The annual contribution for the Tax-Free Savings Account (TFSA) is set to increase by another $6,000 in 2022. That will put the cumulative contribution room at $81,500, at least for investors who have been eligible since its inception in January 2009. Today, I want to look at three top dividend stocks that are worth monitoring ahead of the New Year.

This energy stock offers big income for a 2022 TFSA

Pembina Pipeline (TSX:PPL)(NYSE:PBA) is a Calgary-based company that provides transportation and midstream services for the energy industry. Shares of this dividend stock have climbed 22% in 2021 as of early afternoon trading on December 10. However, the stock has slipped 10% in the month-over-month period.

The company posted total revenue of $2.14 billion in the fourth quarter of 2021 — up from $1.49 billion in the previous year. In the year-to-date period, total revenue increased to $6.06 billion compared to $4.27 billion in the first nine months of 2020. Meanwhile, adjusted cash flow from operating activities rose to $786 million, or $1.43 per share — up from $524 million, or $0.95 in the previous year.

Shares of this dividend stock last had an RSI of 32, which puts Pembina just outside technically oversold territory. It offers a monthly dividend of $0.21 per share, representing a tasty 6.7% yield. Pembina can offer nice income for TFSA investors in 2022.

Don’t sleep on this dependable dividend stock right now

Great-West Lifeco (TSX:GWO) is a Winnipeg-based company that is engaged in the insurance and financial services space. This dividend stock has increased 26% in the year-to-date period as of early afternoon trading on December 10. Its shares have dipped 1% month over month. TFSA investors should consider this highly dependable stock as we prepare for 2022.

In Q3 2021, Great-West reported total base earnings of $870 million — up from $679 million in the previous year. Base earnings per share increased 27% from the previous year to $0.93. It was powered by higher equity markets across its jurisdictions. Meanwhile, assets under administration (AUA) climbed 11% from the prior year to $2.2 trillion.

This dividend stock last had an attractive P/E ratio of 10. It currently pays out a quarterly dividend of $0.49 per share. This represents a solid 4.6% yield.

TFSA investors: One more dividend stock to snatch up today

TransAlta Renewables (TSX:RNW) is the third and final dividend stock I’d recommend for TFSA investors on December 10. This Calgary-based company develops, owns, and operates renewable power-generation facilities. Shares of this dividend stock have dropped 17% in 2021 at the time of this writing. Investors should be eager to snatch up promising green energy stocks in their TFSA for the long haul.

The company released its third-quarter 2021 earnings on November 9. It saw comparable EBITDA jump $6 million from the prior year to $102 million. Meanwhile, it made solid progress on key solar and wind power projects. TransAlta stock is trading in favourable value territory compared to its industry peers. It offers a monthly dividend of $0.078 per share. That represents a strong 5% yield.

The post The 3 Best Dividend Stocks to Buy With 2022 TFSA Room appeared first on The Motley Fool Canada.

More reading

• Retirees: 2 Oversold Dividend Stocks for High-Yield Passive Income
• 3 Cheap Canadian Stocks to Start a TFSA Retirement Fund
• 2 Renewable Energy Stocks to Own Today
• The 3 Best Cheap Dividend Stocks
• 3 Top TSX Income Stocks to Stick in Your Stocking in December

Fool contributor Ambrose O’Callaghan has no position in any of the stocks mentioned. The Motley Fool recommends PEMBINA PIPELINE CORPORATION.