Do you still have contribution room left in your tax-free savings account (TFSA)? If you were 18 years old in 2009, and you’ve never contributed to a TFSA, you have $46,500 of total contribution room for this year. If you’ve been diligent in contributing the full amounts each year, you have $5,500 contribution room for this year.

Because interest rates are so low in the present environment, investors should consider investing in quality dividend stocks. There’s no reason not to save and invest in a TFSA because what’s earned inside is tax free, including dividends and capital gains.

Both Brookfield Renewable Energy Partners LP (TSX:BEP.UN)(NYSE:BEP) and Manulife Financial Corp. (TSX:MFC)(NYSE:MFC) are quality dividend stocks that are reasonably priced today.

Brookfield Renewable

Brookfield Renewable owns and operates a portfolio of renewable energy assets primarily in hydroelectric facilities and wind farms. The company has more than 250 power facilities across seven countries.

Specifically, Brookfield Renewable earns 70% of its cash flows from North America, 20% from Brazil, and 5% from both Colombia and Europe. Because 90% of its cash flows are contracted with inflation-linked escalations, its U.S.-denominated quarterly distribution of 44.5 cents is stable. Its distributions total an annual payout of US$1.78 per unit. Using a foreign exchange of US$1 to CAD$1.25, this equates to a yield of 5.8%.

At $38.20 per share, Brookfield Renewable is fairly valued. However, its cash flows are expected to continue to grow. In fact, the company expects to grow its distribution by 5-9% per year going forward, and it can only do that healthily with organic cash flow growth and accretive acquisitions.

On April 6, Brookfield Renewable entered an energy-supply agreement for at least 10 years with Facebook. Brookfield’s press release stated, “Brookfield Renewable will supply 100% renewable wind energy to Facebook’s second European data center under construction in Clonee, County Meath, Ireland and to Facebook’s international headquarters in Dublin.”

Manulife

Manulife is another great dividend stock to add to your TFSA today. The company has a strong presence in Canada, the U.S., and Asia, including China, Japan, Taiwan, Hong Kong, and seven other Asian countries.

Looking a year ahead, Manulife is trading at about 26% below its normal multiple. Its share price is depressed by the low interest rate environment and “bad” investments in the energy space.

So, investors can buy the shares for a yield close to 4.3% today. If Manulife reverts to its normal multiple, which is what stocks usually do, investors can experience gains of over 30%.

Conclusion

Investors can get decent yields of 4.3-5.8% from Brookfield Renewable and Manulife today. It’s even better if you can buy them in a TFSA to earn tax-free income. Any capital gains experienced in there will also be tax free.

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Fool contributor Kay Ng owns shares of Brookfield Renewable Energy Partners LP, Facebook, and Manulife Financial (USA ). David Gardner owns shares of Facebook. Tom Gardner owns shares of Facebook. The Motley Fool owns shares of Facebook.