Are you looking for monthly dividend income? 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 but not without its risks.

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 the list of Canadian monthly dividend-paying 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	SectorID	IndustryID	Grade	MarketCapGroup
TSE:NPI	NPI	Northland Power	Utilities	Utilities - Renewable	46.98	23.72	6.06	0.00	0.00	-0.71	5.0600	0.0000	12	1.20	5.0600	3	8	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	12	109	C	Mid Cap
TSE:WCP	WCP	Whitecap Resources	Energy	Oil & Gas E&P	45.93	9.58	5.73	6.56	6.56	1.46	7.6200	41.9300	12	0.73	12.3500	5	1	Intermediate	NO	NO	NO	NO	Canada	1	5	69	C	Mid Cap
TSE:RNW	RNW	TransAlta Renewables	Utilities	Utilities - Renewable	46.39	12.86	3.43	44.02	44.02	0.30	7.3100	321.7900	12	0.94	7.3100	2	8	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	12	109	C	Mid Cap
TSE:PEY	PEY	Peyto Exploration & Development Corp.	Energy	Oil & Gas E&P	52.66	14.84	2.88	8.25	8.25	1.63	8.8900	0.0000	12	1.32	8.8900	4	10	Intermediate	NO	NO	NO	NO	Canada	1	5	69	B	Mid Cap
TSE:EIT.UN	EIT.UN	Canoe EIT Income Fund	Financial Services	Asset Management	40.37	13.53	2.40	8.24	8.24	0.00	8.8700	71.8300	12	1.20	8.8700	4	7	Intermediate	NO	NO	NO	NO	Canada	1	7	17	C	Mid Cap
TSE:EIF	EIF	Exchange Income Fund	Industrials	Airlines	47.18	48.87	2.31	19.15	19.15	3.01	5.4000	93.6900	12	2.64	8.0700	4	7	Consumable - Discretionary	NO	NO	YES	NO	Canada	1	9	14	C	Mid Cap
TSE:LWRK	LWRK	LifeWorks	Technology	Software - Application	33.27	32.27	2.24	88.64	88.64	0.36	2.4200	210.7700	12	0.78	2.4200	2	3	Subscription	NO	NO	NO	NO	Canada	1	11	90	D	Mid Cap
TSE:FN	FN	First National Financial	Financial Services	Mortgage Finance	77.70	36.50	2.19	8.79	8.79	4.15	6.7100	77.6300	12	2.45	11.9900	7	9	Tollbooth - Unregulated	NO	YES	YES	NO	Canada	1	7	67	A	Mid Cap
TSE:FRU	FRU	Freehold Royalties	Energy	Oil & Gas E&P	51.29	13.97	2.11	16.02	16.02	0.88	7.7300	123.3700	12	1.08	7.7300	4	8	Intermediate	NO	NO	NO	NO	Canada	1	5	69	B	Mid Cap
TSE:MTL	MTL	Mullen Group	Energy	Oil & Gas Equipment & Services	56.53	14.76	1.30	10.16	10.16	1.46	4.8800	47.1600	12	0.72	4.8800	3	7	Intermediate	NO	NO	NO	NO	Canada	1	5	115	B	Small Cap
TSE:SIS	SIS	Savaria Corporation	Industrials	Specialty Industrial Machinery	55.59	16.13	1.14	28.42	28.42	0.57	3.2200	91.5500	12	0.52	8.9400	6	4	Durable	NO	NO	YES	NO	Canada	1	9	94	B	Small Cap
TSE:BDT	BDT	Bird Construction	Industrials	Engineering & Construction	44.55	18.49	1.00	13.90	13.90	1.38	3.0300	31.7900	12	0.56	3.0300	3	5	Durable	NO	NO	NO	NO	Canada	1	9	38	C	Small Cap
TSE:SIA	SIA	Sienna Senior Living	Healthcare	Medical Care Facilities	38.49	12.97	0.95	134.46	134.46	0.00	7.2200	970.2800	12	0.94	7.6100	4	8	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	8	113	D	Small Cap
TSE:CHE.UN	CHE.UN	Chemtrade Logistics	Basic Materials	Specialty Chemicals	42.79	7.91	0.93	4.97	4.97	1.40	8.3400	28.1300	12	0.66	8.3400	3	7	Intermediate	NO	NO	NO	NO	Canada	1	1	93	C	Small Cap
TSE:TF	TF	Timbercreek Financial	Financial Services	Mortgage Finance	41.35	7.54	0.63	9.64	9.64	0.77	9.1500	86.7200	12	0.69	9.4400	2	9	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	7	67	C	Small Cap
TSE:EXE	EXE	Extendicare	Healthcare	Medical Care Facilities	49.96	7.19	0.60	19.63	19.63	0.00	6.6800	118.9000	12	0.48	6.6800	1	10	Tollbooth - Unregulated	NO	NO	NO	NO	Canada	1	8	113	C	Small Cap
TSE:GWR	GWR	Global Water Resources	Utilities	Utilities - Regulated Water	32.38	19.16	0.46	0.00	0.00	0.29	2.0900	93.1200	12	0.30	3.0200	3	4	Tollbooth - Regulated	NO	NO	NO	NO	Canada	1	12	108	D	Small Cap
