If you’re looking to get paid every month through your investment, consider adding high-yield monthly dividend stocks to power your portfolio. Stocks offering monthly payouts provide more frequent income, which can be advantageous for reinvestment purposes and meeting short-term financial needs.
However, it’s important to exercise caution and not solely focus on high yields. Also assess critical factors like a company’s fundamentals, track record of dividend payments, and ability to maintain those payouts over time.
Keeping these factors in mind, here are three TSX stocks that have the potential to enhance your portfolio’s monthly income capabilities.
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SmartCentres REIT
Canadians looking for a top monthly dividend stock could add SmartCentres REIT (TSX: SRU.UN) to their portfolios. Its diversified portfolio of resilient real estate properties generates steady net operating income (NOI), supporting its monthly dividend. Besides its durable payout, the real estate investment trust (REIT) offers a high yield of over 7%, making it a compelling passive income investment.
The REIT owns 195 strategically located properties at prime intersections, drawing strong foot traffic. This ensures consistently high occupancy, currently at an impressive 98.4%.
SmartCentres’ tenant base includes major national retailers, which boosts leasing demand and drives a higher cash collection rate. Also, its ability to retain customers and strong demand for its properties are supporting higher rents. All these factors drive its NOI and payouts.
Beyond retail, the REIT is expanding into mixed-use developments, adding recurring income streams. Its substantial landbank, over 75% of which remains undeveloped, offers long-term growth potential. For income-focused investors, SmartCentres REIT offers reliable monthly cash with a strong and well-covered yield.
Whitecap Resources
Whitecap Resources (TSX: WCP) is another compelling high-yield dividend stock. The company offers attractive monthly dividend payouts, supported by a robust portfolio of oil and natural gas assets that generate strong and steady cash flow.
Since January 2013, Whitecap has returned an impressive $2.5 billion in dividends to shareholders, a reflection of its commitment to deliver consistent income. Currently, Whitecap pays a monthly dividend of $0.061 per share, translating into an appealing yield of 6.8%.
Whitecap is expanding its asset base and focusing on improving production efficiency and costs. These strategies will support stable monthly distributions. Further, its recent strategic combination with Veren has transformed Whitecap into a top-tier operator in the Western Canadian Sedimentary Basin, bringing increased scale, premium inventory, and improved financial flexibility.
Whitecap’s portfolio spans a diverse range of high-quality drilling opportunities — from light oil and condensate-rich plays to prolific lean natural gas — giving it the flexibility to adapt and thrive across different commodity price environments. This balanced exposure will enable it to generate strong earnings, supporting its payouts.
First National
First National (TSX: FN) stock could be another solid addition to your portfolio for consistent monthly income. It offers a monthly dividend of $0.208 per share, translating to an attractive yield of 5.2%.
The non-bank mortgage lender focuses on low-risk residential and commercial mortgages. This conservative approach adds stability to its business. Further, its strong relationships with independent brokers help ensure consistent revenue and tight credit control.
The company’s residential segment generates recurring cash flows from mortgage placement, servicing, and securitization, while reducing servicing costs. On the commercial side, its established reputation drives a steady stream of referrals and new business.
First National has proven resilient through economic cycles, maintaining and increasing its dividend 18 times since its IPO. Looking ahead, a robust pipeline of deals, coupled with supportive housing policies, positions the company to sustain and grow its payouts.
