Invest $15,000 in 3 TSX Stocks for $60 in Monthly Passive Income

Dividend stocks are an excellent place to earn passive income. Not only are dividend stocks liquid (you can buy and sell easily and affordably), but they also don’t require significant management or effort.

It is as simple as completing your investment due diligence, buying the stocks, and collecting the passive income. Of course, you should regularly evaluate your investment thesis and make sure your businesses are performing well. Beyond that, there is not much else to do than collect your dividend paycheques.

If you keep that passive income and re-invest it into more dividend stocks, you can start compounding your passive income stream over time. If you have around $15,000, here is a mini-three stock portfolio that could earn more than $60 per month on average (or over $720 annualized).

Energy infrastructure for steady passive income

Pembina Pipeline (TSX: PPL) stock yields 5.3% today. If you put $5,000 into this passive income stock, you would earn $65.55 quarterly, or $21.85 averaged monthly.

Pembina is a very defensive stock. It operates crucial energy infrastructure across Western Canada. If it wasn’t for its assets, energy commodities would not get to market.

Consequently, it has highly contracted sources of cash flow. In fact, its dividend is more than supported by its contracted pipeline earnings alone.

Pembina is generating significant amounts of spare cash. That should support further dividend increases and its capital growth plan. If you want a very safe dividend, with some modest growth ahead, Pembina is a solid stock for passive income.

A real estate play for a high yield that is safe

Dream Industrial Real Estate Investment Trust (TSX: DIR.UN) stock yields 6% today. A $5,000 investment would earn $24.97 of monthly passive income.

Dream operates a large portfolio of multi-tenanted industrial properties across Canada and Europe. Since it collects rents monthly, it distributes income monthly.

Strong demand for industrial space has pushed up rental rates across Canada. Right now, market rents are about 30% above its current average portfolio rental rate. That means it has substantial opportunity to organically grow rents and cash flows in the years ahead.

Dream Industrial’s payout ratio has steadily been declining over the years. That just means its current dividend rate is very sustainable for the years ahead.

An ultra-safe utility for passive income

If you want an ultra-safe passive income, Fortis (TSX: FTS) is about as good as it gets. FTS stock yields 4% right now. If you put $5,000 into Fortis stock today, you would earn $49.20 quarterly or $16.40 averaged monthly.

Fortis has a resilient business. 98% of its operations are from distribution or transmission utilities. Power needs to get from production to consumption, and Fortis enables the transfer.

Power consumption is expected to only rise in the years ahead. Fortis has the balance sheet to continue to invest in growth projects. The utility giant expects to grow by about 6% per year for the foreseeable future.

This passive income stock has a plus-50-year history of increasing its dividend consecutively. It may not be the quickest-growing company, but you are likely to get a nice passive income stream with limited stock volatility.

Prices as of February 3, 2025.