RNW:CC - TFSA: Invest $45000 in These 4 Stocks and Get $253/Month in Passive Income

The Tax-Free Savings Account (TFSA) remains one of the more attractive targets for income-oriented investors. Today, I want to discuss how we can invest $45,000 and gobble up over $250 in monthly passive income. Let’s jump in.

This oil and gas royalty stock is built to deliver passive income to shareholders

Freehold Royalties ( TSX:FRU ) is a Calgary-based oil and gas royalty company that owns working interests in oil, natural gas, natural gas liquids, and potash properties in Western Canada and the United States. Shares of this energy stock have climbed 39% in 2022 as of early afternoon trading on November 25. The company has put together a strong performance in 2022 on the back of higher oil and gas prices.

Shares of Freehold were trading at $16.93 in early afternoon trading on November 25. In our hypothetical, we will look to purchase 665 shares of Freehold for a total price of $11,258. This stock offers a monthly dividend of $0.09 per share. That represents a 6.3% yield. This means we can churn out monthly passive income of $59.85 in our TFSA.

TFSA investors should look to this monthly dividend stock for the long term

Extendicare ( TSX:EXE ) is a Markham-based company that provides care and services for seniors in Canada. Its shares have dropped 8.4% in the year-to-date period. That has pushed the stock into negative territory year over year. The company has posted solid revenue growth in 2022 and is a worthy long-term target in a TFSA.

This stock was trading at $6.79 in early afternoon trading. We can look to purchase 1,660 shares of Extendicare for a price of $11,271. Extendicare offers a monthly dividend of $0.04 per share, which represents a 7% yield. This investment will allow us to generate monthly passive income of $66.40.

Here’s a green energy stock that boasts big passive income

TransAlta Renewables ( TSX:RNW ) is a Calgary-based company that develops, owns, and operates renewable power-generation facilities. This stock has plunged 24% in 2022. The company has delivered revenue and free cash flow growth in the first nine months of this fiscal year.

Shares of TransAlta were trading at $14.21 at the time of this writing. We can look to snatch up 800 shares of this stock for a purchase price of $11,368. The stock offers a monthly distribution of $0.078 per share, representing a tasty 6.6% yield. This means we can make monthly passive income of $62.40 in our TFSA.

One more passive-income beast to add to your TFSA in late November

Superior Plus ( TSX:SPB ) is the fourth dividend stock I’d look to snatch up in our TFSA today. This Toronto-based company is engaged in the energy distribution business. Shares of this energy stock have dropped 21% in the year-to-date period.

Its shares were trading at $10.22 in early afternoon trading. In our hypothetical, we can look to purchase 1,085 shares for a total price of $11,088. This stock offers a monthly dividend of $0.06 per share. That represents a 7% yield. The investment will allow us to generate monthly passive income of $65.10.

Conclusion

These investments will allow us to generate monthly passive income of $253.75 in our TFSA going forward.

The post TFSA: Invest $45,000 in These 4 Stocks and Get $253/Month in Passive Income appeared first on The Motley Fool Canada .

Fool contributor Ambrose O'Callaghan has no position in any of the stocks mentioned. The Motley Fool recommends FREEHOLD ROYALTIES LTD. and SUPERIOR PLUS CORP. The Motley Fool has a disclosure policy .

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