4 Canadian Dividend Stocks to Buy if You Want $500 a Month

Investors do not need to go treasure-hunting in the market’s weirdest corners to build a reliable income. The best dividend cheques often come from businesses that do boring work, charge predictable fees, and keep showing up even when the economy does not feel friendly. If you want about $500 a month, or $6,000 a year, the smarter move usually involves stacking a few sturdy dividend payers rather than swinging for one “miracle” yield. So, let’s look at some that can add up in no time.

Pipelines

TC Energy (TSX:TRP) and Enbridge (TSX:ENB) look like classic income anchors since Canada’s energy network runs through them. TC Energy moves natural gas across Canada, the U.S., and Mexico, and it also has power exposure through Bruce Power. Enbridge operates major liquids pipelines, natural gas transmission, and gas utilities, with a renewable power segment on the side. Over the last year, the story has stayed focused on demand for natural gas and on new projects tied to electrification, data centres, and LNG growth, even as politics and permitting keep everyone on their toes.

TC Energy’s most recent results leaned into that “steady toll road” vibe. In Q4 2025, it posted comparable earnings before interest, taxes, depreciation, and amortization (EBITDA) of $3.0 billion and comparable earnings of $0.98 per share, while full-year 2025 comparable EBITDA reached $11.0 billion. It also raised its dividend again, to $0.8775 quarterly, or $3.51 annualized.

Enbridge brings a fatter yield, but also carries its own moving parts. In 2025, it delivered adjusted EBITDA of $19.95 billion, with Q4 adjusted EBITDA of $5.213 billion, and it reaffirmed 2026 guidance for adjusted EBITDA of $20.2 to $20.8 billion and distributable cash flow per share of $5.70 to $6.10. It trades around 22 times trailing earnings, and its trailing dividend yield sits near 5.3%.

REITs

Dream Industrial REIT (TSX:DIR.UN) and Slate Grocery REIT (TSX:SGR.UN) add a different kind of “essential.” Dream owns industrial buildings, which means warehouses and logistics space that businesses use, whether the economy speeds up or slows down. Slate owns grocery-anchored shopping centres in the U.S., which tend to hold up because people still buy food in every scenario. Over the last year, both names benefited from the simple truth that well-located properties with high occupancy can keep pushing rent.

Dream’s 2025 results looked quietly strong. It reported funds from operations (FFO) per unit of $1.05 for 2025, up from $1.00 in 2024, with Q4 FFO per unit of $0.27. It also posted comparative properties NOI of $404.9 million for 2025, and occupancy improved to 95.5% at year-end. Its trailing dividend yield sits near 5.2%, and the payout ratio looks reasonable for a real estate investment trust (REIT), around the low 80% range. On valuation, it trades around 13 times trailing FFO, which can look attractive if rates stop climbing and leasing stays healthy.

Slate’s pitch is also simple, but the details matter more because the payout looks tighter. It ended 2025 with portfolio occupancy of 94.4% and highlighted that in-place rents sit well below broader market levels, which suggests runway for increases. In Q4 2025, it delivered FFO per unit of $0.25 and adjusted FFO per unit of $0.19, while the adjusted FFO payout ratio ran about 111% for the quarter. The trailing dividend yield sits near 5.4%, while the forward yield can screen higher depending on the unit price, and valuation sits in the mid-teens on earnings-style multiples.

Bottom line

If you want $500 a month, these four names show a sensible path. Right now, here’s how to get $6,000 out of these four dividend stocks.

COMPANYRECENT PRICENUMBER OF SHARESANNUAL DIVIDENDANNUAL TOTAL PAYOUTFREQUENCYTOTAL INVESTMENTTRP$86.24286$3.51$1,003.86Quarterly$24,664.64ENB$71.51513$3.88$1,990.44Quarterly$36,684.63DIR.UN$13.281,445$0.70$1,011.50Monthly$19,189.60SGR.UN$16.021,690$1.18$1,994.20Monthly$27,073.80

Still, do not let the dividend number do all the talking. Focus on cash flow coverage, debt costs, and whether it can keep growing, even slowly. If those boxes stay checked, the monthly income goal starts to feel less like a dream and more like a plan.

The post 4 Canadian Dividend Stocks to Buy if You Want $500 a Month appeared first on The Motley Fool Canada.

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More reading

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• Want a 4.85% Average Yield? 3 TSX Stocks to Buy Today
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Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Dream Industrial Real Estate Investment Trust, Enbridge, and Slate Grocery REIT. The Motley Fool has a disclosure policy.