Passive-Income Power: How to Generate Over $110/Week for the Rest of 2022

Canadians can churn out over $110/week in tax-free passive income by holding dividend stocks like Extendicare Inc. (TSX:EXE).

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The S&P/TSX Composite Index shed 40 points on July 8. Investors may be interested in finding other means of growing their portfolios in this choppy market. Today, I want to discuss how Canadians can generate over $110 in weekly passive income. Better yet, we’ll set up this portfolio in a Tax-Free Savings Account (TFSA). That means that weekly passive income will be entirely tax free. We will be utilizing all our $81,500 in cumulative contribution room.

This stock offers passive income and very nice value right now

Mullen Group (TSX:MTL) is an Alberta-based company that provides a range of trucking and logistics services in North America. Shares of this dividend stock have dropped 2.3% in 2022 as of close on July 8. The stock has plunged 12% year over year.

In Q1 2022, Mullen Group delivered revenue growth of 57% to $456 million. Meanwhile, net income jumped 26% to $16.4 million or 30% to $0.17 per share.

The stock closed at $11.34 per share on July 8. In our hypothetical, we’ll snatch up 2,390 shares of Mullen Group for a purchase price of $27,102. It offers a monthly dividend of $0.06 per share. That represents a tasty 6.3% yield. This means we can generate weekly passive income of $33.09 going forward.

Here’s a REIT that can meet your passive-income needs in 2022

Slate Office REIT (TSX:SOT.UN) is a Toronto-based real estate investment trust (REIT) that operates an extensive portfolio of North American office real estate. This REIT has plunged 10% so far in 2022. The stock is down 16% from the previous year.

The REIT had a strong start in the first quarter of 2022. It delivered rental revenue growth of 10% to $47.6 million. Meanwhile, net income jumped 55% to $29.0 million.

Slate Office REIT closed at $4.50 per share on July 8. In this scenario, we can purchase 6,050 shares for a total price of $27,225. This REIT last paid out a monthly distribution of $0.033 per share, which represents a monster 8.8% yield. These investments in a TFSA will allow us to churn out weekly passive income of $46.07.

One more dividend stock to snatch up today

Extendicare (TSX:EXE) is the third and final dividend stock I’d look to snatch up for our passive income portfolio. This Markham-based company provides care and services for seniors in Ontario. Its shares have dropped 3.7% so far this year. The stock is down 17% from the same period in 2021.

This stock closed at $7.14 per share on July 8. We can snatch up 3,800 shares of Extendicare for a purchase price of $27,132 at the time of this writing. It currently offers a monthly dividend of $0.04 per share. That represents a very strong 6.7% yield. This holding will let us generate weekly passive income of $35.07 in our TFSA.

Bottom line

These investments will allow us to generate weekly tax-free passive income of $114.23. That is a very solid cash injection to rely on for the rest of 2022.

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 has positions in and recommends MULLEN GROUP LTD.

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