The $109,000 TFSA Benchmark: Are You Ahead or Behind?

The 2026 TFSA benchmark stands at $109,000. That figure represents the total contribution room available to anyone 18 or older in 2009 when the TFSA was established and who has not yet contributed. While some may have maxed out their TFSA, many others fell behind due to not maxing out their contributions.

Fortunately, the TFSA is built for compounding, and that’s where high-yield dividend stocks can help close that gap much sooner than most expect.

Investors who are looking to accelerate their TFSA growth may want to consider this trio of income-producers to supercharge that compounding.

Generate reliable, recurring income for long-term growth

The first stock for investors seeking to meet that TFSA benchmark is Enbridge (TSX:ENB). Enbridge is one of the most established dividend stocks in Canada. The energy infrastructure giant has been paying dividends for over 70 years and has provided consecutive annual increases for more than 30 years.

Today, that yield works out to an appetizing 5.2%.

Prospective investors should note that Enbridge’s dividend stems from its stable pipeline and utility operations. In short, the company generates reliable cash flows from transporting and distributing energy across North America. That gives the stock a certain defensive appeal, too.

TFSA users should note two key points about Enbridge. First, the dividend yield is typically among the highest of the major Canadian blue chips. This gives investors a strong income stream that compounds tax-free in a TFSA.

Second, Enbridge’s diversified asset base and regulated utility exposure help support that attractive dividend over the longer term.

While the stock lacks the rapid growth of some other options, it provides steady, reliable income. And that’s exactly what investors looking to close the gap toward that TFSA benchmark are seeking.

Banking on a reliable dividend engine

You can’t put together a list of strong TFSA investments that can provide recurring income and not mention one of Canada’s big bank stocks.

Bank of Nova Scotia (TSX:BNS) is the bank stock for Canadian investors looking to meet that TFSA benchmark. Scotiabank offers a long history of paying handsome dividends that stretches back well over a century. Like Enbridge, Scotiabank has also provided investors with annual upticks going back over a decade.

As of the time of writing, Scotiabank offers a yield of 4.7%, making it the highest among its big bank peers.

Scotiabank differentiates itself from those big bank siblings in another way: growth. Scotiabank is known as Canada’s most international bank, and for good reason. The bank has focused on more lucrative international markets to fund that growth. This adds a layer of diversification that sets it apart from other bank stocks.

For TFSA investors, Scotiabank is the perfect mix of stability and income. The higher yield is both attractive and well-covered. The bank’s solid domestic segment and growing presence in other markets such as Mexico and the U.S. provide defensive appeal to complement that growth.

In short, Scotiabank is a solid addition for investors looking to make up ground to that TFSA benchmark.

REITs can provide steady income

REITs represent another option for income-seeking investors. RioCan Real Estate (TSX:REI.UN) is one of Canada’s largest and most recognizable REITs. RioCan boasts a large portfolio of properties across Canada, with a focus on metro markets.

The REIT has historically focused on commercial retail properties , but in recent years, this has shifted to include more mixed-use residential properties. This allows RioCan to benefit from the shift away from brick-and-mortar retail while maintaining stable occupancy rates.

For TFSA users, RioCan’s appeal lies in its income profile. RioCan’s monthly distribution offers investors a yield of 6.1%. This translates into a steady stream of cash that compounds efficiently inside a tax-free account.

For investors trying to catch up to the TFSA benchmark, a REIT like RioCan can provide meaningful, predictable income.

Are you ahead or behind the TFSA benchmark?

The TFSA remains one of the most powerful wealth-building tools available to Canadians. Because gains and dividends grow tax-free, every dollar contributed has more compounding potential than it would in a taxable account.

That’s why the $109,000 benchmark matters. It provides investors with a clear sense of how much tax-free space they’ve had available since the program began.

The post The $109,000 TFSA Benchmark: Are You Ahead or Behind? appeared first on The Motley Fool Canada.

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More reading

• High Oil Prices Are Coming for Canadians: Here’s How Your Portfolio Can Fight Back
• Top Stocks to Double Up on Right Now
• Suncor, Enbridge, or Canadian Natural? Here’s Which Oil Stock Makes Sense for Your Portfolio
• How $14,000 Can Become a Steady TFSA Dividend Income Engine
• How $30,000 Split Across Three TSX Stocks Can Generate $1,705 in Dividends

Fool contributor Demetris Afxentiou has positions in Bank of Nova Scotia and Enbridge. The Motley Fool recommends Bank of Nova Scotia and Enbridge. The Motley Fool has a disclosure policy.