Last month, the Bank of Canada increased its overnight rate by 25 basis points to 2.50%, which was the first rate hike since 2023. Today, the highest yield on a five-year GIC (Guaranteed Investment Certificate) is around 4.5%, higher than inflation, which sits at 3.1%.
GICs are ideal for Canadian investors with a low-risk appetite. However, for those with a long-term investment horizon, owning quality monthly dividend stocks might seem a better option.
The best dividend stocks offer a steady stream of passive income as well as the potential to benefit from long-term capital gains. Moreover, fundamentally strong companies consistently raise dividends, which enhances the yield-at-cost over time.
Here are three monthly dividend stocks that you should add to your watchlist in November 2026.
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Whitecap Resources: A top TSX monthly dividend stock
Whitecap Resources (TSX: WCP) is a Western Canadian oil and gas producer. In Q3 of 2026, it reported funds flow of $1.2 billion or $0.96 per share, an increase of 32% year over year.
After drilling costs, Whitecap generated funds flow of $1.9 billion in the first nine months of 2026. It paid $665 million in dividends and used the rest to reduce debt. The payout ratio of the Canadian energy producer is around 35%, which is sustainable.
The company ended Q3 with a net debt of $2.1 billion, down from $3.4 billion at the end of 2025. The net debt to annual funds flow is roughly 0.4 times.
The company ended Q3 with $2.5 billion on its undrawn credit facility, and CFO Thang Kang said cash on hand will repay $195 million of notes due in December.
The board raised the monthly dividend by about 1.5% to $0.0617 per share, or $0.74 a year. At a projected oil price of $80 in 2027, Whitecap expects to generate funds flow of $4.1 billion and pay $900 million in dividends, which reduces the payout ratio to 22%.
Exchange Income: Record earnings boost the dividend payout
Exchange Income (TSX: EIF) operates in the aviation and manufacturing segments. The company’s management recently lifted full-year adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) guidance to $905 million (at the midpoint estimate).
It also increased the annual dividend from $2.76 per share to $2.88 per share. Notably, it paid shareholders an annual dividend of $1.44 per share in 2007.
CEO Mike Pyle explained:
We have consistently communicated with our shareholders that we only intend to increase the dividend when we can reduce the proportion of our cash flow and profitability being directed toward the dividend.
Exchange Income reported a payout ratio of 55%, which provides it with enough room to target acquisitions and lower debt.
It ended Q2 with a leverage ratio of 2.8 times and more than $2 billion of liquidity.
Chartwell Retirement Residences: Can this REIT keep paying as rates climb?
Chartwell Retirement Residences (TSX: CSH.UN) is a real estate investment trust (REIT) that owns and manages senior residences.
An aging population drives demand, and it allowed the REIT to increase property revenue by 16.7% year over year in Q3. Occupancy at comparable properties climbed 230 basis points to 94.8%.
Funds from operations (FFO), a key cash measure for REITs, rose to $0.30 per unit from $0.24, up 25%. CEO Vlad Volodarski noted that this marks 13 straight quarters of double-digit FFO per unit growth.
The monthly distribution is $0.052 per unit, or $0.624 a year. So, the payout ratio is around 52%. Similar to other REITs, Chartwell Residences is debt-heavy, and its financing costs rose by $6.5 million in Q3.
