Best Monthly Canadian Dividend Stocks

Looking for monthly dividend income? To start with, don’t be fooled by all the monthly income products such as BMO Monthly Income Fund or TD Monthly Income Funds.

A lot of your money is spent on the MER (Management Expense Ratio) when you buy these products. You are already behind before you invest…

Monthly dividend stocks are your best bet for a solid and dependable monthly income with REITs as an alternative option but not without its risks.

Even then, not all monthly income stocks are equal. Many of those stocks were income trusts and have switched to corporations and continued with monthly dividend payments.

Complete List of Monthly Income Stocks

Before we jump into the best Canadian companies that pay a monthly dividend income, let’s review the full list. The best options available do not always mean they fit your portfolio.

When you look across the TSX, there aren’t many companies outside REITs that pay a monthly dividend. However, I did some of the leg work and below is a list of all the monthly dividend stocks tracked with the Dividend Snapshot Screener.

TickerKey	Ticker	Company	Sector	Industry	Score	Quote	Market Cap	P/E	FPE	EPS	Yield	PayoutRatio	Payments	Dividend	Chowder	GrowthRating	IncomeRating	Tollbooth	Ambassador	Achiever	Aristocrat	King	Country	Graph	Yield
TSE:PPL	PPL	Pembina Pipeline	Energy	Oil & Gas Midstream	0.61	41.24	22.68	0.00	0.00	-0.87	0.0611	0.0000	12	2.52	0.1102	7	9	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1	6.11
TSE:SJR.B	SJR.B	Shaw Communications	Communication Services	Telecommunication Services	0.39	36.44	18.20	20.47	20.47	1.78	0.0325	0.6710	12	1.19	0.0339	2	4	Tollbooth - Regulated	NO	NO	NO	NO	Canada	1	3.25
TSE:NPI	NPI	Northland Power Inc.	Utilities	Utilities - Renewable	0.43	43.78	9.88	36.27	36.27	1.21	0.0274	0.8180	12	1.20	0.0380	3	4	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	2.74
TSE:IPL	IPL	Inter Pipeline Ltd	Energy	Oil & Gas Midstream	0.43	19.98	8.58	21.56	21.56	0.78	0.0240	0.5180	12	0.48	0.0240	2	4	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	2.40
TSE:ALA	ALA	AltaGas	Utilities	Utilities - Regulated Gas	0.50	26.41	7.39	20.40	20.40	1.94	0.0378	0.7580	12	1.00	0.0378	3	4	Tollbooth - Regulated	NO	NO	NO	NO	Canada	1	3.78
TSE:KEY	KEY	Keyera Corp	Energy	Oil & Gas Midstream	0.49	33.40	7.38	118.57	118.57	0.27	0.0575	6.8170	12	1.92	0.1093	5	7	Tollbooth - Unregulated	NO	YES	YES	NO	Canada	1	5.75
TSE:PKI	PKI	Parkland Corporation	Energy	Oil & Gas Refining & Marketing	0.57	39.71	6.02	31.42	31.42	1.26	0.0311	0.9690	12	1.24	0.0311	5	7	Intermediate	NO	NO	YES	NO	Canada	1	3.11
TSE:RNW	RNW	TransAlta Renewables Inc.	Utilities	Utilities - Renewable	0.41	21.97	5.86	41.50	41.50	0.52	0.0428	1.7730	12	0.94	0.0554	2	4	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	4.28
TSE:WCP	WCP	Whitecap Resources Inc.	Energy	Oil & Gas E & P	0.56	5.71	3.64	6.27	6.27	0.93	0.0343	0.2290	12	0.20	0.0343	3	5	Intermediate	NO	NO	NO	NO	Canada	1	3.43
TSE:FN	FN	First National Financial Corporation	Financial Services	Mortgage Finance	0.53	46.11	2.77	11.33	11.33	4.06	0.0510	0.6480	12	2.35	0.0551	4	7	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1	5.10
TSE:SPB	SPB	Superior Plus	Utilities	Utilities - Regulated Gas	0.41	15.68	2.76	21.17	21.17	0.73	0.0459	0.9530	12	0.72	0.0459	1	5	Tollbooth - Regulated	NO	NO	NO	NO	Canada	1	4.59
TSE:EIF	EIF	Exchange Income Fund	Industrials	Airlines	0.50	41.19	1.56	36.89	36.89	1.54	0.0554	1.9880	12	2.28	0.0831	6	7	Consumable - Discretionary	NO	YES	YES	NO	Canada	1	5.54
TSE:VET	VET	Vermillion Energy	Energy	Oil & Gas E & P	0.37	8.97	1.42	4.87	4.87	1.86	0.0000	0.0000	12	0.00	0.0136	2	3	Intermediate	NO	NO	NO	NO	Canada	1	0.00
TSE:SIS	SIS	Savaria Corporation	Industrials	Specialty Industrial Machinery	0.56	21.03	1.35	40.98	40.98	0.51	0.0228	0.9220	12	0.48	0.2013	7	5	Durable	NO	NO	YES	NO	Canada	1	2.28
TSE:MTL	MTL	Mullen Group Ltd	Energy	Oil & Gas Equipment & Services	0.39	13.55	1.30	19.15	19.15	0.72	0.0354	0.5720	12	0.48	0.0354	1	5	Intermediate	NO	NO	NO	NO	Canada	1	3.54
TSE:BDGI	BDGI	Badger Daylighting Ltd	Industrials	Engineering & Construction	0.35	34.85	1.21	256.02	256.02	0.13	0.0181	4.4260	12	0.63	0.0544	4	3	Durable	NO	NO	YES	NO	Canada	1	1.81
TSE:FRU	FRU	Freehold Royalties Ltd	Energy	Oil & Gas E & P	0.28	8.73	1.15	5632.26	5,632.26	0.00	0.0550	1.4210	12	0.48	0.0550	1	3	Intermediate	NO	NO	NO	NO	Canada	1	5.50
TSE:PLC	PLC	Park Lawn Corporation	Consumer Cyclical	Personal Services	0.28	36.07	1.07	38.57	38.57	1.31	0.0126	35.5670	12	0.46	0.0126	3	3	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	1.26
TSE:CHR	CHR	Chorus Aviation Inc.	Industrials	Airlines	0.20	4.60	0.82	37.15	37.15	0.35	0.0000	0.0000	12	0.00	0.0000	0	2	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	0.00
TSE:EXE	EXE	Extendicare	Healthcare	Medical Care Facilities	0.38	8.28	0.74	13.74	13.74	0.00	0.0580	0.8650	12	0.48	0.0580	1	3	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	5.80
TSE:CHE.UN	CHE.UN	Chemtrade Logistics	Basic Materials	Specialty Chemicals	0.24	6.72	0.70	0.00	0.00	-0.96	0.0893	0.8880	12	0.60	0.0893	2	2	Intermediate	NO	NO	NO	NO	Canada	1	8.93
TSE:BDT	BDT	Bird Construction Inc.	Industrials	Engineering & Construction	0.40	8.54	0.45	9.96	9.96	0.85	0.0457	0.4510	12	0.39	0.0457	1	4	Durable	NO	NO	NO	NO	Canada	1	4.57
TSE:CEU	CEU	CES Energy Solutions	Energy	Oil & Gas Equipment & Services	0.29	1.62	0.41	50.77	50.77	0.03	0.0000	0.4800	12	0.00	0.0000	1	3	Intermediate	NO	NO	NO	NO	Canada	1	0.00
TSE:BNE	BNE	Bonterra Energy Corp.	Energy	Oil & Gas E & P	0.13	5.67	0.19	0.00	0.00	-0.72	0.0000	1.5490	12	0.00	0.0000	0	2	Intermediate	NO	NO	NO	NO	Canada	1	0.00

