If you’re dreaming of reliable monthly income, quality Canadian dividend stocks like Sienna Senior Living (TSX:SIA) could help make it happen. With its consistent monthly payouts and strong yield, Sienna offers a practical path toward building predictable monthly cash flow. But how much would you need to invest to pull in $500 each month?
In this article, I’ll break down exactly how many shares you’d need to own to earn $500 per month in dividends from Sienna and what that would cost you today. But first, let’s take a closer look at why this monthly dividend stock deserves a spot in your portfolio.
Sienna Senior Living stock
If you don’t know it already, Sienna is one of Canada’s top providers of long-term care and retirement residences. Based in Markham, this company runs a growing network of facilities across the country. As of now, the stock trades at around $15.18 per share, with a market cap of $1.3 billion. It offers an annualized dividend yield of 6.2%, which puts it among the top monthly income stocks on the TSX today.
SIA stock has seen a solid rebound lately, gaining 29% over the last year. The company’s improving occupancy rates, stronger operational performance, and a string of strategic acquisitions have played a key role in driving its share price higher.
Strong financial growth continues
On the financial side, things for Sienna are looking even more impressive. In the fourth quarter of 2024, the company’s total adjusted revenue jumped by 12.5% YoY (year over year) to $246.3 million, while adjusted net operating income (NOI) climbed 22.1% from a year ago to $46.7 million.
To add optimism, its retirement segment saw increased occupancy and higher rates last quarter, while the long-term-care segment benefited from new government funding and cost control. For the full year 2024, Sienna Senior Living’s adjusted NOI surged by 32% YoY, supported by both organic growth and one-time funding boosts.
Solid future growth prospects
Sienna’s story isn’t just about short-term gains as it’s actively investing for the future. It has three new developments underway in Ontario with a combined cost of over $300 million, expected to add hundreds of new beds and suites to its portfolio. These projects are expected to start contributing meaningful cash flow once completed, with estimated yields of more than 8%. The company also has its eye on new acquisitions and is optimizing several of its existing residences to better match demand in specific markets.
Moreover, Sienna’s stable cash flow, resilient business model, and predictable monthly dividends make it a great stock for monthly income.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL PAYOUT | FREQUENCY |
| Sienna Senior Living | $15.18 | 6,411 | $0.078 | $500.06 | Monthly |
| Prices as of March 25, 2025 |
Shares needed for $500 in monthly passive income
If you want to generate $500 per month, or $6,000 annually, in passive income from Sienna Senior Living’s dividends, here’s the math. At the current monthly dividend of $0.078 per share, you’d need to own approximately 6,411 shares. With SIA stock trading at around $15.18, that would require an investment of roughly $97,320.
While the example shows how passive income can add up with dividend stocks, investors should consider diversifying by spreading their money across multiple monthly payers instead of going all in on one.
