Monthly dividends are easy to like. What matters much more to me is what is actually producing the cash behind those payments. In 2026, I don’t want to own something simply because it pays every month. I want sustainable cash flow and a reason to believe the business can still be stronger five years from now. I also wanted some balance rather than filling the list with REITs and energy names. These aren’t necessarily the five highest-yielding monthly dividend stocks in Canada. That’s intentional.
Prices and market capitalizations are approximate as of the September 4, 2026 close.
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#5 Mullen Group (MTL.TO)
Share price: ~$25.79
Market capitalization: ~$2.4 billion
Industry: Transportation and logistics
Monthly dividend: $0.07 per share
Why It Made My List
Mullen gives the list something outside real estate and energy, and the business is getting interesting. Management believes the nearly three-year freight recession may finally be ending. Q2 revenue hit a record $609.3 million, while adjusted OIBDA grew 21.8%—faster than sales. That caught my attention. If freight volumes are finally recovering, Mullen could be entering a much better operating environment than the one it has dealt with over the past few years.
What I Like
Mullen isn’t just trucking. It spans less-than-truckload freight, logistics, warehousing and specialized industrial services. It finished Q2 with $171 million of cash and $525 million of undrawn bank capacity, giving it room to invest if demand improves.
Full disclosure: my household owns Mullen shares.
One Thing I’d Watch
The recovery needs to show up. Mullen increased its 2026 capital program by $50 million. If freight remains weak, that spending could look premature.
Would I Buy Today?
After the stock’s strong run, I wouldn’t chase it around $26. I’d be more interested on a pullback.
#4 Freehold Royalties (FRU.TO)
Share price: ~$17.60
Market capitalization: ~$2.9 billion
Industry: Oil and gas royalties
Monthly dividend: $0.09 per share
Why It Made My List
Freehold gives me energy exposure without the same capital demands as an oil producer. Other companies fund the drilling on its royalty lands, while Freehold receives royalty income. Operators drilled 300 gross wells across Freehold’s portfolio in Q2, up 35% from Q1, with strong Permian activity. More takeaway capacity in the Permian could also improve market access as we move into late 2026 and 2027.
What I Like
Freehold generated $78 million in Q2 funds from operations, reduced net debt by $24 million and had a 57% dividend payout ratio. That matters more to me than simply seeing a roughly 6% yield on a stock screener. There’s some breathing room behind the dividend.
One Thing I’d Watch
Commodity prices. The royalty model reduces operating and capital risk, but it doesn’t remove oil-price risk. Lower prices can eventually mean less cash flow and less drilling.
Would I Buy Today?
I’d be comfortable building a position gradually. I like the income, but FRU is already near the upper end of its recent trading range.
#3 Choice Properties REIT (CHP.UN)
Share price: ~$15.40
Market capitalization: ~$11.1 billion
Industry: Retail, industrial and mixed-use real estate
Monthly distribution: $0.065 per unit
Why It Made My List
Choice owns the kind of real estate I can understand holding through a weaker economy. About 37 million square feet of its portfolio is grocery-anchored retail, reinforced by its relationship with Loblaw. The other big story is the pending $9.4 billion First Capital transaction with KingSett. It has already received unitholder and court approval and is expected to close in Q4, assuming the remaining conditions are satisfied.
What I Like
Q2 occupancy was 97.7%, with long-term renewal leasing spreads of 19%. Choice also renewed 50 Loblaw leases after quarter-end at an average spread of 8.8%. Full buildings are good. Rising rents are better.
One Thing I’d Watch
The First Capital deal. Choice is becoming larger while higher interest expense is already limiting FFO growth. Execution and leverage matter from here.
Would I Buy Today?
At roughly a 5% annualized yield, I’d be willing to own it, but I’d keep the position measured until the post-deal balance sheet becomes clearer.
#2 Granite REIT (GRT.UN)
Share price: ~$88.55
Market capitalization: ~$5.5 billion
Industry: Industrial and logistics real estate
Monthly distribution: $0.2958 per unit
Why It Made My List
Granite is my favourite REIT here. Its North American and European warehouses and logistics properties benefit from ongoing distribution and supply-chain demand. The operating numbers back that up. Constant-currency same-property cash NOI increased 8.3% in Q2, while occupancy reached 98%.
What I Like
Granite is growing while improving its balance sheet. Total debt fell to about $3.2 billion from $3.4 billion at year-end, and its Q2 AFFO payout ratio was 70%. It also raised its monthly distribution from $0.2833 last year to $0.2958. That’s exactly what I want from a dividend REIT: property-level growth without stretching the balance sheet to manufacture it.
One Thing I’d Watch
Magna still represents roughly 26% of Granite’s annualized revenue. That’s meaningful tenant concentration, even when the tenant itself is high quality.
Would I Buy Today?
I’d happily own Granite long term, but near $89 I’d prefer to add on weakness rather than chase it.
#1 Exchange Income Corporation (EIF.TO)
Share price: ~$120.46
Market capitalization: ~$6.8 billion
Industry: Aerospace, aviation and manufacturing
Monthly dividend: $0.24 per share
Why It Made My List
EIF isn’t #1 because of its yield. At roughly 2.4%, it’s actually the lowest-yielding stock here. It’s #1 because I think it offers the best combination of income growth and business growth. Q2 revenue jumped 32% to a record $952 million, adjusted EBITDA rose 28%, and free cash flow increased 30%. Management also raised its 2026 adjusted EBITDA outlook to $890–$920 million.
What I Like
EIF operates in durable niches including northern aviation, medevac, aerospace services and specialized manufacturing. New maritime surveillance and Future Aircrew Training work adds another growth runway. It also raised its monthly dividend from $0.23 to $0.24 in August while its trailing free-cash-flow-less-maintenance-capex payout ratio improved to 55%. That’s the combination I want to see: the dividend rising because the business can support it.
One Thing I’d Watch
Valuation. EIF has had a huge run, and at around $120 expectations are much higher than they were a year ago. I like the company more than I like chasing the share price.
Would I Buy Today?
If I were starting from zero, I’d probably start small and hope for a better entry point. Of these five, EIF is still the business I’d most want to own for the next decade.
Final Thoughts
The common thread isn’t simply monthly income. Each has another engine behind the payout: freight at Mullen, royalties at Freehold, necessity-based rents at Choice, industrial leasing at Granite, and aviation and manufacturing growth at EIF. Over the next year, I’ll be watching the freight recovery, oil prices, Choice’s First Capital integration and whether industrial real estate can keep pushing rents higher. With EIF, the question is different: can the business keep growing fast enough to justify the valuation?
This list is best suited to investors who want regular income but still care about long-term business quality. I wouldn’t buy all five simply because they pay monthly, and I definitely wouldn’t rank them by yield alone. The calendar can make a dividend feel dependable. Only the business underneath it can make that dividend durable.
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