Turning your Tax-Free Savings Account (TFSA) into a consistent stream of income doesn’t require speculation or risky plays. Sometimes, the most powerful strategy is a blend of stability and growth. That’s exactly what investors can find with two very different companies on the TSX: BCE (TSX:BCE) and WELL Health Technologies (TSX:WELL). One offers dependable income in an uncertain market, and the other is delivering rapid, technology-fuelled growth in a defensive sector. Together, they could help transform your TFSA into a reliable cash machine.
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WELL Health
Let’s start with WELL Health. The TSX stock has been quietly becoming a force in Canada’s digital healthcare space. In the first quarter (Q1) of 2025, WELL posted record revenue of $294.1 million, up 32% from last year. And that number would’ve been even higher at $300.7 million if not for a delay in revenue recognition from Circle Medical. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) also jumped 36% to $27.6 million. Notably, Canadian operations, which are the most profitable, saw a 29% year-over-year rise in adjusted EBITDA.
That kind of growth doesn’t just happen by chance. WELL has been investing heavily in technology and acquisitions, all while remaining cash flow positive. The launch of Nexus AI, its artificial intelligence (AI)-powered clinical documentation platform, and the formation of CYBERWELL, a new cybersecurity unit made up of four integrated firms, signals its intent to keep scaling. Add to that a new contribution from HEALWELL AI, which WELL now controls, and the TSX stock expects an annual revenue run rate between $1.4 billion and $1.45 billion this year.
CEO Hamed Shahbazi didn’t mince words: “We are confident that 2025 will be another exceptional year for WELL,” he said in the earnings release. And that optimism seems justified. With 1.6 million patient visits in Q1 alone and 11 signed letters of intent for new acquisitions, WELL is not slowing down. For investors looking to boost TFSA growth without relying on traditional sectors, WELL could be a game-changer.
BCE
Now, let’s switch gears to BCE. Once the darling of dividend investors, BCE shook the market earlier this year by slashing its annual dividend from $3.99 to $1.75 per share. That’s a big cut, but it’s not the whole story. Despite the headline, BCE is still paying out a yield north of 5.3% at recent prices. So, what’s the rationale?
While total revenue dropped 1.3% year over year to $5.93 billion, BCE managed to post a massive 56.7% increase in net earnings attributable to shareholders. That came in at $630 million or $0.68 per share, thanks in part to early debt redemption gains and operating cost efficiencies. Its media arm also delivered, with Bell Media growing revenue by 6.9% and EBITDA by 35.9%. Digital revenue rose 12%, showing BCE isn’t just sitting on legacy infrastructure.
And it’s not just about cuts. BCE is also investing in future-proof tech. Its fibre internet was recently ranked the fastest in Canada, it’s partnering with Nokia for 5G network expansion, and its AI-powered fraud detection tools are helping make telecom safer. BCE even launched Ateko, a Montréal-based automation division that could quietly grow into a major contributor. To be fair, there are some challenges. But for a TSX stock navigating regulatory pressures, a tough economy, and major tech shifts, BCE is still delivering where it counts: cash flow and long-term infrastructure investments.
Bottom line
So, what do these two names offer together? WELL Health brings rapid, AI-driven growth in a healthcare sector that’s not going anywhere. BCE, meanwhile, provides dependable income, even at its lower payout, backed by some of Canada’s most valuable telecom infrastructure. Both have clear strategies and are actively reinvesting in growth. And with WELL re-initiating its buyback program and BCE freeing up billions for debt repayment and future capital deployment, both TSX stocks are preparing to reward shareholders in different but meaningful ways.
For TFSA investors, this combo can be compelling. WELL offers upside with disciplined execution. BCE gives you a high-yield dividend that’s more sustainable after the reset. The mix of growth and income could help smooth returns and turn your TFSA into the cash machine you’re aiming for, without relying on speculation.
