$15,000 may not seem like enough to generate significant passive income inside a TFSA (Tax-Free Savings Account). While more risky, stocks can provide substantially better returns than GICs (Guaranteed Investment Certificates) or high-interest accounts. If you pick the right stocks, you can even get some dividend income growth over time.
Here’s how I would turn $15,000 of TFSA cash into $50 per month of tax-free income.
Choice Properties: A high-yield dividend for a TFSA
The first stock I would buy with $5,000 is Choice Properties REIT (TSX:CHP.UN). REITs (real estate investment trusts) are a great asset for monthly income. REITs charge rent monthly. They are required to pay out 90% of their income to shareholders, so that flows into a nice stream of monthly distributions.
With a market cap of $11.5 billion, Choice is Canada’s largest REIT. It has a large grocery-anchored retail portfolio that is complemented by industrial and mixed-use properties.
With Loblaw Companies (Canada’s largest grocer and pharmacy provider) as its anchor tenant, it offers a strong mix of necessity-based tenants. It currently sits with 97.7% occupancy.
While it is only growing by a low single-digit rate, its proposed acquisition of First Capital REIT’s quality portfolio should help bolster its rental rate growth profile.
At a price of $15.93, Choice yields 4.94% today. A $5,000 investment would earn $20.41 every month.
Dream Industrial REIT
Dream Industrial REIT (TSX:DIR.UN) is another stock I’d be happy adding to a TFSA for income. It owns $7 billion of industrial properties and manages over $9 billion of assets through private ventures. These assets are split across Canada, the U.S., and Europe.
Its portfolio is focused on multi-tenant, multi-use properties with a focus on central, urban locations. Current occupancy is sitting at 96.8%.
The REIT has several levers for growth, including installing solar power across its portfolio, data centre development, acquisitions, and organic growth through rental rate increases. It expects a near 30% rental rate increase on lease renewals/expiries in 2026 alone.
At a price of $14.70 per unit, Dream yields 4.8% today. A $5,000 investment would earn $19.83 monthly.
Mullen Group
A final stock to round out a $15,000 TFSA income portfolio is Mullen Group (TSX:MTL). This is a top transportation and logistics provider in Western Canada and the United States. Despite a tough freight environment, the company has managed very well. It has made some opportunistic acquisitions that could propel growth as the freight environment starts to improve.
The company recently reported some of its best results in a few years. It saw 12.7% revenue growth and earnings per share growth of 28%.
Mullen Group stock is up 75% this year. However, it still trades at a discount to other peers. At $27.81, it yields 2.92%. A $5,000 investment in Mullen stock would earn $12.53 monthly. It does have a history of raising its distribution when results are good, so that may happen in the coming year.
The Foolish bottom line
You can build a TFSA portfolio with a mix of different assets that generate monthly income. Real estate and industrials are a great place to look. Even with just $15,000, you can earn $52.77 of extra dividend income every month. The best part is that it is all tax-free inside the TFSA!
Prices as of July 27, 2026