TSE:AW.UN	AW.UN	A&W Revenue Royalties	Consumer Cyclical	Restaurants	43.01	30.92	0.45	15.41	15.41	0.00	6.2100	95.7100	12	1.92	6.8900	3	5	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	3	87	C	Small Cap
TSE:RPI.UN	RPI.UN	Richards Packaging	Consumer Cyclical	Packaging & Containers	39.01	33.90	0.37	10.03	10.03	0.00	3.8900	47.8900	12	1.32	3.8900	2	4	Intermediate	NO	NO	NO	NO	Canada	1	3	75	D	Small Cap
TSE:BPF.UN	BPF.UN	Boston Pizza Royalties	Consumer Cyclical	Restaurants	37.56	15.70	0.33	11.72	11.72	1.34	8.6400	92.1800	12	1.36	8.6400	2	7	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	3	87	D	Small Cap
TSE:KEG.UN	KEG.UN	The KEG Royalties Income	Consumer Cyclical	Restaurants	38.74	15.10	0.17	18.90	18.90	0.00	7.5200	56.4200	12	1.14	7.5200	2	6	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	3	87	D	Micro Cap
TSE:SRV.UN	SRV.UN	SIR Royalty Income	Consumer Cyclical	Restaurants	50.73	15.00	0.13	8.61	8.61	0.00	7.6000	63.7700	12	1.14	7.6000	2	6	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	3	87	B	Micro Cap
TSE:CLP.UN	CLP.UN	International Clean Power	Financial Services	Asset Management	49.42	6.30	0.10	16.07	16.07	0.00	7.9400	118.4100	12	0.50	17.6500	4	6	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	7	17	C	Micro Cap
TSE:MID.UN	MID.UN	Mint Inc	Financial Services	Asset Management	45.99	6.53	0.07	11.17	11.17	0.00	7.3500	81.1100	12	0.48	7.3500	4	6	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	7	17	C	Micro Cap
TSE:RBN.UN	RBN.UN	Blue Ribbon Income Fund	Financial Services	Asset Management	39.29	7.73	0.07	0.00	0.00	0.00	6.2100	0.0000	12	0.48	6.2100	3	5	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	7	17	D	Micro Cap
TSE:INC.UN	INC.UN	Income Financial	Financial Services	Asset Management	26.64	7.66	0.03	0.00	0.00	0.00	9.8200	0.0000	12	0.75	9.8200	2	8	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	7	17	D	Micro Cap
TSE:MMP.UN	MMP.UN	Precious Metals	Financial Services	Asset Management	44.27	1.54	0.02	0.00	0.00	0.00	7.7900	0.0000	12	0.12	7.7900	4	6	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	7	17	C	Micro Cap
TSE:CIQ.UN	CIQ.UN	Canadian High Income	Financial Services	Asset Management	32.02	6.61	0.01	0.00	0.00	0.00	7.2600	0.0000	12	0.48	7.2600	1	6	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	7	17	D	Micro Cap
TSE:ENI.UN	ENI.UN	Energy Income	Financial Services	Asset Management	40.90	1.54	0.00	7.40	7.40	0.00	7.7900	55.6300	12	0.12	7.7900	1	6	Consumable - Discretionary	NO	NO	NO	NO	Canada	1	7	17	C	Micro Cap

As a side note, as the companies mature, many move to quarterly dividends. If you want monthly income from a large corporation, you can look into the best dividend ETFs to generate income in the range of 4% to 6%.

Best Monthly Dividend Stocks

Considering the limited options, I picked the top 5 stocks outside REITs that can provide both stock appreciation and dividend growth. The best REITs require a different analysis.

As a rule of thumb, for monthly income, I am staying away from energy stocks as stability isn’t clear with the state of fossil fuel versus renewable energy. The first adjustment an energy company might make is to switch to quarterly income once there are challenges.

Note that screening stocks for income requires unique dividend data. Not many screeners focus on dividend data and dividend strength. You should consider a screener such as Dividend Snapshot Screeners.