If you are building an income portfolio, getting paid every month can be very appealing. But the problem is that monthly dividends could make even a weak investment look better than it really is. That’s why investors need to make sure that the business they are investing in can keep producing enough cash to support those payments over time. That is especially important in a market where investors are still dealing with macroeconomic uncertainty and geopolitical tensions.

In this article, I’ll highlight one monthly-paying TSX stock that could be worth a closer look for investors who want income, stability, and long-term upside.

Why CAPREIT deserves a closer look

For investors seeking dependable monthly income, Canadian Apartment Properties Real Estate Investment Trust (TSX: CAR.UN), or CAPREIT, offers a great mix of an attractive yield, a large rental portfolio, and recurring cash flow.

The real estate investment trust (REIT) owns and manages roughly 45,500 apartment suites and townhomes, mainly across Canada with a smaller presence in the Netherlands. Its units recently traded at $31.55 each with a market cap of about $4.8 billion. At that price, it offers a 4.9% annualized dividend yield and pays distributions every month.

CAPREIT stock has fallen about 22% over the last year as it has been navigating softer conditions in parts of the Canadian rental market, slower rent growth, slightly lower occupancy, and higher interest costs. On the brighter side, its lower share price makes its monthly income stream more appealing for investors buying today.

Its financials remain resilient, despite short-term challenges

A monthly dividend becomes much more appealing when the business behind it continues to produce enough recurring cash flow to support those payments. And CAPREIT won’t disappoint you on that front.

In the second quarter of 2026, CAPREIT generated about $246 million in operating revenue, down roughly 3% year-over-year (YoY), with property dispositions reducing the income contribution from the overall portfolio.

Still, its Canadian same-property portfolio held up better as its net operating income rose 1% YoY as rental revenue growth and operating efficiencies helped drive growth. Same-property Canadian occupancy also remained strong at 97.5%, while occupied average monthly rent increased 2.3% YoY.

More importantly for dividend investors, CAPREIT’s funds from operations (FFO) payout ratio remained at a manageable 59.2%, leaving a healthy gap between its recurring FFO and dividend distributions.

Capital moves offer value

Beyond collecting rent, CAPREIT is also using portfolio sales, acquisitions, and unit repurchases to create value for unitholders.

During the first six months of 2026, the REIT repurchased about 1.6 million units. By the first week of August, CAPREIT had invested about $71 million in 2026 to repurchase roughly 2 million units at an average price of about $36 each.

That strategy becomes especially interesting when compared with CAPREIT’s reported diluted net asset value of $54.38 per unit at the end of June. Its recent market price of $31.55 sits well below that level. While a discount alone doesn’t guarantee a rebound, buying back units at lower prices could support per-unit value over time.

Why I find it to be the best monthly dividend stock

For monthly income investors, CAPREIT brings together several appealing qualities. Its 4.9% yield, monthly distributions, large residential portfolio, and latest-quarter FFO payout ratio below 60% provide a solid income foundation.

On top of that, its discounted unit price and ongoing capital allocation efforts make CAPREIT look like one of the most attractive monthly-paying TSX stocks to me.

The post The Best Monthly-Paying Dividend Stock on the TSX Right Now appeared first on The Motley Fool Canada.

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Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Building a dependable monthly passive income stream doesn’t require a fortune. A disciplined strategy focused on resilient, high-yielding dividend stocks could build a vibrant monthly dividend portfolio. Deploying small batches of capital into each of the standout Canadian income payers can help investors construct a steady monthly cash flow that acts as a financial buffer and compounding engine for decades.

Here’s why investing $1,000 in each of CT Real Estate Investment Trust (TSX: CRT.UN), Automotive Properties Real Estate Investment Trust (TSX: APR.UN) and Diversified Royalty Corp. (TSX: DIV) could create a formidable monthly dividend stream that could be a significant source of recurring passive income.

CT Real Estate Investment Trust

Retail real estate remains resilient in Canada, and CT REIT offers income investors a professionally managed portfolio with institutional-grade stability. The trust boasts a portfolio occupancy rate of 99.5%, anchored by its tight strategic partnership with former parent and retail giant Canadian Tire, which remains its majority equity shareholder.

CT REIT recently invested $76 million to add 232,300 square feet of gross leasable area (GLA), continuing to capitalize on growth opportunities from its parent brand. The REIT currently offers an attractive 5.8% annual distribution yield and holds a stellar track record of 13 consecutive years of annual payout raises.

