Do you have surplus money? Are you thinking about investing in stocks but don’t know which are the best stocks to buy right now? Well, we suggest investing in Canadian stocks. To make your life easier, we have compiled a list of a few Canadian companies which are probably the best stocks to buy right now that too with a mere $500. As a US citizen, you can easily buy Canadian stocks just by opening a brokerage account. So if you are wondering “can a US citizen buys Canadian stocks,” then you have your answer.

Why Canadian stocks?

Just last week, the TSX crossed the 20,000 milestones, whereas the Composite rose to “4.3% and 14.34% year to date.” These numbers are enough to convince anyone that the market is recovering sooner than expected and the Canadian economy is back on track. If we take into account the fact that many companies listed in the TSX managed to regain the confidence of investors to cross the 20,000 marks in a matter of months, despite the pandemic, then it would become evident why Canadian stocks are the best stocks to buy right now.

If you wanted to invest for a long time but were always uncertain, then start with a very small amount i.e. $500, because during the recovery period it is always good to invest as you can expect good returns. However, never make hasty decisions when it comes to investing and do due diligence before investing anywhere.

First, figure out your expenses and necessities and then determine the need of investment. If you can afford to invest along with your payments of mortgage, food, car, loans etc. then start looking for the strongest stocks to invest in. Keep in mind that the stocks should be strong but not too expensive.

We have shortlisted the best stocks to buy right now for your ease to analyze and make the decision of investment:

Insurance companies

Insurance companies are boring! Boring yet totally reliable. One of the safest investments that ensure that your cash is safe for years and you will be able to witness a smooth upward growth. This is the best time to invest as the insurance companies are trading fairly low than their value. One such company to invest in is Great-West Lifeco, which is experiencing a fair increase in its share price; even during the economic downslide due to the pandemic.

The company has acquired a lot of businesses over the past year, which brought its total assets to almost $21 trillion – an increase since 5th December 2020.

This makes it one of the best stocks to buy right now depending upon the growth quotient. One more plus point while considering Great-West Lifeco for investment is that it is offering its investors a 4.68% dividend, which is an increase since last year which was 36%. So, you can see for yourself that it is growing in the right direction and is one of the best stocks to invest in right now.

Energy companies

The energy sector is witnessing a surplus growth since the pandemic started to subside. One of the best stocks to buy right now are from the oil and gas sector and the company that stands out is and doing exceptionally well is Enbridge.

Investors are barging in to buy its stock as after almost five years of downhill trend, the company started its growth journey. As the economy recovers, Enbridge’s stock has started to grow just the way it was predicted. The company has stabilized its shares with contracts that will last for decades. Enbridge is expecting almost $14.3 billion of growth from its projects, which are bound to last for decades.

The shares have gone up to 12.55%, which is more than a 125% increase when compared with the past decade. It is giving a rock-solid dividend yield of 7.28% to its investors! Do you need more reasons to invest in Enbridge?

Bottom line

Both these companies are stable to be invested as their growth can be analyzed and measured through decades. You can start buying the stock by a mere $500 and then reinvest your dividend yield to gain more substantial investment returns.