. Utilities are known for their stability, and Fortis takes it a step further with nearly 50 years of consecutive dividend increases, which is one of the best records in Canada. Its regulated nature ensures steady earnings regardless of economic cycles. Fortis invests heavily in infrastructure upgrades and renewable energy, positioning itself for future growth while maintaining predictable returns. For conservative investors seeking a dependable source of income and slow but steady capital growth, Fortis remains a top-tier wealth-building stock.
TC Energy Corporation ($TRP)
TC Energy is a major player in North American energy infrastructure, transporting natural gas, crude oil, and investing in power generation. Its pipeline network spans over 93,000 kilometers, creating a steady flow of cash from long-term contracts. TC Energy also has a strong history of paying and growing dividends, making it appealing for income investors, and with planned expansions in both natural gas and renewable energy, the company is diversifying for the future. For those seeking a combination of reliable income, defensive characteristics, and gradual capital appreciation, TC Energy is a proven long-term portfolio anchor.
Canadian Natural Resources Limited ($CNQ)
Canadian Natural Resources is one of the largest independent crude oil and natural gas producers in the world. Despite the cyclical nature of energy prices, CNQ has consistently delivered shareholder returns through a disciplined approach to capital spending and cost control. The company boasts one of the highest dividend growth rates in the energy sector and has a reputation for generating strong free cash flow. Its diversified asset base and long-life reserves provide stability and visibility into future production, and it offers a compelling mix of income and long-term capital growth potential for investors comfortable with commodity exposure.
Suncor Energy Inc. ($SU)
Suncor is a leading integrated energy company with operations in oil sands, refining, and retail. Its integrated model provides stability through volatile energy markets, as downstream operations help offset fluctuations in oil prices. Suncor has a strong dividend yield and a track record of returning capital to shareholders through both dividends and share buybacks. The company is also investing in lower-carbon initiatives to remain competitive in a transitioning energy landscape. For investors seeking a balance between income, stability, and exposure to Canada’s energy sector, Suncor offers a long-term opportunity with substantial wealth-building potential.
Shopify Inc. ($SHOP)
Shopify has transformed the way small and medium-sized businesses operate online, becoming a global leader in e-commerce platforms, and while it doesn’t pay a dividend, its growth potential is significant. Shopify’s recurring revenue model, international expansion, and constant innovation in merchant tools make it a compelling long-term growth stock, and although its share price can be volatile, long-term investors who believe in the future of e-commerce could see substantial returns. With a founder-led management team and a strong competitive moat, Shopify represents the kind of high-growth Canadian tech success story that can build meaningful wealth over time.
Constellation Software Inc. ($CSU)
Constellation Software has quietly become one of Canada’s best-performing stocks by acquiring and growing niche software businesses worldwide. Its decentralized management model allows acquired companies to operate independently while benefiting from shared expertise and resources. Constellation’s disciplined approach to capital allocation and consistent track record of revenue and earnings growth make it a long-term winner, and its focus on essential software for specific industries creates stable, recurring revenue. While it doesn’t pay a dividend, its share price appreciation over time has been exceptional, making it a powerful wealth-building stock for patient investors.
Nutrien Ltd. ($NTR)
Nutrien is the world’s largest provider of crop inputs and services, formed from the merger of PotashCorp and Agrium. As global demand for food grows, Nutrien’s fertilizers and agricultural solutions remain in high demand. The company benefits from scale, operational efficiency, and a global distribution network, while it also pays a solid dividend and is well-positioned for steady long-term growth, especially as sustainable farming practices become more important. For investors seeking exposure to agriculture, which is a sector with enduring demand, Nutrien offers both stability and growth potential, making it a strong candidate for building wealth over the decades.
Alimentation Couche-Tard Inc. ($ATD)
Couche-Tard operates one of the largest convenience store networks in the world under banners like Circle K. Its success comes from disciplined acquisitions, operational efficiency, and a focus on high-margin products. The company’s global footprint provides diversification, and its track record of revenue and earnings growth has been impressive, while its ability to integrate acquisitions quickly and profitably makes it a standout in retail. Its dividend is modest, but strong free cash flow supports future increases and share buybacks, making it a solid choice for investors seeking a growth-oriented consumer stock with a proven playbook.
Manulife Financial Corporation ($MFC)
Manulife is one of Canada’s largest insurance and financial services companies, with operations in Asia, Canada, and the U.S. Its diverse product offerings, including life insurance, wealth management, and investment solutions, provide multiple revenue streams. Manulife has been focusing on increasing profitability, improving efficiency, and returning more capital to shareholders, and its exposure to rapidly growing Asian markets adds a compelling growth dimension. The company’s strong dividend yield and disciplined risk management make it an appealing long-term holding for income and growth investors.
Sun Life Financial Inc. ($SLF)
Sun Life is a global leader in insurance, asset management, and wealth solutions, with a strong presence in Canada, the U.S., and Asia. The company’s focus on health, wealth, and asset management services provides stable and growing revenue, while it also offers an attractive dividend yield, supported by consistent earnings growth. Its Asian operations, particularly in fast-growing economies, present significant expansion opportunities, and its strong capital position and commitment to digital transformation enhance its competitiveness.
Empire Company Limited ($EMP.A)
Empire Company is the parent company of Sobeys, one of Canada’s largest grocery chains. The grocery sector’s defensive nature makes Empire a steady performer, even in economic downturns. The company has been expanding through acquisitions and modernizing its stores to improve efficiency and customer experience, and it also benefits from its growing e-commerce presence in grocery delivery. While its dividend is modest, steady earnings growth and stable cash flow make it a reliable wealth-building stock, which is great for investors seeking defensive exposure with long-term potential.
Metro Inc. ($MRU)
Metro is another major Canadian grocery and pharmacy retailer with a reputation for disciplined management and operational efficiency. Its mix of grocery stores, pharmacies, and private-label products provides stable revenue and healthy margins, and it has a long history of steady dividend growth, appealing to income-focused investors. The company’s focus on fresh food, customer loyalty programs, and strategic acquisitions has supported consistent earnings growth. With its defensive business model and commitment to shareholder returns, Metro offers a dependable option for investors looking to build and preserve wealth over the long term.
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