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If passive income is the main reason you are investing in a dividend stock, then a monthly distribution frequency is an attractive “characteristic.” You can augment your monthly income with dividends; if they come out of your Tax-Free Savings Account (TFSA), this additional income will not overburden your tax bill.
It’s also important to note that monthly dividends are most common among real estate investment trusts (REITs), but you may find dividend payers with a monthly frequency among almost all sectors and industries.
A renewable energy company
TransAlta Renewables (TSX:RNW) is a Calgary-based renewable energy company focusing on three power sources: wind, hydro, and natural gas. It also has storage assets and a solar project, but wind-based renewable projects dominate its portfolio. Most of the projects are in Canada, but a few are in the U.S….