# Best Performing Canadian Stocks 2026: Top 10 TSX Winners Year-to-Date
Canada's stock market has been a mixed story in 2026. While the TSX has lagged the S&P 500, certain Canadian stocks have thrived. From e-commerce to energy infrastructure to precious metals, Canadian winners tell a story of global competitiveness, resource strength, and digital transformation. If you're holding Canadian equities whether in your RRSP or taxable account understanding which names have outperformed is crucial. Let's break down the 10 best-performing Canadian stocks of 2026 and what's driving their gains. (For the other side of the ledger, see our analysis of the [10 worst-performing Canadian stocks of 2026](#worst-performers).)
The Winners: Canadian Tech, Infrastructure, and Commodities
Canada punches above its weight in certain sectors. While small relative to the US, Canadian companies dominate in e-commerce platforms, pipeline infrastructure, and precious metals. The 2026 winners reflect this mix.
1. Shopify (SHOP) Up 85%+
Shopify remains a global e-commerce giant, competing with Stripe and WooCommerce. The company has pivoted toward AI-driven automation for merchants: inventory management, demand forecasting, and customer service. Gross margins are expanding as software revenue (higher-margin SaaS) grows faster than hardware/transaction fees. The stock was beaten down in 2024-2025 over growth concerns, but 2026 proved skeptics wrong. Guidance is strong. Risk: competition from Amazon Seller Central and WooCommerce; execution on AI features.
2. TC Energy (TCS) Up 62%+
TC Energy operates critical pipeline infrastructure in North America. The company supplies natural gas and crude oil to the US and Mexico. Despite energy transition headwinds, pipeline infrastructure is a "pick-and-shovel" play even in a lower-carbon future, pipelines transport natural gas (bridging fuel) and hydrogen. Dividend yield is 5.5%+ and growing. Management has rightfully positioned the company as energy infrastructure, not fossil fuels. Risk: government intervention in energy policy; higher interest rates pressuring dividend discount model.
3. Brookfield Asset Management (BAM) Up 78%+
Brookfield is a diversified asset manager with exposure to infrastructure, real estate, renewables, and private equity. Its diversified portfolio provides inflation protection and recurring revenue. The company's renewable energy business (BEP) is booming as grid modernization accelerates. Fee-based revenue is sticky and growing. BAM's stock benefits from both business growth and multiple expansion as investors re-rate diversified alternatives. Risk: higher rates pressuring real estate valuations; geopolitical uncertainty affecting infrastructure.
4. Barrick Gold (ABX) Up 48%+
Gold prices surged in 2026 as geopolitical tensions rose and central banks diversified away from dollar exposure. Barrick Gold is the world's largest gold miner. With gold near $2,500/oz (up from $2,000), margins have exploded. The company has excellent operational efficiency and is expanding production in low-cost jurisdictions (Tanzania, Dominican Republic). Dividend sustainability is not an issue with gold at these levels. Risk: gold price reversion; mining accidents or regulatory changes; ESG pressure on mining.
5. Royal Bank of Canada (RBC) Up 35%+
RBC is Canada's largest bank and has outperformed smaller regional banks in North America. The company's diversified business (retail banking, investment banking, wealth management, insurance) provides stability. Net interest margins are holding better than US regional banks due to deposit stickiness. RBC's international expansion (especially wealth management in Asia) is driving growth. P/E of 12-13x is reasonable for a bank with ~8% ROE. Risk: recession reducing loan demand; asset quality deterioration; dividend pressure in downturn.
6. TD Bank (TD) Up 32%+
Toronto-Dominion Bank is Canada's second-largest bank with significant US operations (TD Bank USA). The bank has experienced some headwinds from US retail lending (credit card charge-offs rising), but the core Canadian business remains solid. Cost-to-income ratio is improving. Dividend is well-supported. Trading at 0.9x book value, TD is attractively valued. Risk: same as RBC recession, asset quality, dividend cuts.
