If I had $14,000 sitting in a Tax-Free Savings Account (TFSA) and wanted monthly income, I wouldn’t ask how much cash I could squeeze out of it immediately. I’d ask how I could make that cash flow bigger 5, 10, or even 20 years from now. That changes the way I’d build my portfolio. Instead of reaching for the biggest yields I could find, I’d want investments where the monthly payout is supported by stable financials and a strong fundamental outlook.

In this article, I’ll highlight two top monthly dividend stocks I’d consider for a $14,000 TFSA built for long-term income.

Choice Properties stock

To start building that monthly TFSA income stream, Choice Properties Real Estate Investment Trust (TSX:CHP.UN) looks like a dependable option to consider on the TSX today.

It owns and manages retail, industrial, mixed-use, and residential properties across Canada. The real estate investment trust’s (REIT) portfolio includes more than 700 income-producing properties with roughly 60 million square feet of gross leasable area. More importantly, much of its retail portfolio is anchored by necessity-based tenants.

After gaining 5% over the last year, Choice stock currently trades at $15.34 per share with a market cap of $5 billion. At this market price, it offers a 5.1% annualized dividend yield, with monthly payouts.

In the second quarter, the REIT’s same-asset net operating income on a cash basis rose 2.8% year-over-year (YoY). Its total cash-basis net operating income (NOI) also inched up 2.8%. Meanwhile, funds from operations (FFO) climbed 0.7% YoY, while diluted FFO edged 0.8% higher to $0.27 per unit. Strong same-asset NOI growth helped its FFO, although higher interest expenses partially offset the improvement.

There were encouraging signs underneath those numbers as well. The REIT achieved long-term renewal leasing spreads of 19%, while period-end occupancy remained strong at 97.7%.

On top of that, if completed, its pending transaction involving First Capital REIT could expand its portfolio. Taken together, Choice Properties’ 5.1% yield, high occupancy, monthly payouts, and steady underlying cash-flow growth make it an attractive building block for a TFSA focused on lasting income.

SmartCentres stock

SmartCentres Real Estate Investment Trust (TSX:SRU.UN) would fill the higher-income side of this $14,000 TFSA strategy.

This REIT owns 201 strategically located properties across Canada. It has about 35.5 million square feet of income-producing retail and office properties and also has residential and self-storage assets. SmartCentres stock has risen 3% over the last year, currently trading at $27.75 per share with a market cap of roughly $4 billion. It offers a juicy 6.7% annualized dividend yield.

In the latest quarter ended in June, SmartCentres’ same-property NOI rose 2.6% YoY. Its in-place and committed occupancy improved by 0.5 percentage points sequentially to 98.1%. The REIT also achieved 12% rent growth on extended leases when anchors were excluded.

The company’s ongoing leasing and development activity enhances its investment appeal further. Last quarter, SmartCentres leased roughly 247,000 square feet of vacant space. Meanwhile, it is also advancing retail, residential, and self-storage developments, including new self-storage facilities and its ArtWalk projects in Vaughan.

Overall, SmartCentres’ 6.7% yield, 98.1% occupancy, strong leasing momentum, and development pipeline make it another attractive monthly income stock to hold in a TFSA for the long haul.

Turning $14,000 into monthly income

Now, here’s how I’d put the $14,000 to work. Splitting it equally would mean investing $7,000 in each REIT. Based on their current 5.1% and 6.7% annualized yields, Choice Properties would generate about $357 annually and SmartCentres about $469. Together, that works out to roughly $826 per year, or nearly $69 per month. If those distributions remain intact, reinvesting them could buy more units and gradually increase the monthly income stream over the years.

The post I’d Structure a $14,000 TFSA Like This for Monthly Income for Life appeared first on The Motley Fool Canada.

More reading

• Here Are 2 High-Yield Dividend Stocks I’d Hold for a Decade
• I’m Holding These 2 High-Yield Dividend Stocks for a Decade
• This 5% Dividend Stock Sends You Cash Every Month
• This 6.6% Dividend Stock Sends You Cash Every Month
• I’m Maximizing My TFSA Returns Starting This Summer

Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool recommends First Capital Real Estate Investment Trust and SmartCentres Real Estate Investment Trust. The Motley Fool has a disclosure policy.

Most bills show up every month, but many dividend stocks make investors wait three months for their next payout. That is one reason I like the idea of owning dependable monthly dividend stocks. They can put cash into your account more regularly while still giving you a chance to benefit from long-term growth. Of course, the payout schedule means little if the underlying business is weak.

