Dividend stocks are the foundation of great retirement portfolios. However, not all dividend stocks are created equally, so this is where you must do your homework. Fortunately for those of you who are reading this article, I’ve done the necessary homework and compiled a list of three monthly dividend stocks with safe yields up to 12%, so let’s take a closer look at each to determine if you should buy one or all of them today.

1. Corus Entertainment Inc.

Corus Entertainment Inc. (TSX:CJR.B) is one of Canada’s largest integrated media and entertainment companies with 22 specialty and pay television services, three conventional television stations, and 39 radio stations, and it is in the process of acquiring Shaw Media Inc. from Shaw Communications Inc. It pays a monthly dividend of $0.095 per share, or $1.14 per share annually, which gives its stock a yield of about 12% at today’s levels.

It is also very important to make two notes.

First, Corus has raised its annual dividend payment for 12 consecutive years, and its 4.6% increase in February 2015 puts it on pace for 2016 to mark the 13th consecutive year with an increase.

Second, I think its increased amount of free cash flow, including 14.8% year-over-year growth to a record $201.2 million in fiscal 2015 and 3.5% year-over-year growth to $34.5 million in the first quarter of fiscal 2016, could allow for another dividend hike within the next few months.

2. Inter Pipeline Ltd.

Inter Pipeline Ltd. (TSX:IPL) is one of the largest providers of petroleum transportation, bulk liquid storage, and natural gas liquids extraction services in Canada and Europe. It pays a monthly dividend of $0.13 per share, or $1.56 per share annually, which gives its stock a yield of about 6.95% at today’s levels.

Investors must also make two very important notes.

First, Inter Pipeline has raised its annual dividend payment for seven consecutive years, and its 6.1% increase in November 2015 puts it on pace for 2016 to mark the eighth consecutive year with an increase.

Second, I think its increased amount of funds from operations is attributable to shareholders, including 35.6% year-over-year growth to $531.5 million in the first nine months of fiscal 2015. Its low payout ratio, including 69.3% in the first nine months of fiscal 2015 compared to 78.6% in the same period in fiscal 2014, could allow it to announce a dividend hike when it releases its fourth-quarter earnings results on February 18.

3. Canadian REIT

Canadian REIT (TSX:REF.UN) is one of North America’s largest owners of commercial real estate with interests in 198 retail, industrial, and office properties totaling approximately 33 million square feet. It pays a monthly distribution of $0.15 per share, or $1.80 per share annually, which gives its stock a yield of about 4.5% at today’s levels.

It is also important to make two notes.

First, Canadian REIT has raised its annual distribution for 14 consecutive years, and its 2.9% increase in June 2015 puts it on pace for 2016 to mark the 15th consecutive year with an increase.

Second, I think its increased amount of funds from operations, including 2.7% year-over-year growth to $2.27 per share in the first nine months of fiscal 2015, and its industry-leading payout ratio, including 58.5% in the first nine months of fiscal 2015 compared to 59% in the same period of fiscal 2014, could allow it to announce another small increase within the next few months.

Should you buy one or more of these stocks today?

Corus Entertainment, Inter Pipeline, and Canadian REIT are three of the most attractive monthly dividend-paying investment options in the market, so all retirees should take a closer look and strongly consider initiating positions in at least one of them today.

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Fool contributor Joseph Solitro has no position in any stocks mentioned.