With the TSX Index in retreat mode, many Canadian bargain hunters may have an opportunity to snag a name before the new year arrives. Undoubtedly, it's not hard to imagine that much of the recent selling activity is due to tax-loss selling. And while it's vital for beginning investors to temper their return expectations for the new year (another year of high double-digit gains may not be the in cards), I think it makes sense to pick up the value plays as they fly by your radar.

Like it or not, such value plays could become scarcer should no stock market correction hit in the first quarter of 2025. Either way, the weak Canadian dollar and sagging TSX Index, I believe, make it a great time to top up any positions as the TSX Index looks to shrug off recent woes that may already be priced in. Whether we're talking tariff threats or a potential pause from the Bank of Canada should they decide to follow in the footsteps of the U.S. Federal Reserve, it's an uneasy start to the holiday season.

TFSA top-up time is just around the corner

In this piece, we'll check out two interesting value options for TFSA (Tax-Free Savings Account) investors who still haven't yet put their 2024 contribution to work.

Indeed, the end of the year is upon us, and with that, investors will have another opportunity to top up their TFSAs with another $7,000. Though it's a rather uneasy time to be putting new money to work, I think the latest TSX trip-up is more of a buying opportunity than a sign that it's time to take some profits off the table after an amazing year of gains for Canadian investors.

At this juncture, I'd opt to be a bit more selective with stocks, given the TSX Index includes a mix of fairly valued names with some more neglected deep-value plays. Here's one of the richer value options as we near the end of the year.

Bank of Nova Scotia

Bank of Nova Scotia (TSX:BNS) is a great Canadian bank stock to check out for the holidays. The stock is just starting to dip after a robust run off its August lows. At just north of 13 times trailing price-to-earnings (P/E), with a 5.31% dividend yield, I continue to view BNS stock as one of the relative value plays in the Canadian financial scene.

With a recent investment in a U.S. bank, I view Bank of Nova Scotia as having a significant growth runway south of the border. Indeed, the Bank of Nova Scotia is known by many as the most internationally focused of the Big Six banks. As it looks to expand just south of the border, I think the stock is deserving of some multiple expansion, especially as the Trump administration looks to deregulate some aspects of the banking industry.

Personally, I think Bank of Nova Scotia has picked the perfect time to explore opportunities in the U.S. market. Over the next decade and beyond, look for the name to gain ground on some of its bigger brothers in the Big Six as its U.S. investments look to pay off.