Worried About Tariffs? 2 Tsx Stocks I’d Buy And Hold

Tariffs can hit earnings from two directions at once. They can raise costs for companies that import key inputs, and they can cool demand when prices creep up. Investors should also watch second-order effects, like weaker business confidence, slower hiring, and a more cautious consumer. In that kind of backdrop, the best âbuy and holdâ ideas often share one trait: selling something people still need, even when the macro story turns messy. So let’s look at two TSX stocks doing just that.

DOL

Dollarama (TSX:DOL) fits that bill as it sits right in the middle of everyday spending. It sells low-priced household staples, snacks, seasonal items, and small convenience buys. When budgets tighten, more shoppers trade down, and Dollarama usually feels that shift quickly. The best part is that this demand bump can show up even when the broader economy looks fine, because plenty of people still love a deal.

Over the last year, the big story has been momentum at home and expansion abroad. In its fiscal 2026 third quarter, Dollarama raised its annual comparable sales forecast, which tells you management saw stronger traffic and better baskets than it expected. It also kept building out its footprint and leaning into the âvalueâ message while inflation stayed annoying. The market likes that combination, because it reads as steady growth in an unsteady world

The earnings numbers backed up the tone. For the quarter ended Nov. 2, 2025, Dollarama reported net sales of $1.91 billion and earnings of $1.17 per share, while net earnings rose 16.6% to $321.7 million. It also posted earnings before interest, taxes, depreciation and amortization (EBITDA) of $612 million, even with a drag from its newer Australian segment. Management also guided to comparable sales growth of 4.2% to 4.7% for the year, up from its prior range. The 2026 outlook looks solid, but it is not a âcheapâ stock in the classic sense, trading at 41 times earnings. The main risks sit in margin pressure from sourcing and freight, plus a consumer who eventually stops trading down.

IFC

Intact Financial (TSX:IFC) solves the tariff problem from a totally different angle. It does not need global trade to cooperate, because it mainly sells property and casualty insurance in Canada, the U.S., and parts of Europe. People still insure homes, cars, and businesses whether tariffs rise or fall. If tariffs create higher replacement costs for vehicles and parts, insurers can push pricing higher over time, as long as underwriting stays disciplined.

Recent news over the last year reinforced why IFC earns the âsleep at nightâ reputation. It leaned on strong underwriting, and benefited from lower year-over-year catastrophe activity in its latest reported quarter. Tariff noise can rattle markets, but insurers usually live or die by pricing, claims, and catastrophe volatility, not trade flows. In other words, it can keep doing its job while everyone argues about tariffs on the news.

The recent earnings print was punchy. In Q3 2025, Intact reported net operating income per share of $4.46 and earnings per share (EPS) of $4.73, while operating direct premiums written reached $6.6 billion. It also delivered a combined ratio of 89.8%, a big improvement from the prior year, which signals stronger profitability from underwriting. Those are the kinds of numbers that can support steady dividend growth and long-term compounding. Meanwhile, it trades at 16 times earnings with a 2% dividend yield.

Bottom line

So could these be buys for others in 2026? If you want tariff resilience, these two TSX stocks bring it in different ways. Dollarama can benefit when households get cautious, but you pay up for that consistency. Intact can ignore a lot of the trade drama, and the valuation looks more forgiving, but catastrophe risk never goes away. If you can handle those trade-offs, both names can make sense as âhold through the noiseâ picks.

The post Worried About Tariffs? 2 TSX Stocks Iâd Buy and Hold appeared first on The Motley Fool Canada.

More reading

• TFSA: 3 Canadian Stocks That Are Perfection With a $7,000 TFSA Investment
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• Dollarama Stock: Buy, Sell, or Hold in 2026?
• 3 Canadian Stocks That Are the Best Buy and Holds in a TFSA
• TFSA: 4 Canadian Stocks to Buy and Hold Forever

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Dollarama and Intact Financial. The Motley Fool has a disclosure policy.