That is why I like Choice Properties Real Estate Investment Trust (TSX:CHP.UN) for investors who want monthly income without giving up long-term growth potential. Its large real estate portfolio, high occupancy, and growing property income provide solid support for its monthly distributions.

In this article, I’ll show you why this 5%-yielding dividend stock could be worth owning for reliable monthly passive income.

Choice Properties stock

Notably, Choice Properties is Canada’s largest real estate investment trust (REIT). It owns and manages a diversified portfolio of commercial and residential real estate across Canada. Its portfolio includes more than 700 income-producing properties with 60 million square feet of gross leasable area. These properties span the retail, industrial, mixed-use, and residential segments, with its retail portfolio largely anchored by necessity-based grocery tenants.

After gaining 8% over the last year, Choice’s stock currently trades at $15.50 per unit with a market cap of $5.1 billion. Income investors may find its payouts even more appealing as it offers a 5% annualized dividend yield and distributes cash every month. Its August distribution was set at $0.065 per unit, equivalent to $0.78 per unit yearly.

Strong operations support the monthly payout

Choice’s dividend becomes even more attractive when you consider the quality of the properties generating the cash that supports it. In the second quarter of 2026, Choice Properties’ funds from operations (FFO) rose 0.7% year-over-year (YoY) to about $193 million. Its diluted FFO climbed 0.8% YoY to $0.27 per unit. Strong same-asset net operating income growth supported FFO, although higher interest expenses partly offset the improvement.

In addition, the REIT’s cash-basis net operating income rose 2.8% YoY in the latest quarter to about $276 million. More importantly, it also achieved impressive long-term renewal leasing spreads of 19% while maintaining period-end occupancy of 97.7%.

While Choice’s quarterly net loss increased to about $176 million from $154 million a year ago, much of that loss reflected non-cash fair value adjustments rather than weakness in its underlying operations. These included the impact of the higher unit price on the fair value of its exchangeable units.

More room to grow

Reliable monthly income is attractive on its own, but Choice Properties also has several initiatives that could support growth over time. For 2026, the REIT is targeting roughly 2% to 3% YoY growth in same-asset cash-basis net operating income. Choice Properties also expects its diluted FFO per unit to be between $1.08 and $1.10.

Recently, the REIT renewed 50 Loblaw leases expiring in 2027. Those leases cover 3.6 million square feet and were renewed at a weighted average spread of 8.8% with an average five-year extension. Choice Properties also plans to keep advancing commercial developments to add high-quality properties to its portfolio.

Given these positive factors, Choice Properties offers more than an attractive payout schedule. Its 5% dividend yield, monthly distributions, high occupancy, growing property income, and continued portfolio efforts make it a really appealing stock for investors seeking recurring passive income and long-term growth potential.

The post This 5% Dividend Stock Sends You Cash Every Month appeared first on The Motley Fool Canada.

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Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy

If I’m buying a stock mainly for monthly income, I mainly want three things from the business behind it: dependable cash flow, reasonable support for the payout, and some room to grow.

And SmartCentres Real Estate Investment Trust (TSX:SRU.UN) offers all three today. Its over 6% annualized yield provides attractive monthly income, while high occupancy and healthy leasing activity help keep rental cash flowing through the portfolio. In recent quarters, its adjusted funds from operations (AFFO) payout ratio has also improved, which is an encouraging sign for investors relying on those dividends.

In this article, I’ll break down what supports SmartCentres REIT’s strong monthly distribution and why its growth plans make this monthly dividend stock attractive for long-term income investors.

SmartCentres stock

In short, SmartCentres is a Vaughan-based real estate investment trust (REIT) that owns, leases, and manages shopping centres, office properties, rental residences, industrial facilities, condos, townhomes, and self-storage properties across Canada.

After climbing 9% so far in 2026, SmartCentres stock recently closed at $28.15 per share, giving the REIT a market cap of roughly $4 billion. Income investors get a 6.6% annualized dividend yield, with distributions arriving every month.

Strong leasing supports its dividends

SmartCentres ended the second quarter of 2026 with an in-place and committed occupancy rate of 98.1%, up 0.5% from the previous quarter. The REIT leased about 247,000 square feet of vacant space during the quarter, while extending 86% of existing leases maturing in 2026.

More importantly, its rental rates moved higher as SmartCentres reported rent growth of 12% excluding anchor tenants and 6.6% including anchors. Its same properties net operating income (NOI) also improved by 2.6% year-over-year (YoY), or 4.4% excluding anchors, helped by lease-up activity at higher rents.

