Investing in the stock market can seem daunting, especially when you're working with a limited budget. However, even with just $100, you can start building a solid investment portfolio. And thatâs what weâre going to do today; we'll look at two Bay Street-recommended TSX stocks.

CIBC stock

First, weâll look at the obvious win, Canadian Imperial Bank of Commerce (TSX:CM), which offers a robust dividend yield. This makes it an attractive choice for income-seeking investors. As of the latest data, CM's dividend yield stands at around 5.39%. This means you can expect regular income from your investment, which can be reinvested to compound your returns over time.

Beyond its dividend, CIBC is one of Canadaâs Big Five banks, known for its stability and reliability. The bank has a solid track record of weathering economic downturns and maintaining profitability. This stability is crucial for long-term investors looking to minimize risk while growing their investments.

Furthermore, despite its strong dividend, CIBC offers growth potential. The bank is expanding its services and operations, particularly in the U.S. market, which can drive future growth. For investors, this means potential capital appreciation in addition to dividend income.

Right now, CIBC stock trades at just $67 per share as of writing. Shares have already seen a 17% increase in the last year alone. Meanwhile, youâll be bringing in $3.60 each year from buying just one of these shares, no matter what the share price does.

Manulife

Another obvious choice is Manulife Financial (TSX:MFC), one of Canadaâs leading insurance and financial services companies. It operates in Canada, the United States, and Asia, providing a diversified business model that reduces risk. This geographical diversity allows Manulife to tap into different markets and revenue streams, enhancing its growth potential.

MFC is currently trading at an attractive valuation, making it a good buy for value investors. Its price-to-earnings (P/E) ratio is lower than many of its peers at 16, suggesting that the stock may be undervalued. This provides an opportunity to buy into a solid company at a relatively low price, increasing the potential for future gains.

Meanwhile, Manulife Financial offers a reliable dividend yield, which currently stands at around 4.32%. This consistent dividend payment provides a steady income stream, which is especially valuable for long-term investors looking to reinvest dividends and grow their portfolios over time.

For Manulife stock, shares currently trade at $37, allowing for room after your CIBC stock purchase. Whatâs more, shares have surged 49% in the last year. On top of that, just one share would bring in $1.60 each year in dividend income.

Bottom line

Investing with just $100 might seem like a small step, but it can be the beginning of a rewarding investment journey. CIBC stock and MFC stock are both strong choices for investors looking to build a solid, long-term portfolio. With their attractive dividend yields, stable business models, and growth potential, these stocks provide a compelling case for investment. By starting small and staying committed, you can gradually build a diversified portfolio that grows over time.

The post Got $100? 2 Top Canadian Stocks to Buy and Hold appeared first on The Motley Fool Canada.