Creating a reliable dividend portfolio doesn’t require a huge upfront investment. Even with $10,000, Canadians can build something solid that pays cash year after year. And in today’s market, where inflation and interest rates are still causing uncertainty, getting regular income from your portfolio feels like a financial sigh of relief. If you’re looking to get started, five dividend stocks on the TSX could fit the bill nicely.
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REITS
Let’s begin with NorthWest Healthcare Properties REIT (TSX:NWH.UN). This real estate investment trust (REIT) focuses on healthcare properties across Canada, Europe, and Australia. Its monthly dividend sits at $0.03 per share, which comes out to about $0.36 annually. That gives it a juicy yield of about 7.5% as of writing. It’s not without risk, vacancy rates and higher interest rates have hit REITs hard, but NorthWest’s focus on long-term leases with healthcare tenants adds stability that’s hard to ignore. And getting monthly income is always a perk when bills won’t wait.
Next up is RioCan REIT (TSX: REI.UN). It pays $0.10 per share each month, working out to $1.20 per year and a current yield of about 6.5%. RioCan owns shopping centres and mixed-use properties in high-density urban areas, with a strong focus on grocery-anchored real estate. While retail properties might seem like a gamble in an age of e-commerce, RioCan’s high occupancy rates and solid tenant base suggest it’s still a steady earner. It also has some major residential projects under development, which could bring in more revenue down the line.
The big ones
To balance things out with some banking muscle, there’s Bank of Montreal (TSX: BMO). BMO has a long-standing reputation for paying consistent dividends. Its most recent earnings showed net income of $1.9 billion in the second quarter of 2025, with earnings per share (EPS) of $2.62. The dividend? A quarterly payout of $1.63 per share, giving it a yield of roughly 4.5%. It’s also backed by a sturdy balance sheet, strong credit quality, and diversified revenue streams.
Then there’s TELUS (TSX: T), one of Canada’s major telecom companies, offering wireless, internet, and home phone services. It also has a growing digital health division, TELUS Health, which adds some nice diversification. It currently pays a quarterly dividend of $0.416 per share, giving it a strong yield of about 7.4%. Its latest earnings showed $5.4 billion in operating revenue and strong customer growth.
Energy
Rounding out this list is Northland Power (TSX: NPI). The dividend stock develops and operates clean energy assets, including offshore wind, solar, and efficient natural gas facilities. It pays a monthly dividend of $0.10 per share, or $1.20 annually, resulting in a yield around 5.8%. It has been investing heavily in offshore wind projects in Europe, which could drive growth for years to come.
Bottom line
If you split your $10,000 evenly across these five stocks, you’d get a portfolio with an average dividend yield around 8.1%. That’s more than $600 per year in tax-advantaged income if held in a TFSA. Better yet, you’re getting exposure to healthcare, retail, banking, telecom, and renewable energy, five sectors that each play a role in the Canadian economy. In fact, altogether, you could be looking at annual passive income at $805 from a $10,000 investment!
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL PAYOUT | FREQUENCY | INVESTMENT TOTAL |
|---|---|---|---|---|---|---|
| NWH.UN | $4.82 | 415 | $0.66 | $273.90 | Monthly | $1,999.30 |
| REI.UN | $17.09 | 117 | $1.44 | $168.48 | Monthly | $1,998.93 |
| BMO | $97.87 | 20 | $5.88 | $117.60 | Quarterly | $1,957.40 |
| T | $22.39 | 89 | $1.47 | $130.83 | Quarterly | $1,993.71 |
| NPI | $20.78 | 96 | $1.20 | $115.20 | Monthly | $1,995.84 |
All in all, this mix offers monthly and quarterly payouts, sector diversification, and the potential for both income and growth. If you’re looking to build a dividend portfolio that pays while you sleep, these five dividend stocks are a great place to start.