Crucially, the payout is rock-solid. Its first-half 2026 adjusted funds from operations (AFFO) payout ratio stood at a comfortable 72.5%, improving from 72.9% in 2025, meaning its distribution is abundantly covered by recurring rental cash flows. Combined with a conservative debt ratio of 38.9%, CT REIT provides one of the safest monthly yields in the Canadian REIT sector.

Automotive Properties REIT

Automotive Properties REIT’s strategy to consolidate the fragmented car dealership real estate market across Canada and the U.S. is delivering exceptional results. During the second quarter, the REIT expanded net operating income (NOI) by 20.5% year-over-year while driving an 18.6% increase in adjusted funds from operations (AFFO).

On the back of these strong quarterly results, management raised its monthly distribution by 2% in August 2026, marking its second consecutive year of payout increases.

The monthly dividend stock currently offers a lucrative 7.3% annual yield. With its second-quarter AFFO payout ratio of 78.3%, the trust’s high-yielding monthly distribution remains safe while leaving ample retained cash flow to help organically fund future property acquisitions.

Diversified Royalty Corp

Diversified Royalty offers investors direct access to top-line revenue streams from top-tier franchisors and multi-location businesses, bypassing direct operational cost pressures. The monthly dividend payer pools royalties across several well-known North American brand streams, including Mr. Lube, Sutton, Nurse Next Door, Cheba Hut, and AIR MILES®.

DIV stock pays a monthly dividend of $0.02 per share ($0.29 annualized), offering a generous 6.8% dividend yield. Backed by stable royalty inflows and recent strategic portfolio additions, DIV provides investors with immediate cash flow from essential retail and service industries across North America.

How much could a $1,000 investment earn in monthly passive income?

A $1,000 investment in each of CT REIT, Automotive Properties REIT, and Diversified Royalty Corp could generate $16.68 every month or $200.15 in annual passive income from diversified sources, as shown below:

Foolish takeaway

An initial $3,000 investment spread evenly across CT REIT, Automotive Properties REIT, and Diversified Royalty Corp. can generate $16.68 every month, or $200.15 annually, translating to an average portfolio yield of about 6.7%. Holding these monthly-cash-generating heavyweights in a TFSA and reinvesting the monthly dividends can turn a modest initial investment into a growing passive income stream for decades.

The post Here’s What $1,000 in the Right Stocks Could Pay You Every Month appeared first on The Motley Fool Canada.

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Fool contributor Brian Paradza has no position in any of the stocks mentioned. The Motley Fool recommends Automotive Properties Real Estate Investment Trust. The Motley Fool has a disclosure policy.

Sometimes, you don’t need to catch a great dividend stock at the beginning of its run to benefit from what comes next. Sienna Senior Living (TSX: SIA) could be a great example of a stock whose best days may still be ahead despite its impressive recent performance. This Markham-headquartered company has benefited from rising occupancy and improving operating results, while Canada’s aging population could support demand for senior housing and care for many years. That gives the company an opportunity to keep expanding cash flow while rewarding shareholders with attractive monthly dividends.

While I already own this stock, I wish I had bought Sienna earlier. That said, its long-term growth runway still gives me reason to believe that it is not too late to buy it.

In this article, I’ll explain why Sienna is one TSX dividend stock I wish I had owned earlier and why its expanding business could still give long-term investors reasons to buy today.

Why I wish I bought Sienna sooner

In short, Sienna provides independent living, assisted living, memory care, long-term care, and other specialized senior living services across Canada. Currently, SIA stock trades at $20.42 per share with a market cap of $2.3 billion, as its shares have gained 11% over the last year and 91% over three years.

Income investors may also like that Sienna pays dividends every month. At the current share price, the stock offers an attractive 4.6% annualized dividend yield, adding a steady income stream to its already interesting long-term growth story.

Lately, the company’s share-price gains have come mainly from stronger operations and strengthening fundamentals. In the second quarter of 2026, Sienna’s average same-property retirement occupancy improved by 150 basis points year-over-year (YoY) to 94.1%. Notably, it marked the 14th consecutive quarter of YoY growth in its retirement and long-term care operations.

Similarly, the company’s revenue on a proportionate basis rose 13.6% YoY. Factors such as new acquisitions, better occupancy, rental rate increases, higher care revenue, increased long-term care funding, and stronger private accommodation revenue drove that growth.

