In today’s uncertain economic environment, building sources of passive income is becoming increasingly important. In addition to providing financial stability, passive income also helps offset the impact of rising prices. One of the most convenient and cost-effective ways to generate passive income is to invest in stocks that pay monthly dividends. Furthermore, reinvesting these regular distributions can further enhance long-term returns.
Another top monthly dividend stock worth considering is SmartCentres Real Estate Investment Trust (TSX: SRU.UN), which currently offers an attractive yield of 6.9%. This REIT owns and operates 198 strategically located properties across Canada and benefits from a strong tenant base, with 95% of its tenants having regional or national operations. Additionally, about 60% of its tenants provide essential services, which helps maintain consistently high occupancy rates in any economic environment. This stability enables SmartCentres to generate reliable cash flow and maintain steady monthly distributions. The REIT currently pays a monthly distribution of C$0.15417 per share.
Looking ahead, SmartCentres continues to expand its portfolio, with a total development pipeline of 87.4 million square feet, of which 0.8 million square feet is under active construction. These growth initiatives, combined with its resilient occupancy rates, are expected to support its financial performance and sustain its ability to offer attractive monthly dividends to investors.
Whitecap Resources (TSX: WCP) currently offers an expected yield of 5%. This oil and gas producer operates primarily in the Western Canadian Sedimentary Basin. Ongoing geopolitical tensions in the Middle East, together with potential disruptions such as the closure of the Strait of Hormuz—through which nearly 20% of global liquid oil is transported—have pushed oil and gas prices higher. Rising commodity prices generally benefit producers like Whitecap. The company enhanced its production capacity through the merger with Veren, which was completed in May 2025. Moreover, Whitecap has a strong resource base, with proved and probable reserves of 2.2 billion barrels of oil equivalent and a reserve life index of more than 16 years. Whitecap plans to invest C$2.0–2.1 billion this year to boost its production capacity. In a favorable price environment, higher production is expected to continue driving its financial performance, supporting potential share price appreciation and sustainable dividend payments.
Summary: Amid the current high economic uncertainty, SmartCentres Real Estate Investment Trust offers investors a stable 6.9% monthly dividend yield, backed by its high-quality essential-services tenant mix, strong occupancy rates, and extensive development project pipeline. Meanwhile, Whitecap Resources benefits from geopolitical-driven increases in commodity prices and post-merger production capacity enhancements, providing an expected yield of 5%. Both of these TSX stocks can significantly boost investors’ monthly passive income through their monthly dividend payout structures.
