Kittyday wrote: TFSA Investors: How You Can Create a $4,500/Year Passive Income Stream Today
As of 2019, Canadians have $63,500 in TFSA contribution room, which can be used to construct a tax-free income stream that can add another $4,500 to your annual income.
While others try to time their entry into and out of this volatile market with the hopes of making a quick buck, you can collect a steady stream of monthly income payments that doesn’t depend on positive market-propelling events, which may never happen.
So, if you’re ready to stop playing the markets and would rather get paid to sit on your bum, look to stocks like TransAlta Renewables (TSX:RNW) or REITs like Automotive Properties REIT (TSX:APR.UN), which sport towering yields of 6.8% and 7.2%, respectively, at the time of writing.
With a $63,500 TFSA invested in the two names, you’d have a 7% average yield that’d result in around $4,500 per year or $375 per month in passive income. And best of all? The income is entirely free from taxation.
Let’s have a brief look at the two names to see which one is a good fit for your TFSA.
To read the full article, go to:
https://www.fool.ca/2019/10/10/tfsa-investors-how-you-can-create-a-4500-year-passive-income-stream-today/