Overall, its NOI came in at $139.9 million, down 1% YoY. The decline mainly reflected fewer townhome closings as the final unit in the Vaughan NW project closed during the quarter. Higher net rental income from lease-up and renewals across the commercial portfolio partly offset that weakness.

Growth beyond the monthly payout

The 6.6% yield may grab your attention first, but SmartCentres is also working on projects that could expand its property base over time. The REIT continues construction on a 200,000-square-foot Canadian Tire flagship store in Toronto, with delivery expected in the fourth quarter of 2026. It also acquired a 17-acre site in Winnipeg for about $10.1 million, where a new Walmart is expected to anchor the retail development under a 20-year lease.

Meanwhile, construction continues on its ArtWalk condo project in Vaughan, where roughly 93% of the 340 units were pre-sold. SmartCentres has also started construction on a 65-unit rental building in the same area.

Its self-storage business is also expanding. In the latest quarter, SmartCentres partially opened two new facilities in Quebec, while additional projects are under construction in British Columbia and Alberta.

Overall, SmartCentres’ solid dividend yield, monthly payouts, high occupancy, strong leasing momentum, and active development pipeline make this an appealing monthly dividend stock to consider for long-term passive income.

The post This 6.6% Dividend Stock Sends You Cash Every Month appeared first on The Motley Fool Canada.

More reading

• I’d Structure a $14,000 TFSA Like This for Monthly Income for Life
• Here Are 2 High-Yield Dividend Stocks I’d Hold for a Decade
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Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool recommends SmartCentres Real Estate Investment Trust. The Motley Fool has a disclosure policy.

I like dividends, but I like them even more when I don’t have to wait three months to get paid. That is what made one Canadian stock stand out for me recently. It currently yields nearly 8%, and instead of sending shareholders four payments a year, it pays every month. Put $10,000 into the stock at its current yield, and you are looking at roughly $66 in average monthly dividend income. That starts to feel a little like having a tiny ATM sitting inside your portfolio.

Of course, I would never buy a stock simply because the yield looks good. Its earnings have softened lately, and the company’s mortgage portfolio has shrunk as borrowers repay loans faster than new ones are being issued. But its conservative lending standards, falling borrowing costs, and expectations for renewed loan growth make it considerably more interesting to invest in right now.

In this article, I’ll dig into this 7.9%-yielding Canadian monthly dividend stock and explain why I find it attractive to buy right now.

Atrium stock

The monthly dividend stock behind that 7.9% yield is Atrium Mortgage Investment (TSX:AI), which could turn a relatively small investment into a recurring stream of cash every month. If you don’t know it already, this Toronto-based firm is a non-bank lender that provides residential and commercial mortgages in major Canadian urban markets. It mainly focuses on borrowers whose financing needs may not be fully met by larger financial institutions.

Atrium stock recently closed at $11.76 per share with a market cap of $568 million. The stock currently offers a 7.9% annualized dividend yield and distributes its regular dividend monthly.

That steady payout is backed by a portfolio that management continues to run conservatively. At the end of June, 96.9% of Atrium’s mortgage portfolio was invested in first mortgages. About 90.5% was below 75% loan-to-value, while the weighted average loan-to-value stood at 62.5%.

Recent earnings and portfolio trends

Atrium generated second-quarter revenue of $18.7 million, down 11.8% year-over-year (YoY). The company’s net income fell 10.5% YoY to $11.7 million, while basic earnings came in at $0.24 per share compared with $0.28 a year ago.

For the first six months of 2026, revenue declined 10.7% YoY and net income slipped 5.1%. Atrium pointed to a still-subdued lending environment, while the mortgage portfolio also shrank because repayments exceeded new advances.

Even so, Atrium advanced $132.9 million of mortgage principal during the first half, while $186.4 million was repaid or transferred. Its mortgage portfolio stood at $860.1 million at the end of June, down from $917.1 million at the end of 2025.

Why this monthly income stock still looks attractive

For investors treating Atrium like a monthly income machine, the company’s future plans matter just as much as its current yield.

Atrium expects repayment activity to moderate through the rest of 2026. It also opened a new Alberta office in April and expects that expansion to support stronger loan originations from Western Canada during the second half of the year. Its management also expects the mortgage portfolio to climb back above $900 million by year-end.

Borrowings under Atrium’s $380 million credit facility also fell to $224.1 million by June, leaving the company with large available capacity. At the same time, its weighted-average borrowing cost declined to roughly 4.7% in the second quarter, down from 5.1% a year ago.

