Canadian traders can generate tax-free month-to-month passive revenue by holding high quality dividend shares in a TFSA (Tax-Free Financial savings Account). On this article, I’ve recognized three month-to-month dividend shares you should buy proper now and profit from a gradual payout in 2025 and past.

TSX dividend inventory #1

Valued at a market cap of $1.2 billion, Mullen Group (TSX:MTL) provides you a ahead yield of 6.1%. Mullen supplies a variety of trucking and logistics companies in Canada and the U.S.

A number of key components assist the corporate’s dividend sustainability. Mullen generated working money move of $117 million in Q2 and is forecast to finish the 12 months with free money move of $150 million. Furthermore, its free money move is forecast to extend to $222 million in 2027.

Given Mullen’s annual dividend of $0.84 per share in 2025, its dividend expense is round $72 million, indicating a payout ratio of lower than 50%.

Administration’s countercyclical acquisition technique has pushed 9% income progress regardless of financial headwinds, with latest acquisitions, corresponding to Cole Group, anticipated to contribute meaningfully going ahead.

The corporate’s deal with “margins over market share” and disciplined price administration helps shield money flows throughout downturns.

Nonetheless, EBITDA (earnings earlier than curiosity, taxes, depreciation, and amortization) margins are beneath stress from aggressive pricing and integration prices related to asset-light acquisitions that generate decrease margins.

The TSX inventory additionally trades at an 18% low cost to consensus value goal estimates in September 2025.

TSX dividend inventory #2

Whitecap Sources (TSX:WCP) is the second dividend inventory on the record, providing a tasty yield of 6.7%. Whitecap’s just lately accomplished merger with Veren has created Canada’s seventh-largest oil and fuel producer.

The merger considerably enhanced Whitecap’s monetary profile, boosting manufacturing to roughly 365,000 barrels of oil equal (BOE) per day and the enterprise worth to over $15 billion.

Furthermore, its dividend sustainability seems well-protected by a number of strategic benefits. Administration maintains robust dividend protection with funds move of $713 million in Q2 ($0.75 per share), supporting the $0.73 annual base dividend. The corporate’s versatile capital program ensures dividend sustainability throughout commodity cycles.

Standard property contribute over 50,000 barrels per day to stabilizing enhanced oil restoration volumes, reaching sub-20% decline charges. Additional, 40% of standard manufacturing operates beneath secondary or tertiary restoration applications. This establishes a gradual money move basis that helps dividend funds.

The corporate’s stability sheet energy additional reinforces dividend safety, with web debt of solely $3.3 billion (one occasions debt-to-cash move ratio) and an investment-grade BBB ranking.

The administration targets 25–35% hedging protection to guard draw back money flows, demonstrating dedication to dividend preservation.

TSX dividend inventory #3

The ultimate TSX dividend inventory is Slate Grocery (TSX:SGR.UN), which provides you a yield of 8%. The REIT has reported 9 consecutive quarters of robust leasing spreads, averaging 13.8% on renewals and 28.8% on new offers, which has pushed same-property web working revenue (NOI) progress of three.6%.

Slate Grocery’s defensive grocery-anchored portfolio advantages from structural tailwinds, together with restricted new retail provide, traditionally low emptiness charges, and vital lease upside potential, with in-place rents of $12.77 per sq. foot, which is nicely beneath the $24 market common.

Administration has reaffirmed its expectation of three–4% annual NOI progress, supported by strong leasing pipeline exercise exceeding 200,000 sq. toes.