3 Canadian shares to buy for monthly passive income

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Retirees and other income that investors seek underestimated dividend stocks and REITs that generate a stable passive income. Most companies make quarterly payments, but some high-quality TSX shares give shareholders a share of the profits each month.

Pembina pipeline

Pembina pipeline (TSX: PPL)(NYSE: PBA) pays a monthly dividend of $ 0.21 per. This gives an annual return of 6.25% at the current stock price close to $ 40. It’s a pretty good return in a world where the best GIC is currently offering a rate of around 2.5% and requires you to lock in the funds for five years.

Pembina Pipeline is a key player in Canadian energy sector, which provides a wide range of services to oil and gas producers. The segments include pipeline operations, logistics, gas collection and treatment and propane exports.

Management is not afraid to make major strategic acquisitions and has recently formed partnerships with First Nations groups and other peers to evaluate potential new developments, including a new LNG project and opportunities for carbon sequestration.

The Pembina Pipeline has been in existence for 65 years and should continue to grow as the energy sector expands its rebound from the pandemic downturn.


RioCan (TSX: REI.UN) primarily owns shopping malls. It has not been a particularly easy business to run in the last two years, and things are still a bit volatile with the arrival of the Omicron variant, which causes new restrictions and the end of state aid that threatens the survival of the retail and food sector. hardest-hit companies.

That said, the worst of the pandemic may well be over by spring 2022, and RioCan still owns some of the best properties available in its core markets. At the same time, RioCan’s mixed-use projects, which offer residential units built on top-class retail locations, should diversify revenue in the coming years and drive decent growth.

RioCan pays a monthly distribution of $ 0.08. This is good for an annual dividend of 4.25% at the time of writing.

The Keg Royalties Income Fund

Anyone who loves to eat a good steak or enjoy a drink in a lively atmosphere has probably been in a Keg (TSX: KEG.UN) restaurant. The company has survived decades of changing consumer moods, fashion habits and tastes and seems to be coming out of the pandemic in good shape.

In fact, the company raised its monthly distribution in 2021 from 3.5 cents to seven cents and then again to the pre-pandemic levels of 9.46 cents per share. unit. That’s good for an annual dividend of 7.5% right now.

The unit price has risen by about 20% in the last 12 months. Omicron restrictions will put a dent in revenue, but the terraces are likely to be filled again when the hot weather comes and loyal long-term customers flock back to their favorite steakhouse.

Bottom line on top stocks for monthly passive income

Pembina Pipeline, RioCan and The Keg all pay attractive monthly distributions that should be secure. Businesses have survived the pandemic and should see strong demand for their services as the country expands its economic recovery.

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