If you can combine one more stable dividend payer, one real asset name that can grow cash flow, and one higher yield name that keeps you on a tighter leash, you can build something that feels like a paycheck without risking your TFSA room.
T.F
Timbercreek financial (TSX:TF) is the classic monthly income magnet because its model is built around making loans, collecting interest, and paying benefits. The reason why investors get excited about these types of names is simple. When underwriting is solid, you can earn high cash returns without the need for a roaring bull market. But you can’t be passive here when it comes to risks. The whole story depends on credit quality, loan-to-value discipline, and whether problem loans stay in check when the economy slows or real estate values fluctuate.
If you’re considering TF for TFSA income, there are a few key things to keep in mind each quarter. These include whether net investment returns more than cover the payout, whether delinquencies and non-performing loans are increasing or stabilizing, and whether management needs to get “creative” to defend the payout.
The outlook may improve as interest rates ease and refinancing pressure subsides, but the downside is real if commercial real estate remains under pressure or if credit losses begin to eat into the coffers. In other words, this can help you reach the monthly income goal, but it deserves a stricter checklist than a standard dividend stock.
AUTO. A
Canadian Apartment Properties REIT (TSX:CAR.UN) is closer to the base for stable TFSA income. Apartments tend to have resilient demand. In its Q3 2025 results, the company reported portfolio occupancy of 97.8% and average monthly same-property rental growth of 4.4%, with net operating income (NOI) for the same property also increasing.
This supports the idea that the underlying rental engine is still working. These are the kind of metrics income investors want to see because they indicate rent growth that can outpace cost inflation, keeping benefits sustainable over time.
The big “why it matters” at CAR.UN is that real estate investment trusts (REITs) are still interest rate sensitive. When interest rates fall, financing pressures tend to ease and property values often look less scary, which can help sentiment and unit prices. When interest rates remain higher for longer, investors examine debt maturities, refinancing costs and whether the cash flow after interest still leaves sufficient room for the distribution. If you want CAR.UN for a TFSA monthly income, you are really buying the stability of rental demand and rental growth. Meanwhile, investors also accept that unit prices may fluctuate with interest rate expectations, even if occupancy rates remain high.
In short
If you were trying to build a practically constant income of $14,000 with these two, I would consider CAR.UN as the stable monthly base, and TF as the higher return monthly booster that you keep a close eye on to add diversification even if the dividend schedule is not regularly monthly. Right now, this is what the couple can bring in.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL ANNUAL PAYOUT | FREQUENCY | TOTAL INVESTMENT |
|---|---|---|---|---|---|---|
| T.F | $6.93 | 505 | $0.69 | $348.45 | Monthly | $3,499.65 |
| AUTO. A | $36.43 | 96 | $1.54 | $147.84 | Monthly | $3,497.28 |
The gain is not just today’s income, but the habit of reinvesting and letting the TFSA compound without tax hindrance, while remaining disciplined enough to avoid the pitfall of chasing returns at the expense of security.
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