The· S & P / TSX Comprehensive Index It fell 98 points on January 21st. Canadian stocks have collapsed since the sharp market corrections in early 2020. This is the environment in which the Duty Free Savings Account (TFSA) actually works. In 2021, the federal government maintained the TFSA’s annual contribution limit at $ 6,000 and a cumulative contribution limit of $ 75,500. It has a lot of room to work on. Today I would like to take a look at the three super stocks in TFSA.
Why TFSA Investors Need to Add This Stock Today
Good food market (TSX: FOOD) An online grocery company based in Montreal. The service exploded during the COVID-19 pandemic as citizens sought ways to avoid person-to-person contact. Getting groceries delivered is another way to achieve that. Goodfood’s share price rose 276% year-on-year at its closing price on January 21st. TFSA investors who have owned Good Food in the past year have many reasons to celebrate.
The company reported its first quarter 2021 results on January 13. Revenue was $ 91.4 million, up 62% from the previous year. In addition, its net loss improved by $ 2.5 million over the previous year. The number of active subscribers to Goodfood’s services increased by 33% to 306,000. The end of the pandemic should not worry shareholders. Online grocery shopping is already on the rise and will continue to attract employers as retailers in physical stores resume normal operations.
This dividend stock has a promising future
In the summer of 2020 Suggestion Investors trying to hide stock Maple Leaf Foods (TSX: MFI).. It operates as the top consumer protein company in Canada. Maple Leaf’s share price rose 6.6% year-on-year at its closing price on January 21st. However, stock prices have fallen 8.3% year-to-date. Maple leaf is worth hiding in TFSA because of its long-term potential.
The company achieved 6.2% sales growth in the third quarter of 2020. The MeatProteinGroup recorded sales growth of 6.4% against the backdrop of strong retail channel demand and increased exports to the United States and Asia. Maple leaf has been enthusiastic after entering the plant-based alternatives market. The plant protein group achieved 9.3% sales growth in the third quarter. In January, it announced plans to expand its vegetable protein production capacity.
Maple Leaf also offers a quarterly dividend of $ 0.16 per share, which is equivalent to a yield of 2.4%.
Another defensive stock to hide in TFSA
Empire Company (TSX: EMP.A) is the last stock I would like to pay attention to for TFSA investors.Grocery retailer proved Very elastic During the COVID-19 pandemic. This wasn’t a big surprise as they were designated as a mandatory service. In addition, restaurant closures may have had a positive impact on overall food purchases. Empire has seen strong growth in the last quarter. Its share is up 18% year-on-year.
In the second quarter of 2021, Empire achieved same-store sales of 7.8% excluding fuel. E-commerce sales growth surged to 241%. On the other hand, food retail sales increased by 27.3% year-on-year. The price-earnings ratio of Empire stock is 16 which is advantageous. This is the perfect defense strain for TFSA.
Stupid contributor Ambrose O’Callahan There are no positions in any of the listed stocks. The Motley Fool recommends the Goodfood Market.
TFSA Wealth: 3 Super Stocks to Hold The Last 10 Years
https://www.fool.ca/2021/01/24/tfsa-wealth-3-super-stocks-to-hold-this-decade/ TFSA Wealth: 3 Super Stocks to Hold The Last 10 Years