Our objective each year is to fully utilize the TFSA contribution limit by making the maximum contribution at the start of the year. In 2023, the limit has increased to $6,500 from $6,000 in 2022 and we plan to contribute the full amount in the first week of January.
TFSA was introduced in 2009 and if you have not contributed to your TFSA since it’s inception you’ll have a total contribution room of $88,000.
In February, we received dividends from several companies listed in our TFSA portfolio, which includes a combination of identical stocks and some individual holdings.
Our TFSA projected annual dividend income (PADI) $11,350.36 as of the time of writing. Follow this for our 2023 DGI TFSA Portfolio.
February brought us $719.87 in passive income from our TFSA accounts, representing a 29.68% year-over-year increase from February 2022. We’ve done really well considering February is one of the weakest months for Canadian dividend growth investors!
While working we received 4 paychecks in February, yet we also collected 8 paychecks from different companies in our TFSA portfolio alone, providing us with a significant amount of passive income without any work effort.
This journey I share on my blog focuses solely on our TFSA dividend income. January, we have achieved our goal of maximizing our TFSA and our RRSP contributions for 2022 last year. We will repeat this process again as we begin saving for next year’s TFSA limit. At the same time, we continue to invest in equities through taxable non-registered accounts if we still have the capacity to do so.
Monthly Goals: Reinvest all our dividends
February followed suit with our reinvestment strategy. One of our main goals for 2022 was to simplify our TFSA portfolio by consolidating our holdings to around 20 high-performing dividend growth stocks. We were trying to rebalance our portfolio and like many Canadian investors who are home-biased, we are also heavy weighted on financial sector. Therefore, we sold Power Corporation (POW.TO) and added shares to Fortis (FTS.TO). By focusing on our strongest positions, we aim to maximize our dividend income and potential for long-term growth.
Following this page will show – where we deploy our TFSA 2023 contribution limit . Here is the rest of our transactions we have in our TFSA for the month February.
MR. MPL Trades
- Sold POW = 100 shares (Profit)
- Added FTS = 66 shares
- Added SRU.UN = 4 shares
- Added ENB = 1 share
- added SU = 1 share
- Added WCN = 1 share
MRS. MPL Trades
- Sold POW = 147 shares (Profit)
- Added FTS = 77 shares
- Added ENB = 22 shares
- Added ATD = 1 share
- Added SU = 1 share
Note: For transparency, this blog was created to share our TFSA dividend income updates only. We do not plan to publish updates on the total value of our portfolio or personal net worth. Thank you for your understanding.
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