Are you 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 the list of Canadian monthly dividend-paying 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	SectorID	IndustryID	Grade	MarketCapGroup
TSE:WCP	WCP	Whitecap Resources	Energy	Oil & Gas E&P	47.89	9.76	5.74	6.68	6.68	1.46	7.4800	49.7000	12	0.73	7.5100	4	1	Intermediate	NO	NO	NO	NO	Canada	1	5	69	C	Mid Cap
TSE:NPI	NPI	Northland Power	Utilities	Utilities - Renewable	35.00	16.64	4.31	0.00	0.00	-0.60	7.2100	0.0000	12	1.20	7.2100	3	2	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	12	109	D	Mid Cap
TSE:PEY	PEY	Peyto Exploration & Development Corp.	Energy	Oil & Gas E&P	54.86	15.78	3.10	10.59	10.59	1.49	8.3700	88.4500	12	1.32	9.8400	4	9	Intermediate	NO	NO	NO	NO	Canada	1	5	69	B	Mid Cap
TSE:EIF	EIF	Exchange Income Fund	Industrials	Airlines	56.26	53.56	2.55	21.86	21.86	2.45	4.9300	101.9400	12	2.64	8.3900	5	7	Consumable - Discretionary	NO	NO	YES	NO	Canada	1	9	14	B	Mid Cap
TSE:FN	FN	First National Financial	Financial Services	Mortgage Finance	63.41	40.32	2.42	13.35	13.35	3.02	6.2000	105.8100	12	2.50	8.9400	7	8	Tollbooth - Unregulated	NO	YES	YES	NO	Canada	1	7	67	B	Mid Cap
TSE:EIT.UN	EIT.UN	Canoe EIT Income Fund	Financial Services	Asset Management	44.12	14.00	2.38	19.40	19.40	0.70	8.5700	161.7800	12	1.20	8.5700	4	8	Intermediate	NO	NO	NO	NO	Canada	1	7	17	C	Mid Cap
TSE:FRU	FRU	Freehold Royalties	Energy	Oil & Gas E&P	48.79	12.64	1.90	14.20	14.20	0.89	8.5400	122.6900	12	1.08	8.5400	4	8	Intermediate	NO	NO	NO	NO	Canada	1	5	69	C	Small Cap
TSE:BDT	BDT	Bird Construction	Industrials	Engineering & Construction	46.04	24.65	1.37	14.59	14.59	1.69	3.4100	29.2200	12	0.84	3.4100	3	6	Durable	NO	NO	NO	NO	Canada	1	9	38	C	Small Cap
TSE:SIA	SIA	Sienna Senior Living	Healthcare	Medical Care Facilities	41.64	16.02	1.32	38.14	38.14	0.42	5.8400	222.9500	12	0.94	5.8400	3	7	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	8	113	C	Small Cap
TSE:SIS	SIS	Savaria Corporation	Industrials	Specialty Industrial Machinery	66.17	18.27	1.30	28.11	28.11	0.65	2.9600	80.2100	12	0.54	5.6000	6	5	Durable	YES	YES	YES	NO	Canada	1	9	94	A	Small Cap
TSE:MTL	MTL	Mullen Group	Energy	Oil & Gas Equipment & Services	57.34	14.29	1.25	10.66	10.66	1.34	5.8800	52.3200	12	0.84	5.8800	4	9	Intermediate	NO	NO	NO	NO	Canada	1	5	115	B	Small Cap
TSE:CHE.UN	CHE.UN	Chemtrade Logistics	Basic Materials	Specialty Chemicals	45.24	10.17	1.24	11.69	11.69	0.87	6.4900	55.3500	12	0.66	6.4900	3	6	Intermediate	NO	NO	NO	NO	Canada	1	1	93	C	Small Cap
TSE:EXE	EXE	Extendicare	Healthcare	Medical Care Facilities	38.27	11.15	0.93	15.27	15.27	0.73	4.3000	62.6000	12	0.48	4.3000	1	7	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	8	113	D	Small Cap
TSE:TF	TF	Timbercreek Financial	Financial Services	Mortgage Finance	41.00	6.90	0.57	9.86	9.86	0.70	10.0000	95.5000	12	0.69	10.0000	2	8	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	7	67	C	Small Cap
TSE:AW.UN	AW.UN	A&W Revenue Royalties	Consumer Cyclical	Restaurants	39.21	36.50	0.53	19.88	19.88	1.84	5.2600	87.1000	12	1.92	8.0400	4	5	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	3	87	D	Small Cap
