Many people believe dividend income doesn’t matter until they’ve built a portfolio worth six figures. But that is not always true. Even a $30,000 Tax-Free Savings Account (TFSA) could create a useful monthly cash stream when it is placed in quality dividend stocks.
And the bigger advantage of investing through a TFSA is that every dollar of income stays sheltered from tax inside the account. To achieve that monthly income goal, I would focus on companies that combine steady payouts with improving business momentum rather than simply picking the biggest yields and flashiest stocks.
In this article, I’ll talk about two Canadian monthly dividend stocks that could help a $30,000 TFSA generate close to $86 in tax-free income each month.
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Primaris REIT stock
The first monthly dividend stock I would consider for this TFSA plan is Primaris Real Estate Investment Trust (TSX:PMZ.UN). It mainly owns and operates enclosed shopping centres across Canada. Its portfolio spans about 15.1 million square feet and includes properties such as Oshawa Centre, Southgate Centre, and Lime Ridge Mall.
Primaris units recently traded at $22.92 per share, giving the real estate investment trust (REIT) a market cap of $2.7 billion. Although the stock has gained 54% over the last year, it still offers a healthy annualized dividend yield of 3.8%.
The recent gains in Primaris stock have mainly been driven by its strong leasing activity, higher rents, and confidence in the REIT’s redevelopment plans. In the first quarter of 2026, the trust completed 193 leasing deals covering 565,000 square feet. Its renewing net rents rose by an average of 5.5%.
During the quarter, the company’s total rental revenue rose to $177 million from $150 million a year earlier. Its net profit also climbed to around $42 million from $31 million.
Meanwhile, Primaris is also working to refill the former HBC space. About 35% of that space is already committed or conditionally leased, while more is in advanced negotiations. With $627 million of liquidity and a 51.8% funds from operations payout ratio, Primaris has room to fund redevelopment and support its monthly distribution.
That combination of income, leasing momentum, and redevelopment potential makes Primaris an attractive TFSA holding right now.
Mullen Group stock
For the second half of this tax-free income plan, I would consider Mullen Group (TSX:MTL). The company mainly provides transportation, warehousing, logistics, customs brokerage, and specialized services across North America.
After surging by 91% over the last year, MTL stock currently trades at $26.80 per share, with a market capitalization of $2.6 billion. It offers an annualized dividend yield of 3.1%.
This rally in MTL stock has been backed by its record quarterly results and improving freight conditions. In the second quarter, the company’s revenue rose 12.6% year over year (YoY) to $609.3 million. New acquisitions added $44.7 million, while higher fuel surcharges contributed another $28.3 million. As a result, its adjusted operating income before depreciation and amortization climbed 21.8% YoY to $102.1 million.
This growth was broad-based as its less-than-truckload segment’s adjusted operating income rose 21.3% from a year ago, while logistics and warehousing rose 26.6%. The U.S. and international logistics segment also posted a sharp improvement as the U.S. freight market tightened.
Encouraged by these results, Mullen also raised its 2026 capital program by $50 million to prepare for stronger customer demand. With stronger operating momentum, monthly dividends, and room for further acquisitions, Mullen looks like a strong income and growth stock for a TFSA.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | INVESTMENT | DIVIDEND YIELD | MONTHLY PAYOUT | DIVIDEND FREQUENCY |
| Primaris REIT | $22.92 | 654 | $15,000 | 3.8% | $48 | Monthly |
| Mullen Group | $26.80 | 560 | $15,000 | 3.1% | $39 | Monthly |
| TOTAL | $30,000 | $86 | ||||
| Prices as of July 23, 2026 |
Generate $86 a month in tax-free income
An equal $15,000 investment in each stock would generate about $570 a year from Primaris based on its 3.8% yield and about $465 a year from Mullen based on its 3.1% yield. That works out to roughly $1,035 in annual dividend income, or about $86 every month. Since the investments are held inside a TFSA, that income could be received tax-free. If both companies continue growing over time and keep paying dividends, reinvesting those payouts could gradually increase both your portfolio value and your future monthly income.
