If you’ve ever felt the pain of waiting three months between dividend cheques, you’re not alone. That’s why monthly dividend stocks are such a win, especially when markets are rocky and passive income feels more necessary than ever. In April 2025, with the TSX down and the economic environment still uncertain, these kinds of dividend stocks offer a welcome layer of predictability. I’ve got two picks this month that I think really stand out, not just for their payouts but for the way they’re managing through uncertainty with calm, steady hands.
Let’s dive into these top monthly dividend stocks that could start putting money into your account every single month.
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Sienna Senior Living stock
Let’s talk about the first stock, Sienna Senior Living (TSX:SIA), a company that’s making some meaningful moves in the senior care space. If you don’t know it already, it’s a Markham-based provider of senior living options, from independent and assisted living to long-term care. SIA stock is currently trading at $16.46 per share with a market cap of $1.5 billion. The company rewards investors with monthly dividends and offers an annualized yield of about 5.7%.
In terms of recent performance, Sienna has posted eight straight quarters of YoY (year-over-year) growth in adjusted same-property net operating income (NOI). In the latest quarter ended in December 2024, the company’s adjusted same-property NOI jumped by 22.6% from a year ago due mainly to a solid 15.3% YoY lift in its retirement segment and an even more impressive 29% surge in the long-term-care (LTC) segment. That strength in its financials came from improved government funding, stabilized occupancy rates, and smart cost management.
More importantly, Sienna is expanding through new acquisitions in Ottawa and the Greater Toronto Area, worth a combined $81 million, which should immediately strengthen its cash flow. Plus, with redevelopment projects already underway and a plan to optimize underperforming assets, Sienna’s financial growth trends could improve further in the coming years — making it an attractive monthly dividend stock to own.
Northland Power stock
And now let’s move on to the second monthly dividend stock you can buy right now, Northland Power (TSX:NPI), a company that’s focusing on the renewable energy space.
Based in Toronto, Northland Power mainly generates electricity from clean sources like wind, solar, and natural gas and also supplies energy through a regulated utility. As of now, NPI stock trades at $18.56 per share with a $4.9 billion market cap. It offers an annual dividend yield of 6.5%, with monthly payouts.
Recently, the company swung back to profitability, posting $150 million in fourth-quarter net profit, helped by solid results from its onshore renewables and utilities. While Northland’s adjusted quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) dipped to $312 million due to lower offshore wind output and lower one-time gains, the company’s full-year EBITDA still edged higher.
Moreover, Northland Power is developing major projects like Hai Long, Baltic Power, and Oneida, which are expected to start contributing earnings soon. With these growth drivers in place and a reliable monthly payout, it’s a solid pick for income-focused investors.
