I have been a big fan of investing in quality dividend stocks that treat you like a true partner. Getting a dividend once every three months is fine, but getting paid every single month is even better. This is especially true when that monthly income comes from fundamentally strong companies with real staying power. In 2025, with interest rates easing and inflation gradually stabilizing, many income-generating stocks with strong long-term growth potential are looking even more attractive.
In this article, I’ll highlight two Canadian monthly dividend stocks that offer dependable income, solid fundamentals, and the kind of operational strength that could keep their dividends flowing for years to come.
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RioCan REIT stock
First on my list is RioCan REIT (TSX:REI.UN), a Toronto-based real estate investment trust (REIT) that combines monthly payouts with smart long-term planning. As one of Canada’s largest REITs, it mainly focuses on retail and mixed-use urban developments.
After gaining nearly 15% in the last six months, it currently trades at $19.50 per unit with a market cap of $5.7 billion. This strength could mainly be attributed to its strong operations and strategic moves. This stock offers an annualized dividend yield of 5.9%, paid monthly.
RioCan’s core strength lies in its high-quality tenant mix and stable occupancy. In the second quarter, the REIT’s retail committed occupancy was 98.2%, driven by large necessity-based tenants like Loblaws, Canadian Tire, and Dollarama. At the same time, its residential occupancy was equally strong, with rental income from its RioCan Living platform jumping 25% YoY (year-over-year).
In recent years, RioCan has also been busy strengthening its balance sheet. In the first half of 2025, it completed $230 million in asset sales and used the proceeds to pay down debt, helping reduce its adjusted debt-to-EBITDA (earnings before interest, taxes, depreciation, and amortization) to 8.88 times. In September, the company also refinanced part of its credit facility and raised $200 million through unsecured debentures, extending maturities and locking in attractive interest rates.
Overall, with a monthly payout, strong leasing trends, and a smart plan for long-term growth, RioCan could be a great monthly dividend stock to buy for income-focused investors in 2025.
Mullen stock
My next monthly dividend stock pick, Mullen Group (TSX:MTL), brings a dependable dividend from the logistics and freight sector. MTL stock currently trades at $14.40 per share with a market cap of $1.3 billion. At this market price, it pays a monthly dividend with an annual yield of 5.8%.
While the stock has been under pressure over the last year, its performance in recent quarters shows that the tide may be turning. Notably, MTL stock has rebounded by more than 8% in the last three months, supported by its strong operating cash flow and strategic acquisitions.
In the third quarter, Mullen delivered record revenue of $561.8 million, up 5.6% YoY. This growth was mainly driven by the acquisitions of Cole International and Pacific Northwest Moving, which contributed over $66 million in new revenue. These deals helped offset declines in its specialized and industrial services segment, which continued to feel the impact of weaker private sector capital spending and lower commodity prices.
Nevertheless, despite flat adjusted operating profit in the latest quarter, Mullen posted a solid 55% YoY increase in net operating cash to $102.7 million, giving it more than enough cushion to cover dividends and fund future growth.
Clearly, Mullen’s acquisition-driven growth strategy isn’t just growing revenue but also expanding its service offerings and bringing in new customer segments. With a stable dividend, rising cash flows, and a strong acquisition pipeline, Mullen could continue to deliver consistent monthly income in the coming years.
