Need Monthly Income? These 3 Stocks Yield up to 12.3%

Do you need monthly income? If so, consider buying Corus Entertainment Inc. (TSX:CJR.B), TransAlta Renewables Inc. (TSX:RNW), and Choice Properties Real Est Invstmnt Trst (TSX:CHP.UN).

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As intelligent investors know, dividend-paying stocks far outperform non-dividend-paying stocks over the long term. However, if you receive your cheques in the mail to live off of, like many retirees do, then there is one major problem: our bills arrive monthly, but our dividend cheques arrive quarterly.

Fortunately, there are stocks out there that pay dividends on a monthly basis, making everything much easier.

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

1. Corus Entertainment Inc.

Corus Entertainment Inc. (TSX:CJR.B) is one of Canada’s largest integrated media and entertainment companies. It pays a monthly dividend of $0.095 per share, or $1.14 per share annually, which gives its stock a yield of about 12.3% at today’s levels.

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

2. TransAlta Renewables Inc.

TransAlta Renewables Inc. (TSX:RNW) is one of the largest independent producers of renewable energy in Canada. It pays a monthly dividend of $0.07333 per share, or $0.88 per share annually, which gives its stock a yield of about 8.4% at today’s levels.

Investors must also note that TransAlta Renewables has raised its annual dividend payment every year since it was spun off from TransAlta Corporation in August 2013, resulting in two consecutive years of increases, and its recent hikes, including its 4.8% hike on January 26, has it on pace for 2016 to mark the third consecutive year with an increase.

3. Choice Properties Real Estate Investment Trust

Choice Properties Real Est Invstmnt Trst (TSX:CHP.UN) is one of Canada’s largest owners of commercial real estate with 519 properties totaling approximately 41.6 million square feet of gross leasable area. It pays a monthly distribution of $0.055833 per share, or $0.67 per share annually, which gives its stock a yield of about 5.65% at today’s levels.

Investors must also note that Choice Properties raised its distribution by 3.1% in November 2015, effective for its January 2016 payment, and this was its first increase since it went public in July 2013.

Should you buy one of these income stocks today?

Corus Entertainment, TransAlta Renewables, and Choice Properties REIT can provide the monthly income that you need, so take a closer look and consider buying 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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