When it comes to choosing growth stocks for a Tax-Free Savings Account (TFSA) that can stand the test of time, Dollarama (TSX:DOL) and Constellation Software (TSX:CSU) shine brightly. Both have delivered impressive financial performance for years. Today, let's look at why these remain top choices.

Dollarama

Dollarama stock, Canada's favourite one-stop shop for affordable essentials, consistently outperforms in the retail space. The company's recent second-quarter results for fiscal 2025 reveal just how strong Dollarama's financial foundation is. Net earnings per share came in at $1.02, beating analysts' expectations, alongside a 7.4% increase in net sales to $1.56 billion. Consumers are flocking to Dollarama for low-priced essentials, and this demand, coupled with improved gross margins at 45.2%, shows that Dollarama stock is both financially stable and strategically positioned for growth.

Dollarama's success isn't new. Over the past decade, the stock has risen approximately 810%, underscoring its consistency in delivering shareholder value. This growth is largely thanks to its adaptability and strategic expansion, particularly in Latin America, through its majority stake in Dollarcity. This stake, along with Dollarama's upcoming plans to enter the Mexican market by 2026, adds a layer of international growth that further strengthens its long-term potential.

The future for Dollarama looks bright. Analysts expect earnings growth of around 9.8% per year and revenue growth of 6.4%, thanks to Dollarama's keen strategy of delivering everyday essentials that appeal to consumers across income brackets. As Dollarama continues to grow its footprint domestically and abroad, it remains a solid choice for any TFSA aimed at long-term, tax-free growth.

CSU stock

Constellation Software stock, a name synonymous with excellence in acquiring and managing niche software companies, is another powerhouse growth stock. In its recent third-quarter earnings report, Constellation showed a 20% increase in revenue, totalling $2.54 billion, while net income came in at $164 million. Much of this growth stems from Constellation's tried-and-true strategy of strategic acquisitions, which accounted for a good portion of its recent revenue rise.

Constellation has a legendary growth history. Since going public in 2006, its stock has delivered a staggering 20,233% in capital gains. Equating to an average compound annual return of nearly 35% over 18 years. This track record of delivering solid returns is a testament to Constellation's savvy acquisition model and its management's consistent ability to identify valuable companies that add to its bottom line.

Looking ahead, Constellation's growth strategy remains focused on acquisitions. Recently, the company raised US$1 billion to strengthen its capacity for further expansion. Analysts predict a 40.1% growth in Constellation's earnings per share over the next five years, highlighting the promising outlook for this software giant. Constellation's diversified portfolio of software companies across multiple industries also makes it a particularly resilient choice, even in a changing economic landscape.

Foolish takeaway

Combining Dollarama stock and Constellation stock in a TFSA has several advantages. First and foremost, any growth or dividends earned are completely tax-free within the account, allowing investors to fully benefit from both companies' impressive track records without tax implications eating into returns. Furthermore, these two companies operate in very different sectors, providing built-in diversification that enhances portfolio stability and risk management.

These stocks are also ideal for TFSAs because their history of consistent performance aligns well with a long-term strategy. With Dollarama's steady growth driven by affordable essentials and Constellation's expansion through valuable software acquisitions, investors have the potential to build a tax-free nest egg with less need for constant adjustments.