Investors looking for TSX stocks paying cash every 30 days could consider adding high-quality dividend stocks that offer monthly payouts. Notably, monthly-paying TSX stocks with fundamentally strong businesses can help meet regular financial commitments and enable you to reinvest more frequently, thus boosting their overall returns in the long term.

Against this backdrop, here are three monthly dividend leaders with high yields for generating steady income.

Monthly dividend stock #1

Canadian investors seeking monthly cash could add SmartCentres REIT (TSX:SRU.UN) to their portfolios. Currently, SmartCentres offers a monthly dividend of $0.154 per share, translating into a high yield of about 7.4%.

This real estate investment trust (REIT) has a defensive real estate portfolio, and its core retail properties primarily comprise essential businesses such as grocery stores. This high-quality tenant base adds stability and ensures consistent cash flow under all economic conditions, enabling it to enhance its shareholder value through regular payouts.

Thanks to its solid real estate portfolio, including high-traffic retail centres, SmartCentres will continue to benefit from high occupancy rates, growing tenant demand, long-term leases, strong renewal rates, and higher rents. This will enable the company to generate solid net operating income (NOI), supporting its payouts.

Further, SmartCentres's mixed-use development pipeline will diversify its income stream, support profitability, and enhance long-term growth prospects. It also has a vast land bank for future projects, which will provide a solid foundation for growth.

Monthly dividend stock #2

Pizza Pizza Royalty (TSX:PZA) is a high-yield dividend stock offering monthly cash. It operates and franchises a network of quick-service restaurants. Its diversified revenue base, including royalty income and food and beverage sales, supports its overall financials and dividend payments. Further, Pizza Pizza's high payout ratio enables it to return more cash to its shareholders. Currently, it offers a monthly dividend of $0.077 per share, which equates to an impressive yield of 6.8%, near the current market price.

The company's focus on increasing guest traffic and average order value will support its same-store sales. Moreover, its ability to raise menu prices and expand its restaurant network augurs well for growth. Additionally, Pizza Pizza's focus on growing its in-store pickup channel and leveraging third-party food delivery platforms to broaden its customer base bodes well for future growth.

In addition, its ongoing investments in food quality and operational efficiency are expected to boost its earnings and bolster its cash flows, driving its payouts.

Monthly dividend stock #3

Whitecap Resources (TSX:WCP) is another reliable TSX stock that pays cash every 30 days. This Canadian energy company pays a monthly dividend of $0.061 per share, reflecting a solid yield of 7.9%. Whitecap's consistent dividend payments reflect its solid financials and durable payouts, driven by its high-quality assets, growing production volumes, and efficient cost management.

Since 2013, Whitecap has distributed about $2.1 billion in dividends to its shareholders. Given its ability to consistently increase production and funds flow per share, Whitecap will likely continue to return significant cash to its shareholders.

Further, its focus on expanding its asset base and drilling efficiencies will enhance operational profitability, help WCP generate substantial free cash flow, and offer higher payouts. In addition, Whitecap's low-maintenance capital needs and focus on debt reduction strengthen its balance sheet, positioning it well to capture growth opportunities and deliver sustainable earnings.