How to Put $14,000 in a TFSA to Work for Monthly Income That Could Last a Lifetime

The Tax-Free Savings Account, or TFSA, limit for 2026 is $7,000. This means that your cumulative limit is as high as $109,000, depending on the year that you turned 18. This is a sizable amount that can be put to work to generate tax-free investment income and capital gains. For a TFSA contribution limit history, please refer to the table below.

If it’s monthly income that you want, keep reading, and I’ll show you how to generate $61.50 in monthly income with a TFSA investment of only $14,000.

High-yield dividend stocks work for you

Generally speaking, high-yield dividend stocks are stocks that yield in excess of approximately 4%. These stocks offer investors the potential for larger dividend payments. However, they might come with added risks, as these yields may not be sustainable or may indicate weak share prices, which could signal other weaknesses.

This is why we must first make sure that the high-yield stock we’re considering has a solid balance sheet, a healthy payout ratio, and a healthy business that has a strong competitive advantage.

Let’s take a look at two high-yield dividend stocks that I think make compelling choices for investors’ TFSA contribution dollars.  

Mullen Group

The first is Mullen Group (TSX:MTL), a logistics company that offers transportation, warehousing, and distribution services throughout North America. Mullen Group stock is currently yielding a generous 4.6%, and it’s experiencing strong growth.

As you can see from Mullen Group’s stock price graph above, things have been going well for the company, and investors have been taking notice. Mullen reported a 7% increase in revenue in 2025 to $533.8 million. This was accompanied by a 2.5% decline in adjusted operating income before depreciation and amortization to $74.7 million.

Clearly, Mullen has experienced weakening margins due to softer economic conditions in 2025. But the company has been busy acquiring in order to increase its scale and presence in the logistics industry. This is expected to drive growth, and as the economy rebounds, Mullen Group stock is likely to benefit from this as well as the integration of its recent acquisitions.

Vital infrastructure

The next monthly TFSA stock is offering a high yield of 6.26%. Vital Infrastructure Property Trust (TSX:VITL.UN). Vital Infrastructure, formerly known as Northwest Healthcare Properties REIT, is an owner and operator of a global portfolio of medical properties. The business is defensive, benefits from the aging population trend, and is stable, with high occupancy rates and long leases. In fact, Vital’s weighted average lease expiry currently stands at 12.3 years, and its global portfolio occupancy stands at a healthy 96.4%.

In Vital’s most recent quarter, the fourth quarter of 2025, its revenue increased 4.8% to $107.6 million. Also, its same property net operating income 3% to $65 million. Finally, its adjusted funds from operations increased to $0.12 per unit, an increase of 20%.

How to generate $61.50 in TFSA monthly income

So, back to the initial point of this article. In the table below, you can see how you can split a $14,000 TFSA investment into the two stocks I discussed in this article, Mullen Group and Vital Infrastructure.

The bottom line

While high-yield stocks don’t come without their risks, the two stocks discussed in this article present compelling opportunities for TFSA yield. The tax-free benefit is significant and one that increases the more you take advantage of your TFSA contribution limit history.

The post How to Put $14,000 in a TFSA to Work for Monthly Income That Could Last a Lifetime appeared first on The Motley Fool Canada.

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More reading

• How to Put $25,000 in a TFSA to Work Generating Meaningful Cash Flow
• This Monthly Dividend Stock Could Turn Every Month Into Payday Season
• 5 TSX Dividend Stocks for Steady Cash Flow in Any Market
• The 3 Stocks I’d Choose First If I Wanted Reliable Monthly Passive Income
• Are the Highest-Paying Dividend Stocks on the TSX Actually Worth Buying?

Fool contributor Karen Thomas has positions in Mullen Group and Vital Infrastructure. The Motley Fool has positions in and recommends Mullen Group. The Motley Fool has a disclosure policy.