Written by Amy Legate-Wolfe at The Motley Fool Canada

In 2024, I set my sights on three promising investments. Each offered unique opportunities to bolster my long-term wealth strategy. Of course, what’s right for me isn’t right for everyone. But when looking into these three Canadian stocks, it’s hard to see the downside.

Shopify

Shopify (TSX:SHOP), Canada’s e-commerce darling, continued its upward trajectory in 2024. The Canadian stock’s recent earnings report showcased a revenue surge of 31.2% year-over-year, reaching $8.9 billion. This impressive growth translated to a net income of $2 billion, with a diluted earnings per share (EPS) of $2.24. Such robust figures highlight Shopify’s resilience and adaptability in the ever-evolving digital marketplace.

The Canadian stock’s performance mirrored the company’s financial health. Trading between $72.36 and $183.53 over the past 52 weeks, Shopify’s shares demonstrated significant appreciation. As of writing, the Canadian stock was priced at $147.80, reflecting investor confidence and the company’s strong market position.

Looking ahead, Shopify’s commitment to innovation and expanding its merchant base positions it well for sustained growth. The increasing shift towards online retail and the company’s strategic initiatives suggest a bright future for this tech titan – hence, why I plan to load up.

WELL Health

WELL Health Technologies (TSX:WELL), a leader in Canada’s healthcare sector, also caught my attention. The Canadian stock’s latest corporate update revealed that its Canadian clinics experienced organic growth of 24% in 2024, with same-clinic revenue growth at 12%. This robust performance underscores WELL Health’s dedication to enhancing healthcare delivery through technology.

Financially, WELL Health reported trailing 12 months (TTM) revenue of $957.7 million, with a net income of $73.4 million. The Canadian stock’s operating cash flow stood at $126.8 million, indicating strong liquidity and operational efficiency. As of writing, WELL Health’s stock was trading at $5.43, within a 52-week range of $3.41 to $7.36.

The future looks promising for WELL Health, especially with its strategic spin-offs and focus on digital healthcare solutions. Analysts anticipate continued revenue growth, making it a compelling choice for long-term investors. And, of course, myself!

VXC

To diversify my portfolio further, I invested in the Vanguard FTSE Global All Cap ex Canada Index ETF (TSX:VXC). This exchange-traded fund (ETF) offers exposure to global equities, excluding Canadian stocks, providing a broad investment spectrum. As of writing, VXC was trading at $65.39, with a 52-week range between $54.88 and $67.81. The ETF’s diversified holdings across various sectors and regions make it a solid choice for mitigating country-specific risks.