2 Top TSX Stocks for Reliable Monthly Income

Investors seeking a reliable monthly income stream could consider top TSX stocks that pay dividends each month. Monthly payouts provide a steadier flow of cash, which can be useful for meeting regular expenses or reinvesting capital more frequently. Over time, that faster reinvestment cycle can meaningfully enhance compounding and support long-term wealth creation.

However, the appeal of monthly dividends should not rest solely on the payment frequency. Investors should focus on top dividend stocks with fundamentally strong businesses, resilient payouts, and high yields.

With this background, let’s look at two top TSX stocks for reliable monthly income.

SmartCentres REIT

SmartCentres REIT (TSX:SRU.UN) is a reliable TSX stock for reliable monthly income. The REIT has a solid record of uninterruptedly paying dividends for years. Moreover, it offers a compelling yield of 7.2%.

Its portfolio is concentrated in prime, high-traffic locations across Canada, which supports strong leasing demand and consistently high occupancy. This, in turn, drives same-property net operating income and the REIT’s ability to maintain regular monthly payouts. In the most recent quarter, occupancy remained exceptionally high at 98.6%, reflecting strong leasing demand for its properties.

While leasing fundamentals remain positive, SmartCentres is benefiting from its solid tenant base. Its tenant roster is anchored by leading national retailers, which contribute to a rent collection rate of roughly 99% and add stability to cash flows.

Looking ahead, the REIT appears well-positioned to sustain and potentially increase its distributions. The ongoing strength of its core retail portfolio should continue to support operating income, while its expansion into mixed-use developments provides meaningful diversification beyond retail. In addition, SmartCentres’ extensive landbank in major Canadian urban markets offers long-term development and growth opportunities. These factors suggest that SmartCentres REIT remains a solid choice for investors seeking reliable monthly income.

Dream Industrial REIT

Dream Industrial REIT (TSX:DIR.UN) is another reliable TSX stock for monthly income. The REIT owns and operates a large, well-diversified portfolio of industrial properties, primarily distribution and warehousing facilities serving a broad mix of industries. This diversification meaningfully reduces risk.

As of September 30, 2025, Dream Industrial held interests in 340 assets. Its tenant base is equally diversified, with 1,465 tenants contributing to stable, predictable rental income.

The firm continues to perform well. High occupancy levels and strong leasing demand have driven consistent growth in comparative properties (CP) net operating income and funds from operations (FFO). In the third quarter, FFO per unit increased 4.3% year over year, supported by a 6.4% rise in CP NOI and an 8.8% increase in net rental income. Occupancy remained robust at 95.4%, and leasing activity stayed strong.

Dream Industrial currently pays a monthly distribution of $0.058 per unit, yielding approximately 5.6%. With ongoing strength in its business, disciplined capital recycling strategy, an active development pipeline, and growing investments in solar energy projects, the REIT appears well-positioned to sustain and potentially grow its distribution over time.

The bottom line

SmartCentres REIT and Dream Industrial REIT stand out due to their strong operating fundamentals, diversified portfolios, and well-supported monthly payouts. For income-focused investors, these REITs offer compelling yields and the potential for steady distributions over time.

The post 2 Top TSX Stocks for Reliable Monthly Income appeared first on The Motley Fool Canada.

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More reading

• TSX Today: What to Watch for in Stocks on Thursday, December 18
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• My 3 Favourite Canadian Dividend Stock Ideas for 2026

Motley Fool recommends Dream Industrial Real Estate Investment Trust and SmartCentres Real Estate Investment Trust. The Motley Fool has a disclosure policy.