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If you’re new to the stock market, you should consider adding quality dividend-paying stocks to your portfolio. Any experienced investor can tell you how important dividend-paying stocks are to growing your invested money over the long term and helping you earn consistent passive income, even in an uncertain market environment.
In this article, I’ll talk about three of the best TSX dividend stocks you can add to your portfolio right now to earn monthly passive income in Canada. Let’s start.
Siena Senior Living stock
Siena Senior Living (TSX:SIA) is a well-established life options provider headquartered in Markham. It currently has a market capitalization of $880.7 million, with its shares trading at $12.18 per share with losses of around 19% year-to-date. At this market price, this TSX stock has an incredible annual yield of around 7.7% and pays out its dividends on a monthly basis.
Sienna focuses on providing a range of living options like long term care, assisted living and independent living options for seniors. It has assets worth $1.7 billion in Ontario, Saskatchewan and British Columbia, including 42 long-term care communities, 38 retirement residences and 13 managed residences. You can expect the demand for its services to increase rapidly over the long term, as the population of seniors over the age of 85 is expected to triple in Canada over the next 25 years.
Action NorthWest Healthcare Properties
Northwest Healthcare Properties REIT (TSX:NWH.UN) could be another great investment option for investors who want to earn monthly passive income. It has a market capitalization of $2.6 billion, with its shares trading at $10.82 per share with year-to-date losses of 21.7% due to the market sell-off. Like Sienna, NorthWest also pays its dividends monthly and is currently boasting an attractive yield of 7.4%.
As its name suggests, NorthWest is primarily focused on leasing its properties to the healthcare sector, including clinics, hospitals and medical office buildings. This Toronto-based real estate investment trust has a strong portfolio of 232 income-generating properties with extensive gross leasable area in Canada, the United States, Brazil, Europe, Australia and New Zealand. Despite some operational challenges in recent years, its adjusted profit grew 231% in five years between 2016 and 2021, reflecting the underlying strength of its business model.
Speaking of strong business models, Keyera (TSX:KEY) could be another reliable company to invest in to earn stable monthly passive income in Canada. This Calgary-based integrated energy infrastructure company has a market capitalization of $6.4 billion, its shares trading at $29.27 per share with gains of 2.6% year-to-date. At this price, this TSX monthly dividend stock has a dividend yield of 6.6%.
Keyera has a large integrated portfolio of high quality assets in the energy transmission sector. Its low leverage business model, capital discipline and resilient cash flow help the company deliver consistent returns to its investors. In the June quarter, Keyera posted a solid 169% increase in adjusted earnings from a year ago to $0.78 per share, driven by an 82% increase in total revenue. While the recent decline in oil and gas prices is likely to reduce its near-term profitability, its long-term growth prospects remain strong with continued strong demand for energy products.