Top 10 Canadian Growth Stocks Under $40

OpenText trades at ~$32 CAD — roughly 50% below its DCF fair value estimate — making it the deepest value play in Canadian tech at this price point. New CEO Ayman Antoun (April 2026) is repositioning toward cloud and agentic AI content management with a 34% EBITDA margin providing downside protection.

Kinross Gold trades around $11–15 CAD with Q1 2026 EPS more than doubling YoY. The Great Bear project in Ontario — fast-tracked for provincial permitting in 2026 — targets 500,000+ oz/year at ~$800/oz AISC from 2029, creating significant long-term value from a low entry price.

TELUS at ~$20–22 CAD offers a rare combination of a 5%+ eligible dividend yield and a credible FCF growth story — 10%+ compound annual FCF growth targeted through 2028. The dividend pause creates a buying window before the deleveraging thesis plays out.

RioCan trades at ~$20/unit — a 26% discount to NAV of $24.90 — with 98.5% retail occupancy and new leasing spreads of 37.3% in 2025. Canada's largest retail REIT is quietly delivering strong fundamentals while its unit price hasn't caught up.

BCE at ~$30 CAD after the 2025 dividend reset offers one of the most asymmetric risk/reward setups in the TSX. The 9%+ yield is covered by growing FCF, the Ziply Fiber acquisition adds U.S. fibre diversification, and leverage is declining — if the 2028 deleveraging target is hit, the unit price re-rates meaningfully.