There are certainly many reasons why Canadian investors continue to come back to bank stocks as core investments for their portfolios. For dividend investors, the yields these bank stocks provide can be meaningful, and certainly provide the kind of passive income stream many retirees are looking for.

However, for growth investors, there's also an argument to be made that fundamentally, these banks are well-positioned for continued growth, so long as the Canadian economy continues to head in the right direction. In other words, long-term investors have benefited from holding any assortment of Canadian bank stocks over the long term (whether individually, or through an ETF or other basket), and I think that's a trend that should continue over the long term.

That said, for investors looking to put their first (or next) $200 to work in the market, I think two specific Canadian bank stocks are great options to consider. Let's dive in!

Toronto-Dominion Bank

Toronto-Dominion Bank (TSX:TD), commonly known as TD Bank, is one of largest banks of Canada by market capitalization. Beyond its strong foothold in Canada, the bank has a significant presence in the United States, offering diversified revenue streams from both sides of the border.

It's TD's exposure to the U.S. market that has made this top Canadian bank a top pick of mine for a long time. And while the company's' stock share has shown some stagnation in recent years, I do think that overall growth coming from the company's U.S. retail banking operations (which are actually larger than the company's Canadian footprint) should provide strong geographic diversification for investors over the long term.

TD continues to innovate and provide excellent customer service, which has translated into strong fundamental growth over time. Consistently ranking high in customer satisfaction, TD investors have benefited from the strong customer loyalty TD customers have provided over the years.

I think TD's continued focus on efficiency and prudent risk management position this bank well for long-term growth and continued dividend increases over time. With a yield of more than 5.1% at the time of writing, this top Canadian bank stock is a long-term buy-and-hold opportunity, at least in my books.

Bank of Nova Scotia

Bank of Nova Scotia (TSX:BNS) is an even higher-yielding Canadian bank stock I think dividend investors may want to consider on this basis alone. Currently, Scotiabank provides investors with a dividend yield of nearly 5.4%, making this lender one of the best options for investors looking for yield as a fundamental investing tenet.

However, I do think Scotiabank also provides unique geographic diversification that's worth considering. Unlike TD, which is mainly aimed at the U.S. and Canadian markets, Scotiabank is most commonly viewed as the "most international" bank of the Canadian big five, due to the company's strong market penetration in various emerging markets in Latin and South America.

The company's operations in Mexico, Peru, Chile, and Colombia provide investors with exposure to faster-growing economies. This reality has led to much better performance than most of its Canadian banking peers. And, as many experts would agree, there appears to be growing consensus that these underlying trends are likely to continue, judging by Scotiabank's stock chart above.

Of course, various economic shocks could derail the thesis behind both TD and Scotiabank. But for now, these two top Canadian bank stocks do provide diversified revenue streams from both domestic and international operations, balancing their risk profiles and providing strong outlooks for those with a long investing time horizon.