Monthly Dividend Leaders: 3 TSX Stocks Paying Dividends Every 30 Days

Monthly dividend stocks can help you start a passive income stream and better align investment income with regular financial commitments.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s premium investing services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Investing in dividend stocks can help you start a passive income stream. Moreover, investors can better align their investment income with regular financial commitments such as rent by choosing stocks that offer more frequent payouts, such as monthly dividends. Furthermore, these TSX stocks enable investors to reinvest dividends every 30 days. Reinvesting more frequently can boost your long-term returns and help create significant wealth.

With this background, let’s explore three fundamentally strong TSX stocks that are monthly dividend leaders.

Monthly dividend stock #1

Among the leading Canadian companies that offer monthly payouts, SmartCentres Real Estate Investment Trust (TSX:SRU.UN) looks attractive due to its solid dividend payments and high yield. The real estate investment trust (REIT) offers a high yield of 7.1%.

SmartCentres REIT owns a defensive portfolio of real estate, including high-traffic retail shopping centres and mixed-use properties. Moreover, it has a high-quality tenant base of large retailers that drives occupancy and rent collection and supports its net operating income (NOI) and payouts.

The REIT continues to benefit from solid leasing demand from both its existing tenants and new retailers. Moreover, SmartCentres’ occupancy rate stood at 98.2% at the end of the second quarter (Q2) of 2024. SmartCentres’ leadership highlighted that the firm was able to lease its properties at higher rents. Further, the company’s management expects the leasing, renewals, and renewal rate momentum to sustain in the coming quarters.

While SmartCentres’ retail portfolio will likely deliver consistent growth, the company’s revenue diversification strategy through expansion into mixed-use developments such as residential, office, and self-storage properties will likely accelerate its growth rate. Also, SmartCentres REIT has a large land bank, which augurs well for future growth.

Monthly dividend stock #2

Within REITs, investors could consider investing in Canadian Apartment Properties REIT or CAPREIT (TSX:CAR.UN). The REIT owns multi-unit residential properties like apartment buildings, townhouses, and manufactured home community sites and distributes monthly cash.

CAPREIT benefits from its high occupancy rate and growth in average rents. Further, its focus on controlling costs supports its NOI and dividend payouts. Notably, CAPTREIT’s occupancy rate stood at 98.2% on June 30, 2024 (end of Q2). Thanks to higher occupancy and rents, its operating revenue and NOI increased by 5.4% and 7.2%, respectively, in Q2.

CAPREIT is focusing on acquiring high-quality premium rental properties and divesting non-core assets. This move will likely improve its financials and position it well to enhance its shareholders’ return through regular dividend payments. Further, CAPREIT’s solid balance sheet, low leverage profile, and sustainable payout ratio suggest that investors can rely on this REIT for monthly cash.

Monthly dividend stock #3

Whitecap Resources (TSX:WCP) is a leading monthly dividend stock for passive income investors. The company operates in the energy sector and has a solid portfolio of premium assets with low maintenance capital requirements. Further, the company’s cost-efficient structure and increasing production volumes support its financials and distributions.

Whitecap plans to grow its asset base, which will drive its future cash flows. Further, its focus on an efficient conventional drilling program will cushion its earnings. The company has consistently grown its production and funds flow at a double-digit rate since 2010. Moreover, this momentum is likely to sustain given its high-quality assets, low debt structure, and strong balance sheet.

Currently, Whitecap pays a monthly dividend of $0.061 per share, reflecting an attractive yield of 6.7%.

Should you invest $1,000 in CIBC right now?

Before you buy stock in CIBC, consider this:

The Motley Fool Stock Advisor Canada analyst team just identified what they believe are the Top Stocks for 2025 and Beyond for investors to buy now… and CIBC wasn’t one of them. The Top Stocks that made the cut could potentially produce monster returns in the coming years.

Consider MercadoLibre, which we first recommended on January 8, 2014 ... if you invested $1,000 in the “eBay of Latin America” at the time of our recommendation, you’d have $20,697.16!*

Stock Advisor Canada provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month – one from Canada and one from the U.S. The Stock Advisor Canada service has outperformed the return of S&P/TSX Composite Index by 29 percentage points since 2013*.

See the Top Stocks * Returns as of 3/20/25

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 Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool recommends SmartCentres Real Estate Investment Trust and Whitecap Resources. The Motley Fool has a disclosure policy.

Confidently Navigate Market Volatility: Claim Your Free Report!

Feeling uneasy about the ups and downs of the stock market lately? You’re not alone. At The Motley Fool Canada, we get it — and we’re here to help. We’ve crafted an essential guide designed to help you through these uncertain times: "5-Step Checklist: How to Prepare Your Portfolio for Volatility."

Don't miss out on this opportunity for peace of mind. Just click below to learn how to receive your complimentary report today!

Get Our Free Report Today

More on Dividend Stocks

woman analyze data
Dividend Stocks

Secure Dividends: How to Turn $10,000 Into Reliable Passive Income

Earn a secure dividend income of over $150 every quarter by investing in these reliable Canadian dividend stocks.

Read more »

top TSX stocks to buy
Dividend Stocks

Buy the Dip: This Top TSX Dividend Stock Just Became a Must-Own

This retail dividend stock is a Canadian legend, allowing investors to get in on some serious action with a strong…

Read more »

Blocks conceptualizing Canada's Tax Free Savings Account
Dividend Stocks

How to Build a $1 Million TFSA Starting With Just $10,000

Two established, high-yield dividend stocks can help turn a small seed capital into a million-dollar TFSA.

Read more »

money cash dividends
Dividend Stocks

Here’s How Many Shares of FIE You Should Own to Get $500 in Monthly Dividends

This monthly-paying dividend ETF is simple to understand.

Read more »

sale discount best price
Dividend Stocks

Is This Correction Your Chance? Top 5 Canadian Dividend Stocks on Sale

For value, income, and long-term growth, check out these top five dividend stocks.

Read more »

Stethoscope with dollar shaped cord
Dividend Stocks

Canadian Investors: Buy WELL Health Stock Right Now

WELL Health (TSX:WELL) stock might be on the downturn right now, but a bargain for value-seeking investors for their self-directed…

Read more »

A worker gives a business presentation.
Dividend Stocks

3 No-Brainer Canadian Stocks to Buy Under $70

Investing in stocks need not require you to burn a hole in your pocket. You can invest $70 to $100…

Read more »

View of high rise corporate buildings in the financial district of Toronto, Canada
Dividend Stocks

Canadian Real Estate Stocks Plummet: Is it Time to Sell or Buy?

Real estate stocks have a lot going for the, especially dividends. But are they all a buy or due to…

Read more »