Have you ever thought of creating a reliable monthly income stream from your investments that can cover your living expenses, save for your retirement, or fund your other financial goals? If yes, then you might want to consider investing in Canadian monthly dividend stocks that can provide you with consistent and predictable income every 30 days. Besides yielding passive income, investing in dividend stocks could also offer several benefits, such as capital appreciation and the power of compounding by reinvesting your dividends to grow your wealth faster.
In this article, I’ll introduce you to two of the best Canadian stocks that pay monthly dividends and have resilient long-term financial growth trends.
Whitecap Resources stock
Whether you are investing for income or growth, Whitecap Resources (TSX: WCP) could be a great dividend stock to buy in Canada right now. This Calgary-headquartered company mainly focuses on acquiring and holding interests in profitable petroleum and natural gas assets. After rallying by 17.5% in the last three months, WCP stock now trades at $10 per share with a market cap of $6 billion. It offers a monthly dividend payment with an appealing annualized yield of 7.3% at the current market price.
In the first quarter of 2024, Whitecap not only surpassed its production forecasts but also did so with efficiency, spending less than anticipated. The company reported an average daily production of 169,660 barrels of oil equivalent per day (boe/d), which represents a significant increase over its guidance of 163,500 boe/d. This increase was supported by both higher oil and natural gas output, reflecting Whitecap’s consistent focus on scaling operations.
Moreover, Whitecap’s recent strategic initiatives are paying off well, especially with the early and under-budget completion of its owned and operated Musreau battery facility. The facility began operations two weeks ahead of schedule, contributing to the company’s production boost. Considering these positive factors, I expect Whitecap’s financial growth trends to improve further in the years to come, which should help the value of its shares appreciate.
CT REIT stock
CT REIT (TSX: CRT.UN) could be another trustworthy Canadian monthly dividend stock to consider right now. This Toronto-based closed-end REIT (real estate investment trust) owns a high-quality portfolio of more than 370 commercial properties across Canada with a gross leasable area of over 30 million square feet. It currently has a market cap of $1.5 billion as its stock trades at $13.41 per share with 8.5% year-to-date declines. At this market price, CT REIT has a decent 6.7% annualized dividend yield.
In 2023, CT REIT has not only expanded its physical footprint but also strengthened its financial base. During the year, its annual property revenue rose 3.7% year over year to $552.8 million. The trust also made an investment of more than $150 million last year, adding approximately 840,000 square feet to its portfolio. This expansion includes the notable addition of a 350,000-square-foot net zero distribution centre, which aligns with its modern sustainability goals and enhances operational efficiency.
More importantly, CT REIT has a solid 99.1% occupancy rate at the end of 2023. This strong leasing momentum and its strategic focus on actively enhancing its property portfolio brightens the long-term growth outlook of this Canadian monthly dividend stock.
