In this article, we will list the 5 Best Canadian Infrastructure Stocks to Buy Now. Please visit 7 Best Canadian Infrastructure Stocks to Buy Now if you would like to see the extended list and the methodology behind it.

5. GFL Environmental Inc. (NYSE:GFL)

On June 3, 2026, Opal Fuels (OPAL) and GFL Environmental Inc. (NYSE:GFL) announced progress on the construction of two new RNG facilities at the Stones Throw Landfill in Tallapoosa County, Alabama, and the Grady Road Landfill in Polk County, Georgia. The projects together represent nearly 2M MMBTU of plant design capacity and are owned jointly by GFL and Opal Fuels, with each holding a 50% stake. Opal Fuels has agreed to market and distribute the full output from the facilities through its CNG/RNG dispensing network. The new RNG facilities are designed to supply fuel for approximately 800 Class 8 heavy-duty tractors. The companies said the fuel offers better economics than diesel while also providing the benefit of zero Scope 1 and Scope 2 emissions.

Last month, CIBC analyst Kevin Chiang lowered the firm’s price target on GFL Environmental Inc. (NYSE:GFL) to C$75 from C$77 and maintained an Outperformer rating on the shares.

Earlier in May, Scotiabank also lowered the firm’s price target on GFL Environmental to $52 from $56 and maintained an Outperform rating, saying the update reflected the pending acquisition of SECURE Waste Infrastructure.

GFL Environmental Inc. (NYSE:GFL) provides non-hazardous solid waste management services in Canada and the United States.

4. TransAlta Corporation (NYSE:TAC)

On June 3, 2026, TransAlta Corporation (NYSE:TAC) announced that it entered into a purchase and sale agreement to acquire Mountain Peak Power and Canyon Peak Power, each an indirect subsidiary of Blackstone (BX). The project companies own two new natural gas peaking facilities near Denver, Colorado, with a combined capacity of 318 MW. TransAlta said the assets are expected to add approximately $80M of adjusted EBITDA per year from the 162 MW Mountain Peak Power and 156 MW Canyon Peak Power facilities. The total transaction value of $1B includes the assumption of $750M of senior secured project-level debt and $250M of equity. Mountain Peak Power has been operating since September 2025, while Canyon Peak Power is expected to achieve commercial in-service in the third quarter. The acquisition is subject to Canyon Peak Power achieving commercial in-service and customary closing conditions, including regulatory approvals, and is expected to close early in the fourth quarter of 2026.

Last month, BMO Capital analyst Ben Pham lowered the firm’s price target on TransAlta Corporation (NYSE:TAC) to C$25 from C$27 and maintained an Outperform rating on the shares. TD Securities analyst John Mould also lowered the firm’s price target on TransAlta to C$26 from C$27 and maintained a Buy rating.

Earlier in May, TransAlta reported Q1 adjusted EPS of C$0.60, compared with C$0.10 last year, and revenue of C$565M, compared with C$758M last year. CEO Joel Hunter said the company’s hedging strategy and contracted portfolio helped it navigate a challenging price environment.

TransAlta Corporation (NYSE:TAC) develops, produces, and sells electric energy.

3. TFI International Inc. (NYSE:TFII)

On June 2, 2026, Susquehanna raised the firm’s price target on TFI International Inc. (NYSE:TFII) to $182 from $134 and maintained a Positive rating on the shares. The firm said the outlook remains strong for asset-based truckers, with the new truckload upcycle “shifting gears” as capacity tightens further, demand remains steady to improving, and spot pricing accelerates to nearly 50% year-over-year. Susquehanna sees a path to a multiyear double-digit pricing opportunity, though it said the good news is largely priced in and remains selective in the trucking space.

Last month, BMO Capital raised the firm’s price target on TFI International Inc. (NYSE:TFII) to $140 from $115 and maintained a Market Perform rating on the shares as part of a broader transportation note. BMO said leading demand indicators, Q1 commentary from transportation and industrial companies, and volume and weight-per-shipment trends in the LTL sector point to improving demand conditions.

Earlier, CIBC raised the firm’s price target on TFI International Inc. (NYSE:TFII) to $162 from $134 and maintained an Outperformer rating on the shares. The firm said the company’s Q1 results beat expectations and that the earnings call indicated strong momentum exiting the quarter. CIBC also raised its estimates following the earnings print.

TFI International Inc. (NYSE:TFII) provides transportation and logistics services in the United States, Canada, and Mexico.

2. TELUS Corporation (NYSE:TU)

On May 21, 2026, TELUS Corporation (NYSE:TU) announced that it is investing more than $24B over the next five years to expand and enhance its network infrastructure and operations across Ontario. The commitment is part of TELUS’ broader plan to deploy $66B across Canada by 2030 to expand its network infrastructure and operations, fuel homegrown innovation, and support urban and rural communities. Since 2000, TELUS has invested $78B in Ontario in technology and operations.

On May 11, 2026, BMO Capital lowered the firm’s price target on TELUS Corporation (NYSE:TU) to C$19 from C$19.50 and maintained a Market Perform rating on the shares. Also on May 11, Scotiabank lowered the firm’s price target on TELUS to C$20 from C$21.50 and maintained a Sector Perform rating.

Earlier in May, TELUS Corporation (NYSE:TU) reported Q1 adjusted EPS of C$0.23, compared with C$0.26 last year, and revenue of C$4.99B, compared with C$5.02B last year. CEO Darren Entwistle said the company’s focus on operational excellence and cost efficiency helped it deliver customer growth and stable financial performance. TELUS reported total mobile and fixed customer growth of 262,000, driven by 12,000 mobile phone and 229,000 connected device net additions, along with 21,000 internet customer net additions.

TELUS Corporation (NYSE:TU) operates as a telecommunications company in Canada and internationally.

1. Canadian National Railway Company (NYSE:CNI)

On June 5, 2026, Susquehanna raised the firm’s price target on Canadian National Railway Company (NYSE:CNI) to $138 from $128 and maintained a Positive rating on the shares. The firm said rail volumes appear to be running ahead of expectations, with ISM readings “encouraging” after expanding for five straight months. Susquehanna also said there was no sign that higher fuel costs were weighing on industrial demand.

On June 4, 2026, Canadian National Railway Company (NYSE:CNI) announced that propane export shipments from South Beamer, Alberta, to Watson Island, British Columbia, reached an all-time monthly record for the corridor in May while staying within existing commercial arrangements. The company said the achievement represented a 40% increase in carloads compared with May 2025 and topped CN’s previous monthly record from August 2024. CN said the record performance was supported by train length optimizations, improved network efficiency, and strong execution across the corridor.

On June 3, 2026, BofA raised the firm’s price target on Canadian National Railway Company (NYSE:CNI) to $132 from $122 and maintained a Buy rating on the shares. BofA said operating performance remains strong and pointed to several leading indicators signaling improvement in the industrial economy.

Canadian National Railway Company (NYSE:CNI) engages in rail, intermodal, trucking, and related transportation businesses in Canada and the United States.

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