If you looked at the end of 2022 in fear, not knowing where cash will come in the new year, I don’t blame you. A recession should be here in the first half of the year. And while it will eventually come to an end, that’s no help in the present, when you’re already strapped for cash.
Today, I’m going to show you how to easily bring in $500 in fixed income from dividends in 2023 for your Tax-Free Savings Account (TFSA). That’s 500 extra dollars in your pocket you can look forward to by the end of the year!
Here are the top choices to get you there.
Northland Power
Northland Power (TSX:NPI) is an excellent choice as a monthly dividend stock with a solid growth trajectory. It’s come up quite a ways in the last few decades but has even more growth ahead. This comes from its focus on offshore wind farms. These farms provide incredibly high wind resources, though without using the land we so desperately need.
Northland stock is a monthly dividend payer with a yield at 3.09% as of writing. That comes to $1.20 per share annually. The stock is a steal, trading at just 13.36 times earnings. Shares are also still where they were around back in January 2022. So, you can enter the new year knowing you’re not off too bad compared to last year.
You would need 139 shares for a cost of $5,161 to create $167 in passive income annually.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL PAYOUT | FREQUENCY |
| NPI | $37.13 | 139 | $1.20 | $167 | annually |
Brookfield Infrastructure
Infrastructure has long been a solid place to get stable returns and passive income. That’s because infrastructure affects our daily lives, whether it’s the sidewalks we walk on or the water we shower in. That’s why, even in a recession, these projects will continue.
Brookfield Infrastructure Partners (TSX:BIP.UN) is no exception. The company acquires and invests in assets in every area of infrastructure from energy to railways. This provides diversified income from around the world. You can gain a 4.47% dividend yield with shares down about 16% year to date as of writing, getting it for a solid deal.
You would need 87 shares for a cost of $3,654 to create $167 in passive income annually.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL PAYOUT | FREQUENCY |
| BIP.UN | $42 | 87 | $1.93 | $167 | Annually |
Granite REIT
Finally, industrials aren’t just a solid place to invest, this sector is a growing one. E-commerce exploded the industry, but demand hasn’t lessened. Consumption has merely shifted more and more away from in-store shopping to online for more buying opportunities. And we really need a place to store it as well as assemble more products.
Granite REIT (TSX:GRT.UN) is a solid place to put your cash for the next few years — especially when consumers start buying more again with interest rates and inflation under control. Of the batch, this one is a steal trading at 7.78 times earnings with a 4.48% dividend yield and shares down 32% year to date.
You would need 52 shares for a cost of $3,633 to create $167 in passive income annually.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL PAYOUT | FREQUENCY |
| GRT.UN | $69.62 | 52 | $3.20 | $167 | Annually |
Bottom line
There you have it. From an investment totaling $12,448, you can create long-term growth while receiving annual dividends of $500 — a number that fits perfectly into your TFSA.
