12 Best Stocks to Buy in Canada

Here are 12 of the best Canadian stocks you want to research in:

1. Shopify Inc. (SHOP.TO)
2. Royal Bank of Canada (RY.TO)
3. Enbridge Inc. (ENB.TO)
4. Canadian National Railway Company (CNR.TO)
5. Toronto-Dominion Bank (TD.TO)
6. Brookfield Asset Management Inc. (BAM-A.TO)
7. Canadian Pacific Railway Limited (CP.TO)
8. Bank of Nova Scotia (BNS.TO)
9. TC Energy Corporation (TRP.TO)
10. Fortis Inc. (FTS.TO)
11. Suncor Energy Inc. (SU.TO)
12. Canadian Natural Resources Limited (CNQ.TO)

1. Shopify Inc. (SHOP.TO)

Shopify Inc Logo

Shopify Inc

SHOP
TSX

$95.82 CAD

  • +0.03
  • (0.03%)

Quote as of 04/19/2024

  • $121,921,888,256 CAD

    Market Cap

  • 358.46x

    Enterprise Value to EBITDA

  • 52.15x

    Forward PE

Metrics as of 04/19/2024 09:40 ET


 

Shopify Inc. (SHOP.TO) is a top-notch Canadian e-commerce company.

It provides entrepreneurs and businesses with the tools they need to succeed in the digital marketplace.

Services include website building, payment processing, shipping solutions, and marketing tools.

Shopify is also committed to sustainability.

It reduces carbon emissions and promotes responsible business practices.

Users around the world leverage Shopify’s marketing tools and integrations with social media platforms to reach more customers.

Third-party app integrations allow users to implement marketing strategies and drive traffic to their stores.

2. Royal Bank of Canada (RY.TO)

Royal Bank of Canada Logo

Royal Bank of Canada

RY
TSX

$134.57 CAD

  • +1.05
  • (0.79%)

Quote as of 04/19/2024

  • $187,905,982,464 CAD

    Market Cap

  • N/A

    Enterprise Value to EBITDA

  • 10.99x

    Forward PE

Metrics as of 04/19/2024 10:05 ET


 

The Royal Bank of Canada (RY.TO) is well-known for its reliability, stability, and successful market performance.

This banking giant has become a reliable choice for investors.

Its risk management and diversification strategies ensure stability even during unstable markets.

It’s present across various sectors like personal banking, wealth management, and capital markets, making it attractive for long-term growth.

Apart from its financial strength, the Royal Bank of Canada also has a wide branch network and digital banking platforms.

These offer excellent customer service and convenience.

It’s this blend of traditional banking and modern technology that allows it to stay ahead in a rapidly changing market.

If you’re thinking of adding RY.TO to your portfolio, here are a few points to consider:

  • The bank’s focus on a strong balance sheet ensures it can survive economic downturns.
  • Its competitive edge is founded on its ability to incorporate technology and evolve with the financial services sector.

Moreover, RY.TO regularly pays dividends and does share buybacks, so shareholders get attractive returns and a sign of faith in the company’s future.

3. Enbridge Inc. (ENB.TO)

Enbridge Inc Logo

Enbridge Inc

ENB
TSX

$47.97 CAD

  • +1.30
  • (2.79%)

Quote as of 04/19/2024

  • $97,543,323,648 CAD

    Market Cap

  • 13.31x

    Enterprise Value to EBITDA

  • 15.4x

    Forward PE

Metrics as of 04/19/2024 10:45 ET


 

Enbridge Inc. (ENB.TO) is a top-tier Canadian energy infrastructure business.

It provides a variety of pipelines, storage sites, and renewable energy projects – essential for the country’s energy needs.

ENB.TO zips around North America, delivering crude oil and natural gas via its vast pipeline network.

It’s committed to transitioning to cleaner forms of energy and fighting climate change.

It takes safety and environmental stewardship seriously too.

For instance, ENB.TO inspects, maintains, and uses technology to ensure its infrastructure is secure and its impact on the environment is minimal.

ENB.TO remains resilient in difficult times.

With its impressive finances and focus on growth, the company is well-positioned for future success.

