If there’s one account Canadians should be thinking about for long-term wealth building, it’s the RRSP. Not because of the tax deduction—that’s just the bonus. The real opportunity comes from allowing great businesses to compound for years without worrying about paying tax every time you make a successful investment.
When I look for RRSP stocks, I’m not chasing the highest dividend or the hottest momentum stock. I’m looking for companies that I believe can still be larger, more profitable businesses ten or twenty years from now. These are the five Canadian stocks that stand out to me today, ranked by how much I’d want to own each for the next decade.
#5 Shopify (SHOP)
Approximate Share Price: $160
Market Capitalization: ~$210 billion
Industry: E-commerce Software
Why It Made My List
I’ll admit it—Shopify probably carries more risk than the other companies on this list. But I also think it offers one of the biggest long-term growth opportunities on the TSX. The world continues moving toward digital commerce, and Shopify has become much more than an online store builder. Today it’s building an entire commerce ecosystem that includes payments, fulfillment, AI-powered tools, and enterprise solutions.
Artificial intelligence is another reason I’m watching Shopify closely. AI has the potential to help merchants automate customer service, marketing, inventory management, and product creation. If Shopify continues integrating these tools successfully, it could strengthen its competitive position even further.
What I Like
One thing I really like is management’s willingness to focus on profitability rather than growth at any cost. The company has become leaner over the past couple of years while continuing to generate strong cash flow. That tells me management is thinking about long-term shareholder value instead of simply chasing revenue growth.
One Thing I’d Watch
Valuation. Shopify is still a company that investors expect a lot from. If revenue growth slows or margins disappoint, the stock can move sharply in either direction.
Would I Buy Today?
Personally, I’d be comfortable owning Shopify for the long term, but I’d probably add to my position gradually instead of investing all at once.
#4 Brookfield Corporation (BN)
Approximate Share Price: $62
Market Capitalization: ~$136 billion
Industry: Global Alternative Asset Management
Why It Made My List
Brookfield is one of my favourite Canadian long-term compounders today. The company owns interests in infrastructure, renewable power, private equity, insurance, real estate, and credit investments around the world. That diversification alone makes it unique. As governments continue investing in infrastructure, energy transition, and digital assets, I think Brookfield is positioned to benefit from several long-term trends at once. (StockAnalysis)
What I Like
What really stands out to me is management’s ability to allocate capital. Brookfield has repeatedly demonstrated an ability to buy quality assets, improve them, and create long-term value for shareholders. That’s not something you can easily measure with a single financial ratio. It’s a culture.
One Thing I’d Watch
Brookfield is a complex business. Its size and structure can make quarterly results difficult to interpret, and traditional valuation metrics don’t always tell the whole story. That complexity won’t appeal to every investor.
Would I Buy Today?
Personally, yes. If I were starting an RRSP today, Brookfield would likely be one of the first companies I’d consider buying.
#3 Alimentation Couche-Tard (ATD)
Approximate Share Price: $87
Market Capitalization: ~$78 billion
Industry: Convenience Retail
Why It Made My List
Couche-Tard doesn’t always receive the same attention as Canada’s banks or technology companies, but maybe it should. The company continues expanding globally while finding new ways to grow existing stores. Whether it’s food service, loyalty programs, or adapting to changing transportation trends, management has consistently shown an ability to evolve the business. That’s something I value highly.
What I Like
I think Couche-Tard has one of the best management teams in Canada. For years they’ve allocated capital intelligently, made disciplined acquisitions, and steadily grown earnings without taking unnecessary risks. Businesses like that don’t come around very often.
One Thing I’d Watch
Electric vehicles. Gasoline sales remain an important part of the business today. While management is investing in EV charging infrastructure, I’ll continue watching how that transition unfolds over the next decade.
Would I Buy Today?
I’d happily own Couche-Tard as a core long-term holding in an RRSP.
#2 Canadian National Railway (CNR)
Approximate Share Price: $205
Market Capitalization: ~$125 billion
Industry: Rail Transportation
Why It Made My List
Railways aren’t exciting. That’s exactly why I like them. Canada isn’t suddenly going to stop moving grain, lumber, energy products, automobiles, and consumer goods across the country. Infrastructure businesses with high barriers to entry tend to become incredible long-term investments.
What I Like
Canadian National has an economic moat that’s incredibly difficult to replicate. Building another national railway simply isn’t realistic. The company generates consistent cash flow, has a long history of dividend growth, and benefits whenever economic activity strengthens. Those are characteristics I look for in an RRSP investment.
One Thing I’d Watch
A slowing economy. Rail volumes naturally rise and fall with economic activity. While that doesn’t change my long-term outlook, it can create periods of slower earnings growth.
Would I Buy Today?
Yes. This is exactly the type of business I’d feel comfortable holding for decades.
#1 Royal Bank of Canada (RY)
Approximate Share Price: $195
Market Capitalization: ~$275 billion
Industry: Banking
Why It Made My List
If I could only own one Canadian bank, Royal Bank would probably be my choice. Interest rates remain an important story heading into 2026, but regardless of where rates move next, Canadians will continue borrowing, investing, saving, and running businesses. That’s why quality banks have remained such strong long-term investments.
What I Like
Royal Bank combines consistent earnings, excellent capital management, growing dividends, and a diversified business model. It’s not dependent on one single source of revenue, which gives me confidence during different economic environments. I also appreciate how management has continued investing in wealth management and capital markets while maintaining a conservative balance sheet.
One Thing I’d Watch
Consumer credit. If Canada’s economy weakens meaningfully, loan losses could increase. I don’t see that changing the long-term investment thesis, but it’s something worth monitoring.
Would I Buy Today?
Absolutely. I’d have no problem making Royal Bank one of the largest positions in a long-term RRSP portfolio.
Final Thoughts
When I look at these five companies together, I notice one common theme. None of them are trying to become great businesses. They already are. Each has strong competitive advantages, experienced management teams, and opportunities to continue growing over the next decade. That doesn’t mean they’ll outperform every year—markets don’t work that way—but I think they’ve earned their place on a long-term investor’s watchlist.
Over the next year, I’ll be paying close attention to interest rates, consumer spending, AI adoption, and the overall health of the Canadian economy. Those factors will influence each of these businesses in different ways, but I don’t believe they change the long-term investment case overnight. This list is best suited for Canadians who are building an RRSP with a long investment horizon and who value quality over speculation. At the end of the day, successful RRSP investing isn’t about finding the perfect stock. It’s about owning outstanding businesses and giving them enough time to do what they do best: compound your wealth.
