Turn Dividends Into Paydays: 3 Top TSX Stocks for Reliable Monthly Income

These TSX stocks can turn dividends into paydays, supplementing your income and helping you fund your financial goals.

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Key Points

  • Canadian dividend stocks like SmartCentres REIT, First National, and Whitecap offer reliable monthly income with high yields.
  • These companies have strong fundamentals, consistent payouts, and growth potential, making them dependable sources of cash flow.
  • Investors can use these monthly dividends to supplement income and support long-term financial goals.

Many Canadian dividend stocks pay a consistent monthly dividend, turning your portfolio into a dependable source of cash flow. Thus, by strategically focusing on stocks with fundamentally strong businesses, resilient payouts, and monthly distributions, one can turn dividends into paydays, supplementing your income and helping you fund your financial goals.

With this background, let’s look at three top TSX stocks for reliable monthly income.

SmartCentres REIT 

SmartCentres REIT (TSX:SRU.UN) is a reliable TSX-listed stock for generating a steady monthly income. With a diversified portfolio of 197 high-quality properties located in prime locations, the real estate investment trust (REIT) sees strong leasing demand. It maintains high occupancy, which drives its same-property net operating income (SPNOI), supporting its monthly payouts.

SmartCentres REIT recently delivered a 4.8% increase in SPNOI and reported a high occupancy of 98.6%. Further, high leasing demand has led to renewals at higher rents, which will support future growth. In addition, SmartCentres benefits from a high cash collection rate, which reflects the quality of its tenants.

Looking ahead, the stability and ongoing strength in its core retail portfolio will drive its operating income and payouts. Also, its expansion into mixed-use developments will help diversify its earnings and support growth. Additionally, SmartCentres’ extensive landbank in major Canadian cities offers significant growth potential. Overall, the REIT is well-positioned to sustain distributions and provides a high yield of 6.9%.

First National

First National (TSX:FN) is another attractive stock offering monthly income. This non-bank mortgage lender has raised its dividend 18 times since its IPO, supported by steady growth in mortgages under administration (MUA), which drives both earnings and cash flow.

The company generates reliable income through its growing MUA, securitization, and underwriting services for third-party institutions. Approximately 60–70% of its mortgages are insured, and roughly 96% of MUA is funded with no residual credit risk, contributing to stable earnings and consistent distributions.

Looking ahead, First National expects higher mortgage originations to further expand its MUA, boosting income and dividend payments. Moreover, it will benefit from earning securitization margins and capturing renewal opportunities. Overall, First National is a dependable income stock and offers a high yield of 5.2%.

Whitecap Resources

Whitecap Resources (TSX:WCP) is another top TSX stock offering a reliable monthly dividend. This Canadian oil and gas producer has paid around $2.7 billion in dividends since January 2013 to August 2025. Moreover, WCP stock’s dividend of $0.061 per share each month reflects a compelling yield of 6.9%.

Its high-quality portfolio of light oil assets and natural gas, focus on operational efficiency, disciplined capital spending, and cost control strengthen its margins and ensure sustainable earnings and dividend payments.

Furthermore, Whitecap’s strong balance sheet and low debt provide financial flexibility to invest in growth while maintaining its dividend payouts. Its recent acquisition of Veren adds scale and high-quality assets, further expanding its portfolio and positioning the company for solid growth. Additionally, Whitecap’s efforts to streamline operations, optimize its infrastructure network, and focus on improving long-term inventory will likely support future production and dividend payments.

Bottom line

For investors seeking dependable monthly income, SmartCentres REIT, First National, and Whitecap can turn dividends into reliable paydays. These Canadian companies have solid fundamentals and sustainable payouts. Moreover, these stocks also offer high yields.

Fool contributor Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool recommends SmartCentres Real Estate Investment Trust and Whitecap Resources. The Motley Fool has a disclosure policy.

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