Canadian Stocks with Decades of Growth Ahead

When it comes to building a solid portfolio, selecting the right investments and giving them time to grow are crucial. Fortunately, there are several great Canadian stocks available for investors to choose from.

One such stock is Fortis (TSX: FTS), which provides a stable foundation and dividend growth. As one of North America's largest utility companies, it owns regulated electric and gas utilities across Canada, the United States, and the Caribbean. This regulated model is key to its success, allowing it to invest in growth initiatives while supporting its quarterly dividend.

Fortis stock currently offers a dividend yield of 3.4%, which may not be high-yielding but provides a recurring and growing income stream that can reduce volatility. In fact, FTS stock has the second-longest dividend increase streak on the market, with annual increases for 52 consecutive years.

Another great Canadian stock is Canadian National Railway (TSX: CNR), which boasts one of the strongest defensive moats in the market. As the only railway with access to three North American coastlines, it creates a barrier that would be costly and time-consuming for competitors to replicate. The company hauls over $250 billion worth of products across its network each year, including consumer goods, grain, and raw materials.

Canadian National offers a yield of 2.1% and has raised its dividend for 30 consecutive years. Its defensive network and growth potential make it one of the Canadian stocks to buy and own for decades.

Last but not least is Royal Bank of Canada (TSX: RY), which is Canada's financial heavyweight. As the largest of Canada's big banks, it offers investors access to multiple growth segments, including personal and commercial lending, wealth management, capital markets, and insurance.