Atrium has already declared monthly dividends of $0.078 per share for October, November, and December 2026. That regular payout, coupled with its 7.9% annualized yield, conservative mortgage profile, and expected recovery in loan activity, makes Atrium an attractive stock for investors seeking dependable monthly passive income.

The post I Found a Dividend Stock That Pays 7.9% Monthly Like an ATM appeared first on The Motley Fool Canada.

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Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

With the right monthly dividend stocks, you could start generating dependable income inside your Tax-Free Savings Account (TFSA) throughout the year without much difficulty. Later, you can decide to use that income to cover your regular expenses, support your retirement plans, or buy more shares without requiring fresh savings.

But the most important thing here is choosing companies with dependable operations, healthy distributions, and enough growth potential to protect your purchasing power over time. In this article, I’ll highlight two top Canadian monthly dividend stocks and tell you how they could turn your TFSA into a cash-generating machine.

SmartCentres stock

The first monthly income stock that could help put your TFSA cash machine in motion is SmartCentres Real Estate Investment Trust (TSX:SRU.UN).

This Vaughan-based REIT owns and manages shopping centres, offices, rental residences, industrial properties, self-storage facilities, and development projects across Canada. It has interests in 200 properties and owns 35.5 million square feet of income-producing space.

After climbing 15% over the last year, SmartCentres stock currently trades at $29.81 per share with a market cap of $4.3 billion. At the current price, it offers a juicy 6.2% annualized dividend yield and pays distributions monthly.

In the latest quarter (ended in March 2026), the real estate investment trust (REIT) extended about 80% of its leases maturing during the year. Its average rent growth reached 11.5% excluding anchor tenants. Similarly, its in-place and committed occupancy stood solid at 97.6% at quarter-end and later improved further to 98%.

As a result, SmartCentres REIT posted a 0.7% year-over-year (YoY) rise in its net operating income to $137.7 million. Higher base rent from lease renewals and new leasing supported the increase, although a larger expected credit loss provision limited growth.

The REIT is also expanding its growth pipeline as construction continues on its 200,000-square-foot Canadian Tire location in Toronto, while new retail projects are planned in Kingston, Winnipeg, and other markets.

For TFSA investors seeking a reliable monthly income, SmartCentres offers an appealing combination of a high yield, strong occupancy, and visible development opportunities.

Killam Apartment REIT stock

For investors who want to add residential exposure to the same TFSA income strategy, Killam Apartment REIT (TSX:KMP.UN) could be another attractive choice.

This REIT owns and operates a $5.5 billion portfolio of apartments, manufactured home communities, and commercial properties. Its apartment portfolio includes nearly 18,000 units, while its manufactured home communities contain about 5,800 sites.

Up 14% so far in 2026, Killam stock currently trades at $18.72 per share with a market cap of $2.3 billion. The stock currently offers a 3.8% annualized dividend yield with monthly payouts.

In the first quarter, the trust’s property revenue rose 3.9% YoY to $96.7 million, while net operating income climbed 5.1% to $62 million, supported by rent growth and healthy apartment occupancy of 97%.

Killam is also recycling capital into newer properties and repurchasing units at a discount to net asset value. Its Brightwood development in Waterloo was completed ahead of schedule and below budget.

Overall, Killam’s lower yield comes with a more conservative payout ratio and stable residential demand, making it a useful second building block for a diversified TFSA cash machine.

Here’s the math to generate $83 a month in passive income

Here is the math behind the idea. If you invested about $20,000 in a TFSA and built a portfolio with these two REITs, the combined dividend yield would be close to 5% based on their current yields. That could generate roughly $1,000 a year, or around $83 every month, before any future dividend increases. Reinvesting those monthly payouts instead of spending them could also help your TFSA grow even faster over time through the power of compounding.

The post How to Turn Your TFSA Into an $83-a-Month Cash-Generating Machine appeared first on The Motley Fool Canada.

More reading

• I’d Structure a $14,000 TFSA Like This for Monthly Income for Life
• Here Are 2 High-Yield Dividend Stocks I’d Hold for a Decade
• I’m Holding These 2 High-Yield Dividend Stocks for a Decade
• This 6.6% Dividend Stock Sends You Cash Every Month
• This Stock Pays You a 6% Dividend Every Single Month

Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool recommends SmartCentres Real Estate Investment Trust. The Motley Fool has a disclosure policy.

