Investment strategies have changed over the years and have evolved into easy to understand and low risk methods. Younger people prefer to take a more laid-back approach to their investments while at the same time wanting to reap benefits quickly. A Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP) can help in the long run.
The Tax-Free Savings Account is an account available in Canada that provides tax benefits for saving. Investment income, including capital gains and dividends, earned in a TFSA is not taxed in most cases, even when withdrawn.
A RRSP is a special type of investment account designed to help Canadians save for retirement. Its main advantage, as compared to a regular investment account, is the tax benefits it offers.
Here are the three stocks that you should consider adding to your TFSA. They can bring in income and have long term growth potential along with expected stability.
Jamieson Wellness Inc. (JWEL)
The supplement industry is doing very well and this company is thriving on it. Jamieson Wellness Inc is a Canada-based company, which operates as the health and wellness company. It develops, manufactures and markets brand of vitamins and natural health products. The Company offers vitamins, minerals and supplements and certain over-the-counter remedies. Jamieson Wellness shares have risen 50 percent year over year and can be great investment equity for younger investors.
The target consumers of this company are baby boomers and this ensures stability in revenue. The company also offers a quarterly dividend which can be a good way for some income.
Royal Bank of Canada (RY)
Canadian banking stocks are not always recommended to young and new investors. However this is a stock that everyone should consider adding to their investment profile. Royal Bank has seen its stock rising in value and reaching three times its original worth.
It is the largest bank in Canada by market capitalization and serves over 16 million clients and has 80,000 employees across the world.
Royal Bank is also the largest in Canada in terms of total assets. This stock is stable and is likely to do well in the future. It also offers a quarterly dividend; a quarterly income can be a great if you are looking for some short term income.
Aurora Cannabis Inc (ACB)
All Marijuana stocks are doing very well now it can be easy to make wrong investments. Aurora Cannabis is a company that is expected to do well and provide stability to its investors. It is one of the largest producers in the world and is ready to deal with the recreational cannabis market.
Aurora’s line of products includes whole-flower cannabis, milled cannabis, cannabis oils, and vaporizers.
By April 2018, the company had a market value of C$4.5 billion; revenue in 2017 totaled C$31.1 million. The subsequent plan to purchase MedReleaf would make the company the largest in Canada with market capitalization of approximately $7 billion. This is likely a stock that will yield good results.
