Thereâs no shortage of great stocks on the market to pad your portfolio with. But among those great stocks to consider is one ultimate TSX to buy that offers growth and a healthy income.

Best of all, the ultimate TSX stock trades at a decent level, whereby investors with just $1,000 can establish a great starting point.

In case youâre wondering, the ultimate TSX stock to buy is Bank of Nova Scotia (TSX:BNS). Hereâs why this big bank belongs in your portfolio.

Meet Canadaâs most international bank

Scotiabank, like all of Canada's big bank stocks, is one of the best long-term options on the market. This stems from offering a stable domestic segment that generates a reliable (and growing) revenue stream and an intriguing international footprint.

Both segments allow the big banks to offer what are among the tastiest (and most defensive) dividends on the market.

But thatâs where the similarities between Scotiabank and its peers end. A key differentiator between Scotiabank and its peers is where the bank has invested internationally to fuel growth.

In recent years, the answer to that has been Latin America, specifically the markets of Mexico, Columbia, Chile and Peru. The four nations are members of a trade block known as the Pacific Alliance.

That alliance is focused on improving trade between its members and slashing tariffs. Scotiabankâs prominence within those markets gave the bank a front-row seat for that growth.

Unfortunately, as the pandemic ended, those developing Latin American markets were slower to recover. Theyâve also proven to be more volatile than more established growth markets, such as the U.S.

Thatâs part of the reason Scotiabank is doubling down on growth in North America over its Latin American ventures. The one notable exception is Mexico, which Scotiabank noted it will continue to focus on and already boasts a sizable presence in.

In the most recent quarter, Scotiabankâs international segment earned $701 million, compared with the $1 billion earned in the domestic (Canadian) banking segment.

Despite that strong showing, the stock trades relatively flat year to date.

Scotiabankâs dividend makes it the ultimate TSX stock

One of the main reasons why investors flock to the big banks such as Scotiabank is for the dividends. Scotiabank offers investors a tasty quarterly dividend, which the bank has been paying out without fail for over 190 years.

Let that point about stability sink in for a second.

That fact alone makes Scotiabank a candidate among income-seekers for the ultimate TSX stock to own. What sets the bank apart is the yield on offer.

As of the time of writing, Scotiabank offers investors an insane 6.61% yield. This handily makes the bank one of the best dividends on the market and the highest among its peers. This also means that investors with just $1,000 to drop in Scotiabank today can purchase just over 15 shares.

Thatâs not enough to retire on, but it is a great start to any long-term portfolio. And keep in mind that Iâm not even factoring in growth or additional $1,000 investments along the way.

Scotiabank has a long-established precedent of providing investors with a tasty annual uptick to that dividend. The bank is also committed to continuing that cadence. That dividend growth is in addition to the expected growth of the stock over the next several years.

No risk, no gain

No stock, even the most defensive, is without some risk. Scotiabank is no exception to that rule, but it does offer investors strong growth prospects and a tasty dividend.

In my opinion, Scotiabank is the ultimate TSX stock that should be a core holding in every long-term, well-diversified portfolio.

Buy it, hold it, and watch it grow.

The post The Ultimate TSX Stock to Buy With $1,000 Right Now appeared first on The Motley Fool Canada.