Finding that perfect mix of investments today can greatly increase your retirement income tomorrow. Fortunately, the market gives us plenty of options to help guide us on the road to financial freedom.

That includes these great stocks to consider for any Canadian retirement account.

Forget the rental property

One of the most popular ways to establish an income stream is through owning a rental property. Unfortunately, surging interest rates and down payment requirements have ended that dream for many.

Fortunately, there is another way thanks to RioCan Real Estate (TSX:REI.UN).

RioCan is one of the largest real estate investment trusts (REITs) in Canada. The company operates a portfolio of over 190 properties that are located throughout the country. The bulk of those properties are retail, but in recent years, RioCan has shifted its portfolio to include mixed-use residential properties.

And that’s where a huge opportunity on the road to financial freedom lies.

Those mixed-use properties comprise residential towers sitting atop several retail floors. Additionally, those sites are located along transit corridors and high traffic in high-demand areas of Canada’s metro areas.

Like a landlord collecting rent, RioCan provides investors with a monthly distribution. As of the time of writing, that distribution works out to a juicy 5.56% yield.

That fact alone makes RioCan a compelling investment. Throw in the overall lower risk over a traditional rental property, and you have a superb option to help you on the road to financial freedom.

Buy and forget this big bank

I would be remiss if I didn’t mention one of Canada’s big banks along the road to financial freedom. The banks offer both growth and income opportunities for investors to consider.

The bank that investors should look closely at right now is Bank of Montreal (TSX:BMO).

BMO isn’t the biggest of Canada’s big banks, but it does offer a tasty income and great long-term growth potential.

That growth potential comes thanks to the acquisition of California-based Bank of the West, which was completed earlier this year. That deal exposed BMO to several new U.S. state markets and propelled the bank into position as one of the largest lenders in the U.S.

Turning to income, BMO has provided investors with an appetizing quarterly dividend for nearly two centuries. Further to this, BMO has provided investors with generous annual optics to that dividend over the years.

As of the time of writing, the yield works out to an impressive 5.21%.

Prospective investors can also take solace in the fact that Canada’s banks have fared much better than their U.S. counterparts during market turndowns. This means that the latest bout of volatility can be seen as an opportunity to buy this bank at a discounted level.

Renewable energy is a massive opportunity

Renewable energy stocks are some of the best long-term investments to buy right now. There’s a variety of reasons for that, but first and foremost is the growing need for renewables, which is fueling growth globally.

And that’s precisely why investors should consider TransAlta Renewables (TSX:RNW) along the road to financial freedom. For those unfamiliar with the company, TransAlta operates a portfolio of over 40 renewable energy facilities across Canada, the U.S., and Australia.

Those facilities are well diversified to include solar, wind, hydro, and natural gas elements. Additionally, TransAlta’s portfolio adheres to the same lucrative business model that traditional utilities follow. In other words, the facilities are bound by long-term regulated contracts spanning decades.

Those contracts provide a recurring and stable revenue stream, which, in turn, allows TransAlta to invest in growth and pay a juicy dividend.

That dividend currently boasts a yield of 7.06%, paid out monthly. That fact alone makes TransAlta a compelling option on the road to financial freedom.

The road to financial freedom doesn’t need to be bumpy

No investment, even the most defensive stock, is without some risk. That’s why the importance of diversifying your portfolio cannot be understated.

Fortunately, the stocks mentioned above provide growth potential and defensive appeal that minimizes that risk. That’s why, in my opinion, one or all of the above should be core holdings of any well-diversified portfolio.

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