This 3.3% Dividend Stock Pays Cash Every Single Month

Dividend stocks are great, sure, but this high-yielding option pays cash every month!

Amy Legate-Wolfe

Author Bio

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband.

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Favorite Investment Quote

“October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published April 30, 2025 4:40 pm EDT

Finding a dividend stock that pays you cash every month is a pretty great feeling, especially if that company also happens to be growing steadily over time. Right now, one of the top names offering that kind of reliability is Savaria (TSX: SIS). It’s not a household name like the big banks or telecoms. However, for investors wanting regular income and long-term growth potential, it’s a dividend stock that deserves a closer look.

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The stock

Savaria focuses on accessibility solutions. Think stairlifts, wheelchair lifts, elevators, and adapted vehicles. It also operates in patient care, providing equipment that helps move and handle patients safely. These are not flashy products but essential ones. More importantly, demand is growing steadily. As Canada’s population ages and accessibility becomes a bigger priority globally, Savaria is well-positioned to meet those needs. It’s now building a steady, predictable business, which is exactly what you want when you’re thinking about a monthly dividend stock.

The dividend itself is one of the highlights. Right now, Savaria offers a yield of about 3.3%, and it pays shareholders every single month. The dividend stock currently pays $0.045 per share monthly. That kind of regular cash flow is appealing whether you’re using your dividends for extra spending money or reinvesting them to build even more wealth over time. It’s especially powerful inside a TFSA, where all of those dividends and future gains can grow tax-free.

One of the best parts about Savaria’s dividend is that it has not been stagnant. The company has a history of dividend increases, showing that management is serious about rewarding shareholders over time. That makes it the kind of dividend stock you tuck away, collect your monthly dividends, and watch grow slowly but surely.

Staying strong

Financially, Savaria looks solid. In its most recent earnings report for 2024, the dividend stock posted $837 million in revenue, up 6.1% from the year before. Gross profit margins improved, too, rising to 34.2%. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at $130.1 million, reflecting an 8.2% increase. These are not blow-the-doors-off growth numbers, but that is not what Savaria promises. Instead, it offers steady, manageable growth, which supports both the dividend and reinvestment into the business.

Savaria’s diversification is another big plus. It operates across three major segments. These are accessibility, patient care, and adapted vehicles. Accessibility is the largest, but having a few different revenue streams helps even out any bumps. The dividend stock’s reach also extends far beyond Canada. It has a strong presence in the United States and Europe, where aging populations and accessibility needs are just as strong. This global footprint helps protect Savaria against regional slowdowns and opens up growth opportunities in new markets.

Looking ahead, the long-term story for Savaria is compelling. The global population is getting older, and with that comes a growing demand for products that help people live independently and safely. Governments are investing more in infrastructure that improves accessibility, and private homeowners are thinking more about future-proofing their homes. Savaria is in the sweet spot of that trend. It has an established reputation, a wide range of products, and an international presence to capture that growth.

Bottom line

Of course, no stock is without risk. A sharp economic slowdown could impact customer demand, and currency fluctuations could affect profitability, given Savaria’s international operations. But overall, the dividend stock’s business is built around essential needs, not discretionary wants. That gives it a resilience that many other businesses lack.

In the end, Savaria offers a rare combination of regular monthly income, steady growth, and exposure to a demographic megatrend. For anyone looking to build a TFSA that delivers dependable, tax-free cash flow while steadily growing over the long haul, it is hard not to like what Savaria brings to the table.