Choosing the right buy-and-hold forever stock for your Tax-Free Savings Account (TFSA) is not just about the stock itself but about your investment goals and strategies. If your goal is dividend income, the lean should be towards dividend stock.

But if you seek growth, you have to look for stocks with the right performance history and a business model that will likely remain relevant for decades to come.

A waste management business

As a business, waste management has been around for centuries and is likely to remain relevant for centuries to come, though its form may change. It’s a core pillar of civilization, which makes companies like Waste Connections (TSX:WCN) compelling prospects from a business model perspective. But that’s not the full extent of its forte as a forever stock or, at least, a long-term holding.

Waste Connection is among North America’s largest publicly traded waste management companies and a large-cap stock with a market capitalization of about $58 billion. It also has an impressive footprint, covering 40 U.S. states and six Canadian provinces, and caters to nine million residential, commercial, and industrial customers.

While it’s a well-established Dividend Aristocrat with financially rock-solid dividends, its capital-appreciation potential is the primary reason to consider this stock. It has been a compelling growth stock since its inception and has risen 92% in the last five years alone. This is ample growth for a stock this size.

A convenience store chain

If growth is something you are looking for in your forever stock, Laval-based Alimentation Couche-Tard (TSX:ATD) is another option worth looking into.

The massive convenience store chain (under the Alimentation umbrella) has a presence in three continents and 29 countries and includes 16,700 stores. This massive footprint and a business model built around convenience stores are two strong reasons to buy Alimentation for long-term holding.

Like most retail businesses, convenience stores are vulnerable to e-commerce, but the fact that the chain has managed to sustain its profits and the stock barely dipped during the initial e-commerce boom inspires a lot of confidence in the investors regarding this stock. The growth pace is also impressive — 85% in the last five years.

• We just revealed five stocks as “best buys” this month … join Stock Advisor Canada to find out if Alimentation Couche-Tard made the list!

Foolish takeaway

The market has gone from bullish to bearish, so investment activity might be slightly restrained in April 2024. The two stocks are already experiencing their impact, though only moderately in the case of Waste Connections. However, if you buy this month and leverage the current bear market, you may enjoy a modest discount.