TSE:BPF.UN	BPF.UN	Boston Pizza Royalties	Consumer Cyclical	Restaurants	40.80	17.45	0.37	12.55	12.55	1.39	7.9100	92.8300	12	1.38	8.6900	2	7	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	3	87	C	Small Cap
TSE:RPI.UN	RPI.UN	Richards Packaging	Consumer Cyclical	Packaging & Containers	38.94	30.49	0.33	9.68	9.68	3.15	4.3300	51.2900	12	1.32	4.3300	2	4	Intermediate	NO	NO	NO	NO	Canada	1	3	75	D	Small Cap
TSE:KEG.UN	KEG.UN	The KEG Royalties Income	Consumer Cyclical	Restaurants	33.69	13.93	0.16	0.00	0.00	-0.26	8.1500	594.0900	12	1.14	8.8400	2	7	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	3	87	D	Micro Cap
TSE:SRV.UN	SRV.UN	SIR Royalty Income	Consumer Cyclical	Restaurants	40.00	12.74	0.11	5.42	5.42	2.35	8.9500	46.8800	12	1.14	8.9500	2	7	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	3	87	D	Micro Cap
TSE:MMP.UN	MMP.UN	Precious Metals	Financial Services	Asset Management	35.37	1.97	0.02	0.00	0.00	-0.31	6.0900	0.0000	12	0.12	6.0900	4	5	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	7	17	D	Micro Cap
TSE:CIQ.UN	CIQ.UN	Canadian High Income	Financial Services	Asset Management	26.81	7.00	0.01	0.00	0.00	0.25	6.8600	194.2800	12	0.48	6.8600	1	6	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	7	17	D	Micro Cap
TSE:CLP.UN	CLP.UN	International Clean Power	Financial Services	Asset Management	39.20	6.50	0.00	0.00	0.00	0.00	7.6900	0.0000	12	0.50	7.6900	4	7	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	7	17	D	-
TSE:ENI.UN	ENI.UN	Energy Income	Financial Services	Asset Management	33.41	1.62	0.00	0.00	0.00	0.00	7.4100	0.0000	12	0.12	7.4100	1	6	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	7	17	D	-
TSE:INC.UN	INC.UN	Income Financial	Financial Services	Asset Management	22.86	8.99	0.00	0.00	0.00	0.00	8.3500	0.0000	12	0.75	8.3500	2	7	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	7	17	D	-
TSE:MID.UN	MID.UN	Mint Inc	Financial Services	Asset Management	43.71	7.59	0.00	0.00	0.00	0.00	6.3200	0.0000	12	0.48	6.3200	4	6	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	7	17	C	-
TSE:RBN.UN	RBN.UN	Blue Ribbon Income Fund	Financial Services	Asset Management	38.60	8.14	0.00	0.00	0.00	0.00	5.9000	0.0000	12	0.48	5.9000	3	5	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	7	17	D	-

As a side note, as the companies mature, many move to quarterly dividends. If you want monthly income from a large corporation, you can look into the best dividend ETFs to generate income in the range of 4% to 6%.

Best Monthly Dividend Stocks

Considering the limited options, I picked the top 5 stocks outside REITs that can provide both stock appreciation and dividend growth. The best REITs require a different analysis.

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 make is to switch to quarterly income once there are challenges.

Note that screening stocks for income requires unique dividend data. Not many screeners focus on dividend data and dividend strength. You should consider a screener such as Dividend Snapshot Screeners.