Strong operations and cash generation

Sienna’s same-property net operating income also jumped 19.4% to $57.6 million. That figure included retroactive government funding and a workplace insurance refund. Even after excluding those items, its same-property net operating income still increased 14.2%.

Meanwhile, the company’s operating funds from operations rose 35% YoY to $39.6 million, mainly because of higher net operating income. Adjusted funds from operations climbed even faster, rising 44.9% YoY.

In addition, Sienna’s adjusted funds from operations payout ratio improved to 72.3% from 89.5% a year ago. That gives its dividend payouts a stronger financial backing than it had a year ago.

More growth could still be ahead

Earlier this month, on September 17, Sienna announced an agreement to acquire Stonemont On the Park, a 305-suite retirement residence in Ottawa. The property opened in 2024 and was roughly 99% occupied. Sienna agreed to a gross purchase price of about $170.7 million, along with a potential $10 million earnout tied to certain financial targets.

The deal is expected to close in the fourth quarter of 2026. After the completion of this transaction, Sienna will have added nearly $1.2 billion of assets through acquisitions and developments since 2025.

At the same time, the company is also working with Fiera Infrastructure through a joint venture initially targeting about $625 million of long-term care redevelopment projects.

Foolish takeaway

For 2026, Sienna is targeting retirement occupancy above 95% and more than 10% same-property retirement net operating income growth. Those targets are not guaranteed, but they show the direction management is trying to take the business.

Clearly, Sienna still gives investors several reasons to consider buying now, including stronger operations, a 4.6%    dividend yield, monthly payouts, and a growing asset base.

The post The TSX Dividend Stock I Wish I Bought Sooner appeared first on The Motley Fool Canada.

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• This Undervalued Dividend Stock Yields 4.3% and Keeps Growing

Fool contributor Jitendra Parashar has positions in Sienna Senior Living. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

If a stock is falling, it doesn’t necessarily mean you need to wait for the price to turn around before buying. If the business remains fundamentally healthy, you should rather grab the opportunity while other investors are still cautious.

Boardwalk Real Estate Investment Trust (TSX: BEI.UN) is that kind of stock on the TSX today. Its shares have lost ground, but the underlying portfolio continues generating resilient rental income, occupancy remains strong, and funds from operations per unit are still growing. If you hold such quality stocks in your Tax-Free Savings Account (TFSA), you can benefit from both regular dividends and potential long-term capital appreciation without paying tax on those gains.

Let me show you why Boardwalk REIT’s discounted valuation, combined with its strong fundamentals and monthly income, makes me optimistic about this TFSA-friendly stock.

Why Boardwalk REIT looks attractive now

Headquartered in Calgary, Boardwalk is a residential real estate investment trust (REIT) with roughly 33,000 suites across more than 200 Canadian communities. At the time of writing, its shares traded at $62.96 apiece, giving the REIT a market cap of $2.9 billion.

Boardwalk stock has fallen about 9% over the last year and currently sits 13% below its 52-week high. Dividend investors, however, still get a 2.7% annualized yield, with cash payouts arriving every month.

Interestingly, Boardwalk posted a net asset value of $96.37 per unit at the end of June. And its current market price is roughly 35% below that figure. In addition, the company appears to see value in its own units, as the REIT has been aggressively buying them back.

Solid operating momentum supports the bullish case

In the June 2026 quarter, Boardwalk’s rental revenue rose 2.3% year-over-year (YoY) to $161 million. Higher occupied rents and lower incentives backed that increase, although higher vacancy losses partly offset those gains.

The REIT’s net operating income in the latest quarter also increased nearly 3% YoY, while its funds from operations (FFO) climbed 2.6% YoY to $1.19 per unit. At the same time, Boardwalk maintained same-property occupancy of 97%, as its operating margin improved by 40 basis points to 66.6%.

Still, performance was not equally strong everywhere as Boardwalk’s Calgary same-property net operating income declined 1.2% last quarter due partly to higher vacancy losses and lower in-place rents. Stronger results in markets including Ontario, Quebec, and other parts of Alberta helped keep the REIT’s overall operating performance positive.

Capital allocation adds to the TFSA appeal

Beyond its operating resilience, Boardwalk’s approach to capital allocation gives me another reason to remain bullish on this monthly dividend stock. Through July 24, the REIT had invested about $204 million to repurchase roughly 3.1 million units at a weighted average price of $65.51.

