How I’d Build $200 a Month in Tax-Free TFSA Income With Peyto Exploration & Development and Automotive Properties REIT

Amid persistent inflation and an uncertain macroeconomic environment, earning a steady passive income has become increasingly important for maintaining financial stability and preserving purchasing power.

Investing in monthly-paying dividend stocks offers a convenient and cost-effective way to generate regular income and supplement existing earnings.

However, dividend payments are not guaranteed, as they depend on a company’s financial performance, cash flow generation, and management decisions.

Therefore, investors should prioritize fundamentally strong companies with established businesses, predictable cash flows, a proven history of dividend payments, and sustainable growth prospects.

Against this backdrop, I believe the following two monthly-paying dividend stocks present compelling opportunities for income-seeking investors.

Investing $40,000, split equally between these two stocks, could generate more than $200 in monthly passive income.

Moreover, holding these investments in a Tax-Free Savings Account (TFSA) would allow eligible Canadian investors to receive their dividends tax-free, provided they have sufficient contribution room.

COMPANYRECENT PRICENUMBER OF SHARESINVESTMENTDIVIDENDTOTAL PAYOUTFREQUENCYPEY$12.421,610$19,996.2$0.0699$112.54MonthlyAPR.UN$25.41787$19,997.67$0.12$94.44MonthlyTotal$206.98Monthly Peyto Exploration & Development Peyto Exploration & Development (TSX: PEY) is a Canadian energy producer with operations primarily concentrated in Alberta’s Deep Basin.

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