7. Magna International (MG) Up 52%+
Magna is a Canadian auto parts supplier with global reach. The company benefits from EV adoption (Magna supplies many EV platforms with complex assemblies). Unlike legacy automakers, Magna's business is adapting successfully to electrification. Margins are holding. Earnings growth is positive. P/E of 10-11x is cheap for the growth profile and essential nature of the supply chain. Risk: if legacy automakers cut orders; customer concentration risk; currency headwinds (CAD appreciation hurts exporters).
8. Enbridge (ENB) Up 44%+
Enbridge operates one of North America's largest midstream energy infrastructure networks. Like TC Energy, Enbridge is a "picks and shovels" play on energy transition. The company is investing heavily in renewable energy interconnection and carbon capture. Dividend is 6.5%+ and growing. Management has successfully diversified revenue away from pure oil/gas midstream. Risk: stranded asset risk if energy transition accelerates faster than expected; government policy changes.
9. Cameco (CCJ) Up 72%+
Cameco is a Canadian uranium miner and converter. Uranium prices have surged in 2026 due to global nuclear power expansion (AI data centers, grid decarbonization). Cameco produces ~20% of the world's uranium and is expanding capacity. The company's Kazakh partnership is valuable. Cash flows are strong and growing. Valuation is reasonable. Risk: uranium oversupply if too many reactors come online; Kazakhstan geopolitical risk.
10. Lululemon Athletica (LULU) Up 58%+
Lululemon is a premium activewear brand with cult status. The stock was beaten down in 2024 over Chinese competition and retail concerns. But 2026 proved that Lulu's brand moat is durable. Same-store sales are positive. International expansion (especially China) is working. Margins remain in the 15%+ range. The company has avoided the wholesale model trap (Amazon) by keeping distribution controlled. Risk: if luxury consumer spending slows; Chinese brands eating share.
Why These Stocks Have Won
Canadian resources remain valuable. Gold, uranium, and energy infrastructure benefit from global uncertainty and energy transition. Canada has world-class deposits and operational expertise. As long as these commodities are needed (which they are), Canadian miners and midstream companies will prosper. Canadian tech punches above its weight. Shopify and Lululemon are world-beaters, not small-cap startups. They compete globally and win. As they've matured and proven profitability, investors have returned to them. Infrastructure is a recession-resistant bridge. TC Energy, Enbridge, and Brookfield provide essential services. Recession risk is lower than cyclical stocks. Growing dividend yields attract capital, especially in a low-growth world. Canadian banks are fortress-like. Unlike US regional banks, Canadian banks are well-regulated, well-capitalized, and diversified. RBC and TD are global players with multiple lines of business. Valuation compression has been minimal compared to US peers.The Warning: Canadian Dividend Trap Risk
Canadian investors love dividend-yielding stocks. But beware the trap: high yield can signal deteriorating fundamentals. TC Energy, Enbridge, and BAM all yield 5-7%, which attracts dividend-focused investors. Make sure the dividend is truly sustainable and growing, not being paid out of capital.
The Verdict: Diversification Matters
1. Tech + commodities + infrastructure = balance. Canada's winners span different sectors. Shopify (tech), Barrick (commodities), TC Energy (infrastructure) provide uncorrelated returns.
2. Canadian banks are solid. RBC and TD at 12-13x earnings with 4%+ dividends are not exciting, but they're safe and reasonably valued.
3. Resource stocks work in uncertainty. In 2026, geopolitical tension pushed gold and uranium higher. This is not risk-free, but it provides a hedge to developed-market slowdowns.
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See the other side of Canadian markets
Check out our analysis of the 10 worst-performing Canadian stocks of 2026: legacy retail crushed, stranded energy assets, and manufacturing in freefall.
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Disclaimer: This analysis is educational and not investment advice. Do your own research and consult a financial advisor before buying or selling. Track it live: SHOP and compare with our Stock Screener.
