There’s something satisfying about getting paid every single month from your investments. It’s like getting a little raise twelve times a year. And if you’re building your portfolio with income in mind, monthly dividend stocks are one of the best ways to make that happen.
In this article, I’ll highlight three Canadian monthly dividend stocks that can serve as long-term income anchors in any portfolio.
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Freehold Royalties stock
A reliable monthly dividend payer you can consider right now is Freehold Royalties (TSX: FRU), a firm that turns oil and gas royalties into steady income. This Calgary-based company doesn’t drill wells itself but earns a cut from energy companies that operate on its land. Its portfolio stretches across Western Canada and key U.S. basins like the Permian and Eagle Ford.
FRU stock currently trades at $12.85 with a market cap of $2.1 billion and a solid annualized dividend yield of 8.4%. Over the past year, its shares are down about 12%, but long-term holders still enjoy a healthy income stream.
In 2024, Freehold brought in $309 million in revenue and paid out $163 million in dividends. While revenue dipped 2% YoY (year over year) due to weaker oil and gas prices, its cash flow remained strong. With growing U.S. exposure, a shift toward higher-value oil production, and plans to keep expanding through acquisitions, this monthly dividend stock is built for dependable income.
Sienna Senior Living stock
Another dependable monthly dividend stock you might want to keep on your radar is Sienna Senior Living (TSX: SIA), a top provider of retirement and long-term care residences across Canada. After surging 21% over the last year, SIA stock now trades at $16.31 with a market cap of $1.5 billion and offers a solid 5.7% annualized dividend yield. A recent rise in its occupancy and strong operational improvements have played an important role in pushing the stock higher.
In the latest quarter ended December 2024, Sienna’s revenue rose 12.5% YoY to $246.3 million, while its adjusted net operating profit jumped 22%. Similarly, its adjusted quarterly funds from operations increased by 25% to $0.30 per share with the help of higher funding and better cost control.
Sienna is continuing to focus on expansion through $81 million in new acquisitions and over $300 million in development projects. With aging demographics and strong sector demand in Canada, this stock has the potential to deliver reliable monthly income for years to come.
SmartCentres REIT stock
Rounding out this list of top monthly dividend stocks is SmartCentres REIT (TSX: SRU.UN). This Vaughan-based REIT (real estate investment trust) owns and manages a mix of retail, office, residential, and self-storage properties across Canada. Its list of top tenants includes major retailers like Walmart and Canadian Tire, which help provide SmartCentres with steady rental income and long-term lease stability.
After climbing nearly 9% over the last 12 months, SmartCentres stock currently trades at $25.26 per share with a market cap of $3.7 billion. At this price, it offers an impressive annualized dividend yield of 7.3%, paid out monthly.
In 2024, SmartCentres grew its revenue by 10% YoY to $918 million and boosted net rental income by 6.6%. Meanwhile, the REIT’s funds from operations ticked up to $2.12 per unit for the year, helped by high leasing activity and strong occupancy of 98.7%.
Moreover, its growing pipeline of mixed-use developments, from new condos and townhomes to self-storage projects, make SmartCentres REIT an appealing stock to own for the long term.
