Buying top Canadian stocks through a tax-free savings account (TFSA) is an effective strategy for building long-term wealth. The biggest advantage of a TFSA is that all returns earned in the account are completely tax-free. Over the years, this benefit can significantly boost your overall investment growth.
For 2026, the annual TFSA contribution limit is set at $7,000. To maximize these opportunities, investors should focus on companies with strong fundamentals, sustainable business models and meaningful long-term growth potential. While we look for stocks that can outperform the broader market, it’s also important to maintain diversification to reduce overall risk.
With that in mind, here are two Canadian stocks you can buy for your $7,000 TFSA contribution for 2026.
5N Plus
5N Plus (TSX:VNP) is an attractive stock to add to your TFSA portfolio. It is a leading producer of specialty semiconductors and performance materials and benefits from solid end-market demand. While the stock has posted an impressive 229.5% gain over the past year, its solid fundamentals and supporting sector trends suggest there is still significant upside potential ahead.
Investor confidence has been strengthened due to several positive developments, including continued strong financial performance, continued momentum in the specialty semiconductor business, inclusion in the S&P/TSX composite indexand expanded production capacity for space solar cells.
Looking ahead, 5N Plus’ global sourcing and manufacturing capabilities provide a significant competitive advantage. The company continues to focus on high-value, high-growth markets including renewable energy infrastructure, space and satellite technology, pharmaceuticals and industrial applications. The specialty semiconductor segment is expected to benefit from the continued strength of onshore renewable energy projects, while a strong long-term pipeline in the space sector and the ramp-up of solar cell production should further support growth.
Several broader demand trends are also working in the company’s favor. Solar energy is expected to remain an important part of the U.S. energy landscape. As a key North American supplier in the value chain of major US customers, 5N Plus is well positioned to benefit, as evidenced by its extensive supply agreements. This outlook is further strengthened by the acceleration of AI adoption, which will require an abundance of clean energy and increase demand for the 5N Plus supply.
The company is also benefiting from changing supply chain priorities as customers increasingly look for safe, diversified sources of high-purity materials outside of China.
Overall, 5N Plus is an attractive small-cap stock to buy and hold for the long term.
Enerflex
TFSA investors might consider adding this Enerflex (TSX:EFX) to their portfolio. The company provides energy infrastructure and transition solutions, with growth increasingly driven by the energy infrastructure segment. The company benefits from long-term contracts that generate recurring revenue and reliable cash flow, providing strong visibility.
Enerflex’s Engineered Systems division complements this core segment by delivering customized modular solutions, supported by a robust order book. In addition, the Aftermarket Services department benefits from consistent demand for maintenance, replacement parts and ongoing support.
Enerflex’s business momentum remains encouraging. In the US, rising natural gas production from the Permian Basin continues to support high utilization rates, and the company plans to expand its compression fleet through 2026. Strong relationships with midstream partners and a healthy project pipeline further support growth.
Enerflex’s focus on improving profitability, reducing debt and generating higher free cash flow ensures that Enerflex can deliver attractive long-term returns. Additionally, demand for natural gas and water treatment solutions continues to grow, providing a solid platform for future growth.
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