Our 2023 DGI TFSA Portfolio

Let’s work towards maximizing the contribution limits of our TFSA every year. Our goal is to make the maximum allowable contribution in the first week of January. With the exciting news of this year’s TFSA contribution increase to $6,500, TFSA cumulative contribution room will reach a staggering $88,000 for someone who has not contributed to TFSA and 18 yrs old when the program launched in 2009! Let’s make the most of this opportunity.

Here are the TFSA contribution limits by year since its inception.

  • 2009 – $5,000
  • 2010 $5,000
  • 2011 – $5,000
  • 2012 $5,000
  • 2013 – $5,500
  • 2014 – $5,500
  • 2015 – $10,000
  • 2016 – $5,500
  • 2017 – $5,500
  • 2018 – $5,500
  • 2019 – $6,000
  • 2020 – $6,000
  • 2021 – $6,000
  • 2022 – $6,000
  • 2023 – $6,500

Total contribution room = $88,000

As Canadians, we have a wonderful opportunity to grow our investments tax-free for years to come through the TFSA. What a fantastic gift! And when it comes time to access your money, you can do so without any tax implications since the contributions were made with after-tax income.

We have so many exciting options when it comes to investing through our TFSA. From a regular savings account to mutual funds and even stocks, the possibilities are endless. The investment vehicle you choose ultimately depends on your personal goals, risk tolerance, and life stage. You can explore the options and find what works best for you.

Personally, my wife and I have been investing our TFSA contribution in the stock market focusing  Canadian dividend growth stocks. Last year, we added exposure into international market for diversification and exposure to global economy. Canada represents only a small fraction of global GDP just over 3% of the world’s capital market. This means that almost 97% of investment opportunities are to be found outside of Canada. The most effective and efficient way of investing in the global market is through investing in Exchange-Traded Fund (ETF) with low MER fees.

We executed our annual goal of contributing our TFSA room early in January – Where we deploy our 2023 TFSA contribution room!

Here’s a quick glance of our 2023 DGI TFSA portfolio.


MR MPL TFSA portfolio projected annual dividend income at the time of update $5,874.45!  


Updated: August 8, 2023

MRS MPL TFSA portfolio has a slightly better projected annual dividend income of $6,063.46!      

Wow, our combined projected annual TFSA dividend income is estimated to be a staggering $11,937.91 That translates to a monthly passive income of approximately $994.83, or an impressive $32.70 a day – all from our TFSA accounts alone while we sleep. Imagine the possibilities!

We’re thrilled to see our projected annual dividend income (PADI) growing, and we expect this trend to continue as we reinvest our dividends on a monthly basis. And who knows, our income might grow even more with the help of dividend-focused companies that have a track record of increasing their dividends. Just a friendly reminder that dividends aren’t guaranteed, so it’s important for dividend growth investors to focus on blue-chip stocks with a strong history of dividend payouts. Here’s to continued growth!

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Note: The journey I have shared in my blog is about our TFSA dividend income only. We successfully maxed out both our TFSA and RRSP for the year. Furthermore, we continue to add in our non-registered (taxable) accounts after we saved up for our emergency fund.

If you’re interested, you can check out the link for a complete list of our dividend stocks and ETFs that we hold in our TFSA, RRSP, and non-registered accounts. To diversify our portfolio, we also allocated a small percentage to ETFs for exposure to US, international, and emerging markets.

While it’s not a life-changing amount yet, it’s still exciting to see the passive income coming in even while we sleep. Every little bit helps, and it’s inspiring to see the power of investing at work.

Going forward, I’ll strive to keep our projected annual TFSA dividend income up-to-date. However with new commitments I will no longer update it every month. Here’s the link to our current monthly TFSA dividend income and link to our live non-registered DGI performance.

Please keep in mind that the projected annual TFSA dividend income is subject to change and can only be achieved if a few key factors remain constant. This includes holding onto our dividend-paying companies, continued payment of dividends at current rates or organic growth, and no reduction or suspension of dividend payouts. Let’s cross our fingers and hope for the best!

And now for the exciting part! As we are still working and retirement is a few years away, we don’t rely for these passive income for our daily expenses. Plus, by reinvesting our dividends back into our portfolio each month, we’re growing our investments even more. And here’s the cherry on top: by building a portfolio of dividend-focused growth stocks, there’s a huge potential for many of these companies to continue increasing their dividends as long as they remain profitable. This means an actual annual income has the potential to be even higher in the future.

Just like the story of the rabbit and the turtle we all familiar with as a child. “Slow and steady wins the race” – Robert Lloyd

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Moreover, you may be able to save and invest more if you sit down and review your finances at the start of this year. Following some of these simple tips might help you save or keep more of your hard earned money.

If you’re paying monthly fees or trying to maintain a certain minimum balance to avoid fees at your current bank, consider switching to a bank with no fees or minimum balance requirements. We highly recommend Equitable Bank (EQB), as that’s where we keep our cash and it’s our top pick for a Canadian daily bank account. You may find that switching to a no-fee bank can help you save money and simplify your finances.

If you’re looking to invest or already investing but paying commission fees with each trade, it can take away from your total investment returns. That’s why we recommend checking out Wealthsimple Trade, which allows you to trade without incurring any commission fees. By switching to a platform like this, you can help keep more of your investment returns intact

As a homeowner or renter, if you’re due for a renewal on your insurance policy, consider getting a quote from Square One. We made the switch to them and were able to save over 30% in our first year. When it came time for renewal last month, we looked around but couldn’t find a better deal. That’s why we’re still happy customers of Square One. They’re easy to work with and you can get a quote online or by phone. And, if you decide to purchase a policy through our link, you’ll even receive a $20 credit. There’s no harm in getting a quote, and you may be pleasantly surprised by the savings you can find by switching to Square One.

To make the most of your shopping experience, consider using cashback websites like Rakuten and Great Canadian Rebates (GCR) instead of shopping directly on the merchant’s website. This way, you can earn passive income on top of the rewards from your cashback credit cards. As a bonus, you can receive regular checks or direct deposits to your account just by using these websites. If you decide to sign up for GCR, just enter the referral email saveapenny70@gmail.com. Shopping this way is a convenient and fun way to generate extra income.

To keep on top of your financial health, it’s crucial to monitor your credit score regularly. A good score, according to Equifax Canada, ranges from 660 to 724, while a score of 729 to 760 is considered very good. And, if your score is above 760, you have an excellent credit rating! With a favorable credit score, you’re more likely to be approved for credit products like car loans, mortgages, and credit cards. To make it easy to keep tabs on your score, sign up for Borrowell. You’ll have 24/7 access to your score for free, and if you sign up via Great Canadian Rebate (GCR) first and then search for Borrowell, you’ll even receive a $2 cashback bonus!


DISCLAIMER: Please note that the information shared in my blog is based on my personal experiences and should not be considered professional advice. The content may contain affiliate links and I may earn a commission from any actions taken through these links at no additional cost to you.

Your support in using my referral links helps maintain this blog and keep it running, and I truly appreciate it. You may also also check my recommendation page. If you would like to support further, you can also share this blog with your loved ones. Thank you for your support!

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