Your TFSA can earn $500 monthly by buying Canadian dividend stocks like TC Energy.
Know about TFSA more
What is TFSA?
A TFSA is a registered retirement account that allows Canadians to save and invest without paying taxes on gains.
Who’s eligible for a TFSA?
Canada residents who are 18 years and above. Canadians must have a valid Social Insurance Number (SIN).
What are the benefits of the TFSA?
TFSA is a retirement account with tax-free earnings that can boost retirement planning.
1. Tax-free earnings. – TFSA can invest in Canada’s best stocks and make gains without paying the consequences.
2. Flexible spending. You can withdraw money for purchases without paying a withdrawal penalty.
3. No withdrawal penalties. TFSA has no withdrawal penalties.
These are three TSX dividend stocks that can help to earn $500 tax-free each month
1. TC Energy stock
An integrated company part of the energy sector. TC Energy transports 25% of the natural gas in North America. TC Energy has dividends by 6.4% annually, making it a top choice for income-seeking investors.
2. Great-West Lifeco stock
A blue-chip TSX stock that currently yields 5.7%. Great-West Lifeco operates in the insurance and asset management verticals. Great West has increased dividends by 6.7%.
3. Diversified Royalty stock
Diversified Royalty offers a forward yield of almost 8%.