Investing in dividend-paying stocks can provide regular passive income. Moreover, among these Canadian stocks, a select group stands out for offering relatively high dividend yields and monthly cash payments. For investors looking for steady income, these stocks can function much like a paycheque, generating predictable income to cover living expenses or reinvest to benefit from long-term compounding.
Despite their appeal, dividend stocks should not be evaluated based solely on their yield. Dividends are never guaranteed, and an unusually high yield can sometimes indicate underlying issues. In many cases, elevated yields result from declining share prices, which may reflect operational challenges, weakening financial performance, or an unsustainable payout ratio. Such signals can point to risks rather than passive income opportunities.
Thus, investors should focus on reliable dividend payers backed by solid fundamentals and a proven history of consistent dividend distribution. Further, their ability to steadily grow their earnings and cash flow in all market conditions enables them to sustain their payouts.
With these factors in mind, here is a monthly dividend stock worth investing $10,000. The company has a solid record of delivering consistent monthly payouts to shareholders for years. In addition to its reliability, this stock currently offers an appealing dividend yield of around 6.8%, making it an attractive investment for investors seeking passive income.
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SmartCentres REIT: A stable monthly income opportunity
SmartCentres REIT (TSX: SRU.UN) is a reliable option for investors seeking consistent monthly passive income. The real estate investment trust currently distributes $0.154 per unit each month, translating to an annual yield of approximately 6.8%. Its high yield and steady payout make the REIT particularly appealing to income-focused investors seeking dependable passive cash flow.
The sustainability of SmartCentres’ distributions is supported by a high-quality real estate portfolio that continues to generate solid net operating income (NOI). Many of its properties are located in prime retail locations, which help maintain strong leasing demand and high renewal rates. These factors contribute to stable, gradually increasing rental income, thereby strengthening its cash flows.
SmartCentres ended 2025 with an occupancy rate of 98.6%, highlighting continued strong demand for its properties. Same-property NOI rose 3.7% during the year, driven largely by leasing and renewal activity in retail assets, along with stabilized occupancy in self-storage facilities and apartment rentals.
Leasing activity remained solid throughout the year. About 35,500 square feet of vacant space was leased in the fourth quarter, bringing total leasing in 2025 to roughly 430,000 square feet. Demand for newly built retail space also stayed strong. Lease renewals delivered rent growth of 8.4% (excluding anchor tenants), while the REIT collected more than 99% of rental revenue, underscoring the reliability of its tenant base and steady cash flow.
High customer traffic across its retail centres has encouraged SmartCentres to diversify its properties. Moreover, its premium outlet locations continue to attract significant visitors and support tenant sales.
Looking ahead, the REIT is expanding beyond traditional retail through a mixed-use development pipeline, diversifying its revenue stream. Moreover, SmartCentres will benefit from its substantial land holdings and a strong balance sheet.
Earn over $56.50 per month in monthly income
SmartCentres is a compelling passive income stock. With a $10,000 investment in SmartCentres Real Estate Investment Trust, investors can earn about $56.52 per month in dividend income, or over $678 per year in passive income, based on the current market price.
| Company | Recent Price | Number of Shares | Dividend | Total Payout | Frequency |
| SmartCentres REIT | $27.19 | 367 | $0.154 | $56.52 | Monthly |
