How I Would Create $146 in Monthly Income with a $25,000 TFSA Investment

Investing in Canadian dividend stocks that offer monthly payouts through a tax-free savings account (TFSA) can help create an income without the stress of market fluctuations or taxes eroding your returns. By focusing on companies with fundamentally strong businesses and a consistent history of dividend payments, investors can create a reliable source of cash flow that will last for decades.

So if you have $25,000 to invest through a TFSA, here are reliable TSX stocks that can help you generate more than $146 in monthly income.

Monthly Dividend Stock #1: SmartCentres REIT

SmartCentres REIT (TSX:SRU.UN) is a reliable monthly dividend stock to create a passive income stream. The Real Estate Investment Trust (REIT) operates 197 high-quality properties in prime Canadian locations, generating solid foot traffic. This in turn leads to strong leasing demand, high occupancy rates and higher rental differentials, driving the net operating income (SPNOI) of the same property and supporting monthly payouts.

For example, SmartCentres REIT reported a very high occupancy rate of 98.6% in the second quarter. In addition, solid demand for leases drove renewals at higher rents, supporting future growth. In addition, SmartCentres’ high-quality tenants, including large national retailers that remain relatively immune during economic slowdowns, drive rent collection rates.

The REIT is expanding into mixed-use developments to diversify its offering and boost long-term revenues. In addition, the large, underutilized land bank and a strong balance sheet provide a solid foundation for future growth. The trust currently pays $0.154 per share monthly, reflecting a high yield of 6.9%.

Monthly Dividend Stock #2: Whitecap Resources

Whitecap Resources (TSX:WCP) is one of the best dividend stocks that can help create reliable monthly income. From January 2013 to August 2025, the oil and gas producer returned approximately $2.7 billion to shareholders through dividends. This reflects its strong cash generation capabilities and focus on returning cash to shareholders.

Whitecap currently offers a monthly dividend of $0.061, which translates to a dividend yield of approximately 7.2%.

Whitecap focuses on operational efficiency, capital discipline and strategic project selection to support growth. By optimizing its drilling programs and channeling investments into high-return opportunities, the company aims to maintain stable profits even as commodity prices fluctuate. The diverse asset base and commitment to maintaining a low debt burden strengthen the balance sheet, keeping dividends well supported and leaving room for reinvestment and growth.

The recent acquisition of Veren is a new strategic step to accelerate growth. This deal expands scale and enhances the portfolio with high quality assets, further increasing long-term production and cash flow potential. As Whitecap integrates these new businesses, it will broaden its portfolio of high-quality energy projects, paving the way for continued growth and solid shareholder returns.

Earn more than $146 every month

SmartCentres REIT and Whitecap Resources are reliable dividend stocks for a TFSA portfolio to create a monthly income stream. In addition to their sustainable payouts, these TSX stocks offer high and sustainable returns. By investing €25,000 evenly divided, you can earn approximately €146.61 per month in tax-free income.