Investing in blue-chip dividend stocks is a low-cost strategy to begin a passive-income stream. Generally, companies that generate stable cash flows across market cycles pay shareholders dividends. As the dividend yield and share price have an inverse relationship, you can identify beaten-down stocks with strong fundamentals to benefit from a high yield.

Moreover, dividends are not guaranteed and can be revoked if company financials deteriorate. So, it's imperative to identify a portfolio of dividend stocks that have showcased resiliency in good times and bad.

Letâs see how much you should invest to get $500 in monthly dividends, which translates to an annual payout of $6,000. Given an average yield of 6%, you would have to invest $100,000 in dividend stocks. Here are three blue-chip TSX dividend stocks you can buy now to begin your passive-income journey.

Enbridge stock

One of the most popular TSX dividend stocks, Enbridge (TSX:ENB) offers you a forward yield of 7.4%, given its annual payout of $3.66 per share. Last September, Enbridge announced plans to acquire three natural gas utilities from Dominion Energy for $19 billion.

The deal should be completed by the end of 2024, increasing the companyâs EBITDA (earnings before interest, tax, depreciation, and amortization) exposure to natural gas utilities to 22%, up from 12%.

A widening base of cash-generating assets should fuel Enbridgeâs dividend growth in the future. The energy heavyweight has already raised dividends by 10% annually, on average, since 1995, significantly enhancing the yield at cost.

Telus stock

A Canadian telecom giant with a dividend yield of 7.2%, Telus (TSX:T) is part of a recession-resistant sector. In the first quarter (Q1) of 2024, Telus grew its EBITDA by 4.3% year over year while its margin expanded by 170 basis points. Its focus on customer service allowed Telus to end Q1 with 209,000 net additions, up 28% year over year.

Telus recently announced plans to deploy $73 billion across Canada through 2028 to develop its telecom infrastructure and gain market share. It will invest roughly $24 billion in Ontario, allowing it to gain market share and expand its customer base.

Priced at 20 times forward earnings, Telus stock trades at a discount of 16% to consensus price target estimates in July 2024.

Toronto-Dominion Bank stock

The final dividend stock on my list is Toronto-Dominion Bank (TSX:TD), which offers a yield of 5.1%. Down 26% from all-time highs, TD Bank stock has returned 4,200% to shareholders in the last 30 years after adjusting for dividend reinvestments.

TD Bank is the second-largest bank in Canada and enjoys an entrenched position in a highly regulated market. With high entry barriers, TD Bank is positioned to maintain and grow its market share in Canada and the U.S., which should translate to higher earnings and dividends going forward.

Priced at less than 10 times forward earnings, TD Bank could outpace the broader markets if interest rates continue to fall in the next 12 months.

The Foolish takeaway

The average yield of these three blue-chip TSX dividend stocks is roughly 6.5%. It means you would need to invest $92,500 distributed equally in these three stocks to earn $1,527 in quarterly dividends, indicating a monthly payout of $509. You can identify other such quality dividend stocks with a generous payout and further diversify your passive-income portfolio.

The post How Much to Invest to Get $500 in Dividends Every Month appeared first on The Motley Fool Canada.