Dividend stocks are tangible passive-income assets thanks to the stock market. Many retirees fund their living and other expenses with dividend income, while keeping the capital intact. Most publicly listed Canadian companies pay quarterly dividends, although a select few distribute payouts monthly.
My “buy now” monthly dividend stocks for steady cash flow are Bird Construction (TSX:BDT) and RioCan (TSX:REI.UN). There are compelling reasons why these dividend payers are buying opportunities and worthy of consideration.
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Total return package
Yield chasers will not pick Bird Construction for its monthly payouts. However, this industrial stock offers a total return package in 2026, not to mention a long growth runway. At $64.85 per share, current investors delight in the market-crushing 129.7% year-to-date gain on top of the modest 1.3% dividend.
Had you invested $7,000 at year-end 2025 ($28.24 per share), your money would be worth nearly $16,074 today. Note that BDT is a 2025 TSX30 winner, the flagship program highlighting Canada’s 30 top-performing stocks. It ranked 17th and is likely to join the prestigious list again this year. The total three-year return is plus-753.5%, representing a 104.4% compound annual growth rate (CAGR).
This $3.7 billion construction and maintenance company has become a dominant player in the country’s infrastructure and industrial landscape. It serves all major markets, providing comprehensive construction services and innovative solutions.
One Bird platform was launched as the centrepiece of its 2025–2027 strategic plan. Bird uses its own workforce and equipment to have direct control over project schedules and quality. It also promotes collaboration among internal teams to mitigate against industry-wide labour shortages.
In Q1 2026, construction revenue and net income grew 9% and 21% year-over-year to $783.4 million and $11.4 million, respectively. Notably, the backlog of contracted work rose 5.8% to over $5.4 billion versus Q1 2025. Teri McKibbon, President and CEO of Bird, said, “Record contracted backlog and a sizable pending backlog provide clear visibility into future activity.”
Predictable income, durable growth
RioCan offers predictable income delivery to investors. The retail-focused real estate investment trust (REIT) boasts highly stable rent collection from resilient, necessity-based tenants such as grocery chains, value retailers, and pharmacies. Also, at $22.86 per share, REI.UN outpaces the TSX, up 25.7% year-to-date versus plus-11%. If you invest today, the dividend yield is 5.1%.
According to this $4.7 billion REIT, its productive retail core assets and future-focused platform will drive durable growth and lasting value to shareholders. The densely populated, supply-constrained urban markets also provide structural market advantages. Around 86% of RioCan’s 167 properties have a grocery component.
The committed commercial and retail occupancy rates at the end of Q1 2026 were 97.9% and 98.6%, respectively. RioCan reported a blended leasing spread of 25.8%, the highest to date, compared to 17.5% in Q1 2025. Meanwhile, portfolio investments and development spending are ongoing. RioCan expects cash NOI to grow by at least 3% annually after 2027, primarily supported by contractual rent steps and positive leasing spreads.
Best of both worlds
The pairing of Bird Construction and RioCan REIT creates a formidable monthly cash-flow engine. You get total-return power, too – the best of both worlds – with capital growth alongside the dividends.