Best Monthly Dividend Stocks

Considering the limited options, I picked the top 5 stocks outside of REITs that can provide both stock appreciation and dividend growth.

As a rule of thumb, for monthly income, I am staying away from energy stocks as stability isn’t clear with the state of fossil fuel versus renewable energy. The first adjustment an energy company might do is switch to quaterly income once there are challenges.

Northland Power

NPI Northland Power Small Northland Power is a power producer that develops, builds, owns, and operates clean and green power infrastructure assets in Canada, Europe, and other global markets.

As one of Canada's first independent power producers, Northland Power has global operating facilities generating over 2.6 GW of electricity, with an additional 130 MW of generating capacity under construction and 1,100+ MW in the project pipeline.

Northland has in-house development, plant design, financing, and operations capabilities. The company has a long track record of more than three decades in the business of producing electricity from natural gas and renewable energy sources.

Key Investment Data

Opportunity Score: 43
Ticker: TSE:NPI
Sector: Utilities
Industry: Utilities - Renewable
Market Cap: 9.88B
P/E: 36.27
Dividend Yield: 2.74%
Payout Ratio (TTM): 81.80%
Canadian Dividend Aristocrat: NO
Chowder Score: Members Only
Revenue Growth: Members Only
Dividend Growth: Members Only
Dividend Growth Fit: 3/10
Dividend Income Fit: 4/10

TransAlta Renewables Inc.

RNW - TransAlta Renewables TransAlta Renewables is a renewable energy company and one of the largest generators of wind power in Canada. It is a sponsored vehicle of TransAlta Corporation.

With more than a century’s experience under its belt, TransAlta Renewables has developed a rich experience of owning, operating, and maintaining a large fleet of power generation assets.

TransAlta Renewables owns and operates 21 wind farms, 13 hydroelectric facilities, seven natural gas plant, one solar facility and one natural gas pipeline in the US, Canada, and Australia. Highly contracted renewable and natural gas power generation assets, and long-term contracts with strong counterparties ensure stable cash flows for the company.

