Got $10,000? Here’s a Simple TFSA Plan for Income and Growth

A Tax-Free Savings Account (TFSA) plan is one of the best things a Canadian investor can do for their future self. It gives you a clean place to build two things at once: cash flow you can use later and long-term growth you don’t want the taxman nibbling away at. Good financial planning should look ahead, stay tax efficient, and avoid preventable mistakes that can cost you later. That’s exactly why a simple TFSA mix of steady compounders and income names can work so well for a $10,000 portfolio.

BAM

Brookfield Asset Management (TSX:BAM) is one of the biggest alternative asset managers in the world, with money spread across infrastructure, renewables, private equity, real estate, and credit. Over the last year, it leaned harder into artificial intelligence (AI) infrastructure, including the launch of a US$100 billion AI infrastructure program in late 2025.

BAM stock then named Connor Teskey as CEO in February 2026 as part of its next phase. In its latest full-year results, BAM stock posted record fee-related earnings of US$2.995 billion, up 22%, and distributable earnings of US$2.695 billion, up 14%, while fee-bearing capital climbed 12% to US$603 billion.

For a TFSA, BAM brings exposure to long-term money-making trends without forcing you to bet on one sector. BAM stock recently held a trailing price-to-earnings (P/E) ratio near 30, so it’s not cheap, but that premium reflects a business that keeps raising capital and collecting fees. I like it here because the future still looks busy. BAM stock expects a first close in the first half of 2026 for its AI fund, and its scale gives it a strong shot at turning big infrastructure demand into more earnings growth — all while providing a 4.3% yield.

BEP

Brookfield Renewable Partners (TSX:BEP.UN) owns renewable power and transition assets around the world, including hydro, wind, solar, storage, and carbon capture. Over the last year, it completed the Neoen deal and kept talking up demand from hyper-scalers and other large customers that need huge amounts of power. In 2025, it reported funds from operations (FFO) of US$1.334 billion, or US$2.01 per unit, up 10% per unit year over year. It also raised its distribution by 5% at the start of 2026.

That’s why BEP stock works in a TFSA built for income and growth, with a solid 4.6% yield at writing. This one won’t move in a straight line, and rising rates or weaker sentiment can still hit the unit price, but the long-term picture looks strong. In fact, BEP stock signed long-term contracts for more than 9,000 megawatts across its fleet in 2025 and said demand for hydro from hyper-scalers remains robust, which gives this story a lot more life than a plain old yield play.

NA

National Bank (TSX:NA) rounds out the trio with a steadier mix of dividend income and dependable earnings growth. It’s still the smallest of Canada’s big banks, but over the last year, it got a lot bigger with its Canadian Western Bank acquisition. In first-quarter 2026 results, NA stock reported net income of $1.254 billion, up 26% year over year, while diluted earnings per share came in at $3.08. It also lifted its quarterly dividend to $1.24 per share, showing management still feels confident about the bank’s cash generation.

For a TFSA, NA gives you a strong anchor. It trades at 19 times earnings with a 2.5% yield. That’s not a bargain-basement multiple, but the CWB integration gives NA stock another path to growth. Plus, management has already laid out a target of $200 million to $250 million in revenue synergies over the next three years.

Bottom line

Put it all together, and a simple $10,000 TFSA plan starts to look pretty useful. BAM stock gives you higher-octane growth, BEP stock adds a healthy dose of income with global renewable upside, and NA stock brings stability with a dividend and a strong Canadian banking franchise. In fact, here’s what a $10,000 equal mix could bring in.

COMPANYRECENT PRICENUMBER OF SHARESANNUAL DIVIDENDANNUAL TOTAL PAYOUTFREQUENCYTOTAL INVESTMENTBAM$66.4950$2.01$100.50Quarterly$3,324.50BEP.UN$48.5168$1.57$106.76Quarterly$3,298.68NA$199.4716$4.96$79.36Quarterly$3,191.52

That mix won’t do everything overnight, but it gives your TFSA a much better shot at growing into something meaningful over time.

The post Got $10,000? Here’s a Simple TFSA Plan for Income and Growth appeared first on The Motley Fool Canada.

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More reading

• 3 Canadian Stocks That Could Help Build Generational Wealth
• Inflation Just Hit 2.4%, but These 2 Canadian Stocks Still Look Like Buys
• The Sectors Where Canada Actually Beats the United States
• How Do Most Canadians’ TFSA Balances Look at Age 30?
• 1 Canadian Stock I’d Seriously Consider If I Had $7,000 in TFSA Room

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Brookfield Asset Management and Brookfield Renewable Partners. The Motley Fool has a disclosure policy.