My 3 Favourite Stocks for Monthly Passive Income

Since June 2024, the Bank of Canada has cut its benchmark rate nine times, lowering it from 5% to 2.25%. In this low-interest-rate environment, investors seeking steady income may find quality monthly dividend stocks particularly attractive, as they can provide stable and reliable cash flows. Against this backdrop, here are my three top picks.

SmartCentres Real Estate Investment Trust

SmartCentres Real Estate Investment Trust (TSX:SRU.UN) is one of Canada’s leading integrated REITs, owning and operating 197 strategically located mixed-use properties. Approximately 90% of Canadians have at least one SmartCentres shopping centre within 10 kilometres of their residence. The REIT also benefits from a high-quality tenant base, with 95% of tenants having regional or national footprints and roughly 60% offering essential services. Supported by these favourable factors, the Toronto-based REIT maintains healthy occupancy levels, delivers stable and predictable financial performance, and rewards shareholders with an attractive monthly dividend. As of the January 12th closing price, its forward dividend yield stands at a healthy 6.86%.

Moreover, SmartCentres continues to expand its self-storage platform, growing the portfolio to 14 properties after opening three new facilities last year. The REIT expects to add two additional facilities in Quebec this year and another two in British Columbia in 2027. It is also pursuing municipal approvals for a newly acquired self-storage site in Edmonton, Alberta. Alongside these initiatives, SmartCentres boasts a robust and diversified development pipeline totalling 86.2 million square feet, with 0.8 million square feet currently under construction. Given its expansion strategy and strong occupancy levels, I believe SmartCentres is well-positioned to continue rewarding shareholders with steady monthly payouts.

Whitecap Resources

Another top monthly dividend stock I am bullish on is Whitecap Resources (TSX:WCP), which currently offers an attractive forward dividend yield of 6.51%. Following its merger with Veren in May last year, the oil and natural gas producer has strengthened its production base, realized meaningful cost synergies, and further improved its balance sheet and overall financial position. At the end of its most recently reported third quarter, Whitecap had $1.6 billion in available liquidity, while its net debt-to-annualized funds flow ratio remained at a healthy one.

On the back of strong performance in the first three quarters, Whitecap’s management raised its 2025 production guidance from the earlier range of 295,000–300,000 barrels of oil equivalent per day (boe/d) to approximately 305,000 boe/d. In addition, the company plans to invest about $2.0–$2.1 billion this year to enhance its production capabilities. Whitecap also expects average production this year to reach 370,000–375,000 boe/d, representing a meaningful increase from the prior year. Given its solid balance sheet, improving financial profile, and favourable outlook, I believe Whitecap is well-positioned to continue rewarding shareholders with attractive monthly dividends.

Sienna Senior Living

My final pick is Sienna Senior Living (TSX:SIA), which offers a comprehensive range of seniors’ living options. With Canada’s aging population, demand for the company’s services continues to rise. At the same time, Sienna is actively expanding its asset base through acquisitions and development initiatives, adding $812.7 million in assets last year alone.

Operational performance has also been improving. In the third quarter, the company’s occupancy rate increased by 230 basis points year over year to 94.1%, with the momentum continuing into the fourth quarter, reaching 94.7% in October. Supported by these favourable demographic and operational trends, I expect Sienna to continue delivering solid financial results, which should underpin both stock price appreciation and dividend sustainability. Currently, the company pays a monthly dividend of $0.078 per share, yielding approximately 4.4% on a forward basis.

The post My 3 Favourite Stocks for Monthly Passive Income appeared first on The Motley Fool Canada.

Should you invest $1,000 in Sienna Senior Living Inc. right now?

Before you buy stock in Sienna Senior Living Inc., consider this:

The Motley Fool Canada team has identified what they believe are the top 10 TSX stocks for 2026… and Sienna Senior Living Inc. wasn’t one of them. The 10 stocks that made the cut could potentially produce monster returns in the coming years.

Consider MercadoLibre, which we first recommended on January 8, 2014 … if you invested $1,000 in the “eBay of Latin America” at the time of our recommendation, you’d have $21,827.88!*

Now, it’s worth noting Stock Advisor Canada’s total average return is 102%* – a market-crushing outperformance compared to 81%* for the S&P/TSX Composite Index. Don’t miss out on our top 10 stocks, available when you join our mailing list!

Get the 10 stocks instantly #start_btn6 { background: #0e6d04 none repeat scroll 0 0; color: #fff; font-size: 1.2em; font-family: 'Montserrat', sans-serif; font-weight: 600; height: auto; line-height: 1.2em; margin: 30px 0; max-width: 350px; text-align: center; width: auto; box-shadow: 0 1px 0 rgba(0, 0, 0, 0.5), 0 1px 0 #fff inset, 0 0 2px rgba(0, 0, 0, 0.2); border-radius: 5px; } #start_btn6 a { color: #fff; display: block; padding: 20px; padding-right:1em; padding-left:1em; } #start_btn6 a:hover { background: #FFE300 none repeat scroll 0 0; color: #000; } @media (max-width: 480px) { div#start_btn6 { font-size:1.1em; max-width: 320px;} } margin_bottom_5 { margin-bottom:5px; } margin_top_10 { margin-top:10px; }

* Returns as of January 15th, 2026

More reading

• Want a 6% Yield? 3 TSX Stocks to Buy Today
• 3 Canadian Stocks to Buy and Hold in January 2026
• 2 Undervalued TSX Stocks to Buy in January and Never Look Back
• Beyond Telus: 2 Canadian Dividend Plays for Smart Investors
• Generate $500 in Tax-Free Monthly Income With This Easy Strategy

Fool contributor Rajiv Nanjapla has no position in any of the stocks mentioned. The Motley Fool recommends SmartCentres Real Estate Investment Trust and Whitecap Resources. The Motley Fool has a disclosure policy.