If I were making a 2026 Tax-Free Savings Account (TFSA) contribution today, I wouldn’t be thinking only about how much my portfolio could be worth years from now. I’d also be thinking about how soon it could start paying me back. That’s one reason I like monthly dividend stocks. They provide a regular income that could be spent, saved, or reinvested to buy even more shares.

In this article, I’ll share two top Canadian stocks I’d use to turn a 2026 TFSA contribution into recurring monthly income.

Exchange Income stock

A practical way to start building a monthly TFSA cash flow could be with a diversified operator like Exchange Income (TSX:EIF).

The Canadian company operates a diversified collection of aviation, aerospace, and manufacturing businesses. Its stock has rallied 92% over the last year and offers a not-too-high but reliable 2.2% dividend yield. As a result, EIF stock now trades at $126.92 per share, giving it a market cap of $7.2 billion.

Its strong share price performance reflects equally impressive business momentum. In the first quarter, Exchange Income delivered record revenue of $866.6 million, up 30% year-over-year (YoY), while its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) climbed 28% to $166.1 million. During the quarter, the company’s free cash flow also jumped 48% to roughly $120 million.

Much of that growth came from Exchange Income’s aerospace and aviation segment, where revenue surged 59% YoY to $608 million. This increase was driven by the Canadian North and Mach2 acquisitions, stronger passenger demand, solid medevac contract performance, and increased flying activity under special mission contracts.

Going forward, Exchange Income now expects 2026 adjusted EBITDA to land near the upper end of its $825 million to $875 million guidance range.

Taken together, the stock combines reliable monthly income with multiple long-term growth drivers, making it an attractive TFSA holding for investors looking to build recurring monthly cash.

Whitecap Resources stock

To add a higher yield to that monthly income stream, Whitecap Resources (TSX:WCP) could be another attractive choice.

The Calgary-based firm primarily acquires, develops, and produces oil and natural gas assets across Western Canada. Whitecap stock has climbed 54% over the last year and 43% so far in 2026. It recently traded at $16.46 per share, giving the energy producer a market cap of about $20 billion. The stock also offers a 4.4% annualized dividend yield, with payouts made every month.

That impressive rally has been backed by record operating and financial results. In the second quarter, Whitecap’s petroleum and natural gas revenue surged 93% YoY to $2.6 billion. Similarly, its net profit for the quarter jumped 186% from a year ago to $889.5 million. Strong production and higher commodity prices played a major role in that performance.

Adding to the optimism, the company reduced net debt by about $900 million during the first half of 2026 to $2.5 billion. This brought its net debt -to-an annualized funds flow ratio down to just 0.5 times.

Whitecap still has several long-term growth opportunities ahead. Its Lator Montney facility was about 90% complete and is expected to begin operating in the fourth quarter with a capacity of 35,000 to 40,000 barrels of oil equivalent per day.

For TFSA investors, Whitecap offers a compelling mix of monthly income, strong production growth, rising free funds flow, and a healthier balance sheet. Those strengths make it an attractive stock to consider for building a dependable stream of monthly cash.

How much monthly cash could you earn?

A $10,000 investment in Exchange Income at a 2.2% yield could generate about $220 annually. Another $10,000 in Whitecap at a 4.4% yield could produce about $440. Together, that works out to roughly $660 per year, or $55 per month. This example clearly shows how one TFSA contribution could start producing regular cash almost immediately.

The post How to Turn Your 2026 TFSA Contribution Into $55 in Monthly Cash appeared first on The Motley Fool Canada.

More reading

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Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

A monthly distribution is only as good as the business supporting it. While plenty of TSX-listed companies could offer attractive yields for a while, the most rewarding long-term investments are usually those that continue growing while returning cash to shareholders year after year. That’s even more important inside a Tax-Free Savings Account (TFSA), where reliable income and long-term capital appreciation could compound without the drag of taxes. That’s why it’s better to own a business with a sustainable payout and improving fundamentals than chase a high dividend yield that may not last.

In this article, I’ll highlight one Canadian monthly income stock and explain why it could be a great choice for TFSA investors seeking tax-free income.

A monthly income stock worth considering

If your goal is to generate dependable monthly income inside a TFSA, you may want to consider adding Boardwalk Real Estate Investment Trust (TSX:BEI.UN) to your portfolio.

Based in Calgary, this real estate investment trust (REIT) owns more than 200 rental communities with roughly 33,000 residential suites across Canada. Most of its portfolio is in Alberta, with additional properties in Quebec, Saskatchewan, Ontario, and British Columbia.

