Monthly Income: Top Dividend Stocks to Buy in December

Although the Canadian stock market has posted strong gains over the past three years, it’s still important to look for investments that give back on a regular basis. And monthly dividend stocks can help you achieve that goal. For many investors, especially those focused on retirement or passive income, the ability to count on payouts every month provides not only financial stability, but also peace of mind. With the right companies, you can also enjoy solid capital growth on top of the income.

In this article, I highlight two fundamentally sound monthly dividend stocks that not only reward shareholders with attractive earnings today, but also set themselves up for greater value in the years to come.

Whitecap Resources stock

Let’s get started Whitecap Resources (TSX:WCP), a quality TSX-listed stock that continues to reach production highs and reward shareholders monthly. This Calgary-based energy company focuses primarily on the production of oil and natural gas.

After rising 37% in the past six months, WCP stock is currently trading at $11.84 per share, with a market cap of approximately $14.3 billion. The stock also has an impressive annualized dividend yield of 6.1%, paid monthly.

Much of that recent strength in Whitecap shares could be linked to its improved performance following the successful integration of Veren. The company delivered production of 374,623 barrels of oil equivalent per day (boe/d) in the third quarter, exceeding internal expectations. This operational success allowed the company to generate $897 million in cash flows and $350 million in free cash flows, despite investing more than $546 million in capital projects during the quarter.

Whitecap’s focus on improving drilling efficiency, reducing costs and increasing infrastructure utilization continues to pay off. Looking ahead, the company has raised its 2025 average production forecast to 305,000 boe/d and plans a capital budget of $2 to $2.1 billion for 2026.

With $1.6 billion in liquidity and a clear focus on efficiency, Whitecap remains one of the best monthly dividend stocks on the TSX today.

Chartwell Retirement Residences Shares

Now let’s move on to a real estate investment trust (REIT), Chartwell Retirement Homes (TSX:CSH.UN), which has quietly built scale across Canada while rewarding investors with reliable monthly income. A major player in Canada’s senior housing sector, the trust operates in four provinces.

After a 25% rally in the past year, Chartwell’s stock now trades at $20.01 per share and has a market cap of $6.08 billion. Even after this strong rally, it still offers a decent annualized dividend yield of 3.1%, paid monthly.

In the third quarter of 2025, the company’s own real estate occupancy rate reached 93.1%, an increase of 470 basis points year-over-year. That helped increase adjusted net operating income by 15.8% and funds from operations by 30.8% compared to a year ago.

Meanwhile, Chartwell is also taking steps to strengthen its portfolio. Since the beginning of the year, the company has completed more than $1 billion in acquisitions and allocated another $700 million in future deals. Looking ahead, the 2028 strategy includes growing occupancy above 95%, maintaining rate increases above 4%, investing $2 billion in new properties and selling $1 billion in non-core assets.

With the continued growth in demand for modern senior housing in Canada, Chartwell has the potential to continue providing reliable monthly income for years to come, with longer-term benefits.