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 Convert a $16,000 TFSA Into $93 in Reliable Monthly Cash. Here’s How.
• How to Use Your TFSA to Earn $1,500 a Year in Tax-Free Passive Income
• How I’d Use $14,000 in a TFSA to Pocket $65 Every Month
• A 6.2% Dividend Stock Paying Monthly Cash
• How to Invest Your $20,000 TFSA for $97 in Monthly Income

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

• A 4.6% Dividend Stock That Pays Cash Monthly
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• How I’d Use $14,000 in a TFSA to Pocket $65 Every Month
• TFSA Income: 2 High-Yield TSX Dividend Stocks to Consider Now
• Turn Your $50,000 TFSA Savings Into $167 in Consistent Monthly Cash Flow

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.

More reading

• What the Average Canadian TFSA Looks Like at 50
• How I’d Turn $15,000 in My TFSA Into $50 Monthly Income
• How to Put $14,000 to Work for Monthly TFSA Income
• How I’d Turn a $30,000 TFSA Into $86 a Month in Tax-Free Income
• 2.7% Monthly Income: Today’s Perfect TFSA Stock

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

• This 5.4% Dividend Play Pays Every Single Month
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• How I’d Structure My TFSA With $14,000 for Consistent Monthly Income
• How to Use Your TFSA to Bring in $100 a Month, Completely Tax-Free
• How to Use a TFSA to Bring in $500 a Month Completely Tax-Free

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

• What’s the Deal With Northland Power’s Dividend?
• How to Put $14,000 to Work for Monthly TFSA Income
• The Perfect TFSA Stock: 3.2% Yield Paying Cash Every Month
• 3.25% Monthly Income: Today’s Perfect TFSA Stock
• A 3.3% Dividend Stock That Pays Cash Every Month

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 you’ve managed to build a $50,000 Tax-Free Savings Account (TFSA), you’re already in a strong position. But the next step you should ideally take is to make that money work harder for you. Instead of relying only on capital gains, I would use that TFSA to generate a reliable stream of tax-free monthly income.

This approach is surprisingly simple. Invest in high-quality monthly dividend stocks, collect regular cash distributions, and let the tax-free nature of the TFSA do the rest.

In this article, I’ll highlight two reliable Canadian dividend stocks with monthly payouts that could help turn a $50,000 TFSA into a dependable income generator.

Crombie REIT stock

The first monthly income stock I’d consider for this TFSA strategy is Crombie REIT (TSX:CRR.UN). This real estate investment trust (REIT) owns grocery-anchored retail, retail-related industrial, and mixed-use residential properties across Canada.

Following a 24% jump over the last year, its shares currently trade at $17.72 each, giving Crombie a market cap of about $2 billion and an attractive annualized dividend yield of 5.1%.

The recent rally has been backed by improving business fundamentals. In the first quarter, Crombie’s property revenue inched up by 3.6% year-over-year (YoY) to $127 million. Its funds from operations (FFO) climbed 6.5% to $0.33 per unit, while adjusted funds from operations (AFFO) climbed 7.4% to $0.29 per unit. Those gains were driven by contractual rent increases, strong leasing activity, property acquisitions, development service revenue, and higher occupancy. The REIT also posted a 3.7% YoY increase in its commercial same-asset property cash net operating income.

On top of that, the REIT expanded its portfolio by acquiring two industrial properties for $129.8 million and continues advancing development projects, including the 291-unit Marlstone community.

With its stable operations and long-term growth initiatives, Crombie remains an attractive stock for investors seeking dependable monthly cash flow.

BSR REIT stock

If you’re looking to add another reliable monthly income stock to your TFSA, BSR REIT (TSX:HOM.UN) is another stock worth considering.

The REIT owns multifamily apartment communities across high-growth U.S. Sunbelt markets. Its shares currently trade at $16.50 apiece, giving the company a market cap of $646.1 million and an annualized dividend yield of 4.8%. Although the stock has slipped 7% over the last year, that weakness largely reflects property sales and temporary lease-up costs rather than a deterioration in its long-term strategy.