It has also been selling non-core properties and established a strategic co-ownership with DGAM Real Estate Fund to support future growth opportunities in Western Canada. At the end of the second quarter, the REIT had roughly $375 million in available liquidity.

Its second-quarter FFO payout ratio also remained very conservative at 37.6%, which gives Boardwalk plenty of room to fund its monthly distributions while retaining cash for other priorities.

Overall, Boardwalk gives TFSA investors monthly cash flow, resilient business performance, disciplined unit buybacks, and an attractive valuation relative to its reported net asset value.

The post Why I’m Bullish on This TFSA Dividend Stock Yielding 2.7% Monthly appeared first on The Motley Fool Canada.

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Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

There are two main reasons why I love to invest in monthly dividend stocks. First, I like seeing cash arrive in my account every month. Second, I can put that money back to work much sooner instead of waiting around for the next quarterly payment. That said, I wouldn’t buy just any stock because it follows a monthly payout schedule. I want to own a monthly dividend stock because I believe in the business, not simply because its dividends look attractive.

That’s what makes Sienna Senior Living (TSX: SIA) a reliable part of my portfolio. The company operates retirement and long-term care residences across Canada, and its shares have rewarded longer-term investors quite well. Recently, though, the stock has cooled off. Rather than putting me off, that pullback makes me curious about whether I should add more shares at the current price.

In this article, I’ll explain why Sienna’s monthly income, seniors’ living exposure, and recent share-price pullback make this Canadian dividend stock worth watching.

Why Sienna has my attention

In short, this Markham-based company provides a wide range of seniors’ living options. Its services include independent living, assisted living, memory care, and long-term care. Sienna owns and operates about 91 seniors’ living residences across Canada while also providing management services to additional properties.

Currently, Sienna stock trades at $20.51 per share with a market cap of $2.3 billion. At this market price, it offers a 4.6% annualized dividend yield, paid monthly.

This monthly dividend stock’s longer-term performance has also been encouraging. Notably, Sienna shares have gained 15% over the last year and 73% over three years. However, the stock has pulled back about 12% in six months, making it look undervalued based on its long-term fundamental outlook.

The business growth behind the dividend

In the second quarter, the company’s proportionate revenue rose 13.6% year-over-year (YoY) to $288 million. Growth in its retirement business came from acquisitions, higher occupancy, rental rate increases, and stronger care revenue. Meanwhile, its long-term care segment benefited from higher government funding for direct care, increased private accommodation revenue, acquisitions, and retroactive funding.

More importantly, Sienna’s net operating income increased just over 30% YoY to $66 million. Its same-property net operating income, which shows performance from properties owned in both comparison periods, climbed over 19%. Even after excluding retroactive government funding and a workplace insurance refund, same-property net operating income still rose 14%.

At the same time, the company’s occupancy trends remained strong as its average same-property retirement occupancy improved by 150 basis points YoY to 94.1%. That helped Sienna’s retirement same-property operating margin expand by about 200 basis points.

Adding to the optimism, Sienna’s adjusted funds from operations payout ratio fell sharply to 72.3% in the latest quarter from 89.5% a year ago. For dividend investors, that number matters as it suggests this monthly dividend stock’s payouts are becoming much better supported by its cash flow.

Growth outlook makes this monthly dividend stock even more attractive

So far in 2026, the company has closed or signed agreements for about $188 million of acquisitions. These deals include retirement and long-term care properties, with a weighted average investment yield of 6.21%.

Sienna is also moving ahead with major redevelopment projects. Its planned Streetsville Community project in the Greater Toronto Area is expected to cost about $125 million and add 138 net new beds, while the larger Glen Rouge redevelopment carries an estimated development cost of $250 million.

In addition, Sienna has formed a joint venture with Fiera Infrastructure to accelerate long-term care redevelopments in Ontario. This partnership is initially targeting projects with about $625 million in aggregate construction costs.

These are some of the key reasons why I’m watching this 4.6% monthly dividend stock closely after its recent pullback. If Sienna continues executing on these growth plans while maintaining healthy cash generation, it could remain an attractive income stock to own for years.

The post Why I’m Watching This 4.6% Dividend Stock That Pays Monthly Cash appeared first on The Motley Fool Canada.

