Dividend stocks are a popular choice for investors seeking passive income. Moreover, shares of fundamentally strong companies with monthly payouts are even more attractive as they offer frequent cash to cover everyday expenses or reinvest to grow your returns faster.
Against this backdrop, here are the three TSX stocks that are cash kings and pay monthly dividends.
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Monthly dividend stock #1
For investors seeking monthly cash, SmartCentres REIT (TSX: SRU.UN) could be a compelling addition to their portfolios. The real estate investment trust (REIT) pays a reliable monthly dividend of $0.154 per unit. Based on its June 11 closing price of $25.74, SmartCentres offers an attractive yield of 7.2%.
The REIT’s high-quality real estate portfolio, stable tenant demand, and strong balance sheet position it well to generate steady same property net operating income (NOI), supporting its monthly payouts. Its core portfolio, mainly retail shopping centers, provides financial stability, even during economic downturns.
Rising tenant interest in vacant spaces and strong lease renewals are expected to continue driving growth in same-property NOI. In addition, SmartCentres’s extensive development pipeline promises long-term expansion and profitable growth opportunities. Strong leasing demand is also pushing occupancy and rental rates higher.
SmartCentres is transforming its underused land holdings into higher-value mixed-use projects across key urban markets in Canada. These initiatives offer substantial long-term upside. By focusing on a growing mixed-use portfolio, SmartCentres will likely deliver resilient income, grow its funds from operations (FFO), and enhance distributions and net asset value.
Monthly dividend stock #2
Whitecap Resources (TSX: WCP) is another solid TSX-listed stock that pays a monthly dividend. The energy company specializes in acquiring and developing oil and gas assets and maintaining a portfolio that generates steady output with low decline rates. Thanks to its high-quality portfolio, Whitecap generates solid cash flow to support its monthly payouts.
Whitecap has paid dividends worth $2.4 billion from January 2013 to April 2025. Currently, Whitecap pays a monthly dividend of $0.061 per share, reflecting a high yield of 8.2%.
Looking ahead, Whitecap continues to expand its asset base and is focusing on improving drilling efficiency and reducing costs. These efforts will support sustainable earnings and future dividends. Whitecap’s extensive light oil development drilling inventory ensures long-term growth. Its strong balance sheet and low capital requirements offer financial flexibility.
Further, the recent acquisition of Veren strengthens its position in the light oil and condensate markets, enhancing operational efficiency and supporting future cash flow.
Monthly dividend stock #3
Investors could consider adding First National (TSX: FN) for its monthly payouts and attractive yield. The non-bank mortgage lender focuses on low-risk residential and commercial mortgages, which helps drive stable cash flow and supports consistent dividend payments.
With a $107 billion servicing portfolio and $45 billion in securitized mortgages, the company is well-positioned to expand its earnings. First National earns recurring income through mortgage placement, securitization, and servicing, helping it reduce per-loan costs and boost efficiency.
First National’s management anticipates strong growth in single-family originations, supported by a healthy deal pipeline and interest rate cuts. Moreover, with steady commercial volumes and supportive housing policies, First National is likely to deliver solid financials, which will cover its future payouts. It currently offers a high yield of 6.5%.
