2 Canadian Stocks to Buy and Hold for a Decade

These two Canadian stocks have strong long-term growth drivers and could deliver impressive returns.

MDA Space

TFSA investors looking for long-term growth opportunities may want to consider MDA Space (TSX:MDA). This Canadian space technology firm is showing strong momentum, with its stock price surging over 206% in the past year, driven by robust demand and solid fundamentals.

The rally is underpinned by MDA’s impressive financial performance and expanding order book. In Q1, the company reported a 68% increase in revenue, and it ended the quarter with a backlog of around $4.8 billion. This sizable backlog reflects secured future revenue, offering strong visibility into its growth prospects through 2025 and beyond.

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MDA’s success stems from its diversified portfolio of reliable space technologies, which positions it well to benefit from rising demand across multiple sectors. The company’s growth pipeline is supported by both legacy programs and new business opportunities, creating a strong platform for sustainable expansion.

Additionally, MDA is making strategic investments in next-generation technologies and expanding its footprint across high-growth markets—both geographically and by sector. Its recent acquisition of SatixFy Communications is expected to enhance MDA’s end-to-end satellite system capabilities and strengthen its position in the rapidly growing digital satellite communications industry.

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With momentum on its side and expanding market opportunities, MDA Space is well-positioned for substantial long-term gains.

5N Plus

Another compelling long-term play for TFSA investors is 5N Plus (TSX:VNP). This small-cap Canadian company specializes in high-purity specialty semiconductors and is targeting fast-growing, high-value sectors. Strong demand for its products has helped drive consistent financial performance, fueling a 34% stock increase so far in 2025 and a staggering 546% gain over the past three years.

5N Plus operates in several niche yet expanding markets, including space-based solar energy, terrestrial renewable energy, healthcare, and advanced imaging technologies. It is also one of the leading non-Chinese suppliers of ultra-high-purity semiconductor materials—critical components for many cutting-edge and emerging technologies.

Thanks to its solid manufacturing base, strong customer relationships, and strategic focus on high-growth industries, 5N Plus is well-positioned to deliver sustained value for long-term investors.

In summary, both MDA Space and 5N Plus are backed by powerful growth tailwinds and strong operational fundamentals, making them standout candidates for TFSA investors seeking long-term capital appreciation.