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Fool contributor Jitendra Parashar has positions in Sienna Senior Living. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Seeing a stock on your watchlist tumble sharply may sound alarming, but it isn’t necessarily bad news. I know that sounds strange, as nobody enjoys seeing an investment move lower. But the price you pay really matters, especially with a dividend stock.

Canadian Apartment Properties Real Estate Investment Trust (TSX: CAR.UN), or CAPREIT, is a good example of why I wouldn’t automatically run from a big decline. Yes, this residential real estate investment trust (REIT) is navigating a softer rental environment, and its recent results also show some pressure. However, people haven’t stopped paying rent; its Canadian properties are still generating resilient income, and investors continue receiving distributions every month.

In this article, I’ll explain why CAPREIT’s 24% selloff, attractive monthly dividends, and discounted valuation make it look increasingly attractive to me.

A beaten-down monthly income stock to buy

Simply put, CAPREIT owns and manages roughly 45,500 residential apartment suites and townhomes across Canada and the Netherlands. After falling 24% in the last year, its units currently trade at $32.45 per share, giving the REIT a market cap of $4.9 billion. At this price, it offers a 4.8% annualized dividend yield with distributions paid every month.

Of course, the recent weakness in this monthly dividend stock has not come without challenges. Notably, CAPREIT’s Canadian same-property occupancy slipped to 97.5% in June from 98.4% a year ago. Its rent growth on suite turnovers also turned negative. At the same time, the company’s property dispositions and higher interest costs are continuing to weigh on its funds from operations.

Its latest results still offer some reassurance

Despite recent pressures, CAPREIT’s second-quarter results suggest its underlying Canadian rental business remains resilient.

During the quarter, the REIT’s total operating revenue fell about 3% year over year (YoY) to $246 million, while net operating income declined nearly 4% YoY to $163 million. Lost income from property dispositions, particularly in Europe, contributed to the weakness. However, CAPREIT’s Canadian operating revenue rose 2.3% YoY to $241 million, backed by acquisitions and rental growth.

More importantly, its Canadian same-property net operating income climbed nearly 1% YoY to $152 million, while the margin remained stable at 66.2%. Income investors should also note that CAPREIT’s second-quarter funds from operations payout ratio remained manageable at 59.2%, compared with 58.5% a year ago.

Why this dip looks attractive

At the end of June, the REIT reported a diluted net asset value of $54.38 per unit. Compared with its current market price of $32.45, CAPREIT units are trading roughly 40% below that figure. The company has been taking advantage of the lower unit price as well. During the first six months of 2026, CAPREIT repurchased and canceled about 1.6 million units for $59.5 million.

Meanwhile, the REIT continues to reshape its portfolio as it recently completed acquisitions in Canada, acquired the remaining European Residential REIT units it did not already own, and continued selling selected properties.

Clearly, CAPREIT still faces softer rental conditions and higher leverage, so investors should not expect an overnight recovery. However, its 4.8% monthly dividend yield, resilient Canadian operations, ongoing unit buybacks, and large discount to reported net asset value make this beaten-down monthly dividend stock an attractive investment to consider right now.

The post Down 24%: This Monthly Dividend Stock Is a Must-Buy appeared first on The Motley Fool Canada.

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• The Best Monthly-Paying Dividend Stock on the TSX Right Now

Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

A rising TSX has made finding a reliable, high-yield monthly passive-income investment to buy and hold long term a bit of work in September, as the good payers see market prices soar, compressing their yields. It’s true that high dividend yields are often double-edged swords: while they offer immediate cash flow, they can also signal a business under financial stress with an unsustainable payout. However, every so often, an opportunity emerges where a high yield is backed by improving underlying fundamentals, and the market hasn’t fully priced the improvement yet.

Firm Capital Property Trust (TSX: FCD.UN), a diversified Canadian real estate investment trust (REIT), is currently offering an attractive 7.4% distribution yield. If you are looking to construct a reliable passive-income portfolio, this monthly dividend payer deserves a closer look.

Earn cash in your account every 30 days

Unlike most traditional Canadian dividend stocks that distribute cash quarterly, Firm Capital Property Trust pays a monthly distribution of $0.04333 per unit (or $0.52 annualized) on or around the 15th of every month. That means cash landing in your brokerage account 12 times a year.

