The Canadian authorities launched the Tax-Free Financial savings Account (TFSA) in 2009 to encourage Canadians to avoid wasting and make investments extra effectively. The TFSA permits people to earn tax-free returns on contributions made inside their annual restrict. For 2025, the Canada Income Company has set the annual contribution restrict at $7,000, bringing the entire cumulative room to $102,000 for Canadians who had been 18 or older in 2009 and have by no means contributed to a TFSA.

In the meantime, Canadian fairness markets have skilled heightened volatility in latest days amid considerations in regards to the potential influence of the commerce warfare on world financial development and elevated valuations amid sharp inventory worth positive aspects. Given this unsure setting, TFSA buyers ought to train warning. A decline in inventory values, adopted by promoting, cannot solely erode capital but additionally completely cut back their TFSA contribution room. In opposition to this backdrop, let’s take a look at two high-quality Canadian shares I imagine can be preferrred for a TFSA proper now.

Dollarama

Dollarama (TSX:DOL) is a Montreal-based retailer working 1,665 shops in Canada and 395 in Australia. The corporate follows a capital-efficient, growth-oriented enterprise mannequin, supported by its robust direct sourcing platform that eliminates intermediaries and enhances its bargaining energy. Its environment friendly logistics community helps decrease prices, enabling Dollarama to supply a variety of shopper merchandise at engaging worth factors. In consequence, the corporate continues to generate stable gross sales even in a difficult macroeconomic setting. Its increasing retailer community has additional strengthened its monetary efficiency, contributing to a robust inventory rally. Over the previous 10 years, Dollarama has delivered a powerful annualized return of 21.3%.

Trying forward, the low cost retailer has bold growth plans. It goals to extend its retailer depend to 2,200 in Canada and 700 in Australia by the top of fiscal 2034. Due to its capital-efficient investments, fast gross sales ramp-up, and low upkeep capex necessities, these expansions might improve each income and earnings. Moreover, Dollarama holds a 60.1% stake in Dollarcity, which operates 658 shops throughout 5 Latin American nations and plans to develop its community to 1,050 shops by fiscal 2031. Dollarama additionally has the choice to extend its possession in Dollarcity to 70%. With these developments, Dollarcity’s contribution to Dollarama’s internet revenue is prone to develop within the coming years.

Dollarama has outperformed the broader fairness markets this yr, delivering returns of greater than 40%. This robust efficiency has pushed its valuation greater, with its next-12-months (NTM) price-to-sales and price-to-earnings multiples now at 6.9 and 41, respectively. Though these metrics seem elevated, I imagine the corporate’s strong development outlook justifies them. With its stable enterprise mannequin and robust long-term prospects, Dollarama stays a superb addition to your TFSA.

Enbridge

Given the prevailing uncertainty, my second choose is Enbridge (TSX:ENB), certainly one of Canada’s premier dividend-paying corporations. Its tolling framework, long-term take-or-pay contracts, renewable vitality property backed by power-purchase agreements, and low-risk utility operations collectively generate steady and predictable money flows, supporting its capacity to ship constant dividend development. Enbridge has elevated its dividend at a powerful common price of 9% over the previous 30 years and presently provides a pretty yield of 5.58%.

Furthermore, the Calgary-based vitality big has expanded its secured mission backlog by $7 billion, bringing it to a strong $35 billion. These tasks can enter service via 2030, offering a transparent pipeline of development that may help its monetary efficiency within the years forward. Reflecting this robust outlook, Enbridge’s administration anticipates returning between $40 billion and $45 billion to shareholders over the subsequent 5 years. Given its regulated operations, resilient money flows, and compelling development trajectory, I imagine Enbridge is well-positioned to proceed growing its dividend, making it a pretty long-term funding.