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My 2 Favourite Passive Income Stocks for November 2023


My favourite passive income stocks generate a reliable and recurring income, while also catering to long-term growth. And there’s no shortage of them to consider on the market right now.

Here’s a look at several options to consider.

Forget the rental property passive income

RioCan Real Estate Investment Trust (TSX:REI.UN) offers investors a healthy recurring income stream. But that’s only the tip of the iceberg in terms of why this is one of my favourite passive income stocks.

That main reason comes down to the massive opportunity for long-term investors, particularly when compared to the alternative.

That alternative is a rental property. Owning a rental property is one of the best ways to generate a passive income stream. Or at least it was until interest rates shot up and priced out many would-be landlords.

For those would-be landlords, RioCan provides an opportunity for a recurring income that is considerably lower risk over a single-property rental. Prospective investors should note that RioCan is one of the largest REITs in Canada, with over 190 properties.

In terms of income, RioCan offers a juicy monthly distribution that carries a yield of 6.16%. This means that investors who drop $30,000 into RioCan can expect a monthly income of just over $155.

Now, keep in mind that the initial investment is considerably lower than a recommended downpayment on a property. You also don’t need to worry about maintenance, property taxes, a mortgage or tenants.

And perhaps best of all, if you aren’t ready to draw on that income yet, it can be reinvested until needed. That fact alone handily makes RioCan one of my favourite passive income stocks this month.

Here’s your monthly energy cheque

Enbridge (TSX:ENB) is another one of my favourite passive income stocks to consider. Enbridge is one of the largest energy infrastructure companies on the market. The company’s crude and natural gas pipeline systems comprise the largest and most complex systems on the planet.

And that pipeline network generates a healthy revenue stream, which allows Enbridge to invest in growth initiatives and pay a juicy dividend.

What most investors don’t realize, however, is that Enbridge is more than just a pipeline company. Enbridge operates the largest natural gas utility in North America. The company also has a growing renewable energy segment that boasts over 40 facilities in Europe and North America.

In short, the company is a well-diversified energy infrastructure behemoth that should be on every investor’s shortlist.

In terms of income, Enbridge offers investors a quarterly dividend that has an insane 7.68% yield. This means that those investors who allocate $30,000 towards Enbridge can expect an income of over $2,300.

And that’s not all. Enbridge has provided investors with annual bumps to that dividend for three consecutive decades without fail. But why buy now? Enbridge, like much of the market, is trading down this year.

In fact, as of the time of writing, Enbridge is down 12% year to date.

This handily makes Enbridge one of the favourite passive income stocks to buy right now.

What are your favourite passive income stocks right now?

Both Enbridge and RioCan offer investors growth and income potential. And while no stock is without some risk, both stocks offer some defensive appeal for long-term investors.

In my opinion, investors looking for some of their favourite passive income stocks to buy this month should consider one or both stocks.

Recent Prices
No. of Shares
Total Payout

RioCan Real Estate Investment Trust


The post My 2 Favourite Passive Income Stocks for November 2023 appeared first on The Motley Fool Canada.

Should You Invest $1,000 In Enbridge?

Before you consider Enbridge, you’ll want to hear this.

Our market-beating analyst team just revealed what they believe are the 5 best stocks for investors to buy in November 2023… and Enbridge wasn’t on the list.

The online investing service they’ve run for nearly a decade, Motley Fool Stock Advisor Canada, is beating the TSX by 24 percentage points. And right now, they think there are 5 stocks that are better buys.

See the 5 Stocks
* Returns as of 11/14/23

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More reading

The Future of Dividend Investing: Trends and Predictions for Canada 
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Yes, You Can Retire on Dividends: 3 Big Yields up to 8%
RRSP Investors: 2 Dividend Stocks to Build Your Retirement Nest Egg
If You Like Dividends, You Should Love These 3 Stocks

Fool contributor Demetris Afxentiou has positions in Enbridge. The Motley Fool recommends Enbridge. The Motley Fool has a disclosure policy.

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