3 Canadian Stocks to Consider Investing in July 2024

Investors with a $5,000 budget aiming to build a robust portfolio geared for long-term growth and reliable income have a wealth of opportunities to explore. Incorporating TSX growth stocks can significantly enhance the potential of their investments. Here are three compelling choices that blend income generation with strong growth prospects, making them ideal for both newcomers to investing and seasoned investors looking to diversify their holdings: 

Enbridge (TSX: ENB) 

Enbridge dominates the energy infrastructure sector across North America, boasting an expansive pipeline network alongside utility and renewable energy operations. With a generous dividend yield currently at 7.59%, investing $5,000 in Enbridge could secure over 100 shares, potentially increasing through reinvested dividends. Enbridge has a strong history of annual dividend increases, promising sustained income and growth for years to come. 

Fortis (TSX: FTS)   

Fortis stands as one of North America's largest utility companies, serving 10 regions including Canada, the U.S., and the Caribbean. Its regulated contract model ensures stable revenue streams, supporting a dependable dividend yield of 4.41%. As a distinguished Dividend King with over 50 consecutive years of dividend increases, Fortis offers investors a defensive cornerstone for income-focused portfolios. Investing $5,000 in Fortis lays a solid foundation for reliable returns and potential dividend growth over time. 

Canadian Imperial Bank of Commerce (TSX: CM) 

Canadian Imperial Bank of Commerce (CIBC) represents a blend of stability and yield within Canada's banking sector. With a notable dividend yield of 5.44% and a modest price-to-earnings ratio, CIBC operates a robust banking segment in Canada while expanding its footprint in the U.S. Investing $5,000 in CIBC can generate substantial dividend income, supported by its consistent history of dividend increases. CIBC offers investors an opportunity for steady income and long-term capital appreciation. 

These stocks not only provide a balanced mix of income and growth potential but also offer defensive characteristics, making them suitable candidates for investors looking to build or enhance their portfolios. Whether starting fresh or diversifying existing holdings, these options promise to deliver steady wealth accumulation through reliable dividends and potential for future growth.