Transform Your TFSA Into a Cash-Creating Machine With $15,000

These Canadian stocks are well-positioned to reward shareholders through steady dividend payments in the long term.

Key Points
  • Investors can turn the TFSA into a money-creating machine by holding top dividend stocks inside the account.
  • These top Canadian stocks pay reliable dividends, supported by their strong earnings and sustainable payouts.
  • Investing $15,000 between these three TSX stocks could generate about $670 in tax-free income annually.

Investing in dividend stocks inside a Tax-Free Savings Account (TFSA) can transform the account into a cash-creating machine. Even with $15,000, investors can begin building a stream of tax-free income by focusing on high-quality Canadian dividend stocks known for consistent payouts.

Against this background, here are three Canadian stocks with solid fundamentals and reliable dividends that can help transform your TFSA into a cash-creating machine.

Printing canadian dollar bills on a print machine

Source: Getty Images

TFSA dividend stock #1: Emera

Emera (TSX: EMA) is a reliable dividend play for a TFSA. It owns regulated electric and natural gas utilities as well as related energy infrastructure. Thanks to its high-quality assets, Emera generates steady earnings and predictable cash flow across all market conditions. Its defensive operating models and growing cash enable the company to consistently pay and increase its dividend.

The utility company has raised its dividend for 19 consecutive years. Moreover, it will likely sustain its payouts in the years ahead.

The company’s $20 billion capital program through 2030 is set to drive expansion. Investments in grid modernization, renewables, energy storage, and natural gas infrastructure are expected to grow the company’s rate base by 7% to 8% annually. Thanks to the growing rate base, management forecasts adjusted earnings per share (EPS) to increase by 5% to 7% annually, supporting projected dividend increases of 1% to 2% annually.

TFSA dividend stock #2: Brookfield Renewable Partners

TFSA investors could consider adding Brookfield Renewable Partners (TSX: BEP.UN) stock to their portfolios. The company is one of the world’s largest publicly traded renewable power platforms, with a diversified portfolio spanning hydroelectric, wind, solar, and storage assets across multiple regions.

It focuses on long-term, contracted cash flows, enhancing earnings visibility and supporting steady distributions. The company recently raised its annual distribution by 5% to US$1.568 per unit ($2.15 per share based on the current currency conversion rate), yielding about 4.9%.

Since its 2011 market listing, Brookfield Renewable has delivered 15 consecutive years of at least 5% annual distribution growth. Looking ahead, structural tailwinds support further dividend growth. Rising electricity demand, driven by digitalization and AI, continues to accelerate global investment in clean power. Brookfield’s capital-recycling strategy, development project pipeline, and investments in battery storage and grid modernization position it to capitalize on this growth and deliver a higher dividend.

TFSA dividend stock #3: Bank of Nova Scotia

Bank of Nova Scotia (TSX: BNS) is another top dividend stock to buy now. The bank has paid dividends since 1833. Moreover, in the past decade, its dividend grew at roughly 5% annually, supported by steady earnings expansion.

Its diversified revenue base, with loan and deposit growth, easing funding costs, and expanding fee-based businesses, could continue to drive its financials and payouts. Moreover, strength in underwriting and advisory services augurs well for growth.

With solid top-line growth, stable credit quality, and a strong balance sheet, Scotiabank appears well-positioned to protect earnings and continue rewarding shareholders with dependable dividend growth. Management targets a 40%–50% payout ratio, which is sustainable in the long run.

Earn a passive income of about $670 per year with $15,000

Emera, Brookfield Renewable Partners, and Bank of Nova Scotia are three high-quality dividend stocks that can help turn your TFSA into a cash-creating machine.

If you invest $15,000 and divide it equally among these three TSX-listed stocks, you could generate approximately $669.92 (about $670) per year in tax-free dividend income. Based on current yields, Emera would contribute about $208.16 annually, Brookfield Renewable Partners would add about $250.56, and Bank of Nova Scotia would provide roughly $211.2 annually.

CompanyRecent PriceNumber of SharesDividendTotal PayoutFrequency
Emera$69.8071$0.733$52.04Quarterly
Brookfield Renewable$42.90116$0.54$62.64Quarterly
Bank of Nova Scotia$104.0348$1.10$52.80Quarterly
Price as of 02/18/2026

Fool contributor Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool recommends Bank Of Nova Scotia, Brookfield Renewable Partners, and Emera. The Motley Fool has a disclosure policy.

More on Dividend Stocks

Person holding a smartphone with a stock chart on screen
Dividend Stocks

For BCE vs. Enbridge, a 5.7% Yield vs. 5.9% (And the One I’d Prefer for Income)

Both BCE and Enbridge offer attractive income, but BCE is a higher-risk turnaround opportunity, whereas Enbridge offers a more predictable…

Read more »

man shops in a drugstore
Dividend Stocks

How Much to Invest in RioCan for $300 a Month in Dividends

How much should you invest in RioCan for $300 a month in dividends? Explore its retail business, monthly payout and…

Read more »

A close up color image of a small green plant sprouting out of a pile of Canadian dollar coins "loonies."
Dividend Stocks

Telus Dividend Safety: Is the Stock Still Worth Buying for Income?

Explore the latest insights on Telus dividend amid a challenging earnings report and management's new Transformation Strategy.

Read more »

voice-recognition-talking-to-a-smartphone
Dividend Stocks

BCE Just Reported: What $10,000 Could Earn You in Dividends Today

BCE is yielding a very generous 5.2%, as the company's telecom business improves and long-term investments drive growth.

Read more »

Transparent umbrella under heavy rain against water drops splash background. Rainy weather concept.
Dividend Stocks

Is Intact’s Rough Quarter a Blip or the New Normal for Canadian Insurers?

Intact reported $660 million in pre-tax catastrophe losses during the quarter, which dragged its net operating income per share lower.

Read more »

investor faces bear market
Dividend Stocks

How Much to Invest in BCE for $1,500 a Year in Dividends

BCE (TSX:BCE) could be a huge dividend value winner as the stock markets correct and potentially flirt with a bear…

Read more »

diversification is an important part of building a stable portfolio
Dividend Stocks

Want $6,000 a Year From Your TFSA? Here’s the Portfolio Size to Aim for

A $150,000 starting target can support a $6,000 annual TFSA income goal without requiring an extreme yield.

Read more »

top TSX stocks to buy
Dividend Stocks

Hot Take: The Best Monthly Dividend Stock on the TSX Right Now

For investors seeking monthly dividend payments, this REIT has a history of consistent dividend payments across different market conditions, along…

Read more »