TFSA Investors: 3 Growth Stocks With 5% Dividend Yields

These growth stocks happen to have dividend yields above 5%! That’s perfect if you’re looking to make some cash in your TFSA.

It can be seriously hard to find growth stocks right now for your Tax-Free Savings Account (TFSA). It can be even harder when you start looking for growth stocks that also fall into dividend stock territory.

But it’s time for Canadians to shift their focus and start looking at the TSX today as full of opportunities for growth stocks. I would even consider stocks that are performing better than the TSX as growth stocks. That gives you a far earlier opportunity of seeing them recover before the market as a whole.

Once you look at it this way, there are many growth stocks out there that even have dividend yields above 5%. Today, I have three that you should consider, all of which are actually up on the TSX today.

Slate Grocery REIT

Slate Grocery REIT (TSX: SGR.U) shares are up about 5% on the TSX today year to date. In the last year, those shares are up even higher by 19.22%. This comes from the company’s chain of grocery-anchored properties across the United States.

Yet the company is able to be one of the growth stocks that still offers an amazing dividend yield for your TFSA, even with all this growth. Slate currently holds a yield of 7.83% on the TSX today. Even still, the dividend stock trades at just 16.53 times earnings, so it’s definitely not overpriced.

As the company continues to grow both organically and through acquisitions, this is a solid growth stock that’s likely to see even more growth in the years to come — all while you collect an ultra-high dividend.

TC Energy

I usually don’t like oil and gas stocks these days, as I find them too volatile. But I’ll make an exception for TC Energy (TSX: TRP)(NYSE: TRP) given its incredible performance among growth stocks. Shares of the company are up 23% year to date, while still offering a 5.09% dividend yield.

There are still short-term opportunities for those seeking growth from this stock given the rising price of oil and gas. In the next year or so, inflationary pressures could continue to see the company’s prices rise. And that means even more support for its dividend.

However, I would keep an eye on this stock long term, as the move towards renewable energy continues. While TC Energy has operations in nuclear power, it still relies mainly on natural gas and its pipelines.

Chemtrade

Finally, another of the growth stocks offering a dividend above 5% is Chemtrade Logistics Income Fund (TSX: CHE.UN). This dividend stock is up 15.54% on the TSX today, and offers a yield of 7.28% as of writing. But again, I would perhaps watch out if you’re going to invest in this stock.

This is what’s known as a cyclical stock. That means when the market does poorly, this company tends to do well. And it’s clear why. Chemtrade deals in industrial chemicals, which are always a necessity. It manages to continue growing through deals and also acquisitions. In that respect, it’s quite the stable stock.

But when the market recovers, it’s one of the growth stocks that may see a drop, as investors move their funds elsewhere from their TFSA. While the dividend will remain, you may lose cash from returns. Still, it offers value, trading at just 2.13 times earnings.

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned.

More on Dividend Stocks

coins jump into piggy bank
Dividend Stocks

This TSX Stock Yields More Than the Average Savings Account Today

Income-focused investors can start researching Enbridge stock on this dip for a potential buy for higher income for long-term capital.

Read more »

frustrated shopper at grocery store
Dividend Stocks

Inflation Eating Your Savings? This Stock Fights Back

For Canadians with a long-term investment horizon, Brookfield Infrastructure is a solid stock to potentially buy on dips and hold…

Read more »

Dividend Stocks

This 5% Dividend Stock Could Be the Ultimate Retirement Hack

This 5% dividend stock offers growing income backed by essential infrastructure assets, making it an intriguing option for retirement portfolios.

Read more »

A train passes Morant's curve in Banff National Park in the Canadian Rockies.
Dividend Stocks

This Isn’t a “Quick Win” Stock: It’s a “Steady Builder” One

CN Rail (TSX:CNR) may be the steadiest compounder on the entire Canadian stock market.

Read more »

dividend growth for passive income
Dividend Stocks

1 Undervalued Canadian Dividend Stock to Buy Now and Hold for Decades

This stock is down 15% from the recent highs and now offers an attractive dividend yield.

Read more »

House models and one with REIT real estate investment trust.
Dividend Stocks

Here’s the 6.8% Dividend Stock I Keep Coming Back To

SmartCentres REIT (TSX:SRU.UN) stands out as a near-7% yield dividend play that's worth coming back to for yield.

Read more »

Child measures his height on wall. He is growing taller.
Dividend Stocks

New to Investing? Start With This Canadian Dividend Stock

This Canadian stock has a proven record of paying dividends and consistently raising their payouts in the years ahead.

Read more »

ETFs can contain investments such as stocks
Dividend Stocks

VFV Isn’t a Complete Portfolio: Here’s What Canadian Investors May Be Missing

VFV feels like a complete portfolio, but it’s really a concentrated bet on U.S. large caps and the U.S. dollar.

Read more »