During the March 2026 quarter, BSR’s FFO rose to US$0.18 per unit from US$0.14 in the previous quarter, while its AFFO improved from US$0.11 to US$0.17 per unit as net operating income strengthened and maintenance capital spending declined.

The REIT also continues making progress on its long-term growth plans. Occupancy at The Ownsby property improved to 73.1%, while its same-community occupancy reached 94.7% by the end of April. BSR also expects its recently acquired communities to contribute more as lease-up activity continues.

Combined with Crombie REIT, BSR offers investors another attractive source of dependable monthly cash flow while providing upside as its newer properties continue to stabilize.

How the numbers add up

By investing $25,000 each in Crombie REIT and BSR REIT, you would spread your money across two monthly dividend payers with attractive yields. Based on their current annualized distribution yields of 5.1% and 4.8%, Crombie could generate about $1,275 in yearly tax-free income, while BSR could contribute roughly $1,200. That adds up to approximately $2,475 annually, or about $206 to $207 every month.

In fact, if you reinvest those monthly payouts instead of spending them, your TFSA can continue compounding over time, helping you build an even larger stream of tax-free passive income in the years ahead. That said, you should always try to minimize your risks by diversifying your TFSA portfolio instead of investing such a large amount in one or two stocks.

The post Here’s How I’d Use a $50,000 TFSA to Generate $207 in Monthly Tax-Free Cash appeared first on The Motley Fool Canada.

More reading

• The Perfect TFSA Stock: A 5.1% Yield With Monthly Paycheques

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

Many Canadians treat a Tax-Free Savings Account (TFSA) like a storage box for cash. I think it can be far more useful than that. A well-built dividend portfolio can turn the account into an income engine where payouts arrive without Canadian tax eating into each dollar. The $1,000 monthly target equals $12,000 a year, so reaching it takes patience, capital, and careful stock selection.

However, chasing the highest yield can backfire when the underlying business is weak. That’s why a better approach would be to pair attractive monthly income with improving financial results and credible growth plans. That should give the dividend a stronger foundation.

In this article, I’ll highlight two top Canadian monthly dividend stocks that could help investors work toward $1,000 in tax-free income from a TFSA.

Sienna Senior Living stock

For a monthly TFSA income backed by an essential service, Sienna Senior Living (TSX:SIA) is a compelling stock to start.

Sienna owns and operates retirement residences, long-term care homes, and other senior living properties across Canada. After climbing 38% over the last year, SIA stock recently closed at $23.05 per share, giving the company a market cap of $2.6 billion. It currently offers a 4.1% annualized dividend yield paid monthly.

These strong gains have been driven by its improving occupancy, higher rental rates, acquisitions, and rising care revenue. In the first quarter, the firm’s proportionate revenue climbed 17.3% year over year (YoY) to $286.3 million. Its net operating income climbed 26.6% YoY to $58.1 million, while adjusted funds from operations rose 45% YoY to $35.1 million. The adjusted funds from operations payout ratio also improved to 68.5% from 86%, giving its monthly dividend stronger coverage.

Meanwhile, Sienna is continuing to expand its platform. By early May, it had completed or signed $188.1 million of acquisitions and renewed its $150 million at-the-market equity program to support future growth. The company expects its retirement same-property net operating income growth of more than 10% in 2026, supported by higher occupancy, rental rates, and care revenue.

For TFSA investors, Sienna offers monthly income backed by long-term demand for senior living. Its improving payout coverage and expanding portfolio make it an attractive stock to help build a reliable tax-free income over time.

Peyto stock

If you want to add a higher yield to the same TFSA income strategy, Peyto Exploration & Development (TSX:PEY) is another stock worth considering.

Peyto produces natural gas, oil, and natural gas liquids in Alberta’s Deep Basin. Following a 33% rally over the last 12 months, PEY stock now trades at $25.67 per share with a market cap of $5.3 billion. The shares offer a 5.6% annualized dividend yield, paid monthly.

