How to Make $300 Per Month Tax-Free From Your TFSA

TFSAs are great investment vehicles that provide a lasting tax-free income source for investors. That’s because growth and withdrawals are completely tax-free, which makes every dollar contributed much more powerful. In fact, it’s not out of the question to make $300 per month or more tax-free from a TFSA.

To meet that goal, investors need to pick the right TSX dividend stocks that can provide the consistency and growth to make $300 per month.

Fortunately, there’s no shortage of great stocks on the market to help reach that goal, including this trio of dividend picks.

Pick #1: The reliable dividend anchor

The first stock to help make $300 per month in a TFSA is Enbridge (TSX:ENB). Enbridge is one of Canada’s most well-known income stocks, and for good reason. The company operates one of the largest and most complex pipeline networks on the planet.

That business, which includes both crude and natural gas segments, hauls massive amounts of both daily, generating predictable, contract-backed cash flow.

Beyond pipelines, Enbridge operates a renewable energy business as well as a natural gas utility. Like the pipeline business, both generate reliable, steady revenue streams that leave room for growth and income.

That stability is a major reason Enbridge has been able to maintain and grow its quarterly dividend over time. Enbridge pays out a handsome 5.4% yield and has provided investors with annual increases to that dividend for three decades without fail.

For TFSA investors, Enbridge serves as the foundational anchor that is hard to ignore. The company provides a stable revenue stream, strong dividend growth, and a diversified set of reliable business segments.

This makes it a strong compounder to make $300 per month in income.

Pick #2: The high-yield telecom

Canada’s big telecoms represent another area for investors to consider when deciding how to make $300 per month in income. Telus (TSX:T), in particular, is a telecom stock worth considering.

As one of Canada’s major telecom companies, Telus benefits from recurring revenue across its subscriber-based mobility, internet, and business solutions. These services are deeply embedded in everyday life, making Telus one of the most defensive telecoms on the market.

Turning to income, Telus offers one of the highest yields on the market. As of the time of writing, Telus offers a yield of 9.9%. Part of the reason for that inflated yield can be traced back to the market pressures over the past few years.

Specifically, higher interest rates and elevated spending put pressure on the stock. As capital-intensive projects became more expensive, investors rotated out to higher-growth options.

As a result, Telus saw its stock price drop nearly 35% over the trailing five-year period. The telecom also froze its dividend increase program to focus on debt reduction and bringing costs down.

With interest rates stabilizing, if not dropping, Telus is now in a much more sustainable position, while its yield remains at an inflated level.

For income-focused investors, the combination of a high yield and essential-service demand makes Telus a strong contributor to any portfolio that is tasked to make $300 per month.

Pick #3: High yield from everyday retail

Rounding out the three stocks to make $300 per month is SmartCentres REIT (TSX:SRU.UN). SmartCentres is a REIT that is focused on necessity-based retail.

SmartCentres has some of the largest retail names among its anchor tenants, which provides substantial foot traffic and steady rental income. This defensive positioning is a key reason SmartCentres has been able to maintain dependable distributions.

Speaking of distributions, SmartCentres offers investors a monthly distribution schedule. As of the time of writing, SmartCentres offers an impressive 6.5%, yield, making the REIT one of the better-paying options on the market.

This makes the REIT a great option for investors looking to not only make $300 per month, but to also generate recurring monthly income from necessity-based retail.

How much you need to make $300 per month

To make $300 per month from the three stocks mentioned above, investors would need to invest $50,000 across all stocks. Here’s how that allocation works out:

CompanyRecent PriceTotal InvestedNo. Of SharesDividendTotal PayoutFrequencyEnbridge$70.98$17,000239$3.88$927.32QuarterlyTelus$16.82$17,0001010$1.67$1686.70QuarterlySmartCentres REIT$28.4017,000598$1.85$1106.30Monthly  Total$3,720.32Monthly:$310.03 

The post How to Make $300 Per Month Tax-Free From Your TFSA appeared first on The Motley Fool Canada.

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More reading

• 2 Dividend Stocks Canadian Investors Could Comfortably Hold Right Through Retirement
• If I Were Only Buying 3 Stocks Right Now, These Would Be Them
• Transform Your TFSA Into a Money-Making Machine With Just $15,000
• The Sectors Where Canada Actually Beats the United States
• Beyond Telus: A High-Yield Stock Perfect for Income Lovers

Fool contributor Demetris Afxentiou has positions in Enbridge. The Motley Fool recommends Enbridge, SmartCentres Real Estate Investment Trust, and TELUS. The Motley Fool has a disclosure policy.