Our annual goal is to maximize the contribution limits of our TFSA beginning of each year. We aim to contribute the maximum allowable limit every first week of January which is $6,000 for 2022.
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
Total contribution room = $81,500
Our 2022 Total DGI TFSA Portfolio. Projected annual dividend income (PADI) $10,369.99.
List of companies that paid us dividends in August. We own several identical stocks in our TFSA portfolio and a few independent ones.
The month of August has provided us $524.25 of passive income in our TFSA accounts alone. This has indicated a 2.20% YOY growth compared to same period August 2021. The weakest of our YOY growth this year so far. However, TSX dividend investors understand that February, March, August, and November (FMAN) are weaker months for dividend income investors as reflected in our monthly TFSA income.
While we received 4 pay checks from work in the month of August (active income) yet we received 12 paychecks from different companies for the same month in our TFSA alone without spending a single hour at work (passive income).
The journey I have shared in my blog is about our TFSA dividend income only. We have already achieved our goals for this year – maxed out both our TFSA and RRSP. However, we continue to build our emergency fund through non-registered taxable accounts and save up 12K for next year TFSA assuming same contribution limit.
Monthly Goals: Reinvest all our dividends
The month of August is no different. We reinvested all our dividends and as I continue to consolidate my positions I sold MRU and FN and started a position with SRU.UN in my TFSA account.
Here’s the total transactions we have in our TFSA in August 2022. You may follow this link to where we invest our 2022 TFSA contribution limit.
MR. MPL TFSA Trades
- Sold MRU = 41 shares (Profit)
- Sold FN = 80 shares (Loss)
- New SRU.UN = 104 shares
- Added CP = 13 shares
- Added CNR = 10 shares
- Added SGR.UN = 10 shares
- Added PLZ.UN = 3 shares
- Added ENB = 1 share
- Added MFC = 1 share
- Added CM = 1 share
- Added AQN = 1 share
- Added SU = 1 share
MRS.MPL TFSA Trades
- Added TD = 5 shares
- Added SGR.UN = 2 shares
- Added GWO = 1 share
- Added EIF = 1 share
- Added SU = 1 share
- Added T = 1 share
Ultimate Investing Goal
Finally, our ultimate investing goal is living off passive income through dividends without harvesting its capital. Thus, future income from defined benefit pension from work and any other business opportunities in the future, will hopefully lead us to a comfortable retirement years ahead.
Note: For transparency I have started this blog with my commitment to post our TFSA dividend income only. We don’t have any intention to post the total value of our portfolio or personal net worth updates. Thank you for your understanding.
One of my recent blog posts highlighted our mistakes in buying our first home in Canada. With those lessons learned we felt we were equipped with much-needed information this time around buying our recent home using leverage instead of selling our investments to use as a down deposit. In doing so, we enhanced our total net worth without dipping into our long term investments.
In November last year, we renewed our home insurance. We made a massive savings by switching our home insurance to Square One up to 30%. If you are looking to renew your home insurance or for a new property, why not check them out and see for yourself if you can also get a huge discount on your home insurance.
Moreover, we also made dramatic changes in our lifestyle and embraced minimalism hence we perceived that living less is more. A few simple money saving tips we have done are reducing our cell phone bills and if you are still paying bank fees consider switching to No fee bank accounts. Similarly, I find dividend investing easy and more fun and you can choose a no fee trading account either as a new or seasoned investor.
Finally, when we are employed, we receive a regular income and a sense of financial security. However, many jobs are not guaranteed and can be also lost and taken away beyond our control as many have experienced during this pandemic due to an abrupt closure of businesses due to the impact of the virus and government mandated lockdowns. Therefore, it is vital to generate multiple sources of income to protect ourselves from these unforeseen events.
DISCLAIMER: Everything I have shared in my blog is wholly related to my personal experience. It is for entertainment and educational purposes only and should not be construed as advice.
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[…] Rommel @ My Prudent Life is generous enough to only share his TFSA dividend income with us where he earned $524 in August 2022 which is a 2.20% YoY growth. […]
Thank you so much for the including me. I am deeply honored to be part of these growing PF community!