The best Canadian stocks to buy and hold forever in a TFSA

There are plenty of great stocks that you may want to hold in your TFSA (tax-free savings account) or even an RRSP (registered retirement savings plan) for decades at a time. But of course, investors have to be extra picky when it comes to filling that permanent spot in the TFSA growth fund. As you may know, the longer you hold a stock, the lower your risk profile becomes.

But when it comes to stocks you buy and hold for life, you need to look at proven business models that are less likely to be affected by the rise of AI-driven technology disruptors. The world is undoubtedly changing thanks to the rise of artificial intelligence (AI). And as the big tech companies race to achieve some form of super intelligence or artificial general intelligence (AGI), there is no doubt that some industries will be disrupted in profound ways.

Therefore, investors should ask themselves whether a company in question will be disrupted by AI or whether AI can increase margins in the long term. Either way, sticking with the less technical names can be a wise move if you’re eager to buy today and hold for years without having to check in at any point.

So without further ado, here are two intriguing stocks that I think have a wide moat and cheap valuations, making them excellent candidates to hold in a TFSA for the extremely long term.

Restaurant brands International

Restaurant brands International (TSX:QSR) Stocks are finally seeing a rebound, with shares recently rising above the $101 per share mark for the first time since the start of the year. As the stock heads to new all-time highs, I wouldn’t be afraid to step in and buy the breakout, especially after a solid quarterly earnings result that saw Tim Hortons turn a tide, thanks in part to the morning coffee crowd and new menu items.

Either way, I think the latest rebound is just beginning, and investors hungry for a 3.4% dividend yield may want to buy on strength, while shares are still relatively cheap at a price-to-earnings ratio of 25.4 times trailing price-to-earnings ratio. Not a bad price to pay for some of the most beloved fast food brands around.

In an industry that is fiercely competitive, Restaurant Brands stands out, likely due to its strong value proposition. With consumer pressure continuing, I like Restaurant Brands’ chances in 2026. Given that the robust fast-food brands will be around for many decades to come, I like QSR stock as a long-term hold.

National Bank of Canada

National Bank of Canada (TSX:NA) is a great bank that has seen its stock rise 35% in just six months. With the stock on the verge of a breakout, I wouldn’t be afraid to hit a ticket, especially given the likelihood that the next earnings season for the banks will be strong. With a nice dividend yield of 4.6% and a modest but somewhat rich price-to-earnings ratio of 18.5 times, income investors can certainly like the $120 billion Big Six bank as it puts earnings growth into overdrive.

While the beta is quite high, true long-term investors need not worry given the robust managers, wide moat and ample momentum as the bank looks to take market share from its much larger peers in the Big Six. Considering everything the National Bank has to offer, I am happy with its chances, especially at current prices.