A single TFSA user who was 18 years or older in 2009 (and a Canadian resident) can contribute a total amount of $109,000 (after the $7,000 contribution increase on January 1, 2026). If the same qualifications apply to your spouse or partner together, you can contribute $218,000 to your TFSAs.
Today, the S&P/TSX composite index yields approximately 2.3%. If you were to put your combined TFSAs into the index today, you would earn approximately $5,015 per year in passive dividend income.
Fortunately, Canadian investors can do even better by buying individual dividend stocks. For $218,000, we recommend investors have a diversified portfolio of at least 10-20 stocks.
However, here is a four-stock mini-portfolio that a couple could use as a basic model. A combined investment of $218,000 would generate $9,958.43 in tax-free passive income!
Granite REIT: A Solid Passive Income Stock
Real estate is a great place to look for passive income within a TFSA. Granite Real Estate Investment Trust (TSX:GRT.UN) is one of the best in Canada.
The REIT has high quality industrial assets with strong tenants, an occupancy rate of over 97% and long-term leases (over five years on average). Likewise, it has an excellent balance sheet and a low payout ratio.
It has increased its distribution for 15 consecutive years. It yields 4.22%. A $54,500 investment in granite units would return $199.39 per month or $2,392.70 per year.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL PAYOUT | FREQUENCY |
| Granite REIT | $80.79 | 674 | $0.2958 | $199.39 | Monthly |
Canadian natural resources
Although energy prices have not been great in 2025, Canadian natural resources (TSX:CNQ) has delivered very strong results. Its long-lived energy reserves and factory-like production enable the company to generate strong cash flows even in an environment of low energy prices.
CNQ is not only one of the best energy companies, but also one of the best companies in Canada. It has increased its dividend at a compound annual growth rate (CAGR) of 21% for 25 consecutive years.
It yields 5.2% today. An investment of $54,500 would generate $710.29 in passive income per quarter, or $2,841.15 per year.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL PAYOUT | FREQUENCY |
| Canadian natural resources | $45.07 | 1,209 | $0.5875 | $710.29 | Quarterly |
Mullen Group
Mullen Group (TSX:MTL) is one of Canada’s largest transportation and logistics companies. It has built an empire across North America by acquiring smaller trucking companies.
Even though the company has faced a tough freight environment, smart acquisitions have helped supplement profits. The company has a sustainable dividend and share prices should start to turn around as the freight environment normalizes.
Mullen shares yield 5.18%. An investment of $54,500 would generate $235.34 in monthly passive income, or $2,824.08 annually.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL PAYOUT | FREQUENCY |
| Mullen Group | $16.21 | 3,362 | $0.07 | $235.34 | Monthly |
Fortis: A safe anchor for passive income
Fortis (TSX:FTS) is the perfect anchor for a TFSA passive income portfolio. With nine regulated utilities focused on transmission and distribution, it delivers predictable mid-single digit growth every year. And who can dispute the 52-year record of consecutive dividend increases?
Fortis shares now yield a return of 3.5%. An investment of $54,500 would return $475.13 per quarter or $1,900.50 per year.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL PAYOUT | FREQUENCY |
| Fortis | $51.86 | 1,050 | $0.4525 | $475.13 | Quarterly |
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