How to Turn Your TFSA Into $1,000 a Month in Tax-Free Income

How does an extra $1,000 a month in tax-free income sound?

It could cover groceries, help with household costs, or even give the retirement budget some much-needed breathing room.

That’s part of the appeal of the Tax-Free Savings Account (TFSA).

The TFSA allows for invested contributions and dividends to compound tax-free.

This makes it a powerful wealth-building tool for investors.

The real question is what are the investments, and how much is needed to build out a $1,000 per month tax-free income stream?

There’s no shortage of great investments on the market, and here are three options for investors to consider today.

Enbridge provides a higher income foundation Enbridge (TSX: ENB) is a name that should be familiar to most Canadian income investors.

The company operates an extensive energy infrastructure business that includes pipelines, renewable energy facilities and natural gas utilities.

Those operations provide services that customers rely on every day.

This gives the company some defensive appeal.

It also benefits from regulated earnings or long-term contracts that help support the business and its dividend.

For investors building a tax-free income portfolio, Enbridge’s reliable business model is a big part of the appeal.

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