How I’m Structuring My $14,000 TFSA for Steady Monthly Payouts

The TFSA (Tax-Free Savings Account) is the place for dividend stocks. All your income is tax-free, so you keep everything you earn. $14,000 of savings can do more than just sit in a savings account or Guaranteed Investment Certificates.

Investing in the right stocks can generate a monthly income stream for you. They can also provide capital growth over time. Here’s how I would structure a $14,000 portfolio for a diversified assortment of monthly income and growth. This portfolio could earn over $50 per month. Here’s how it would work.

Mullen Group: A TFSA staple

I’d first put $3,500 of my TFSA cash into Mullen Group (TSX:MTL). It yields 3.22% right now. Your investment would earn $9.31 monthly.

Despite a challenging economy and weak freight volumes, Mullen has performed very well. Its stock is up 64% this year! The company used the tough environment to consolidate smaller transport providers and streamline operations. It generated record revenue and operating income in its recent quarter.

If you want a well-run business with solid opportunities to grow over time, Mullen is a great bet for monthly income inside a TFSA.

Surge Energy

The next stock I’d buy with $3,500 is Surge Energy (TSX:SGY). This TFSA stock yields 5% right now. Your investment would earn $14.73 of passive income monthly.

Surge produces over 23,000 barrels of oil equivalent (BOE) per day in Alberta and Saskatchewan. The company has a strong focus on efficiency, which has allowed it to grow free cash flow production, despite fluctuating energy prices.

With 89% liquid production, it gets the benefit of elevated oil prices in 2026. With a low decline rate, 16 years of drilling inventory, a modest balance sheet, a low dividend payout ratio, and a growing cash flow stream, the company is well-positioned to keep delivering good returns for shareholders.

Dream Industrial: A top REIT for TFSA income

Another stock to buy in a TFSA with $3,500 is Dream Industrial REIT (TSX:DIR.UN). This stock yields 5.2% today. Your investment would earn $15.06 monthly.

Dream operates and manages 348 multi-tenant industrial properties in North America and Europe. These are quality warehousing, distribution, and manufacturing assets. It has hundreds of tenants, so it is not overexposed to any one sector or tenant.

Dream has a solid balance sheet that allows it to be opportunistic in acquisitions. A steadily declining payout ratio afforded it to recently raise its distribution by 2.5%. Dream still trades at a 17% discount to its private market value, so there is still upside to be recognized in the stock.

Richards Group

The last stock I’d consider buying with $3,500 in a TFSA is Richards Group (TSX:RIC). It yields 4.19% today. Your investment would earn $12.43 of passive income monthly.

Richards has had a tough go over the past five years. Packaging demand has significantly declined. Further, tariffs suppressed demand where the company had large U.S. exposure. Fortunately, the company is working on a turnaround. It has steadily been acquiring medical devices and disposables.

Over 50% of its income is now from healthcare, which is a more consistent, stable business. Likewise, it has greater exposure to Canada now. The company is cheap, trading at only 12 times earnings. If it can continue to make smart acquisitions, it could return to a growth posture in the years to come.