While there are multiple ways of generating monthly income from your portfolio, few are as straightforward and easy as collecting consistent dividends. With $35,000 invested wisely in the right TSX-listed monthly dividend stocks, you could reasonably aim for $250 per month passive income.
Whether you’re planning for retirement, boosting your Tax-Free Savings Account (TFSA), or just craving passive cash flow, building a dependable dividend stream is more achievable than you think. In this article, I’ll share two top Canadian monthly dividend stocks that could help you reach that $250/month goal with confidence.
Whitecap Resources stock
A top dividend stock that fits perfectly with that $250-a-month income goal is Whitecap Resources (TSX:WCP). WCP stock is currently trading at $8.54 per share, giving it a market cap of $10.5 billion. At this market price, it offers a juicy 8.5% annualized yield, distributed monthly.
In the March 2025 quarter, Whitecap’s revenue rose over 8% YoY (year over year) to $942 million with the help of stronger oil prices and higher production. The company’s net profit nearly tripled to $162.6 million, backed by strong performance from new wells and better-than-expected output across its assets. Similarly, its cash flow per share also jumped 17% YoY, while net debt dropped sharply to under $1 billion, helping to keep its balance sheet in good shape.
With the recent merger with Veren, Whitecap now controls the largest Montney and Duvernay land base in Alberta. It’s aiming to grow organically and keep delivering solid monthly income, no matter where oil prices go.
Freehold Royalties stock
Another stock that could align really well with that $250-a-month dividend goal is Freehold Royalties (TSX:FRU). This Calgary-based company doesn’t drill for oil and gas itself. Instead, it earns money by collecting royalties from energy producers operating on its land across Canada and the United States. FRU stock is currently trading at $12.40 per share with a $2 billion market cap and offers a monthly dividend with an attractive 8.7% annualized yield.
In the first quarter of 2025, Freehold’s revenue rose 23% YoY to $91 million due mainly to its aggressive leasing activity and rising production, especially in its U.S. portfolio. The company’s total production also hit a record 16,248 barrels of oil equivalent per day, boosted by its recent acquisitions in the Midland basin and heavy oil strength in Canada.
With more leases signed, a steady stream of new wells, and ongoing U.S. expansion, FRU stock keeps building a solid base for a consistent monthly income that investors can count on.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | INVESTMENT | DIVIDEND PER SHARE | TOTAL PAYOUT | DIVIDEND FREQUENCY |
| Whitecap Resources | $8.54 | 1,670 | $14,262 | $0.0608 | $101.5 | Monthly |
| Freehold Royalties | $12.40 | 1,670 | $20,708 | $0.09 | $150.3 | Monthly |
| Total | $34,970 | $0.15 | $251.8 | |||
| Prices as of May 21, 2025 |
Foolish takeaway
If you’re aiming to earn around $250 per month in combined dividends from these two monthly payers, you could consider buying 1,670 shares of each. That works out to just under $35,000 invested in total across both stocks. With those shares in your portfolio, you’d be setting yourself up for dependable monthly cash flow without having to chase complicated strategies.
And because both stocks are part of the TSX Composite Index, they also offer strong liquidity. That said, it’s always a good idea to diversify beyond just one or two stocks to minimize your risks.
