I’m a big fan of investing in quality dividend stocks that treat you like a true partner. Receiving a dividend once every three months is fine, but getting paid every month is even better. This is especially true if that monthly income comes from fundamentally strong companies with real staying power. In 2025, as interest rates ease and inflation gradually stabilizes, many income-producing stocks with strong long-term growth potential look even more attractive.
In this article, I highlight two Canadian monthly dividend stocks that offer reliable income, solid fundamentals and the kind of operating strength that can keep their dividends flowing for years to come.
RioCan REIT Shares
First on my list RioCan REIT (TSX:REI.UN), a Toronto-based real estate investment trust (REIT) that combines monthly payouts with smart long-term planning. As one of Canada’s largest REITs, it focuses primarily on mixed-use retail and urban developments.
After gaining nearly 15% in the past six months, it currently trades at $19.50 per unit with a market cap of $5.7 billion. This strength could mainly be attributed to strong operations and strategic movements. This stock offers a monthly dividend yield of 5.9% annually, paid monthly.
RioCan’s core strength lies in its high-quality tenant mix and stable occupancy rate. In the second quarter, the REIT’s committed retail occupancy was 98.2%, driven by large need-based tenants such as Loblaws, Canadian bandAnd Dollarama. At the same time, residential occupancy was equally strong, with rental income from the RioCan Living platform increasing 25% year-over-year (YoY).
RioCan has also been strengthening its balance sheet in recent years. In the first half of 2025, it completed $230 million in asset sales and used the proceeds to pay down debt, helping to reduce its adjusted debt-to-EBITDA (earnings before interest, taxes, depreciation, and amortization) ratio to 8.88 times. In September, the company also refinanced part of its credit facility and raised $200 million through unsecured notes, extending maturities and locking in attractive interest rates.
Overall, with a monthly payout, strong leasing trends, and a smart long-term growth plan, RioCan could be a great monthly dividend stock for income-oriented investors in 2025.
Mullen stock
My Next Monthly Dividend Stock Picks, Mullen Group (TSX:MTL), brings a reliable dividend from the logistics and freight sector. MTL stock is currently trading at $14.40 per share with a market cap of $1.3 billion. At this market price, it pays a monthly dividend with an annual yield of 5.8%.
Although the stock has been under pressure over the past year, the performance of recent quarters shows that the tide may be turning. Notably, MTL stock has rebounded more than 8% over the past three months, supported by strong operating cash flow and strategic acquisitions.
In the third quarter, Mullen delivered record revenue of $561.8 million, up 5.6% year over year. This growth was primarily driven by the acquisitions of Cole International and Pacific Northwest Moving, which contributed more than $66 million in new revenues. These deals helped offset declines in the specialty and industrial services segment, which continued to feel the impact of weaker private sector capital spending and lower commodity prices.
Still, despite flat adjusted operating profit in the latest quarter, Mullen posted a solid 55% year-over-year increase in net operating cash flow to $102.7 million, providing more than enough cushion to cover dividends and fund future growth.
It is clear that Mullen’s acquisition-driven growth strategy is not only focused on increasing revenue, but also on expanding service offerings and capturing new customer segments. With a stable dividend, rising cash flows and a strong acquisition pipeline, Mullen could continue to generate consistent monthly income for years to come.
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