4. Canadian National Railway Company (CNR.TO)

Canadian National Railway Co Logo

Canadian National Railway Co

CNR
TSX

$175.47 CAD

  • +0.36
  • (0.21%)

Quote as of 04/19/2024

  • $111,997,181,952 CAD

    Market Cap

  • 14.67x

    Enterprise Value to EBITDA

  • 19.35x

    Forward PE

Metrics as of 04/19/2024 10:55 ET


 

Canadian National Railway Company (CNR.TO) is a stellar figure in the Canadian railway sector, celebrated for its efficient transport services.

With a strong footing across North America, CNR.TO has displayed lasting growth and dependability in its operations.

The company’s well-kept rail network and advanced technology enable it to move various goods without issue, such as agricultural products, chemicals and petroleum.

CNR.TO is devoted to furnishing secure and reliable transport solutions to its clients, significantly benefiting the nation’s economy.

A distinctive trait of CNR.TO is its emphasis on sustainability.

The company has initiated various endeavours to reduce its carbon footprint and promote eco-friendly practices.

By investing in fuel-efficient locomotives and executing energy-saving measures, CNR.TO aims to reduce its environmental impact while still offering outstanding services.

In addition, CNR.TO values community engagement and actively endorses several social causes.

From sponsoring local events to taking part in philanthropic initiatives, the company strives to make a beneficial difference in the communities it serves.

All in all, Canadian National Railway Company (CNR.TO) stands out as a leader in the Canadian railway industry due to its efficient transportation services, focus on sustainability, community engagement, and unwavering commitment to safety and reliability.

5. Toronto-Dominion Bank (TD.TO)

Toronto-Dominion Bank-The Logo

Toronto-Dominion Bank-The

TD
TSX

$79.88 CAD

  • +1.03
  • (1.31%)

Quote as of 04/19/2024

  • $138,877,566,976 CAD

    Market Cap

  • N/A

    Enterprise Value to EBITDA

  • 9.36x

    Forward PE

Metrics as of 04/19/2024 10:05 ET


 

The Toronto-Dominion Bank (TD.TO) has a good financial record as well as a good reputation.

It provides a wide range of services to individuals, businesses, and institutions.

TD has a vast branch network across Canada and the United States, so customers can find their services nationwide.

TD has also invested into tech and digital platforms, making the customer experience better.

If you invest in TD, it’s best to take a long-term approach.

The bank’s growth over time makes it a good option for those looking for stability and profits.

6. Brookfield Asset Management Inc. (BAM-A.TO)

Brookfield Asset Management Ltd. Logo

Brookfield Asset Management Ltd.

BAM
TSX

$52.68 CAD

  • -0.23
  • (0.43%)

Quote as of 04/19/2024

  • $20,895,582,208 CAD

    Market Cap

  • 7.93x

    Enterprise Value to EBITDA

  • 21.76x

    Forward PE

Metrics as of 04/19/2024 09:40 ET


 

Brookfield Asset Management Inc. (BAM-A.TO) is a large Canadian company that can’t be ignored.

Its strong presence in the market has proved it’s a major player in asset management.

Their success comes down to smart investments and a varied portfolio, which includes real estate, infrastructure, renewable energy and private equity.

Brookfield Asset Management Inc. is known for locating and taking advantage of valuable opportunities all around the world.

It manages assets across five continents and is active in over 30 countries.

This gives it access to a wide range of investment prospects and lots of partners and clients.

7. Canadian Pacific Railway Limited (CP.TO)

Canadian Pacific Railway Ltd Logo

Canadian Pacific Railway Ltd

CP
TSX

$116.41 CAD

  • +0.82
  • (0.71%)

Quote as of 04/19/2024

  • $107,774,459,904 CAD

    Market Cap

  • 20.33x

    Enterprise Value to EBITDA

  • 22.35x

    Forward PE

Metrics as of 04/19/2024 09:45 ET


 

Canadian Pacific Railway Limited (CP.TO) is a major player in Canada’s transportation sector.

Its extensive network of railway tracks runs across Canada, connecting various cities and provinces.

This lets them transport goods and commodities quickly, helping their financial growth.

In addition, CP.TO provides customers with innovative logistics solutions.

They use technology and analytics to improve supply chain management, aiding businesses in saving time and increasing profits.

What really sets Canadian Pacific Railway Limited apart is its history.

Founded in 1881, it was a major part of the development of Canada’s railway system.

It contributed to the completion of the transcontinental railroad, connecting the nation from coast to coast.

