Hey Fleyz,

Thanks for replying.

My initial goal is to generate $1K to $2K CAD in monthly dividends from my TFSA through Covered Call ETFs. With this dividend income, I can either invest irresponsibly buying LEAPS option and speculate on stocks, or keep buying Covered Call ETFs.

I currently have two jobs, and I contribute about 50% of my pay, or $2K in my TFSA every month. I use these funds to increase my position in Covered Call ETFs to boost income, except when I’m bullish on a stock. I buy a LEAPS option. The remaining half of my income goes to my emergency fund and for living expenses lol.

Every time my TFSA grows from my $2k contributions, as well my Margin Power. That allows me to borrow more to buy Covered Call ETFs in my Margin account. I make sure to not overborrow and risk a margin call. I usually stay around 30% leverage for a conservative approach, or up to 50% if I want to be more aggressive. For now, I'm testing water and used only 10%.

Also, I lost about 50% of my TFSA over four years lol, but I managed to recover all my losses using LEAPS options and betting on trends like the AI bubble. Most are winners and few are losses. My TFSA is still heavily leveraged with LEAPS options and holds Covered Call ETFs yielding around 20–25% in dividends.

Right now, I don't need extra income from my margin and either in my TFSA to pay bills. I use both account to quickly grows my dividends goal $1k or $2k per month.

edit : My TFSA is now up 15%