3 of the Best Dividend Stocks Money Can Buy

Need a dividend stock? If so, Corus Entertainment Inc. (TSX:CJR.B), RioCan Real Estate Investment Trust (TSX:REI.UN), and Bank of Montreal (TSX:BMO)(NYSE:BMO) are prime options.

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One of the most important facts to know about investing is that dividend-paying stocks far outperform non-dividend-paying stock over the long term when you participate in a dividend reinvestment plan. It is for this reason that every long-term investor should own at least one dividend-paying stock, and depending on your age, investment goals, and risk tolerance, maybe even a diversified portfolio full of them.

With all of this in mind, let’s take a look at three high-yielding stocks that you could buy today.

1. Corus Entertainment Inc.

Corus Entertainment Inc. (TSX:CJR.B) is one of the largest integrated media and entertainment companies in Canada, with 22 specialty and pay television services, three conventional television stations, and 39 radio stations. It pays a monthly dividend of $0.095 per share, or $1.14 per share annually, giving its stock an 11.5% yield at today’s levels.

It is also very important to note that Corus has raised its annual dividend payment for 12 consecutive years, and its increased amount of free cash flow, including 14.8% year-over-year growth to $201.2 million in fiscal 2015, could allow this streak to continue in 2016.

2. RioCan Real Estate Investment Trust

RioCan Real Estate Investment Trust (TSX:REI.UN) is Canada’s largest real estate investment trust, with ownership interests in 354 retail properties containing approximately 78 million square feet. It pays a monthly distribution of $0.1175 per share, or $1.41 per share annually, giving its stock a 5.6% yield at current levels.

It is important for investors to note that RioCan has maintained this monthly rate since January 2013, but its increased amount of funds from operations, including 6.9% year-over-year growth to $414.6 million in the first nine months of fiscal 2015, could allow for a slight increase within the next few months.

3. Bank of Montreal

Bank of Montreal (TSX:BMO)(NYSE:BMO) is the fourth-largest bank in Canada, with approximately $672.4 billion in total assets. It pays a quarterly dividend of $0.82 per share, or $3.28 per share annually, giving its stock a 4.3% yield at today’s levels.

It is also very important to note that Bank of Montreal has raised its annual dividend payment for three consecutive years, and that it has a target dividend payout range of 40-50%, so its consistent growth should allow this streak to continue for the next several years.

Could your portfolio use more yield?

Corus Entertainment, RioCan Real Estate Investment Trust, and Bank of Montreal are three of the best dividend stocks money can buy. All Foolish investors should take a closer look at each and strongly consider initiating positions in at least one of them today.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

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

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