With the economy so uncertain, don’t just put shares in your TFSA: these three look good.

After a strong recovery, Canadian stock markets have come under pressure this week S&P/TSX composite index a decrease of 1.1%. Investor sentiment has been softened by rising bond yields – fueled in part by recent comments from the Bank of Japan pointing to possible rate hikes – and escalating geopolitical tensions, all of which have weighed on stocks.

In this uncertain environment, investors should be especially careful when deploying funds through their Tax Free Savings Account (TFSA). A decline in stock prices followed by selling can not only result in capital losses, but can also permanently reduce the available contribution room. With that in mind, here are three top Canadian stocks that can help bring more stability to your TFSA portfolio.

Fortis

Fortis (TSX:FTS) is a solid defensive addition to any TFSA, thanks to its regulated asset base and low-risk transmission and distribution activities. The company owns nine electric and natural gas utilities and serves 3.5 million customers in the United States, Canada and the Caribbean. The regulated business model delivers reliable financial performance regardless of broader market conditions and supports stable stock performance.

Fortis has delivered an average total shareholder return of 10.5% over the past ten years and has increased its dividend for 52 years in a row. It currently offers a reasonable dividend yield of 3.5%. The company has been steadily expanding its asset base, investing $4.2 billion in the first three quarters and remaining on track to deploy $5.6 billion for the full year.

Looking ahead, management plans to invest $28.8 billion over the next five years, supporting an expected interest base increase of 7% annually to $57.9 billion by 2030. With this growth pipeline, Fortis expects to increase the dividend by 4-6% annually through 2030, making it an attractive addition to your long-term TFSA.

Enbridge

Another reliable Canadian stock worth considering for your TFSA in today’s uncertain environment is Enbridge (TSX:ENB). The company operates one of North America’s largest pipeline networks, transporting oil and natural gas across the continent. A significant portion of revenue comes from regulated assets and long-term contracts, while a large portion of revenue is shielded from commodity price volatility and indexed to inflation.

This business model enables Enbridge to generate reliable financial performance, which in turn supports steady share price growth. Over the past ten years, the company has achieved an average shareholder return of 10.1%. It has also increased its dividend at an impressive annual rate of 9% over the past 31 years and currently offers an attractive yield of 5.6%.

Additionally, the Calgary-based energy infrastructure giant has a robust backlog of $35 billion in secured capital projects expected to come online in 2030. With this strong growth pipeline, management expects earnings per share and discounted cash flow per share to grow in the mid-single digits for the remainder of the decade. Reflecting this confidence, Enbridge expects to return between $40 billion and $45 billion to shareholders over the next five years.

Dollarama

The final choice is Dollarama (TSX:DOL), a leading discount retailer that has delivered an impressive annualized return of 21.1% over the past decade. Its strong direct purchasing model and efficient logistics enable the company to offer a wide range of consumer goods at attractive prices, attracting regular foot traffic regardless of broader economic conditions. Combined with a growing store network, these benefits have consistently strengthened Dollarama’s financial performance and supported its stock price momentum.

Looking ahead, the Montreal-based retailer plans to expand its Canadian store base from 1,665 to 2,200 locations and its Australian network from 395 to 700 by fiscal 2034. The retailer also has a 60.1% stake in Dollarcity, which operates 658 stores in five Latin American countries. Dollarcity aims to grow its footprint to 1,050 stores by fiscal 2031, and Dollarama has the option to increase its ownership stake to 70% by the end of 2027. These expansions should increase Dollarcity’s contribution to Dollarama’s net revenues in the coming years.

Given these multiple growth drivers, Dollarama appears well-positioned to maintain its strong share price performance, making it an attractive long-term asset for your TFSA.