Monthly Income Made Easy: 2 TSX Dividend Stocks to Buy Today

As the ongoing economic turmoil appears to be intensifying in the second half of 2023, investors are increasingly looking for ways to protect their hard-earned savings invested in the Canadian stock market. After ending September with 3.7% losses, the main TSX index has already extended its losses by another 3% in October so far.

In such difficult market environments, holding some strong Canadian monthly dividend stocks in your portfolio can be of great help. This way, you can expect to receive monthly cash from their dividends even amid temporary economic downturns to remain well prepared to navigate the uncertain environment.

In this article, I’ll highlight two top Canadian monthly dividend stocks you can buy on the TSX today.

Chartwell Retirement Residences stock

Chartwell Retirement Residences (TSX: CSH.UN) is a Mississauga-headquartered open-ended real estate investment trust that primarily focuses on operating a variety of housing residences for seniors across Canada, including long-term care and assisted-living options.

Despite the recent broader market selloff, Chartwell’s stock has risen about 19% this year so far to currently trade at $10 a share with a market cap of $2.4 billion. At this market price, this top Canadian dividend stock offers an annualized dividend yield of 6.1% and distributes these dividend payouts every month.

Chartwell stock’s strong performance in 2023 could mainly be due to its improving financial growth trends and fundamental outlook. In the first half of the year, the company’s resident revenue rose 3.8% YoY (year over year) to $12.2 million. Despite economic challenges, its funds from continuing operations improved to $46.8 million in the first half of 2023 from $46 million in the first of 2022. Given its strong financial growth trends, this Canadian monthly dividend stock still has room to rally further, I believe, as it is still off 28% its pre-pandemic year 2019’s closing level.

Mullen stock

If you want your stock investments to yield monthly cash, Mullen Group (TSX: MTL) could be another great monthly dividend stock to buy on the TSX today. This Okotoks-based group has decades of experience in acquiring small logistics and transportation companies with the aim of improving their operational and financial performance.

After rallying by more than 25% last year, this Canadian monthly dividend stock has seen 7.6% value erosion in 2023 so far to currently trade at $13.44 per share with a market cap of $1.2 billion. MTL stock has an attractive 5.4% annualized dividend yield at this market price.

Besides its attractive monthly dividends, Mullen Group’s ability to continue growing even in tough economic environments makes its shares so attractive to hold for the long term. In the first three quarters of 2023, the company’s revenue remained largely flat on a YoY basis at $1.5 billion. On the positive side, its adjusted earnings jumped by more than 15% during the same period to $1.14 per share, surpassing Bay Street analysts’ expectations for three consecutive quarters.

Moreover, despite difficult economic environments, Mullen’s consistent focus on quality acquisition opportunities brightens its long-term growth outlook, making this top Canadian monthly dividend stock attractive to buy on the TSX today.