There’s something nice about a dividend stock that puts money in your pocket every single month. Whether you’re saving for retirement, reinvesting for the future, or just trying to add a little extra to your budget, monthly dividend stocks can offer year-round income with less waiting. Right now, four TSX stocks stand out as solid choices if you’re looking for consistent, reliable payouts. Those are SmartCentres REIT (TSX:SRU.UN), Dream Industrial REIT (TSX:DIR.UN), Gibson Energy (TSX:GEI), and Capital Power (TSX:CPX).
SRU
SmartCentres REIT is best known for its shopping centres. It focuses on properties anchored by essential retailers like Walmart, grocery stores, and pharmacies. This gives it a stable base of tenants who keep paying rent, even in uncertain times.
As of writing, the dividend stock is trading near $29, offering a monthly dividend of $0.154. That works out to a yield of about 8.2%. In its latest quarterly results, SmartCentres reported revenue of $970 million over the past 12 months and net income of $246 million. That stability gives it room to continue rewarding investors with steady monthly payouts.
DIR
Dream Industrial REIT is another real estate stock but with a twist. It focuses on industrial and logistics properties, like warehouses and distribution centres. These buildings are in high demand thanks to the rise in online shopping and supply chain upgrades.
Dream Industrial pays a monthly dividend of $0.059 and trades around $10.50, offering a yield of roughly 5.8%. Its most recent quarter saw a dip in earnings due to higher interest costs, but the real estate investment trust (REIT) remains well diversified, with properties across Canada, Europe, and the United States. Long-term leases help provide predictable income, making this REIT a steady monthly earner.
GEI
Then there’s Gibson Energy. This dividend stock is a bit different; it’s in the energy infrastructure space. Gibson owns and operates oil storage terminals, pipelines, and other facilities that help move and process energy across North America. Unlike energy producers, which rise and fall with oil prices, Gibson earns stable fees for its services.
The dividend stock recently reported earnings per share of $0.30 for the first quarter of 2025, up from $0.25 the year before. It pays a quarterly dividend of $0.39, but many dividend investors reinvest this on a monthly basis. With a share price of around $23, the yield is a very appealing 7.3%. That’s hard to beat for those looking for income in the energy space.
CPX
Capital Power rounds out this group with a steady presence in the utility sector. It generates electricity from a mix of natural gas, wind, and solar, selling power under long-term contracts. Capital Power is known for aiming to grow its dividend by 6% each year through 2025, and so far, it’s kept that promise.
The dividend stock is trading near $57, with an annual dividend of $2.61, or about $0.2175 per month. That gives it a yield of roughly 4.7%. In its first-quarter 2025 results, the dividend stock reported net income of $150 million and adjusted funds from operations of $218 million, both up from last year.
Bottom line
So, with a $20,000 investment split across these four stocks, you’d earn approximately $1,264.08 per year in dividends, mostly paid monthly or quarterly, and all tax-free in a TFSA.
| COMPANY | RECENT PRICE (CAD) | SHARES (rounded down) | ANNUAL DIVIDEND (CAD) | TOTAL PAYOUT (CAD/yr) | FREQUENCY | INVESTED (CAD) |
|---|---|---|---|---|---|---|
| SRU.UN | $25.85 | 193 | $1.85 | $357.05 | Monthly | $4,989.05 |
| DIR.UN | $10.60 | 471 | $0.70 | $329.70 | Monthly | $4,992.60 |
| GEI | $23.59 | 211 | $1.66 | $350.26 | Quarterly | $4,978.49 |
| CPX | $57.12 | 87 | $2.61 | $227.07 | Quarterly | $4,970.44 |
In today’s economic climate, where nearly three-quarters of mortgage renewers are already cutting back spending to keep up with higher payments, dependable monthly income isn’t just a nice bonus; it’s a smart strategy. With these four dividend stocks, you can build a portfolio that pays you back all year long.
