3 Canadian Growth Stocks to Double Your TFSA Faster!

Canadians have the luxury of investing in growth stocks and earning better-than-market profits that are completely tax-free thanks to the Tax-Free Savings Account (TFSA). One of the few limitations of the TFSA is an annual contribution limit, which is $ 6,000 in 2021.

The beauty of a TFSA is that earnings can grow much more than the annual contribution limits. For example, your $ 6,000 invested in 2021 could double by 2025. That $ 12,000 could be withdrawn without paying any taxes. That is exactly why a TFSA is an excellent option for anyone interested in owning growth stocks.

Invest in growth stocks

One of the main objectives of invest in growth stocks is to obtain profits that exceed the market, which means growth that exceeds what the market in general offers, such as the S & P / TSX Composite Index.

Because growth stocks offer potential to outperform the market, they will typically carry a premium. Growth stocks also tend to have higher levels of volatility. So if you are interested in investing in high growth companies, I suggest that you have a time horizon of at least five years.

Here are two top Canadian growth stocks consider adding to your TFSA this month.


This Canadian action could be one of the best-kept secrets in the world. TSX. It has crushed market returns since it became a public company and is listed at cheap.

Actions of calmly (TSX: GSY) they are up 120% in the market to date and about 800% in the last five years. And even with all that growth, stocks are only valued at a forward price-to-earnings ratio of not even 20.

Repeated performance over the next five years may be a lot to ask of this growing stock, but you certainly wouldn’t doubt its ability to continue to deliver better-than-market returns for its shareholders.

goeasy is a consumer oriented financial services provider. Mortgage and auto loans are two of the company’s main business areas. In addition to loans, goeasy clients can also lease household items such as furniture and appliances.

The reopening of the country is one of the reasons that goeasy is on my watch list this month. I bet we’ll see an increase in consumer spending the further we go through this pandemic. If that’s the case, goeasy could see a significant increase in demand for its services.


Nuvei (TSX: NVEI) has done a lot to impress Canadian investors over the past year. The action joined the TSX in September 2020 and has already generated 250% profit and has grown into a $ 20 billion company.

With a price / sales ratio above 40, it is trading at a premium compared to Goeasy. However, I would say that Nuvei has much more potential for growth over the next decade.

Nuvei offers all kinds of payment processing solutions. It has done an impressive job of aggressively reinvesting in the business to not only grow its product offering, but also its geographic footprint.

Comparison with Speed ​​of light (TSX: LSPD)(New York Stock Exchange: LSPD) it is completely understandable. Especially now that the two growth stocks are priced at very similar market caps and both are trading at significant premiums. The growth of the last 12 months is also very comparable between the two companies.

While the two growth stocks may be competitors, there is absolutely no harm in owning stocks in both companies. In fact, I highly recommend having both on your TFSA. The payment processing market is a huge opportunity that is only growing.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a Motley Fool advisor or premium service. We are Motley! Questioning an investment thesis, even one of our own, helps us all to think critically about investing and make decisions that help us be smarter, happier, and wealthier, which is why we sometimes post articles that may not be online. with recommendations, ratings or other content. .

Silly contributor Nicolas Dobroruka owns stock in Lightspeed POS Inc. The Motley Fool owns stock and recommends Lightspeed POS Inc. The Motley Fool recommends Nuvei Corporation.

Leave a Comment