Best Monthly Dividend Stocks [Canadian Edition]

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Looking for monthly dividend stocks? 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.

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	32.36	17.92	20.13	20.13	1.61	0.0779	1.5652	12	2.52	0.1201	6	6	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1	7.79
TSE:SJR.B	SJR.B	Shaw Communications	Communication Services	Telecommunication Services	0.50	22.15	8.94	16.73	16.73	1.32	0.0535	0.8977	12	1.19	0.0535	2	5	Tollbooth - Regulated	NO	NO	NO	NO	Canada	1	5.35
TSE:NPI	NPI	Northland Power Inc.	Utilities	Utilities - Renewable	0.55	42.25	8.55	24.18	24.18	1.75	0.0284	0.6857	12	1.20	0.0390	3	5	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	2.84
TSE:IPL	IPL	Inter Pipeline Ltd	Energy	Oil & Gas Midstream	0.43	17.91	7.69	21.35	21.35	0.84	0.0268	0.5714	12	0.48	0.0557	2	5	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	2.68
TSE:PKI	PKI	Parkland Corporation	Energy	Oil & Gas Refining & Marketing	0.58	40.44	6.08	31.24	31.24	1.29	0.0300	0.9414	12	1.21	0.0300	5	6	Intermediate	NO	NO	YES	NO	Canada	1	3.00
TSE:KEY	KEY	Keyera Corp	Energy	Oil & Gas Midstream	0.46	24.67	5.45	87.67	87.67	0.28	0.0778	6.8571	12	1.92	0.1408	6	5	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1	7.78
TSE:ALA	ALA	AltaGas	Utilities	Utilities - Regulated Gas	0.59	19.29	5.39	16.18	16.18	1.19	0.0498	0.8067	12	0.96	0.0498	3	6	Tollbooth - Regulated	NO	NO	NO	NO	Canada	1	4.98
TSE:RNW	RNW	TransAlta Renewables Inc.	Utilities	Utilities - Renewable	0.50	20.18	5.39	61.44	61.44	0.33	0.0466	2.8473	12	0.94	0.0686	3	4	Tollbooth - Unregulated	NO	NO	YES	NO	Canada	1	4.66
TSE:PSK	PSK	PrairieSky Royalty Ltd.	Energy	Oil & Gas E & P	0.28	12.90	2.88	93.63	93.63	0.14	0.0558	5.1429	12	0.72	0.0558	2	4	Intermediate	NO	NO	NO	NO	Canada	1	5.58
TSE:FN	FN	First National Financial Corporation	Financial Services	Mortgage Finance	0.53	44.31	2.66	15.90	15.90	2.79	0.0474	0.7527	12	2.10	0.0753	4	7	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	4.74
TSE:SPB	SPB	Superior Plus	Utilities	Utilities - Regulated Gas	0.41	13.24	2.33	30.98	30.98	0.43	0.0544	1.6744	12	0.72	0.0544	1	5	Tollbooth - Regulated	NO	NO	NO	NO	Canada	1	5.44
TSE:EIF	EIF	Exchange Income Fund	Industrials	Airlines	0.49	40.32	1.43	51.71	51.71	0.78	0.0565	2.9231	12	2.28	0.0928	6	7	Consumable - Discretionary	NO	NO	YES	NO	Canada	1	5.65
TSE:BAD	BAD	Badger Daylighting Ltd	Industrials	Engineering & Construction	0.39	40.50	1.41	36.00	36.00	1.13	0.0148	0.5310	12	0.60	0.0458	4	4	Durable	NO	NO	NO	NO	Canada	1	1.48
TSE:VET	VET	Vermillion Energy	Energy	Oil & Gas E & P	0.14	7.97	1.26	0.00	0.00	-9.30	0.0000	0.0000	12	0.00	0.0136	2	0	Intermediate	NO	NO	NO	NO	Canada	1	0.00
TSE:ERF	ERF	Enerplus Corporation	Energy	Oil & Gas E & P	0.21	6.16	1.24	0.00	0.00	-4.15	0.0195	1.0000	12	0.12	0.0195	0	4	Intermediate	NO	NO	NO	NO	Canada	1	1.95
TSE:MTL	MTL	Mullen Group Ltd	Energy	Oil & Gas Equipment & Services	0.46	10.02	0.97	15.76	15.76	0.64	0.0479	0.7500	12	0.48	0.0479	1	6	Intermediate	NO	NO	NO	NO	Canada	1	4.79
TSE:FRU	FRU	Freehold Royalties Ltd	Energy	Oil & Gas E & P	0.24	6.90	0.91	0.00	0.00	-0.07	0.0261	1.0000	12	0.18	0.0261	1	4	Intermediate	NO	NO	NO	NO	Canada	1	2.61
TSE:SIS	SIS	Savaria Corporation	Industrials	Specialty Industrial Machinery	0.59	17.27	0.88	31.19	31.19	0.55	0.0266	0.8356	12	0.46	0.2769	7	4	Durable	NO	NO	YES	NO	Canada	1	2.66
TSE:PLC	PLC	Park Lawn Corporation	Consumer Cyclical	Personal Services	0.33	29.92	0.87	67.08	67.08	0.45	0.0152	1.0133	12	0.46	0.0152	3	2	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	1.52
TSE:CHR	CHR	Chorus Aviation Inc.	Industrials	Airlines	0.15	4.20	0.68	16.57	16.57	0.25	0.0000	0.0000	12	0.00	0.0000	0	0	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	0.00
TSE:CHE.UN	CHE.UN	Chemtrade Logistics	Basic Materials	Specialty Chemicals	0.26	7.11	0.66	0.00	0.00	-1.81	0.0844	1.0000	12	0.60	0.0844	2	4	Intermediate	NO	NO	NO	NO	Canada	1	8.44
TSE:EXE	EXE	Extendicare	Healthcare	Medical Care Facilities	0.44	6.64	0.59	12.74	12.74	0.52	0.0723	0.9231	12	0.48	0.0723	1	6	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	7.23
TSE:SES	SES	Secure Energy Services Inc.	Energy	Oil & Gas Equipment & Services	0.30	3.26	0.52	0.00	0.00	-0.28	0.0092	1.0000	12	0.03	0.0492	3	3	Intermediate	NO	NO	NO	NO	Canada	1	0.92
TSE:BDT	BDT	Bird Construction Inc.	Industrials	Engineering & Construction	0.39	8.59	0.46	15.48	15.48	0.55	0.0454	0.7091	12	0.39	0.0454	1	5	Durable	NO	NO	NO	NO	Canada	1	4.54
TSE:CEU	CEU	CES Energy Solutions	Energy	Oil & Gas Equipment & Services	0.18	1.54	0.40	0.00	0.00	-0.96	0.0000	0.0000	12	0.00	0.0000	2	0	Intermediate	NO	NO	NO	NO	Canada	1	0.00
TSE:BNE	BNE	Bonterra Energy Corp.	Energy	Oil & Gas E & P	0.01	3.32	0.11	0.00	0.00	-8.90	0.0000	0.0000	12	0.00	0.0000	0	0	Intermediate	NO	NO	NO	NO	Canada	1	0.00

