Growth stocks can be a fantastic addition to a Tax-Free Savings Account (TFSA) for long-term investors. These offer the potential for significant capital appreciation over time without being subject to taxes on gains. The TFSA allows you to reinvest any growth without worrying about capital gains tax, meaning that as your growth stocks increase in value, you can keep more of the profit.

While growth stocks might not always pay dividends, these stocks have the ability to outperform over the long term, especially in sectors like technology or healthcare, and can help compound your returns inside a tax-free wrapper. And that's ideal for building wealth! So, let's look at some stellar growth stocks to consider.

New Gold

New Gold (TSX:NGD) on the TSX is experiencing strong momentum as it enters a sustained period of free cash flow generation. The growth stock produced 68,598 ounces of gold and 13.6 million pounds of copper in the second quarter (Q2) of 2024, maintaining operational discipline with all-in-sustaining costs of $1,381 per ounce. This performance contributed to strong cash flow from operations. It held $100 million in total and $20 million in free cash flow, solidifying New Gold's financial position.

A key factor driving New Gold's momentum is its strategic focus on growth projects like the New Afton C-Zone and Rainy River operations. Both of which are on track to achieve important milestones in 2024. The growth stock's production profile is expected to strengthen in the second half of the year. With an increased 80.1% free cash flow interest in New Afton, New Gold is poised to deliver greater financial returns for shareholders. This combination of operational execution and future growth makes it a promising choice for investors looking at growth stocks.

Bird Construction

Bird Construction (TSX:BDT) has been soaring high on the TSX lately, showcasing impressive momentum and strength that investors can't help but notice. In the second quarter of 2024, Bird achieved a staggering 27% revenue growth. Thereby pulling in approximately $873.5 million compared to $686.4 million in the same quarter last year. Even more exciting: net income shot up by 56%, reaching $21.4 million, translating to earnings per share of $0.40. With a strong backlog of projects worth over $822 million and an anticipated adjusted earnings per share (EPS) accretion of 10% from their recent acquisition of Jacob Bros Construction, Bird is positioning itself as a formidable player in the infrastructure sector.

What's driving this growth? Bird's strategic focus on complex projects, coupled with disciplined project selection, has been pivotal in their recent success. The growth stock is making waves in the civil infrastructure market, particularly in British Columbia, where they are capitalizing on the growing demand for infrastructure development. With an implied purchase multiple of just 3.7 times Jacob Bros's projected adjusted earnings before interest, taxes, depreciation, and amortization, this acquisition not only strengthens Bird's capabilities. It also diversifies its project offerings. As Teri McKibbon, president and chief executive officer of Bird, puts it, "Our strategic focus on key sectors, coupled with strong execution and disciplined project selection is driving performance, and supports our expectations for continued growth and margin expansion."

With a market cap of approximately $1.17 billion and a forward annual dividend yield of 2.65%, Bird Construction is capturing the attention of both growth and income-focused investors. Its share price recently climbed to $22, reflecting a remarkable 96.02% increase over the past year. As Bird continues to expand its portfolio and enhance its revenue-generating capabilities, it's clear that this growth stock is not just flying under the radar; it's taking off! With the construction sector poised for a boom, Bird's trajectory looks brighter than ever.