How to Easily Make $14/Day TAX FREE in Passive Income!

Canadians hungry for passive income in 2022 should snatch up stocks like Keyera Corporation (TSX:KEY) in their TFSA.

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This past week, I’d discussed how investors could look to construct a passive-income portfolio going forward. It is a luxury for investors to be able to rely on consistent income without having to get up off the couch. This is even better when you can generate that income in a Tax-Free Savings Account (TFSA). Today, I want to discuss how investors can look to churn out $14/day tax-free in the year ahead. Let’s dive in.

This REIT offers a monster dividend for passive-income investors

Real estate investment trusts (REITs) are a great source of passive income for investors. Inovalis REIT (TSX:INO.UN) is an open-ended REIT that his primarily invested in office properties. Shares of this REIT have increased 1.5% in 2022 as of early afternoon trading on February 8. It is up 5.7% year over year. In the year-to-date period ending Q3 2021, this REIT delivered operating earnings of $48 million — up from $12 million in the first nine months of 2020.

Inovalis REIT closed at $9.96 per share on February 7. In our hypothetical, we’ll use all the cumulative TFSA room available — $81,500. We will purchase 2,800 shares of Inovalis REIT for a purchase price of $27,888. Inovalis offers a monthly dividend of $0.069 per share. That represents a monster 8.2% yield.

This investment will allow you to generate monthly income of $193.20 in your TFSA. That works out to $6.35 per day.

Here’s an energy stock that can help you gorge on dividends

Energy stocks have been a great bet for Canadian investors over the past year. Oil and gas prices have continued to build momentum in the opening weeks of 2022. Keyera (TSX:KEY) is a Calgary-based company that is engaged in the energy infrastructure business. Investors on the hunt for passive income should consider this energy stock today.

This energy stock closed at $30.04 per share on February 7. In this scenario, we’ll snatch up 890 shares of Keyera for a purchase price of $26,735.60. Keyera last paid out a monthly dividend of $0.16 per share. That represents a tasty 6.3% yield. These holdings will allow us to churn out monthly income of $142.40 in our TFSA. That works out to $4.68 per day.

One more stock that can help build your passive-income empire

Freehold Royalties (TSX:FRU) is a Calgary-based oil and gas royalty company. It aims to produce consistent income for its shareholders by generating positive cash flow. This energy stock has increased 9.4% in 2022. The stock has soared 113% from the prior year.

This energy stock closed at $13.67 per share on February 7. For our final move, we’ll buy up 1,960 shares of Freehold for a purchase price of $26,793.20. Freehold currently offers a monthly dividend of $0.06 per share, which represents a strong 5.2% yield. That means we can generate monthly income of $117.60, or $3.86 per day.


These holdings will allow us to generate passive income of $14.89/day in our TFSA in 2022 and beyond. That is a very solid starting point for your income-oriented portfolio.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Ambrose O'Callaghan has no position in any of the stocks mentioned. The Motley Fool recommends FREEHOLD ROYALTIES LTD., Inovalis REIT, and KEYERA CORP.

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