Boardwalk shares currently trade at $66.84 each, giving the REIT a market capitalization of $3.1 billion. It rewards investors with a 2.5% annualized dividend yield, distributed monthly.

Steady operating growth supports the income

The monthly payout from a stock becomes more appealing when the underlying business continues to produce solid results. In the second quarter of 2026, Boardwalk’s rental revenue rose 2.3% year over year (YoY) to $160.9 million. Its net operating income rose 2.9% YoY to $107.2 million, backed by higher occupied rents and lower leasing incentives.

The REIT also reported funds from operations of $1.19 per share, up 2.6% YoY. Similarly, its adjusted funds from operations inched up by 2% YoY. These figures offer a clearer view of the REIT’s ability to support its monthly distributions.

During the quarter, Boardwalk maintained a strong same-property occupancy rate of 97%. Its average occupied rent also increased to $1,612 from $1,559 a year ago. Strong demand for affordable rental housing helped support those results despite softer conditions in a few markets.

Just as importantly, its dividend distribution remains well covered as its payout ratio in the June quarter was only 37.6% of funds from operations, leaving plenty of room to fund distributions while continuing to invest in its portfolio.

Why Boardwalk still looks attractive

Recently, Boardwalk has completed several asset sales and entered a strategic co-ownership arrangement. These moves give it more flexibility to repurchase undervalued shares and pursue future growth opportunities.

For 2026, the REIT maintained its funds from operations guidance of $4.60 to $4.80 per share. It also expects same-property net operating income growth of 1% to 3.5%.

Put it all together, and Boardwalk offers a reliable monthly income, high occupancy, a conservative payout ratio, and a share price well below reported net asset value. Those qualities make it an attractive TFSA stock for income and long-term growth.

How the monthly income math works

At the current market price, investing $20,000 at $66.84 per share in Boardwalk REIT would let you buy about 299 Boardwalk shares. With its yield currently standing at around 2.5%, those shares would generate roughly $42 in monthly income, or about $500 per year. Reinvesting those distributions could gradually increase the number of shares you own and help your monthly income grow over time.

The post I’d Buy This TFSA Stock to Deliver $42 in Monthly Income appeared first on The Motley Fool Canada.

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Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

One of the things I like most about a Tax-Free Savings Account (TFSA) is that you don’t need an enormous portfolio before your investments start producing healthy income. A well-chosen mix of Canadian dividend stocks could turn even a small account into a steady source of tax-free cash, and over time, those payments could grow further as you reinvest them or add new contributions.

But instead of looking for the biggest yields on the TSX, you should ideally own businesses with reliable operations, healthy cash flow, and dividends inside your TFSA that look sustainable for years to come. That approach may produce a little less income today, but it gives you much more confidence in the long run. And if those dividends arrive every month, your portfolio begins to feel like it’s working for you instead of simply sitting in the market.

In this article, I’ll show how I’d invest $24,000 in a TFSA to generate roughly $58 a month in tax-free income using just two monthly dividend stocks.

Mullen Group stock

If you’re looking to build a dependable monthly income, Mullen Group (TSX:MTL) could be a great stock to add to your TFSA portfolio.

The Canadian company provides transportation, warehousing, customs brokerage, and specialized logistics services across North America. After more than doubling in value over the last year, MTL shares recently traded at $27.39 per share, giving the business a market cap of about $2.6 billion. Income investors also receive a monthly dividend that currently offers a 3.1% annualized yield.

During the second quarter, Mullen’s revenue surged by 12.6% year over year (YoY) to $609 million. Acquisitions contributed $44.7 million in additional revenue, while higher fuel surcharge revenue added another $28.3 million.

More importantly, Mullen’s net profit for the quarter rose 40.6% YoY to $36 million. The company also generated $98.7 million in operating cash flow, up 26.9% from a year ago. Now, the company remains interested in acquisitions that meet its return targets.

Overall, that combination of monthly income, rising earnings, and expansion opportunities makes Mullen Group an attractive stock to own right now.

Chartwell Retirement Residences stock

Another stock worth considering for steady monthly TFSA income is Chartwell Retirement Residences (TSX:CSH.UN), which offers exposure to Canada’s growing seniors housing market.

If you don’t know it already, Chartwell owns and operates retirement communities across Canada. Following a 28% rally over the last year, its stock recently traded at $22.81 per share, giving the REIT a market cap of about $7.4 billion. Its monthly distribution currently provides a 2.7% annualized yield.

