My TFSA pays me $450 a month

POSTED ON APRIL 20, 2023 BY STEPH

Hi again, it’s blog time! I was reading some articles about the TFSA and I realized I had never thought this way about it!

Do you realize that with a maximum contribution limit of your allowable $88,000, you can put your money to work and keep upwards of 20% more income by paying no taxes on your passive earnings. YES NO TAX! So even though Canadian Dividends are almost tax free for most people, (when in a non-registered account)   your TFSA must be  your first priority as it is 100% tax free with Canadian Dividends.

So now you know that earning tax-free passive income is easier than you might think, especially with the help of your TFSA.  This means more money in your pocket to save or to enjoy life’s little pleasures, like that fancy coffee or that fun weekend getaway!

So, my portfolio is quite diversified with about 30 stocks.  My average dividend income on $95,000 is now about $450 per month. I try to balance it with high paying dividends and growth dividends.  I do save it all and re-invest, as much as I do want to spend it on a weekend getaway, I resist!

If you are just starting your investment journey or if you are rebalancing now, consider buying a diversified portfolio of at least 20 stocks with about 5% in each. Make it your goal!  It’s a great way to make the most out of your TFSA and build your wealth over the long run.

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