Here are three of my top picks for investors looking to put some capital into a tax-free savings account (TFSA) or other investment account to grow their wealth for retirement.
Well, health technologies
In the healthcare sector Well, health technologies (TSX:WELL) is one of the most notable names the country has to offer.
Well Health reported very strong growth last quarter, with revenue increasing 56% year-on-year. In addition, the company’s adjusted earnings before interest, taxes, depreciation and amortization shot up nearly 300% to about $60 million.
So why is this stock trading at a valuation of just $1 billion? Well, the thesis around telehealth companies has weakened in recent quarters. And some investors may be growing wary of Well Health’s spending on its AI integrations.
I believe that these integrations can really pay off in the long run. For those who still have a decade or two ahead of them in their investing journey, this is, in my opinion, a top stock to own now, especially after the recent dip.
One of the Canadian small-cap stocks I’m most bullish on right now is The Metal Company (NASDAQ:TMC).
While this company isn’t technically listed on the TSX, it is a Vancouver-based name with very intriguing growth prospects.
Interestingly enough, I started highlighting this stock when it was trading in penny stock territory. Of course, any stock priced at around $1 per share or less is inherently risky. In fact, I’d argue that even at its current price of around $7 per share, there’s enough risk in this stock that it’s worth considering.
That said, as a pioneer in the deep-sea mining sector, I believe this is a relatively untapped market where TMC could have a first-mover advantage. For those who want to think big and swing for the fences, this company would be my top speculative pick on this list.
Shopify
No list of the best TSX growth stocks to buy is complete without mentioning it Shopify (TSX:SHOP), right?
Shares of the Canadian e-commerce platform provider have absolutely skyrocketed lately, with Shopify still trading near its recent all-time high set just a few months ago.
That said, I think Shopify’s underlying growth catalysts remain strong. US spending this holiday season was dominated by e-commerce sales, which rose 10%. Compared to traditional brick-and-mortar retail, which grew 3% to 4% (lower than some inflation measures), that’s bullish news for those thinking long-term about a company that is the backbone of this sector.
Millions of businesses will look to add online stores and e-commerce functionality. Shopify is ready to offer and contribute to this added value.
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