Since then, CP.TO has always kept up with the times and embraced innovation.

This has helped them stay ahead of the competition and remain a leader in the industry.

8. Bank of Nova Scotia (BNS.TO)

Bank of Nova Scotia-The Logo

Bank of Nova Scotia-The

BNS
TSX

$64.28 CAD

  • +0.14
  • (0.22%)

Quote as of 04/19/2024

  • $78,485,192,704 CAD

    Market Cap

  • N/A

    Enterprise Value to EBITDA

  • 9.11x

    Forward PE

Metrics as of 04/19/2024 10:10 ET


 

Bank of Nova Scotia (BNS.TO) offers various services to retail and corporate clients.

The bank is known for its innovative approach, providing digital tools and personalized services.

BNS stands out due to its robust performance and resilience.

It has grown and stayed profitable over the years.

This is thanks to the bank’s diversified revenue streams, which include traditional banking, asset management, and insurance services.

Notably, Bank of Nova Scotia has an international presence.

It operates in over 50 countries.

This allows the bank to take advantage of emerging markets while managing risks.

Investors should watch Bank of Nova Scotia for potential growth and diversification benefits.

It is a stable long-term investment in the Canadian stock market.

9. TC Energy Corporation (TRP.TO)

TC Energy Corp Logo

TC Energy Corp

TRP
TSX

$49.05 CAD

  • +0.51
  • (1.05%)

Quote as of 04/19/2024

  • $50,411,638,784 CAD

    Market Cap

  • 12.59x

    Enterprise Value to EBITDA

  • 11.07x

    Forward PE

Metrics as of 04/19/2024 09:45 ET


 

TC Energy Corporation (TRP.TO) is a Canadian company that specializes in energy transportation and generation.

It focuses on safety and sustainability.

It has a vast network of pipelines across Canada, the U.S., and Mexico for natural gas and crude oil delivery.

The firm has diversified by investing in renewable energy projects, like wind power generation.

It’s committed to minimizing environmental impact.

It also cares about community engagement and stakeholder involvement.

TC Energy works with indigenous communities to build relationships based on trust and respect.

It takes local perspectives into account through consultation processes and partnerships.

Investors seeking opportunities in the Canadian stock market should consider TC Energy Corporation.

Its track record, sustainability focus, and commitment to community engagement make it a great long-term investment choice.

10. Fortis Inc. (FTS.TO)

Fortis Inc-Canada Logo

Fortis Inc-Canada

FTS
TSX

$52.89 CAD

  • +0.51
  • (0.97%)

Quote as of 04/19/2024

  • $25,552,449,536 CAD

    Market Cap

  • 11.85x

    Enterprise Value to EBITDA

  • 15.61x

    Forward PE

Metrics as of 04/19/2024 10:50 ET


 

Fortis Inc. (FTS.TO) is a well-known company in Canada.

They are known for their stable performance and resilience.

Fortis focuses on providing dependable energy.

This has made them one of the top utility companies in North America.

Fortis’ portfolio includes gas and electric utilities.

They serve customers across Canada, the U.S., and the Caribbean.

This geographical scope has been important for their growth and stability.

Not just their reach, but Fortis is also dedicated to sustainable practices.

They have taken steps to reduce their carbon footprint.

They are also investing in renewable energy sources.

This shows their commitment to global climate goals and their position as a future-forward player.

Apart from their operational excellence, Fortis also values their shareholders.

They pay regular dividends and have a strong financial position.

The dividend payout has increased over the years, making it attractive for investors.

11. Suncor Energy Inc. (SU.TO)

Suncor Energy Inc Logo

Suncor Energy Inc

SU
TSX

$52.99 CAD

  • +0.60
  • (1.15%)

Quote as of 04/19/2024

  • $67,336,888,320 CAD

    Market Cap

  • 5.08x

    Enterprise Value to EBITDA

  • 9.95x

    Forward PE

Metrics as of 04/19/2024 09:45 ET


 

Suncor Energy Inc. is an energy company based in Canada, trading as SU.TO on the Toronto Stock Exchange.

Specializing in oil sands development, Suncor produces synthetic crude oil.

It operates in various segments, such as exploration and production, refining, and renewable energy.

Committed to sustainability, Suncor implements tech and practices to reduce environmental impact and increase efficiency.

