You are currently viewing Top Canadian Dividend Stocks That Pay Monthly

Top Canadian Dividend Stocks That Pay Monthly

Canadian stocks that pay monthly dividends are far and few in-between. We have compiled a list of the best Canadian based dividend stocks that pay their dividends monthly, month after month!
Generally medium to large cap Canadian dividend stocks pay on a quarterly basis (4 times per year). 

In our dividend stocks in Canada, we have included typical equities, REITs, ETFs and other types of income producing companies that pay monthly dividends. The highest yielding dividends usually come from covered call ETFs and split corps, both have varying management fees, similar to mutual funds.

A stock that pays a monthly dividend is a stock that distributes a portion of its earnings to shareholders on a regular basis, usually on a monthly basis.

Monthly Dividend Stocks List in Canada - September 2023

RankSymbol/TickerCompany NameForward Annual Div Yield
1HYLD.TOHamilton Enhanced U.S. Covered Call ETF13.55%
2ZWK.TOBMO Covered Call US Banks ETF11.11%
3ZWU.TOBMO Covered Call Utilities ETF8.28%
4ZPH.TOBMO US Put Write Hedged to CAD ETF8.26%
5ZHP.TOBMO US Preferred Share Hedged to CAD Index ETF7.33%
6ZWG.TOBMO Global High Dividend Covered Call ETF7.24%
7HYI.TOHorizons Active High Yield Bond ETF7.11%
8FIE.TOiShares Canadian Financial Monthly Income ETF7.07%
9ZWC.TOBMO CA High Dividend Covered Call ETF6.96%
10ZUP-U.TOBMO US Preferred Share Index ETF6.93%
11ZWE.TOBMO Europe High Dividend Covered Call Hedged to CAD ETF6.76%
12ZHY.TOBMO High Yield US Corporate Bond Hedged to CAD Index ETF6.63%
13SYLD.TOPurpose Strategic Yield Fund6.51%

Highest Paying Monthly Canadian Dividend Stocks

The highest paying monthly Canadian dividend stocks, meaning the ones with the highest monthly yield are posted below. 

As you will see from the list, most high yielding monthly dividend stocks are split corporations, covered call ETFs and sometimes REITs. 

These high yielding equities are not specifically managed for growth, rather their goals are to have steady monthly high paying dividend yields.

Highest Yielding Monthly Dividend Stocks In Canada - September 2023

RankSymbol/TickerCompany NameForward Annual Div Yield
1PDV.TOPrime Dividend Corp.14.01%
2HYLD.TOHamilton Enhanced U.S. Covered Call ETF13.55%
3NXF.TOCI Energy Giants Covered Call ETF11.88%
4ETHY.TOPurpose Ether Yield ETF11.16%
5INC-UN.TOIncome Financial Trust10.95%
6BANK.TOEvolve Canadian Banks and Lifecos Enhanced Yield Index Fund10.83%
7TXF.TOCI Tech Giants Covered Call ETF10.76%
8HDIF.TOHarvest Diversified Monthly Income ETF10.59%
9DS.TODividend Select 15 Corp.10.53%
10BTCY.TOPurpose Bitcoin Yield ETF10.49%

The Best Monthly Dividend Paying Stocks Canada

It can be said that there are not many growth companies that pay monthly dividends in Canada. Although there may not be many, we have selected the best monthly dividend paying stocks down below.

Pembina Pipeline -Ticker: PPL.TO

Dividend Yield: 5.75%

Pembina pipeline is a transport and midstream provider of crude oil, condensate and natural gas. Over the span of its 21 years of paying dividends, they have paid out over 6 billion dollars back to their investors. With modest dividend growth over the last 5 years, Pembina’s current forward dividend yield is 5.18%.

Pembina Pipeline’s high dividend yield which pays month makes them one the best monthly dividend stocks in Canada.

Keyera Corp – Ticker: KEY.TO

Dividend Yield: 6.36%

Another great Canadian monthly paying dividend stock is Keyera Corp. Keyera’s main business involves energy infrastructure in Canada. The company operates through gathering and processing, liquids infrastructure, and marketing segments. Keyera has approximately 4,400 km of pipelines and holds interests in 12 active gas plants in Alberta. They were founded in 2003 with their headquarters in Calgary AB Canada.

Keyera Corp’s current forward dividend yield is a healthy 5.78%. Be sure to take note that they pay dividends monthly.

Top 10 Highest Paying Dividend Stocks on the TSX - September 2023

About This Article

Author: Mark Prosz

Sources of information and credits for this post include: Research and data provided by –