Income can be used to achieve a lot of things. Passive income from solid dividend stocks makes spending income more enjoyable when you hardly have to work for it, particularly for Canadians who enjoy researching dividend stocks. You can reinvest your dividend income for more passive income, eat out at a fancy restaurant, buy a new gadget, or take a vacation.

Here are some top TSX stocks that offer high dividend yields and safe income.

Monthly dividend stock with a 5.3% yield

Exchange Income (TSX:EIF) is a rare gem in the industrials sector. It offers a curiously big dividend in a cyclical sector. Despite the sensitivity of the sector to the economic ups and downs, interestingly, Exchange Income has paid a stable or growing cash distribution since 2004. This track record of healthy dividend payments is proof of the company's ability and commitment to paying the dividend.

Exchange Income acquires businesses in aerospace, aviation, and manufacturing, which provide essential products and services to niche markets. Currently, it has about 19 subsidiaries that generate resilient cash flows.

Its 10-year dividend-growth rate is 4.2%. The dividend stock pays out a nice monthly dividend that yields 5.3%. Importantly, the industrial stock provides the potential for price appreciation. At $49.43 per share at writing, analysts believe upside of about 29% is possible over the next 12 months. In other words, shares trade at a discount of approximately 22%. The monthly dividend stock is a good consideration for income and total-return investors.

Boost your income with Power Corp.'s 5.6% dividend

Power Corp. (TSX:POW) has paid out steady dividends. It is a Canadian Dividend Aristocrat that has increased its dividend for about nine consecutive years. For your reference, its 10-year dividend-growth rate is 6.1%. Long-term dividend growth combined with its high dividend yield is the formula for stable returns for its investors.

The life and health insurance stock offers a dividend yield of 5.6%, which is paid out as quarterly dividends. At 39.87 per share, analysts believe it has upside potential of about 11% over the next 12 months. In other words, shares trade at a discount of roughly 10%.

It's not a bad buy here. However, it would be nice if investors could buy on dips to $37-38 over the next six months.

Hungry for income? Park your money in this big bank stock

Many investors focus on Bank of Nova Scotia (TSX:BNS) stock's underperformance against its big Canadian bank peers. However, there's no argument that it is a decent investment if you're hungry for income.

The bank has paid dividends every year since 1833! At $65.60 per share, the international bank offers a dividend yield of just under 6.5%. This dividend is covered by its earnings.

That said, investors probably need to be more patient if they're looking for dividend hikes and price appreciation. The stock has maintained the same dividend for five quarters so far. Analysts believe the stock is fairly valued, which means the upside over the next 12 months may be nil.

The market has such low expectations of the stock that if it were to turn around with higher earnings growth, it could experience magnificent double-digit total returns over the next three to five years.