When considering long-term investments for your Tax Free Savings Account (TFSA), it's important to choose stocks that offer stability, growth, and consistent returns. So today, let's dive into four that are some of the best Canadian stocks to buy.

Manulife

Manulife Financial (TSX:MFC) is one of Canada's largest insurance and financial services companies. With a market cap of $74 billion and a strong forward price/earnings (P/E) ratio of 11.7, it represents a solid investment in the financial sector.

Its latest earnings showed quarterly revenue growth of 12.8% year-over-year, a healthy signal of its ability to generate income in various economic climates. The stock's price is up significantly this year, but it's still considered undervalued compared to its historical metrics, thus making it an attractive buy. The company's management is focused on improving returns on equity. Plus its strong dividend yield of 3.8% adds to its appeal for TFSA investors looking for passive income.

Hydro One

Hydro One (TSX:H), a utility provider in Ontario, has been a steady performer with a 52-week high of $48.05 and a 27.6% year-over-year increase in stock price. Its defensive business model, tied to regulated electricity and transmission, makes it a reliable stock for investors who want stability in their TFSA.

Recent earnings saw quarterly revenue growth of 9.4%, driven by increased demand and favourable pricing. Hydro One's management has focused on reducing operational risks and ensuring consistent cash flows. This helps maintain its healthy 2.8% dividend yield. Its regulated nature and focus on infrastructure expansion make it a great long-term hold.

Dream Industrial REIT

Next, Dream Industrial REIT (TSX:DIR.UN) provides exposure to the booming industrial real estate market. With a 5% dividend yield, it offers one of the best returns for investors seeking income. Dream Industrial's portfolio of logistics and industrial properties across Canada, the U.S., and Europe provides excellent diversification, thus reducing its risk exposure to any one region.

The company has focused on acquiring new assets and expanding its footprint, which helped it navigate tough market conditions. While quarterly revenue growth was slightly down year-over-year, this is largely due to one-time adjustments and not reflective of the long-term outlook. This remains strong as demand for industrial space continues to rise.

Constellation Software

Constellation Software (TSX:CSU) is a name synonymous with long-term growth in the tech sector. With a market cap of $93.5 billion, the company has delivered strong financials. This includes 21.1% quarterly revenue growth year-over-year. Its strategy of acquiring and scaling vertical market software businesses has been highly successful, driving both organic growth and profitability.

Despite a high forward P/E of 79.4, the company's strong 71.8% quarterly earnings growth points to a solid long-term outlook. Constellation's low dividend yield (0.12%) may not seem appealing for income-focused investors, but its capital appreciation potential makes up for it, making it ideal for growth investors.

Down, but don't count them out

Each of these stocks has experienced some market fluctuations, but these dips present opportunities. For instance, Hydro One saw a slight pullback from its highs due to regulatory uncertainties, but the company's fundamentals remain strong. Dream Industrial REIT has been affected by rising interest rates, which can impact real estate stocks. Its diversified portfolio insulates it from major downturns.

Manulife, although up in the past year, has faced challenges in the past with the low-interest environment. Yet rising rates now work in its favour. Meanwhile, Constellation Software has seen some softness due to concerns about high valuations, but its unique acquisition strategy ensures long-term growth.

Bottom line

Looking ahead, each of these stocks is well-positioned for growth. Manulife stands to benefit from rising interest rates and its expanding Asian operations. Hydro One's infrastructure investments ensure steady revenue growth as Ontario's population grows. Dream Industrial's portfolio is perfectly aligned with the increasing demand for industrial space due to e-commerce growth. Constellation's proven acquisition model means that as the world becomes more software-driven, its earnings potential is enormous.

So whether you're looking for solid dividends or explosive growth potential, these stocks have you covered. With strong management strategies and promising outlooks, these are the best Canadian stocks to buy and confidently hold forever in your TFSA.