| COMPANY | RECENT PRICE | NUMBER OF SAHRES | INVESTMENT | DIVIDEND | TOTAL PAYOUT | FREQUENCY |
| SRU.UN | $25.51 | 1,999 | $50,994 | $0.1542 | $308.2 | Monthly |
| WCP | $11.60 | 4,396 | $50,994 | $0.0608 | $267.3 | Monthly |
| Total | $575.5 |
Furthermore, by holding these investments in a tax-free savings account (TFSA), investors can earn this income tax-free. For individuals who were 18 or older in 2009 and never invested through a TFSA, the cumulative contribution limit is now $102,000. By investing this amount evenly in the following two dividend-paying stocks, investors could generate more than $575 in monthly income. Let’s take a closer look at these two stocks.
SmartCentres Real Estate Investment Trust
SmartCentres Real Estate Investment Trust (TSX:SRU.UN) stands out as an attractive monthly dividend stock, supported by its high occupancy rate, attractive yield and solid long-term growth prospects. The REIT owns and operates approximately 197 strategically located properties, with nearly 90% of Canadians living within 10 kilometers of at least one SmartCentres location. The tenant base is also well diversified and resilient: approximately 95% of tenants have regional or national offices and approximately 60% provide essential services. Backed by this strong portfolio and tenant mix, SmartCentres reported an impressive occupancy rate of 98.6% at the end of the third quarter.
On the growth front, the Toronto-based REIT continues to expand its asset base. This year, three new self-storage facilities came into use, bringing the total to 14 locations. Management expects to open two additional facilities in Quebec next year, while two projects in British Columbia are scheduled to open in 2027. SmartCentres also maintains a robust development pipeline totaling 86.2 million square feet, with 0.8 million square feet currently under construction and 58.1 million square feet with zoning permits. Given these growth initiatives, SmartCentres appears well positioned to maintain its dividend payments. Currently, it offers a monthly distribution of $0.1542 per unit, which translates into an attractive future dividend yield of approximately 7.25%.
Whitecap Resources
Another monthly dividend stock that I remain bullish on is Whitecap Resources (TSX:WCP), which exploits oil and natural gas assets primarily in the Western Canadian Sedimentary Basin. In October, the company reported strong third-quarter performance, with average production of 374,623 barrels of oil equivalent per day (boe/d), exceeding internal expectations. Production per share rose 5.7% year over year, while revenue per share fell 8.9% due to a 13.8% decline in average realized commodity prices.
Backed by solid operational execution and early synergies from the Vener merger that closed in May, Whitecap generated cash flow of $897 million during the quarter. Cash flow per share rose 7.4% year over year to $0.73. After capital expenditures of $546 million, the company delivered free cash flow of $350 million. Whitecap’s balance sheet also remains strong, with an annualized net debt to fund flow ratio of one and liquidity of $1.6 billion at quarter end.
Encouraged by robust performance through the first three quarters, management has raised average production guidance for 2025 to 305,000 barrels per day from the previous range of 295,000 to 300,000 barrels per day. Looking ahead, the company plans to invest $2.0 to $2.1 billion next year to further increase production capacity and targets average production of 370,000 to 375,000 boe/d, which represents a meaningful increase from current levels. Given its strong growth prospects, healthy balance sheet and disciplined capital allocation, Whitecap appears well positioned to continue generating attractive returns for shareholders. The company currently pays a monthly dividend of $0.0608 per share, which yields approximately 6.29%.
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