Most of its wind, hydro and gas facilities have an established track record of operating history and performance. TransAlta Renewables owns renewable energy facilities across different regions and multiple technologies.

The company owns directly or through economic interests more than 2,400 MW of net generating capacity and are strategically located to supply growing industrial regions.

Key Investment Data

Opportunity Score: 41
Ticker: TSE:RNW
Sector: Utilities
Industry: Utilities - Renewable
Market Cap: 5.86B
P/E: 41.50
Dividend Yield: 4.28%
Payout Ratio (TTM): 177.30%
Canadian Dividend Aristocrat: NO
Chowder Score: Members Only
Revenue Growth: Members Only
Dividend Growth: Members Only
Dividend Growth Fit: 2/10
Dividend Income Fit: 4/10

Shaw Communications

SJR.B - Shaw Communications Shaw Communications is a leading network company and one of the largest providers of residential communication services in Canada.

The company serves 3.2 million subscribers, including 1.9 million internet and more than one million Shaw home phone customers. It owns an extensive network of 860,000 kilometers long fiber network providing data networking, video, voice, and Internet services to companies of all sizes.

Shaw Communications has a presence in both wireline (80% of revenue) and wireless (20%) segments. The wireline division consists of consumer and business services. The wireless division provides wireless voice and data services through its mobile wireless network infrastructure.

Shaw Communications operates through a large hybrid fiber-coax networks and an expanding wireless retail distribution infrastructure in collaboration with retail partners like Walmart and Loblaws. Its strategic partnership with industry leaders like Comcast, Nokia and Cisco and seamless connectivity experience are its strong competitive advantages.

Investment Data

Opportunity Score: 39
Ticker: TSE:SJR.B
Sector: Communication Services
Industry: Telecommunication Services
Market Cap: 18.20B
P/E: 20.47
Dividend Yield: 3.25%
Payout Ratio (TTM): 67.10%
Canadian Dividend Aristocrat: NO
Chowder Score: Members Only
Dividend Growth: Members Only
Dividend Growth Fit: 2/10
Dividend Income Fit: 4/10

AltaGas

ALA - AltaGas AltaGas is a North American diversified energy infrastructure company. It engages in delivering affordable natural gas through regulated natural gas distribution utilities and transact more than 1.5 Bcf/d of natural gas.

In addition, AltaGas provides storage facilities, interstate natural gas transportation, energy efficiency contracting and retail power marketing services.

The company operates through midstream, utilities and power segments. It serves 1.6 million customers in the utilities and owns infrastructure assets worth more than $21 billion in some of the fastest growing energy markets in North America. AltaGas’ assets include a good mix of gas, power, and utility assets.

Its midstream business serves customers primarily in the Western Canada Sedimentary Basin. AltaGas is known for its premier energy solutions, the strength of its assets and expertise along the energy value chain.

The company benefits from the ownership of steady utility business and high growth midstream assets.

Key Investment Data

Opportunity Score: 50
Ticker: TSE:ALA
Sector: Utilities
Industry: Utilities - Regulated Gas
Market Cap: 7.39B
P/E: 20.40
Dividend Yield: 3.78%
Payout Ratio (TTM): 75.80%
Canadian Dividend Aristocrat: NO
Chowder Score: Members Only
Revenue Growth: Members Only
Dividend Growth: Members Only
Dividend Growth Fit: 3/10
Dividend Income Fit: 4/10

First National Financial Corporation

FN Small First National Financial Corp is Canada’s largest non-bank mortgage lender. In the last thirty years of its business, the company has built a leading reputation in real estate financing with over $106 billion in Mortgages Under Administration and is the largest commercial mortgage lender in the country today.

Residential (single-family residential mortgages) and commercial (multi-unit residential and commercial mortgages) are its two operating business segments.

More than 80% of the MUA is insured mortgages, followed by conventional style family residential mortgages (13%) and multi-unit residential and commercial mortgages (6%). It maintains diverse and flexible funding sources and is known for its prudent and conservative underwriting practices.

Size, large national presence and focus on mortgage financing are key differentiators for the company. The Canadian mortgage market is valued at over $1.1 trillion and given its leading reputation, First National is in a good position to benefit from this opportunity.

Key Investment Data

Opportunity Score: 53
Ticker: TSE:FN
Sector: Financial Services
Industry: Mortgage Finance
Market Cap: 2.77B
P/E: 11.33
Dividend Yield: 5.10%
Payout Ratio (TTM): 64.80%
Canadian Dividend Aristocrat: YES
Chowder Score: Members Only
Revenue Growth: Members Only
Dividend Growth: Members Only
Dividend Growth Fit: 4/10
Dividend Income Fit: 7/10

Build Your OWN Top List

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