In the first quarter of 2026, Peyto’s production increased 10% YoY to 147,513 barrels of oil equivalent per day. At the same time, its funds from operations jumped 30% YoY to $293 million as the company benefited from higher production, industry-leading low cash costs, and stronger realized natural gas prices after hedging.

Peyto’s hedging program had secured more than $715 million of revenue for the rest of 2026 and another $510 million for 2027, helping protect future cash flow. The company also plans to invest between $450 million and $500 million this year to add new production.

How much do you need to invest

If you’re wondering what it takes to bring in $1,000 a month completely tax-free, the math is surprisingly simple. Based on their recent share prices and dividend yields, investing about $123,850 each in Sienna and Peyto would require a total investment of roughly $247,700. That portfolio would generate an estimated $423 a month from Sienna and about $578 a month from Peyto, for a combined monthly dividend income of around $1,001.

Of course, most investors will not have that amount ready today, but that should not stop anyone from getting started. And instead of putting such a large amount into just one or two stocks, investors may also want to diversify their TFSA across several quality dividend-paying companies to reduce risk while building a dependable stream of tax-free income.

The post How to Use a TFSA to Bring in $1,000 a Month Completely Tax-Free appeared first on The Motley Fool Canada.

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

Your Tax-Free Savings Account (TFSA) doesn’t need to sit idle while you wait for long-term capital gains. In fact, it can send you a reliable stream of monthly cash. That income becomes even more useful when the company behind it is actively improving its operations and locking in higher returns.

And Primaris Real Estate Investment Trust (TSX:PMZ.UN) seems to be doing exactly that. This Toronto-headquartered Canadian retail landlord has recently made strong progress filling former HBC space, signing new tenants, and identifying fresh sources of future cash flow. Its shares have delivered impressive gains lately, even while its monthly distribution continues to offer a 3.9% annualized yield.

In this article, I’ll talk about why this Canadian monthly dividend stock looks compelling for TFSA investors who want reliable income and growth.

A monthly income stock with strong momentum

If you don’t know it already, Primaris owns and manages enclosed shopping centres across Canada. Its portfolio includes properties such as Dufferin Mall, Oshawa Centre, Southgate Centre, and Lime Ridge Mall.

At the time of writing, its stock was trading at $22.67 per share, giving the real estate investment trust (REIT) a market cap of $2.7 billion. It pays a monthly distribution of $0.07333 per unit, equal to $0.88 annually, and a 3.9% annualized yield.

Interestingly, Primaris REIT stock has soared by 50% over the last 12 months and 45% so far in 2026. The recent strength is mainly tied to its improving leasing visibility, portfolio upgrades, and expectations for higher rental income. Its June update showed especially strong progress in replacing former HBC space with new tenants. That combination of monthly income and price momentum makes this Canadian monthly-paying stock attractive.

Latest results show a resilient business

For long-term investors, the monthly payout becomes even more reassuring when the underlying cash flow remains well covered. In the first quarter, Primaris REIT’s total rental revenue rose 17.9% year over year (YoY) to $177 million, while its cash net operating income, or NOI, climbed 15.2% to $92.6 million. These gains mainly reflected income from acquisitions completed during 2025.

With this, the REIT’s quarterly net income jumped 34.6% YoY to $41.9 million. However, funds from operations, or FFO, per diluted share declined 3.2% from a year ago to $0.425 due to higher interest costs, more units outstanding, increased administrative expenses, and weaker same-property NOI.

But we need to remember that in the previous-year quarter, Primaris included $2.5 million of property tax recoveries. So, excluding that benefit, its FFO per share would have grown 1.6% in the latest quarter.

Meanwhile, its distribution remains well supported as the company reported an FFO payout ratio of 51.8%. It ended the March quarter with $626.8 million of liquidity.

A visible path to higher cash flow

By late June, Primaris expected about $52 million in additional annual cash NOI to start coming in by June 2029. About $22 million of that is expected to come from former HBC locations.