Suncor has a long history of success.

Despite fluctuating oil prices and regulatory changes, it’s remained a top player in the market.

Suncor’s strategic investments and dedication to improvement have been key.

Suncor is an environmentally responsible leader.

They invest in renewable energy and initiatives to reduce greenhouse gas emissions.

This aligns with global efforts to combat climate change and shows their commitment to sustainable development.

Suncor also takes great pride in its corporate social responsibility initiatives.

It supports education programs, indigenous communities, and charities.

Engaging with local communities fosters positive relationships, demonstrating Suncor’s commitment to sustainable development.

12. Canadian Natural Resources Limited (CNQ.TO)

Canadian Natural Resources Ltd Logo

Canadian Natural Resources Ltd

CNQ
TSX

$105.31 CAD

  • -0.53
  • (0.50%)

Quote as of 04/19/2024

  • $113,844,109,312 CAD

    Market Cap

  • 7.56x

    Enterprise Value to EBITDA

  • 11.2x

    Forward PE

Metrics as of 04/19/2024 09:45 ET


 

Canadian Natural Resources Limited (CNQ.TO) owns diversified energy assets making it a leader in the oil & gas sector.

It operates in multiple regions across Canada, including Alberta’s oil sands and offshore platforms.

Its financial performance is appealing to investors seeking stability and growth.

Moreover, CNQ.TO is dedicated to responsible resource development and environmental sustainability.

It invests in technologies that reduce greenhouse gas emissions and shrink its ecological footprint.

This commitment meets global sustainability goals and guarantees long-term success for CNQ.TO and its investors.

Should I Only Invest in Canadian Stocks?

Investing only in Canadian stocks is not the optimal strategy for everyone.

Consider diversifying for potential rewards and lowering risk.

  • Broadening your investments can give growth chances and reduce the effects of any single country’s economic movements.
  • Foreign stocks can offer access to industries and sectors that are not widely available in Canada, permitting you to benefit from worldwide trends.
  • Investing in international stocks can also help protect against currency risks. Having a variety of currencies in your portfolio can guard against changes in the Canadian dollar.

Though focusing on Canadian stocks has its pros, it is important to understand the bigger picture of the global market and diversify your investments accordingly.

Pro Tip

Talk to a financial advisor who specializes in foreign investments. They can provide useful advice and guidance customized to your specific investment ambitions and risk tolerance.

Pros of Canadian Stocks

Investing in Canadian stocks offers several benefits.

Firstly, they provide exposure to a safe and regulated market, boosting investor confidence.

Secondly, Canada has many companies that are renowned for their sound financial performance, making their stocks a dependable option.

Thirdly, Canada has a diversified economy with sectors such as technology, healthcare, and natural resources providing growth potential.

Trading Canadian stocks is simple.

The Toronto Stock Exchange (TSX) is one of the largest stock exchanges in the world and offers a liquid market for investors.

This liquidity ensures that investors can buy and sell their shares quickly and efficiently.

Furthermore, Canada has a strong banking system that guarantees stability to its financial markets.

This stability reduces the risk tied to investing in Canadian stocks and gives investors peace of mind.

In addition to these benefits, it is worth noting that Canada has been acclaimed as one of the best countries for business by various international rankings.

This recognition further highlights the attractiveness of investing in Canadian stocks.

Cons of Canadian Stocks

Canadian stocks have a few drawbacks to keep in mind. They can be:

  • Volatile: Prices can swing significantly with market trends.
  • Concentrated: A lot of the Canadian stock market is in certain sectors, like finance and energy.
  • Limited: Compared to other global markets, there are fewer investment opportunities in Canada.
  • Economically Affected: As an investor, you’re exposed to changes in interest rates and commodity prices.
Guy looking at stock chart of Canadian stock

Frequently Asked Questions

  • How are the top stocks in Canada determined?
  • Are the top stocks in Canada safe investments?
  • Can I buy shares of the top stocks in Canada as an individual investor?
  • Do the top stocks in Canada pay dividends?
  • How can I stay updated on the performance of the top stocks in Canada?

 
DISCLAIMER: This is not investment advice. Recommendations are for educational purposes only, presented as a path for you to further research. Please seek independent financial advice before making any financial decisions. PiggyBank is not liable for any investment decisions you make based on the information presented on this website.