The TFSA (Tax-Free Savings Account) is a perfect place to earn and collect income from stocks. There is no other avenue where you can earn regular passive income without any tax consequences. The less tax you pay, the more cash you keep.
Why not earn that passive income monthly? Canada has a ton of stocks that pay monthly dividends. If you have $60,000, here are four stocks that could collectively earn you $280 per month.
A transport stock with an attractive yield
Mullen Group (TSX:MTL) has grown to become one of Canada’s largest freight and transportation companies. It has used a grow-by-acquisition strategy to expand geographically and by service category. Today, it has 41 business units across North America.
There has been a freight recession for a few years. That has been keeping a cap on earnings results and stock returns. Earnings are down 22% year to date. Fortunately, the dividend remains well-covered by cash flows (a 31% cash payout ratio).
The good news is you can pick up this stock for a price-to-earnings ratio of 12 and a 6% dividend yield. A $15,000 TFSA investment would earn $75.04 of dividend income monthly.
A renewable power stock for monthly income
Northland Power (TSX:NPI) is another company that has faced some headwinds. However, it is starting to turn the corner. It develops and operates large-scale renewable energy projects, including wind power, solar, battery storage, and utilities.
It is set to complete two significant projects in Taiwan and Poland by 2026/2027. Once completed, they will increase Northland’s power capacity by more than 60%. That will provide a meaningful boost to its Northland’s bottom line.
While you wait, you can collect a 4.8% dividend yield. A $15,000 investment would earn $60 per month in passive income.
A quality REIT with monthly income
Real estate is an ideal asset class to find monthly income. Landlords charge rent monthly, and real estate investment trusts (REITs) must distribute most of that back to their investors. Dream Industrial REIT (TSX:DIR.UN) is one of the largest industrial property owners in Canada.
The REIT has 72.9 million square feet of owned and managed properties inside its portfolio. These tend to be multi-tenanted, urban-focused properties that have a wide array of uses by tenants.
The REIT has strong +96% occupancy and a diverse tenant mix. Its average rent is about 15% below market, so it has a large natural organic growth opportunity on turnover or lease renewal.
Dream stock yields 5.66% right now. A $15,000 TFSA investment would earn $70.70 of monthly income.
Pizza for an elevated yield
Another income stock to buy for your TFSA is Pizza Pizza Royalty (TSX:PZA). It collects a royalty stream from well-known Canadian pizza brands Pizza Pizza and Pizza 73. It has over 750 locations across Canada.
While Pizza Pizza may not make the best pizza, it is affordable and well-liked across Canada. Takeout and delivery pizza is a very stable business. It grows by about the same rate as GDP on an annual basis.
Don’t expect a big capital gain with this stock. You’ll collect some dividend income and modest capital appreciation as its portfolio of restaurants expands.
It does have an elevated dividend-payout ratio, so that is something to keep an eye on. It targets a 100% payout of its earnings. However, seasonal issues sometimes push the payout over 100%. Right now, Pizza Pizza yields 6%. If you put $15,000 into this stock today, you would earn $74.17 monthly.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL PAYOUT | FREQUENCY |
| Mullen Transportation | $13.99 | 1,072 | $0.07 | $75.04 | Monthly |
| Northland Power | $24.94 | 601 | $0.10 | $60.10 | Monthly |
| Dream Industrial REIT | $12.37 | 1,212 | $0.0583 | $70.70 | Monthly |
| Pizza Pizza Royalty | $15.66 | 957 | $0.0775 | $74.17 | Monthly |
Prices as of October 8, 2025