The REIT revealed 84% of the former HBC space was leased or in advanced negotiations. About 58% was already covered by long-term lease agreements. The re-leased area is expected to generate $14.9 million in annual rent, compared with just $3.7 million previously paid by HBC.

Primaris also identified excess land valued at $275 million to $375 million that could be monetized. It plans to recycle that capital into its core shopping centres rather than develop residential properties itself.

These growth initiatives, combined with its reliable monthly distributions, a modest payout ratio, and visible rental growth, make Primaris an attractive TFSA stock for investors seeking income today and stronger returns over time.

The post A Strong TFSA Stock Offering a 3.9% Yield and Monthly Paycheques appeared first on The Motley Fool Canada.

More reading

• How I’d Turn a $30,000 TFSA Into $86 a Month in Tax-Free Income

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

To realize the full potential of your Tax-Free Savings Account (TFSA), you may want to turn it into a reliable source of income by investing in quality monthly dividend stocks. However, you must avoid taking unnecessary risks and instead invest in companies that pay dividends regularly and still have room to grow.

Granite Real Estate Investment Trust (TSX:GRT.UN) and Whitecap Resources (TSX:WCP) both make monthly payments, but they earn cash in very different ways. One owns industrial properties, while the other produces oil and natural gas. That mix could give investors income from two separate parts of the economy.

Let’s find out why these two TSX stocks could help turn TFSA savings into a steady monthly cash flow today.

Granite REIT stock

Granite owns and manages logistics, warehouse, and industrial properties across North America and Europe. After climbing 34% over the last year, its units currently trade at $97.44 per share, giving the real estate investment trust (REIT) a market value of $5.9 billion. The stock also offers an annualized dividend yield of 3.6%.

In the first quarter of 2026, the trust’s revenue increased 7.2% year-over-year (YoY), while its net operating income climbed 6.8%. The gains mainly were driven by new and renewed leases, contractual rent increases, consumer price index-linked rent adjustments, and properties acquired since the second quarter of 2025.

More importantly, Granite REIT’s funds from operations in the latest quarter rose 5.3% YoY, while diluted funds from operations per unit climbed 7.5%.

The REIT also ended the quarter with 97.5% occupancy and had 98.3% committed occupancy by early May. New and renewed leases achieved average rental spreads of 23%.

For TFSA investors seeking monthly cash flow, Granite offers a well-occupied property portfolio, manageable leverage, and a payout ratio that remains supported by recurring cash generation.

Whitecap Resources stock

The second monthly dividend stock, Whitecap, produces oil and natural gas across Western Canada. Its shares recently traded at $16.70 per share, giving the company a market cap of $20.3 billion. The stock had climbed 64% over the last 12 months and offered an annualized dividend yield of 4.4%.

Whitecap’s average production jumped 118.6% YoY to a record 391,416 barrels of oil equivalent per day in the first quarter, largely reflecting the acquisition of Veren and strong well results. Its funds flow also climbed 130% YoY to $1 billion, while funds flow per share rose 12% to $0.84 despite weaker average realized commodity prices.

The company generated $349 million in free funds flow after investing $676.3 million in its assets. Meanwhile, its operating costs declined 11% to $12.02 per barrel of oil equivalent, reflecting stronger efficiency.

Notably, Whitecap plans to keep improving drilling efficiency, expand market access, and reduce year-end net debt by more than $1 billion based on the pricing assumptions in its outlook. Its record production, higher guidance, and monthly dividend make it an attractive TFSA stock.

Here is why this approach looks appealing

If you invest $50,000 in these two stocks with an average dividend yield of about 4%, you could collect roughly $2,000 in annual dividend income. Since both stocks pay monthly dividends, that works out to around $167 a month before any future dividend increases. Reinvesting those payments over time could also help your TFSA grow even faster.

The post Turn Your $50,000 TFSA Savings Into $167 in Consistent Monthly Cash Flow 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 recommends Granite Real Estate Investment Trust. The Motley Fool has a disclosure policy.