During the first quarter, Chartwell’s property revenue climbed 24.4% YoY to $303 million. Funds from operations increased 52.4% YoY to $85.6 million, while funds from operations rose 35% to $0.27 per unit. Those gains were driven by stronger occupancy, improved pricing, and disciplined cost management.

Strong long-term growth prospects remain another important part of Chartwell’s appeal for TFSA investors. The company recently agreed to acquire a 30% interest in a portfolio of 23 retirement residences while continuing to recycle capital through the sale of non-core assets and expanding in key markets. Those strengths make it a compelling long-term holding for investors seeking dependable monthly income.

The simple TFSA math

Investing $12,000 in Mullen Group at a 3.1% yield could produce about $372 a year today. Putting the other $12,000 into Chartwell at a 2.7% yield could add roughly $324 annually. Together, that works out to about $696 per year, or close to $58 every month.

Since both stocks pay monthly, investors would not need to wait for a quarterly payout. In fact, holding the shares inside a TFSA means the dividend income can remain tax-free. Investors could spend that cash, save it, or reinvest it to buy more shares and gradually increase future monthly income.

The post How I’d Use a $24,000 TFSA to Collect $58 Every Month appeared first on The Motley Fool Canada.

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Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Mullen Group. The Motley Fool has a disclosure policy.

A $10,000 Tax-Free Savings Account (TFSA) may not feel like a fortune, but it could still become a useful source of monthly income when invested carefully. Rather than chasing risky, high-growth stocks on the market, Foolish investors should ideally focus on businesses that return cash to shareholders and still have room to grow. That could give a smaller portfolio a steady purpose from the start.

But the real challenge is finding companies with attractive yields, manageable payout levels, improving operations, and realistic long-term plans. While H&R Real Estate Investment Trust (TSX:HR.UN) and Diversified Royalty (TSX:DIV) approach income generation in very different ways, both offer reliable monthly payouts.

In this article, I’ll look at how these two monthly dividend stocks could turn a $10,000 TFSA into a more productive cash-generating account for the long term.

H&R REIT stock

H&R Real Estate Investment Trust is a Canadian real estate investment trust (REIT) that is reshaping its portfolio and reducing debt.

It mainly owns a mix of residential, industrial, office, and retail properties in Canada and the United States. H&R’s units currently trade at $11.19 per share, giving the REIT a market cap of about $3 billion. The stock offers a 5.4% annualized dividend yield and pays distributions every month. So far this year, the units have gained 9%.

The REIT’s recent performance reflects a major shift in its asset base. During the first quarter of 2026, H&R sold about $1.5 billion worth of retail and office properties. It then used roughly $1 billion in net proceeds to repay corporate debt. That move reduced debt to total assets to 31.7% from 38.4% at the end of 2025. Debt-to-adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) also improved to 7 times from 9.3 times.

H&R is now placing more emphasis on residential and industrial real estate. The REIT also expects about US$5 million in annual savings after moving Lantower Residential’s property management operations to Greystar.

Lower debt and reduced financing costs could give the business more flexibility as it continues repositioning its portfolio. For TFSA investors seeking dependable monthly income, H&R’s 5.4% yield and improving balance sheet make the stock worth considering right now.

Diversified Royalty stock

Diversified Royalty could also help you generate dependable monthly TFSA income through royalty payments tied to a collection of established consumer brands. The company generates predictable cash flow by holding trademarks and collecting top-line royalty pool streams from 10 distinct multi-location brands across North America, including Mr. Lube, AIR MILES, BarBurrito, Cheba Hut, and Nurse Next Door.

After rallying 40% over the last year, DIV shares currently trade at $4.58 apiece, giving the company a market cap of $857.7 million. The stock also pays dividends monthly and offers a 6.3% annualized yield.

Despite macroeconomic uncertainties and consumer spending challenges, the company’s financials show solid top-line growth. In the first quarter, Diversified Royalty’s revenue rose 11.8% YoY to $17.5 million. This growth came from positive performance at Mr. Lube + Tires and Oxford, contractual royalty increases, the higher AIR MILES payment, and the addition of new BarBurrito locations. The royalty firm’s distributable cash also climbed 10.4% to $12 million.

Diversified Royalty completed its $235 million acquisition of the Mr. Lube + Tires franchisor business in June. That deal gives the company direct exposure to a leading Canadian automotive service chain and broadens its growth opportunities beyond royalty income alone. Combined with rising revenue, a 6.3% yield, and a more diversified business base, DIV stock could be an attractive TFSA holding for investors focused on monthly cash flow.

