A Review of our Total Dividend Stocks Portfolio

At the earliest stage of our dividend investing career, we owned around 6 -13 dividend stocks. Majority of our holdings were monthly dividend paying stocks, with good reason as it is a lot easier to monitor and track down regularly. While, majority of them were doing well, however, we were fully aware  they were not well diversified.

As early as 2019 and prior to the COVID pandemic in March 2020 - stock market correction, we started making some changes and added new positions to diversify our portfolio. Consequently, while it was not too late, unfortunately some of those monthly dividend paying companies in our portfolio have struggled - eventually leading to either cutting or suspending their dividends.

Despite the massive drop in our portfolio, we did not panic.  Instead, we continue to add new dividend growth stocks to our portfolio during the March 2020  correction and throughout the year. The stock market has slowly recovered throughout 2020 and is the same with our dividend portfolio. Furthermore, It would have been a fatal mistake if we sold our holdings and converted it to cash.

Undoubtedly, we owned great Canadian companies within our portfolio. TFSA dividend Portfolio and WS DGI Portfolio. Toronto Stock Exchange (TSX) however, has very limited exposure to other sectors such as healthcare and technology stocks. For this reason, a good portion of our total dividend portfolio comes from US dividend stocks with exposure to healthcare, technology, financial, and consumer defensive stocks which we hold in our RRSP and non-registered accounts.


To date, we are currently investing in 31 US companies and 66 Canadian companies.

Here’s the complete list of our dividend stock portfolio:

US Dividend Stocks:

  1. Apple Inc (AAPL)
  2. Abbvie Inc (ABBV)
  3. Bank of America (BAC)
  4. Comcast Corp. (CMCSA)
  5. Cisco Systems (CSCO)
  6. Huntington Bancshares Inc. (HBAN)
  7. International Business Machines Corp. (IBM)
  8. Intel Corp. (INTC)
  9. Johnson & Johnson (JNJ)
  10. Keycorp (KEY)
  11. Coca-Cola Co. (KO)
  12. Kroger Co (KR)
  13. Microsoft Corporation (MSFT)
  14. Pfizer Inc, (PFE)
  15. Regions Financial (RF)
  16. Tyson Foods Inc. (TSN)
  17. Texas Instrument (TXN)
  18. Verizon Communication (VZ)
  19. Walmart Inc. (WMT)
  20. Altria Group Inc. (MO)
  21. Wyndham Hotels & Resorts, Inc. (WH)
  22. Costco Wholesale (COST)
  23. Home Depot Inc. (HD)
  24. Waste Management (WM)
  25. United Parcel Service (UPS)
  26. BorgWagner Inc (BWA)
  27. Exxon Mobil Corporation (XOM)
  28. Southern Company (SO)
  29. Realty Income Corp. (O)
  30. Stag Industrial (STAG)
  31. PepsiCo Inc. (PEP)

Canadian Dividend Stocks:

  1. Andrew Peller Ltd. (ADW.A)
  2. Aecon Group Inc. (ARE)
  3. Allied Properties REIT (AP.UN)
  4. Algonquin Power (AQN)
  5. Alimentation Couche-Tard nc (ATD.B)
  6. BCE Inc (BCE)
  7. Bank of Montreal (BMO)
  8. Bank of Nova Scotia (BNS)
  9. Bird Construction (BDT)
  10. Brookfield Asset Management Inc. (BAM.A)
  11. B2Gold Corp. (BTO)
  12. Choice Properties REIT (CHP.UN)
  13. Canadian Imperial bank of Commerce (CM)
  14. Canadian National Railway Co (CNR)
  15. Canadian Pacific Railway Ltd (CP)
  16. Canadian Tire Corp Ltd (CTC.A)
  17. Canadian Utilities (CU)
  18. Capital Power Corporation (CPX)
  19. Cascades Inc. (CAS)
  20. Cogeco Inc. (CGO)
  21. CT REIT (CRT.UN)
  22. Exchange Income Corporation (EIF)
  23. Emera Incorporated (EMA)
  24. Empire Company Ltd (EMP.A)
  25. Enbridge Inc. (ENB)
  26. Enghouse Systems (ENGH)
  27. Equitable Group (EQB)
  28. Exco Technologies (XTC)
  29. Fortis Inc. (FTS)
  30. Finning International (FTT)
  31. Granite Real Estate (GRT.UN)
  32. Great-WestLifeco Inc (GWO)
  33. iA Financial Corp (IAG)
  34. Intact Financial (IFC)
  35. Intertape Polymer Group Inc (ITP)
  36. Keyera Corporation (KEY)
  37. Killam Apartment (KMP.UN)
  38. Loblaw Companies (L)
  39. Manulife Financial (MFC)
  40. Magna International (MG)
  41. Metro Inc. (MRU)
  42. National Bank of Canada (NA)
  43. Nutrien Ltd. (NTR)
  44. Northland Power Inc (NPI)
  45. North West Corporation (NWC)
  46. NorthWest Healthcare Properties (NWH.UN)
  47. Open Text Corporation (OTEX)
  48. Parkland Corporation (PKI)
  49. Plaza Retail REIT (PLZ.UN)
  50. Power Corporation (POW)
  51. Pembina Pipeline (PPL)
  52. Restaurant Brand International Inc. (QSR)
  53. Royal Bank of Canada (RY)
  54. Saputo Inc. (SAP)
  55. Savaria Corporation (SIS)
  56. Shaw Communications (SJR.B)
  57. SmartCentres REIT (SRU)
  58. Stella-Jones Inc. (SJ)
  59. Telus Corporation (T)
  60. TFI International (TFII)
  61. Toronto-Dominion Bank (TD)
  62. TransAlta Renewables (RNW)
  63. Transcontinental Inc (TCL.A)
  64. True North Commercial REIT (TNT.UN)
  65. TC Energy Corporation (TRP)
  66. Waste Connection (WCN)


Our passive income through dividends are generated from these 3 channels: 

  • Pay Yourself First (Dollar Cost Averaging) - We allocate a certain % of our salary directly to our investment account automatically every paycheck.
  • Organic dividend growth - Blue chip and even small cap companies that have proven to increase dividend payouts annually.
  • Reinvesting all of our dividends regularly. We don't participate in a DRIP and we prefer cash distribution to be reinvested in our holdings which we deemed undervalued.



My Final Thoughts

As a dividend growth investor, we continue to evolve and learn from past mistakes and will continue to make some adjustments as necessary. For this reason, we may continue to add or reduce our portfolio if it no longer meets our criteria. Additionally, we are building a portfolio that we will hold and keep for life. 

Finally, our ultimate goal is to live off passive income from our dividends without harvesting the capital. Additionally, whatever other sources of income during retirement such as work defined benefit pension plan, Canada Pension Plan (CPP), Old Age Security (OAS) will be such a huge bonus and icing on the cake. However, it is something that we will not solely rely on, as these are sources of income, guaranteed it may seem but are beyond our control.

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Shane Stewart
S. Stewart
1 month ago

I found your motivation for investing in your future echoed my thoughts. I also believe one should not solely rely on pension plans, Canada Pension Plan (CPP), Old Age Security (OAS) but rather consider them as the gravy or top-up.

Through your blog I have changed my mindset to be more along the lines that it will be my passive income that will ensure financial security through my retirement years.


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