For many Canadian investors planning for retirement or already living it, monthly income isn’t just nice to have. It’s essential. Whether you’re covering day-to-day living expenses or supplementing other retirement income sources, reliable monthly dividends can provide much-needed stability. But what if you didn’t have to give up long-term growth prospects to get that income? While it may sound too good to be true, there are a handful of TSX-listed stocks that manage to offer both – consistent monthly payouts and strong business fundamentals that could fuel long-term capital appreciation.
In this article, I’ll highlight two such Canadian stocks that deliver reliable monthly income and have the potential to grow your wealth for decades to come.
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Mullen Group stock
The first pick on the list is Mullen Group (TSX: MTL), a monthly dividend stock many income investors already trust. This Okotoks-based company runs a growing logistics business that’s evolving with the times, operating across ground freight, logistics, warehousing, and industrial services segments.
After rising by nearly 15% over the last eight months, MTL stock currently trades at $14.61 per share with a market cap of about $1.23 billion. It offers a generous 5.7% annualized dividend yield at the current market price, paid out monthly.
Recently, Mullen posted a 5.6% YoY (year-over-year) increase in its third-quarter revenue to $561.8 million. Despite challenges in freight volumes, the company benefited from stable pricing and better cost control efforts. As a result, its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) saw a 10.8% sequential jump to $95.2 million.
More importantly, the company’s margins also showed signs of recovery in the latest quarter. Its adjusted EBITDA margin improved to 16.9% from 15.6% in the previous quarter, with the help of better operating efficiencies.
One of the key reasons why Mullen stock looks attractive for long-term income investors is its diversified operating model, as it doesn’t rely on just one segment of logistics. To boost its growth prospects further, the company also continues to invest in its infrastructure and digital platforms. Over time, these initiatives could improve efficiency and help expand its market share in Canada and across the border. Given all that, Mullen could be a great stock for investors seeking reliable monthly cash flow and solid growth fundamentals.
Primaris REIT stock
Real estate could be another area where investors can find a good mix of dependable monthly income and stable long-term growth. One such option is Primaris Real Estate Investment Trust (TSX: PMZ.UN), a Canadian real estate investment trust (REIT) focused on enclosed shopping centres across the country.
Primaris stock currently trades at $15.23 per share with a market cap of about $1.8 billion. The trust offers a monthly distribution with an annualized yield of around 5.6%, supported by a strong portfolio of well-located retail properties and a conservative balance sheet.
In the September quarter, Primaris generated $159.2 million in revenue, reflecting a solid increase of 33.2% YoY. Its adjusted EBITDA also grew 26.4% from a year ago to $82 million. These gains were fueled by higher rental income, stronger occupancy rates, and solid operational execution across its key properties.
Primaris continues to actively manage its portfolio, reinvesting in core properties and positioning its malls to serve evolving consumer needs. This focus, coupled with its well-located assets and strong leasing activity, makes this monthly dividend player a solid pick for long-term investors.