Generate monthly TFSA income

An equal $5,000 investment in each stock would generate about $585 in annual dividend income based on their current yields. That works out to roughly $49 per month before reinvestment. While it may not transform your finances overnight, it still gives a $10,000 TFSA a practical starting point for building recurring income over time.

The post Transform Your TFSA Into a Cash-Generating Machine With $10,000 appeared first on The Motley Fool Canada.

More reading

• Here’s What I’d Buy With a $5,000 Portfolio This Year
• Here’s a 6.4% Dividend Stock That Pays You Monthly
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• 5 Dividend Stocks to Put in a Canadian Income Portfolio

Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

A $10,000 Tax-Free Savings Account (TFSA) might not sound like enough to generate meaningful passive income, but you’d be surprised how quickly it can start working for you when it’s invested in the right businesses.

Your goal shouldn’t be to get rich overnight or chase the highest-yielding stocks on the market. Ideally, you should try to build a portfolio that produces reliable income today while still giving your capital room to grow over time. That’s why I prefer companies with sustainable dividends, healthy cash flow, and business fundamentals that continue moving in the right direction.

In this article, I’ll show how I’d invest $10,000 in TFSA savings in monthly dividend stocks to generate about $35 a month in tax-free income.

Surge Energy stock

If you’re looking for a dividend stock that can deliver both tax-free income and growth, Surge Energy (TSX:SGY) could be a great stock to start with.

This Canadian energy producer focuses on developing light and medium crude oil assets across Alberta and Saskatchewan. After climbing 41% so far this year, its shares recently traded at $9.71 per share, giving the company a market cap of $962 million. On top of that, it offers investors a monthly dividend that works out to an attractive annualized yield of 5.2%.

The strong share price performance reflects improving operations and growing confidence in the company’s outlook. During the first quarter, its production increased 1% year-over-year (YoY) to 23,893 barrels of oil equivalent per day, coming in ahead of management’s expectations. Although the company’s adjusted funds flow slipped 11% YoY because of lower realized oil prices and weaker operating netbacks, free cash flow still rose 2% from a year ago as capital spending declined 18%.

More recently, Surge strengthened its outlook by increasing its 2026 exit production guidance by more than 4% to 24,000 barrels of oil equivalent per day. The company also raised its capital budget to $175 million to drill eight additional wells and expand its waterflood program.

Those investments should support continued production growth while also helping fund the company’s $0.52 annual dividend, ongoing share buybacks, and further debt reduction. Put it all together, and Surge Energy looks like an attractive choice for TFSA investors seeking monthly income with meaningful long-term growth potential.

Northland Power stock

Another stock worth considering for this TFSA strategy is Northland Power (TSX:NPI), which could add dependable monthly income while expanding its renewable energy business.

The company owns a diversified portfolio of offshore wind, onshore wind, solar, natural gas, utility, and battery energy storage assets. After climbing 22% year to date, its shares now trade at $21.72 per share with a market cap of about $5.7 billion. Income investors will also appreciate its 3.3% annualized dividend yield, with monthly payouts.

In the first quarter, Northland’s revenue jumped 16% YoY, while its net profit climbed 45%. Higher offshore wind production, pre-completion revenue from the Hai Long project, and contributions from the Oneida energy storage facility helped drive those gains.

Moreover, its Jurassic battery energy storage project is expected to enter commercial operations in late 2026, which should expand its long-term revenue base and support future cash flow growth.

Taken together, Northland Power combines dependable monthly income with a pipeline of large growth projects that could support future earnings.

How much could $10,000 generate?

A $5,000 investment in Surge Energy with its 5.2% annualized dividend yield could generate about $260 in annual dividends. Another $5,000 invested in Northland Power with its 3.3% annualized dividend yield could produce roughly $165 each year. Combined, that’s about $425 in annual dividend income, or around $35 every month, all inside a TFSA where eligible dividends and investment gains can grow tax-free.

And if you reinvest those monthly payouts and keep adding new TFSA contributions over time, you could steadily increase your future passive income.

The post The $10,000 TFSA Strategy I’d Use to Earn $35 a Month Tax-Free appeared first on The Motley Fool Canada.

More reading

• Here’s How I’d Turn $10,000 Into a TFSA Money Machine
• How I’m Structuring My $40,000 TFSA for Steady Monthly Payouts
• How I’m Structuring My $14,000 TFSA for Steady Monthly Payouts
• I Split $21,000 Across 3 TSX Stocks for $1,070 a Year
• What Short-Sellers See in These 5 TSX Stocks

Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.