When you invest in stocks through your TFSA (Tax-Free Savings Account), you can save some big bucks. Even with the dividend tax credit, eligible dividends outside of a registered account can still be liable for as much as 15–25% tax, depending on your marginal tax rate.
Save thousands of dollars by using your TFSA to invest
That is income that is lost to you forever. However, inside the TFSA, all that income stays with you. Over time, that can add up to thousands of dollars. That is especially true if you are earning hundreds or thousands of dollars of dividends inside your TFSA annually.
If you wanted to build an income-producing TFSA portfolio, here are three stocks that combined would earn nearly $1,500 per year if you invested $10,000 into each.
Topaz: A growing yield play on the energy industry
Topaz Energy (TSX:TPZ) is an off-handed way of playing energy growth in Western Canada. The energy producer is structured as a royalty and infrastructure business. It has well-located acreage and high-quality midstream infrastructure in some of the top energy production regions in Western Canada.
While TPZ stock is sensitive to energy prices, it has no operational risk related to drilling or production. It has long-term infrastructure contracts, and its royalty collects a piece of the energy proceeds from the energy producers on its land.
Topaz has raised its dividend nine times since it was listed in 2020. That is a 70% dividend increase over that time. Several of its producers are planning significant growth in the years ahead. That should be a long-term tailwind.
Topaz stock yields 4.9% right now. A $10,000 investment in Topaz would earn $122.06 quarterly or $488.24 annually.
Granite REIT: A buy-and-hold TFSA stock
Granite Real Estate Investment Trust (TSX:GRT.UN) is a sleep-easy-at-night REIT to hold for steady TFSA income. This REIT has an attractive mix of logistics, manufacturing, and warehousing properties.
Strong leasing and improving occupancy (now 97%) have pushed out better-than-expected results in 2025. Last quarter, Granite grew cash flow per unit by 9%. Trade uncertainty is starting to abate, and management expects strong leasing momentum into 2026.
Granite REIT yields 4.6%. It now has 15 consecutive distribution increases under its belt. A $10,000 investment in Granite would earn $38.45 monthly or $461.45 annualized.
Pembina Pipeline: A top TSX infrastructure stock
Pembina Pipeline (TSX:PPL) offers a different way to play energy. It operates a diversified network of crucial infrastructure assets for the Canadian energy industry. Over 85% of Pembina’s assets are contracted. That contracted income widely supports its dividend.
Pembina has a wide funnel of capital growth opportunities, including a major LNG terminal, several crucial pipelines, and a data centre power opportunity. It is well-managed and very good at executing growth projects. These opportunities should support mid-single-digit growth in the years ahead.
Pembina stock yields 5.3% today. PPL stock has been delivering annual dividend growth for the past couple of years. Pembina is primed to increase its dividend in early 2026. A $10,000 TFSA investment in Pembina would earn $132.06 quarterly, or $528.24 annually.
The Foolish takeaway
With this $30,000 TFSA portfolio, you could earn as much as $1,477.93 in tax-free dividends annually. The great news is all these stocks are dividend growers, so you should only see your income and yield on cost rise as you hold over time.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL PAYOUT | FREQUENCY |
| Topaz Energy | $27.80 | 359 | $0.34 | $122.06 | Quarterly |
| Granite REIT | $76.39 | 130 | $0.2958 | $38.45 | Monthly |
| Pembina Pipeline | $53.68 | 186 | $0.71 | $132.06 | Quarterly |
Prices as of November 26, 2025.
