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For the first time since 2019, the annual Tax-Free Savings Account (TFSA) contribution limit in 2023 won’t be $6,000 anymore. It appears that the decision of the federal government to increase the limit by $500 to $6,500 was due to high inflation.
The top-up is welcome news and an added motivation for TFSA users to maximize their accounts and boost tax-free income next year. If you’re scouting for high-yield stocks to hold in 2023, consider buying high-yield, dividend-paying mortgage stocks MCAN Mortgage (TSX:MKP) and Timbercreek Financial (TSX:TF).
The table below shows how many MCAN or Timbercreek Financial shares you can buy using your new $6,500 TFSA limit. You can also compare the dividend yields, potential income from the investment, and the frequency of the payouts.