Top Canadian Dividend Stocks for Monthly Income

Using Dividend Stocks for Savvy Investors

Canadian investors increasingly turn to dividend stocks offering monthly payouts to secure a steady income. Unlike their quarterly-paying counterparts, these stocks provide a more consistent cash flow, aligning better with monthly expenses and financial planning.

Monthly dividend stocks are great for retirees, income-focused investors, and those looking to reinvest dividends more frequently. They offer the dual benefits of regular income and the potential for compound growth, making them a cornerstone of many well-balanced Canadian portfolios. However, not all monthly dividend stocks are created equal. It’s important to look beyond the allure of frequent payouts and focus on company growth.

This article will explore some of the best Canadian dividend stocks that pay monthly, offering practical options to enhance your investment strategy and boost your regular income. Canada’s stock market offers various monthly dividend payers, from real estate investment trusts (REITs) to energy companies and financial services providers.

Investing in Canadian dividend stocks that pay cash monthly can be a strategic way to generate a steady income stream.

Here’s a list of some reputable Canadian dividend-paying stocks known for their monthly payouts.

RioCan Real Estate Investment Trust (REI.UN):

  • Dividend Yield: Approximately 4.5%
  • RioCan is one of Canada’s largest real estate investment trusts, primarily focused on retail properties. The company has a history of stable monthly dividends and a diversified portfolio across major Canadian cities.

Shaw Communications Inc. (SJR.B):

  • Dividend yield: Around 4%
  • Shaw is a leading telecommunications company in Canada. It provides various services, including cable and internet, and has a track record of consistent monthly dividend payments.

Pembina Pipeline Corporation (PPL):

  • Dividend Yield: Approximately 5.5%
  • Pembina Pipeline is a transportation and midstream service provider in the energy sector. The company is known for its monthly dividend payments and stable business model.

Inter Pipeline Ltd. (IPL):

  • Dividend Yield: Around 4.5%
  • Inter Pipeline operates in the oil and gas transportation and storage sector. It pays monthly dividends and has a diversified asset base.

TransAlta Renewables Inc. (RNW):

  • Dividend Yield: Approximately 5%
  • TransAlta Renewables focuses on renewable energy assets, including wind and solar. The company offers monthly dividends and benefits from a long-term contracted revenue structure.

A&W Revenue Royalties Income Fund (AW. UN):

  • Dividend Yield: Around 4.5%
  • A&W is a popular fast-food chain in Canada, and the income fund receives royalties from A&W restaurants. It distributes monthly dividends, providing investors with a stable income source.

Enbridge Income Fund Holdings Inc. (ENF):

  • Dividend Yield: Approximately 6%
  • Enbridge Income Fund Holdings is associated with Enbridge Inc., a major energy infrastructure company. It pays monthly dividends and is involved in various energy projects.

Northwest Healthcare Properties Real Estate Investment Trust (NWH.UN):

  • Dividend yield: Around 6%
  • Focused on healthcare real estate, Northwest Healthcare Properties REIT is known for its monthly dividends. It owns and manages a portfolio of diverse medical office buildings and healthcare facilities.

Before making investment decisions, investors should conduct thorough research, consider their risk tolerance, and consult financial professionals. Additionally, stock prices and dividends can fluctuate, so a diversified approach and a long-term perspective are essential in building a resilient and income-generating portfolio.

This article is for informational purposes only and should not be considered financial advice. Please consult with a professional financial advisor before making any investment decisions.