You can further improve after-tax returns by holding these investments in a tax-free savings account (TFSA). For Canadians who were at least 18 years old in 2009 and have never contributed, the cumulative TFSA contribution limit is $108,000. Splitting $92,000 – well within this limit – between the next two stocks could yield a stable monthly income of more than $500.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | INVESTMENT | DIVIDEND | TOTAL PAYOUT | FREQUENCY |
| NWH.UN | $5.75 | 8,000 | $46,000 | $0.03 | $240 | Monthly |
| WCP | $13.24 | 3,474 | $45,996 | $0.075 | $269.2 | Monthly |
| Total | $509.2 |
Let’s take a closer look at each of these companies.
NorthWest Healthcare Properties REIT
First on my list NorthWest Healthcare Properties REIT (TSX: NWH.UN), which owns and operates 167 healthcare properties in seven countries, representing approximately 16 million square meters of gross leasable area. The Real Estate Investment Trust (REIT) serves more than 1,300 tenants and has a weighted average lease term of 13.4 years. Thanks to its defensive, healthcare-focused portfolio, diversified tenant base and long-term leases, the company maintains solid occupancy rates through economic cycles and periods of market volatility.
The REIT is also prioritizing balance sheet improvement by reducing its debt. Between January 2024 and November 2025, the country divested $1.3 billion of non-core assets and used the net proceeds to reduce its debt levels. Supported by stable operating performance, the adjusted payout ratio (AFFO) decreased to 85% from 99% in the same quarter last year, reflecting improved distribution sustainability.
Looking ahead, rising demand for healthcare infrastructure – driven by an aging population – could provide a long-term tailwind for NorthWest Healthcare. With $250 million in liquidity at the end of the third quarter, the REIT remains well-positioned to pursue selective growth opportunities while maintaining financial flexibility. Buoyed by this outlook, NorthWest Healthcare, which currently pays a monthly distribution of $0.03 per unit and offers a forward yield of 6.26%, appears well positioned to continue providing attractive income to its shareholders.
Whitecap Resources
Another monthly paying stock I’m bullish on is Whitecap Resources (TSX: WCP), an oil and natural gas producer with operations primarily in Western Canada. After merging with Veren in May 2025, Whitecap has significantly strengthened its manufacturing base and increased overall scale. The transaction also improved the company’s balance sheet and financial flexibility. At the end of the most recent quarter, Whitecap reported $1.6 billion in liquidity and maintained a conservative annualized net debt to cash flow ratio of just one.
Looking ahead, the company plans to invest approximately $2 billion last year, and between $2 billion and $2.1 billion this year. These investments will focus on disciplined capital allocation, operational execution and sustainable production growth. Supported by these initiatives and the merger with Veren, management expects average production in 2026 to be between 370,000 and 375,000 barrels of oil equivalent per day (boe/d), representing a substantial increase over the 2025 average production forecast of 305,000 boe/d.
Whitecap also achieved merger-related synergies ahead of schedule, including capital efficiency through procurement savings and rig line optimization. With the integration progressing smoothly, management expects to realize $300 million in annual capital, operational and business synergies this year – approximately 40% more than initially expected.
Meanwhile, oil prices have recovered from last month’s lows amid ongoing geopolitical tensions. Continued strength in crude oil prices could further support Whitecap’s earnings and cash flow growth. Given these factors, Whitecap – which currently offers a monthly dividend of $0.0608 per share and a forward yield of 5.51% – appears well positioned to continue generating attractive income for shareholders.
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