3 of the Safest Dividend Stocks on the TSX

After a year full of ups and downs in 2022, this year hasn’t been much different so far. The S&P/TSX Composite Index surged more than 5% in January but is now trading just about flat on the year after a disappointing past two months. 

The market as a whole may have pulled back recently, but there are still plenty of TSX stocks up double digits in 2023. However, many of those high-flying stocks are trading far below all-time highs set more than a year ago.

As a long-term investor myself, I look at today’s tough market conditions as nothing but a fantastic buying opportunity. The stock market will likely take some time to recover, as interest rates and inflation remain high. But if you’ve got a long-term time horizon, there’s no sense in trying to time the market’s exact bottom.

In addition to a market rebound that will eventually come, there are loads of discounted TSX stocks to choose from, making today an excellent time to be investing. 

Here are three cheap Canadian stocks to add to your watch list right now. 

goeasy

This under-the-radar growth stock has not gone on sale often over the past decade. And with shares having been cut in half since late 2021, now would be a wise time to have this consumer-facing financial services provider on your radar.

Despite the massive discount, shares of goeasy (TSX:GSY) are still nearing a market-crushing return of 200% over the past five years. Going back another five years, the multi-bagger returns only continue.

With interest rates as high as they are right now, it’s only natural to see a slowdown in demand for a company like goeasy. But, as we know, these rates won’t last. They will eventually return, and so will the market-beating returns for goeasy.

Don’t miss your chance to load up on this consistent market beater.

Lightspeed Commerce

It was a year to forget for Lightspeed Commerce (TSX:LSPD) in 2022. To be fair, many tech companies could say the same. 

Revenue growth largely slowed down and the company went through significant layoffs, like many of its peers. The result was a loss of more than 60% for tech stocks in 2022.

Lightspeed is close to trading at just about the same price that it went public at in 2019. It’s been a wild ride for the tech company, experiencing many highs and lows over the past few years.

There’s been no shortage of volatility for Lightspeed ever since it went public, but the business itself continues to grow at a consistent rate. Management remains focused on growth, doing a strong job expanding both its product offering and international presence in recent years.

If you’re looking to add some serious growth potential to your portfolio, this would be a great time to take a chance on this young company.

Kinaxis

For growth investors not willing to take on the volatility that comes with Lightspeed, Kinaxis (TSX:KXS) may be a better fit. 

The tech stock did have a down year in 2022 but shares have been on the rise since the fourth quarter of last year. Shares are up 25% since October and are now only trading 20% below all-time highs.

There’s no question that the software company won’t be as exciting to follow as Lightspeed in the coming years. But then again, what’s not exciting about consistently earning market-beating returns?

Growth investors would be wise to act fast on this tech stock. I don’t think it will be long before Kinaxis is back to all-time highs.

The post 3 of the Safest Dividend Stocks on the TSX appeared first on The Motley Fool Canada.

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Fool contributor Tony Dong has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.