Maximize Your TFSA: Earn Up to $1,804 in Passive Income with goeasy Stocks in 2024
Invest $7,000 in goeasy for Potential Returns of $8,804 – A Guide for Tax-Free Savings Account Investors
According to The Motley Fool, Canadian investors can use their Tax-Free Savings Account (TFSA) to earn up to $1,804 in passive income by investing in dividend-paying stocks like goeasy (TSX). In 2024, the Tax-Free Savings Account limit has increased to $7,000. By putting this amount into goeasy shares, investors can benefit from the company’s strong history of giving high returns. goeasy, which helps people with non-prime lending, has shown great growth, including a record $827 million in loans in the second quarter of 2024.
With a $7,000 investment in goeasy stock, investors can buy 38 shares. If the stock price goes up to $227, the investment’s value will grow to $8,626 over the next year. Investors can also expect around $178 in dividends, bringing the total potential return to $8,804, which includes $1,804 from both dividends and stock price gains.
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$7,000 Tax-Free Savings Account Contribution Limit: Earn $1,804 in Passive Income with goeasy Stock (PHOTO: FilipiKnow)
Why goeasy Remains a Strong Tax-Free Savings Account Investment Despite Not Being a Top Pick
Even though goeasy is not among The Motley Fool Stock Advisor Canada’s top picks right now, it still offers a good opportunity for earning money through a Tax-Free Savings Account. Its strong performance and growth potential make it a good choice for those looking to earn tax-free income in 2025.
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