The COVID-19 pandemic has thrust many Canadians into a precarious financial position. Fortunately, the federal government has provided unprecedented support in the form of radical social spending programs. However, it recently announced that the monthly amount for the Canada Recovery Benefit (CRB) will be reduced in the summer. This is a great time for Canadians to explore ways to collect passive income in the years ahead.
Seek out monthly dividend stocks
This is one of the clearest paths forward for Canadian investors. Passive income through stocks is even more rewarding in a Tax-Free Savings Account (TFSA). All income generated from dividends in a TFSA is tax-free.
Northwest Healthcare REIT (TSX:NWH.UN) is one monthly dividend stock that I’m bullish on in 2021 and beyond. It owns high-quality healthcare real estate around the world. Shares have climbed 46% over the past year. Best of all, it offers a monthly dividend of $0.067 per share. That represents a tasty 6.1% yield.
Jump into real estate
Gaining access to real estate is getting tougher and tougher in Canada. For those fortunate enough to own real estate, this asset can provide consistent passive income. Investors can look to convert their assets into rental properties.
Write an eBook
Bet you didn’t see that coming, did you? A creative endeavor like an eBook can provide consistent passive income if you are able to draw in consumers. Of course, you will first have to think up an idea.