Most investors who live off their investment income have created a cycle to use their money optimally. A one-time $14,000 investment in a stock through the Tax-Free Savings Account (TFSA) can grow your money depending on how the stock performs. But you can do more than that. You can use the same $14,000 to set up a process that invests at regular intervals in every economic situation and builds up a consistent monthly income.

Two TFSA stocks for consistent monthly income

So, you need a monthly income.

This doesn’t mean you ignore the quarterly dividend payers.

goeasy (TSX:GSY) is a dividend-growth stock that gives quarterly payouts. The non-prime lender managed to grow its dividend at a 30% compounded annual growth rate (CAGR) over the last 10 years by growing its lending portfolio to increase interest income. It even buys back shares so that each share gets a larger pie of its total dividend payments. The company’s share price depends on the quality of its lending portfolio and the credit risk.

You could consider investing the entire $14,000 in goeasy and locking in a 2.85% yield and an estimated 20% dividend CAGR for the next 10 years. I have lowered my dividend-growth rate estimate as the CRA has capped the maximum interest rate on loans to 35%.

CT REIT

CT REIT (TSX:CRT.UN) is among the very few real estate investment trusts (REITs) that have grown monthly distributions every July at a CAGR of 3%. It managed to grow its distribution as it has the advantage of the first right to buy and develop retail stores for its parent, Canadian Tire. Moreover, the REIT enjoys more than 90% occupancy from its parent and has a low mortgage. This setup allows the retailer to deduct lease expenses for tax purposes and earn dividend income from the REIT.

Just as Canadian Tire has optimized its expenses to get dual advantage of tax deduction and dividend income, you can also structure your TFSA to get multiple benefits.

How you could structure your TFSA income

A $14,000 investment can buy 68 shares of goeasy at $204 per share. They can pay $198.56 in dividends for the remainder of 2025. Every year, your quarterly payout could grow significantly because of goeasy’s high dividend-growth rate.

Yeargoeasy dividend (20% CAGR)Dividend income on 68 goeasy sharesCT REIT units at $18/shareTotal CT REIT unitsCT REIT Dividend (3% CAGR)Dividend income from CT REIT2025$5.84$198.56  0.94836 2026$7.01$476.541111$0.9768$10.782027$8.41$571.852638$1.0061$37.742028$10.09$686.223269$1.0363$71.792029$12.11$823.4738107$1.0674$114.642030$14.53$988.1646153$1.0994$168.372031$17.44$1,185.7955208$1.1324$235.592032$20.93$1,422.9566274$1.1664$319.492033$25.11$1,707.5479353$1.2014$424.052034$30.13$2,049.0595448$1.2374$554.152035$36.16$2,458.86114562$1.2745$715.86

The next stage is reinvesting the growing dividends in a stock with a stable price and monthly, consistent dividends. Since CT REIT grows its dividend at the inflation rate, the payout could give consistent purchasing power.

Every quarterly payout from goeasy will buy you higher units of CT REIT. I have assumed the REIT’s highest unit price of $18. In 2026, you can buy 11 CT REIT units on your 2025 goeasy dividend income of $198.56. The timing may vary as the CT REIT grows its distribution in July and goeasy in March.

By 2035, dividends on 68 goeasy shares could grow to $2,458.86. They would have bought you 562 units of CT REIT, which pays $715.86 in 12 monthly installments of $60.

You can even opt for the CT REIT dividend-reinvestment plan to compound your income further.