If your investing time frame is decades, not days, there are a few Canadian stocks that stand out as strong candidates to buy and hold forever inside a TFSA — where dividends and capital gains grow completely tax-free. The idea isn’t chasing quick moves, it’s owning durable businesses with predictable cash flows, competitive positions, and histories of rewarding shareholders over time.

1) Canadian National Railway (TSX: CNR)
A cornerstone of North America’s freight network, Canadian National operates one of the largest and most efficient rail systems on the continent. Its services are deeply integrated into supply chains for commodities, consumer goods, and industrial products. Because rail transport remains essential regardless of economic conditions, CN consistently generates strong free cash flow — which helps support dividend growth and share repurchases. Its strategic network and pricing power give long-term holders both income and growth potential.

2) Bank of Nova Scotia (TSX: BNS)
One of Canada’s major banks, Scotiabank has a diversified business mix that goes beyond domestic retail banking to include international operations — particularly in Latin America and the Caribbean. This geographic breadth reduces reliance on any single market and can smooth earnings over time. Scotiabank’s long history of dividend increases reflects its strong earnings base, and its global footprint gives it multiple growth levers that can help grow shareholder value over the long term.

3) Fortis Inc. (TSX: FTS)
Fortis is a regulated utility that provides electricity and natural gas to millions of customers across North America. Utilities are inherently defensive businesses — demand for power and gas doesn’t disappear in downturns — and regulated frameworks help ensure predictable returns on infrastructure investments. Fortis’s consistent dividend growth track record is underpinned by stable cash flows and regular rate base expansion, making it a natural “buy and hold” pick for income-oriented TFSA portfolios.

Also Read: Long term investing in Canada

Why These Stocks Suit a Forever Strategy
The three names above offer a powerful combination:
• Dividend growth: each has a long history of raising payouts.
• Cash-flow reliability: essential services and entrenched networks reduce cyclicality.
• Long runway: infrastructure, financial services, and freight transport are fundamental to the economy, not fads.

Also Read: Stock investment Canada for beginners

Holding them in a TFSA amplifies their appeal because all dividends and gains compound tax-free, which can materially boost your total return over decades. For investors focused on building a durable income and wealth engine with minimal turnover, these Canadian stocks are worth a close look.