Even better, the trust provides uncommon income visibility. The REIT has already declared distributions for October, November, and December 2026, allowing income investors to plan their portfolio cash flows several months in advance. The December distribution will be payable on January 15, 2027. Few dividend stocks afford passive-income investors this level of certainty on monthly payouts.

FCD.UN’s turning point: Payout ratios finally return to sustainable levels

The biggest concern with any high-yield dividend stock is its payout’s sustainability. Over the past few years, higher interest rates pushed refinancing costs up across the real estate sector, forcing Firm Capital to navigate elevated payout ratios that routinely exceeded 100% of its distributable cash flow.

However, the Canadian REIT recently hit a major turning point. For the first time in several years, Firm Capital Property Trust’s adjusted funds from operations (AFFO) payout ratio improved to a sustainable 98% during the second quarter of 2026 — a significant drop from an unsustainable 106% recorded during the same period last year.

The monthly distribution appears sustainable now.

What helped the REIT’s operational turnaround?

Rising occupancy levels, higher average rentals, and core income growth helped lift Firm Capital Property Trust’s AFFO payout rate into sustainable status last quarter.

Commercial and multi-residential occupancy rates rose to 94.4% and 96.4%, respectively, up from 93.4% and 94.4% a year ago. Average rent per square foot increased steadily across the trust’s sub-portfolios. And net operating income (NOI) expanded by 7% year over year.

Top-line growth trickled straight down to distributable cash, boosting quarterly AFFO growth by 8% year over year.

Looking ahead, cash flows could expand further. In July, the trust closed a joint-venture acquisition of a 50% interest in 10 Manufactured Home Communities (MHC). This transaction cemented Firm Capital as one of the largest manufactured home community owners in Canada, and the accretive income from these properties will begin impacting earnings results reported this coming November.

Time to buy the high-yield monthly dividend stock at a discount?

Despite a solid 24.8% total return so far this year driven by improving fundamentals, units in Firm Capital Property Trust still trade at a fair-value discount.

Trading around the $6.90 mark, units are priced at a roughly 14.4% discount to the REIT’s reported net asset value (NAV) of $8.06 per unit. Purchasing real estate assets at a double-digit discount to their intrinsic value gives investors an added margin of safety.

To top it off, long-term investors can supercharge their wealth creation through the REIT’s distribution-reinvestment plan (DRIP). By automatically reinvesting monthly cash distributions at zero trading costs, investors may at times receive additional units at a 3% discount to their average market prices, adding a powerful compounding boost over time.

The Foolish bottom line

Firm Capital Property Trust offers an attractive mix of a juicy 7.4% yield, monthly payouts, an improving AFFO coverage ratio that signals higher payout sustainability, and a trading price that’s still below net asset value. Passive-income investors seeking immediate cash flow backed by recovering real estate fundamentals should find this monthly dividend payer a smart addition to a diversified income portfolio.

The post The 7.4% Dividend Stock Paying Cash Every 30 Days appeared first on The Motley Fool Canada.

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Fool contributor Brian Paradza has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

If I had $14,000 sitting in a Tax-Free Savings Account (TFSA) and wanted monthly income, I wouldn’t ask how much cash I could squeeze out of it immediately. I’d ask how I could make that cash flow bigger 5, 10, or even 20 years from now. That changes the way I’d build my portfolio. Instead of reaching for the biggest yields I could find, I’d want investments where the monthly payout is supported by stable financials and a strong fundamental outlook.

In this article, I’ll highlight two top monthly dividend stocks I’d consider for a $14,000 TFSA built for long-term income.

Choice Properties stock

To start building that monthly TFSA income stream, Choice Properties Real Estate Investment Trust (TSX: CHP.UN) looks like a dependable option to consider on the TSX today.

It owns and manages retail, industrial, mixed-use, and residential properties across Canada. The real estate investment trust’s (REIT) portfolio includes more than 700 income-producing properties with roughly 60 million square feet of gross leasable area. More importantly, much of its retail portfolio is anchored by necessity-based tenants.

After gaining 5% over the last year, Choice stock currently trades at $15.34 per share with a market cap of $5 billion. At this market price, it offers a 5.1% annualized dividend yield, with monthly payouts.

In the second quarter, the REIT’s same-asset net operating income on a cash basis rose 2.8% year-over-year (YoY). Its total cash-basis net operating income (NOI) also inched up 2.8%. Meanwhile, funds from operations (FFO) climbed 0.7% YoY, while diluted FFO edged 0.8% higher to $0.27 per unit. Strong same-asset NOI growth helped its FFO, although higher interest expenses partially offset the improvement.

