How I’d Create $146 in Monthly Income With a $25,000 TFSA Investment

Investing in Canadian dividend stocks that offer monthly payouts through a Tax-Free Savings Account (TFSA) can help create an income without the stress of market swings or taxes eating into your returns. By focusing on companies with fundamentally strong businesses and a consistent dividend payout history, investors can create a reliable source of cash flow that lasts for decades.

So if you have $25,000 to invest through a TFSA, here are reliable TSX stocks that can help create over $146 in monthly income.

Monthly dividend stock #1: SmartCentres REIT

SmartCentres REIT (TSX:SRU.UN) is a dependable monthly dividend stock to create a passive income stream. The real estate investment trust (REIT) operates 197 high-quality properties at prime Canadian locations, generating solid foot traffic. This, in turn, leads to strong leasing demand, high occupancy rate, and higher rental spreads, driving its same-property net operating income (SPNOI) and supporting its monthly payouts.

For instance, SmartCentres REIT reported a very high occupancy of 98.6% in Q2. Further, the solid leasing demand drove renewals at higher rents, supporting future growth. In addition, SmartCentres’ high-quality tenants, including large national retailers that remain relatively immune during economic slowdowns, drive its rent collection rate.

The REIT is expanding into mixed-use developments to diversify its offerings and boost long-term earnings. Furthermore, its large underutilized land bank and a strong balance sheet provide a solid base for future growth. The trust currently pays $0.154 per share every month, reflecting a high yield of 6.9%.

Monthly dividend stock #2: Whitecap Resources

Whitecap Resources (TSX:WCP) is one of the top dividend stocks that can help create a reliable monthly income. From January 2013 to August 2025, the oil and gas producer has returned roughly $2.7 billion to shareholders through dividends. This reflects its strong cash-generation capabilities and focus on returning cash to its shareholders.

Whitecap currently offers a monthly dividend of $0.061, translating into a dividend yield of about 7.2%.

Whitecap is focusing on operational efficiency, capital discipline, and strategic project selection to support growth. By optimizing its drilling programs and channelling investments into high-return opportunities, the company aims to sustain steady earnings even amid commodity price fluctuations. Its diverse asset base and commitment to maintaining low leverage strengthen its balance sheet, ensuring that dividends remain well-supported while leaving room for reinvestment and growth.

The recent acquisition of Veren is another strategic step to accelerate its growth. This deal expands its scale and enhances its portfolio with high-quality assets, further boosting its long-term production and cash flow potential. As Whitecap integrates these new operations, it will broaden its portfolio of premium energy projects, setting the stage for continued growth and solid shareholder returns.

Earn over $146 every month

SmartCentres REIT and Whitecap Resources are reliable dividend stocks for a TFSA portfolio to create a monthly income stream. Besides their durable payouts, these TSX stocks offer high and sustainable yields. By investing $25,000 split evenly between them, you could earn about $146.61 a month in tax-free income.