How A lot You Actually Must Put money into a TFSA to Make $800 a Month

Do you know that your Tax-Free Financial savings Account (TFSA) can develop into a strong month-to-month revenue machine? Many Canadians nonetheless think about the TFSA as a financial savings device or a spot for a couple of trades right here and there. However used appropriately, it may do far more than that. With the proper month-to-month dividend shares, your TFSA can generate constant, tax-free revenue that flows into your account each month, with out ever triggering a tax invoice.

On this article, I’ll spotlight two of one of the best month-to-month paying dividend shares to think about in your TFSA and present precisely how a lot you’d want to speculate to hit that $800 per thirty days goal.

SmartCentres REIT inventory

One inventory that might allow you to attain that month-to-month revenue purpose is SmartCentres Actual Property Funding Belief (TSX:SRU.UN). This Vaughan-based REIT owns a portfolio of practically 200 retail-focused properties throughout Canada.

At round $25.55 per share, SmartCentres inventory provides a stable 7.2% annualized dividend yield, distributed month-to-month. That alone makes it a sexy alternative for anybody trying to flip their TFSA right into a month-to-month revenue stream. The inventory has climbed over 15% within the final 12 months, and the REIT presently holds a market cap of about $3.7 billion.

Even in a slower actual property market, SmartCentres managed to develop its identical property internet working revenue by 4.1% YoY (year-over-year) within the first quarter of 2025. This development was primarily backed by sturdy leasing demand and a formidable 8.4% common hire development on renewed leases.

Equally, the REIT’s quarterly internet rental revenue additionally grew on a YoY foundation, largely on account of lease-up actions and better occupancy, which now sits at 98.4%. As well as, growth continues to be a key a part of SmartCentres’ development plan, with development progressing on a number of self-storage websites and the ArtWalk rental undertaking in Vaughan. For long-term TFSA buyers who need dependable revenue with out sacrificing the long-term upside potential, SmartCentres REIT provides a wholesome mixture of each.

Whitecap Sources inventory

One other inventory that might assist flip your TFSA right into a dependable month-to-month revenue supply is Whitecap Sources (TSX:WCP). This Calgary-based oil and gasoline producer provides a powerful 8% annualized dividend yield and pays it month-to-month. At round $9.22 per share and a market cap of $11.3 billion, Whitecap has seen a pointy bounce recently, climbing practically 18% within the final two months.

Within the first quarter, the power agency posted a 172% YoY soar in its adjusted internet revenue with the assistance of higher manufacturing from new wells and better base volumes. Its manufacturing averaged over 179,000 barrels of oil equal per day, topping its inner forecasts.

Furthermore, Whitecap’s mixture with Veren is anticipated to create Canada’s largest Alberta Montney and Duvernay landholder, including much more to its long-term upside.

How a lot would you’ll want to make investments for $800 per thirty days in dividends?

To earn $800 a month, or $9,600 yearly, you’d want to speculate about $126,705 break up evenly between SmartCentres and Whitecap. That works out to roughly 2,480 shares of SmartCentres and 6,870 shares of Whitecap. Whereas this instance exhibits how month-to-month passive revenue is feasible by way of your TFSA, it’s a lot wiser to diversify throughout extra shares than depend on simply two.