There were encouraging signs underneath those numbers as well. The REIT achieved long-term renewal leasing spreads of 19%, while period-end occupancy remained strong at 97.7%.

On top of that, if completed, its pending transaction involving First Capital REIT could expand its portfolio. Taken together, Choice Properties’ 5.1% yield, high occupancy, monthly payouts, and steady underlying cash-flow growth make it an attractive building block for a TFSA focused on lasting income.

SmartCentres stock

SmartCentres Real Estate Investment Trust (TSX: SRU.UN) would fill the higher-income side of this $14,000 TFSA strategy.

This REIT owns 201 strategically located properties across Canada. It has about 35.5 million square feet of income-producing retail and office properties and also has residential and self-storage assets. SmartCentres stock has risen 3% over the last year, currently trading at $27.75 per share with a market cap of roughly $4 billion. It offers a juicy 6.7% annualized dividend yield.

In the latest quarter ended in June, SmartCentres’ same-property NOI rose 2.6% YoY. Its in-place and committed occupancy improved by 0.5 percentage points sequentially to 98.1%. The REIT also achieved 12% rent growth on extended leases when anchors were excluded.

The company’s ongoing leasing and development activity enhances its investment appeal further. Last quarter, SmartCentres leased roughly 247,000 square feet of vacant space. Meanwhile, it is also advancing retail, residential, and self-storage developments, including new self-storage facilities and its ArtWalk projects in Vaughan.

Overall, SmartCentres’ 6.7% yield, 98.1% occupancy, strong leasing momentum, and development pipeline make it another attractive monthly income stock to hold in a TFSA for the long haul.

Turning $14,000 into monthly income

Now, here’s how I’d put the $14,000 to work. Splitting it equally would mean investing $7,000 in each REIT. Based on their current 5.1% and 6.7% annualized yields, Choice Properties would generate about $357 annually and SmartCentres about $469. Together, that works out to roughly $826 per year, or nearly $69 per month. If those distributions remain intact, reinvesting them could buy more units and gradually increase the monthly income stream over the years.

The post I’d Structure a $14,000 TFSA Like This for Monthly Income for Life appeared first on The Motley Fool Canada.

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• Here’s What $100,000 in the Right Stocks Could Pay You Every Month

Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool recommends First Capital Real Estate Investment Trust and SmartCentres Real Estate Investment Trust. The Motley Fool has a disclosure policy.

Most bills show up every month, but many dividend stocks make investors wait three months for their next payout. That is one reason I like the idea of owning dependable monthly dividend stocks. They can put cash into your account more regularly while still giving you a chance to benefit from long-term growth. Of course, the payout schedule means little if the underlying business is weak.

That is why I like Choice Properties Real Estate Investment Trust (TSX: CHP.UN) for investors who want monthly income without giving up long-term growth potential. Its large real estate portfolio, high occupancy, and growing property income provide solid support for its monthly distributions.

In this article, I’ll show you why this 5%-yielding dividend stock could be worth owning for reliable monthly passive income.

Choice Properties stock

Notably, Choice Properties is Canada’s largest real estate investment trust (REIT). It owns and manages a diversified portfolio of commercial and residential real estate across Canada. Its portfolio includes more than 700 income-producing properties with 60 million square feet of gross leasable area. These properties span the retail, industrial, mixed-use, and residential segments, with its retail portfolio largely anchored by necessity-based grocery tenants.

After gaining 8% over the last year, Choice’s stock currently trades at $15.50 per unit with a market cap of $5.1 billion. Income investors may find its payouts even more appealing as it offers a 5% annualized dividend yield and distributes cash every month. Its August distribution was set at $0.065 per unit, equivalent to $0.78 per unit yearly.

Strong operations support the monthly payout

Choice’s dividend becomes even more attractive when you consider the quality of the properties generating the cash that supports it. In the second quarter of 2026, Choice Properties’ funds from operations (FFO) rose 0.7% year-over-year (YoY) to about $193 million. Its diluted FFO climbed 0.8% YoY to $0.27 per unit. Strong same-asset net operating income growth supported FFO, although higher interest expenses partly offset the improvement.

In addition, the REIT’s cash-basis net operating income rose 2.8% YoY in the latest quarter to about $276 million. More importantly, it also achieved impressive long-term renewal leasing spreads of 19% while maintaining period-end occupancy of 97.7%.

