Earnings season gets the headlines, but dividends do the heavy lifting. A $30,000 portfolio split evenly across RioCan Real Estate Investment Trust (TSX: REI.UN), North West Company (TSX: NWC), and Pizza Pizza Royalty (TSX: PZA) could generate about $1,481 in annual passive income right now, based on current forward yields. That’s not life-changing money on its own. But it’s a useful reminder. Investors don’t need to chase the hottest growth stock to see cash show up through the year.
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REI
RioCan looks relevant now because investors still want income, but rate cuts have not erased caution around real estate. The dividend stock owns major retail-focused properties across Canada, with a tilt toward necessity shopping, mixed-use sites, and urban locations.
The recent business picture looks stronger than the old “rates crushed real estate” story suggests. RioCan reported 4.7% commercial same-property net operating income growth in the first quarter of 2026 and reaffirmed its full-year core funds from operations outlook. That gives the payout a better backdrop. Still, risks remain. Higher borrowing costs, slower leasing, or pressure on consumers could weigh on units. Yet for investors seeking monthly income from Canadian real estate, RioCan still deserves a look.
NWC
North West Company adds something different. It’s not flashy, but that’s part of the appeal. The dividend stock operates stores in northern Canada, Alaska, the Caribbean, and other hard-to-serve markets. Many of its communities rely on it for food, household goods, and everyday essentials.
North West’s yield may look modest beside higher-income names, but investors should not dismiss it. The business raised its dividend over time and keeps a more conservative payout profile than many stocks. Its latest annual results showed some pressure, including weaker Canadian operations and lower quarterly earnings, but international strength helped offset the damage. The risk is valuation and execution. Remote retail can face high costs, weather disruptions, and supply-chain challenges. Even so, North West offers a steadier income stream tied to essential spending.
PZA
Pizza Pizza Royalty brings the highest yield of the three, but also the loudest warning label. The dividend stock collects royalties from the Pizza Pizza and Pizza 73 restaurant networks. It does not run the restaurants directly. Instead, it gives investors exposure to brand sales and cash distributions.
Investors should pay attention to that cut. First-quarter same-store sales fell 4.1%, royalty pool sales declined 3.6%, and adjusted earnings per share dropped 6.1%. Management still has growth levers, including new locations and menu efforts. But investors should treat Pizza Pizza as the higher-risk income pick here, not the safest.
Bottom line
Put together, this three-stock basket offers roughly $1,481 in passive income from $30,000, split across real estate, essential retail, and restaurants.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | ANNUAL DIVIDEND | ANNUAL TOTAL PAYOUT | FREQUENCY | TOTAL INVESTMENT |
|---|---|---|---|---|---|---|
| PZA | $12.70 | 787 | $0.81 | $637.47 | Monthly | $9,994.90 |
| NWC | $51.54 | 194 | $1.64 | $318.16 | Quarterly | $9,998.76 |
| REI.UN | $22.07 | 453 | $1.16 | $525.48 | Monthly | $9,997.71 |
The mix is not perfect. Pizza Pizza needs a rebound, RioCan remains sensitive to rates, and North West must keep costs under control. But for investors who want income with different business drivers, this trio of dividend stocks could make a useful watchlist for the next market pullback, especially if prices give them a better entry.