Best Monthly Dividend Stocks

Considering the limited options, I picked the top 3 stocks outside of REITs that can provide both stock appreciation and dividend growth.

Northland Power

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.

Investment Data

Opportunity Score: 55
Ticker: TSE:NPI
Sector: Utilities
Industry: Utilities - Renewable
Market Cap: 8.55B
P/E: 24.18
Dividend Yield: 2.84%
Payout Ratio (Earnings): 68.57%
Canadian Dividend Aristocrat: NO
Chowder Score: Members Only
Revenue Growth: Members Only
Dividend Growth: Members Only
Dividend Growth Fit: 3/10
Dividend Income Fit: 5/10

Pembina Pipeline

Pembina Pipeline is a leading midstream and transportation service provider in North America. The company is known for providing safe and cost-effective transportation solutions since the last six decades.

The company offers a wide range of midstream and marketing services to the energy sector. It owns an extensive network of pipelines that transport crude oil, natural gas and natural gas liquids produced primarily in western Canada.

It also runs gathering and processing facilities and an oil and natural gas liquids infrastructure business.

Pembina owns a large asset base consisting of pipelines and facilities, which is difficult for newcomers to replicate. As a leading energy infrastructure company, Pembina serves multiple basins and markets throughout Canada and the US.

The company has 19 gas processing facilities and 6 billion cubic feet per day of net gas processing capacity. Pembina owns and operates an 18,000 km pipelines with a total capacity of 3 million barrels of oil equivalent per day.

Investment Data

Opportunity Score: 61
Ticker: TSE:PPL
Sector: Energy
Industry: Oil & Gas Midstream
Market Cap: 17.92B
P/E: 20.13
Dividend Yield: 7.79%
Payout Ratio (Earnings): 156.52%
Canadian Dividend Aristocrat: YES
Chowder Score: Members Only
Revenue Growth: Members Only
Dividend Growth: Members Only
Dividend Growth Fit: 6/10
Dividend Income Fit: 6/10

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: 50
Ticker: TSE:SJR.B
Sector: Communication Services
Industry: Telecommunication Services
Market Cap: 8.94B
P/E: 16.73
Dividend Yield: 5.35%
Payout Ratio (Earnings): 89.77%
Canadian Dividend Aristocrat: NO
Chowder Score: Members Only
Dividend Growth: Members Only
Dividend Growth Fit: 2/10
Dividend Income Fit: 5/10

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