While Choice’s quarterly net loss increased to about $176 million from $154 million a year ago, much of that loss reflected non-cash fair value adjustments rather than weakness in its underlying operations. These included the impact of the higher unit price on the fair value of its exchangeable units.

More room to grow

Reliable monthly income is attractive on its own, but Choice Properties also has several initiatives that could support growth over time. For 2026, the REIT is targeting roughly 2% to 3% YoY growth in same-asset cash-basis net operating income. Choice Properties also expects its diluted FFO per unit to be between $1.08 and $1.10.

Recently, the REIT renewed 50 Loblaw leases expiring in 2027. Those leases cover 3.6 million square feet and were renewed at a weighted average spread of 8.8% with an average five-year extension. Choice Properties also plans to keep advancing commercial developments to add high-quality properties to its portfolio.

Given these positive factors, Choice Properties offers more than an attractive payout schedule. Its 5% dividend yield, monthly distributions, high occupancy, growing property income, and continued portfolio efforts make it a really appealing stock for investors seeking recurring passive income and long-term growth potential.

The post This 5% Dividend Stock Sends You Cash Every Month appeared first on The Motley Fool Canada.

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Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy

If I’m buying a stock mainly for monthly income, I mainly want three things from the business behind it: dependable cash flow, reasonable support for the payout, and some room to grow.

And SmartCentres Real Estate Investment Trust (TSX: SRU.UN) offers all three today. Its over 6% annualized yield provides attractive monthly income, while high occupancy and healthy leasing activity help keep rental cash flowing through the portfolio. In recent quarters, its adjusted funds from operations (AFFO) payout ratio has also improved, which is an encouraging sign for investors relying on those dividends.

In this article, I’ll break down what supports SmartCentres REIT’s strong monthly distribution and why its growth plans make this monthly dividend stock attractive for long-term income investors.

SmartCentres stock

In short, SmartCentres is a Vaughan-based real estate investment trust (REIT) that owns, leases, and manages shopping centres, office properties, rental residences, industrial facilities, condos, townhomes, and self-storage properties across Canada.

After climbing 9% so far in 2026, SmartCentres stock recently closed at $28.15 per share, giving the REIT a market cap of roughly $4 billion. Income investors get a 6.6% annualized dividend yield, with distributions arriving every month.

Strong leasing supports its dividends

SmartCentres ended the second quarter of 2026 with an in-place and committed occupancy rate of 98.1%, up 0.5% from the previous quarter. The REIT leased about 247,000 square feet of vacant space during the quarter, while extending 86% of existing leases maturing in 2026.

More importantly, its rental rates moved higher as SmartCentres reported rent growth of 12% excluding anchor tenants and 6.6% including anchors. Its same properties net operating income (NOI) also improved by 2.6% year-over-year (YoY), or 4.4% excluding anchors, helped by lease-up activity at higher rents.

Overall, its NOI came in at $139.9 million, down 1% YoY. The decline mainly reflected fewer townhome closings as the final unit in the Vaughan NW project closed during the quarter. Higher net rental income from lease-up and renewals across the commercial portfolio partly offset that weakness.

Growth beyond the monthly payout

The 6.6% yield may grab your attention first, but SmartCentres is also working on projects that could expand its property base over time. The REIT continues construction on a 200,000-square-foot Canadian Tire flagship store in Toronto, with delivery expected in the fourth quarter of 2026. It also acquired a 17-acre site in Winnipeg for about $10.1 million, where a new Walmart is expected to anchor the retail development under a 20-year lease.

Meanwhile, construction continues on its ArtWalk condo project in Vaughan, where roughly 93% of the 340 units were pre-sold. SmartCentres has also started construction on a 65-unit rental building in the same area.

Its self-storage business is also expanding. In the latest quarter, SmartCentres partially opened two new facilities in Quebec, while additional projects are under construction in British Columbia and Alberta.

Overall, SmartCentres’ solid dividend yield, monthly payouts, high occupancy, strong leasing momentum, and active development pipeline make this an appealing monthly dividend stock to consider for long-term passive income.

The post This 6.6% Dividend Stock Sends You Cash Every Month appeared first on The Motley Fool Canada.

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Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool recommends SmartCentres Real Estate Investment Trust. The Motley Fool has a disclosure policy.