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 January, 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) $11,380.97 as of the time of writing. Follow this for our 2023 DGI TFSA Portfolio.
January brought us $1,076.98 in passive income from our TFSA accounts, representing a 12.03% year-over-year increase from January 2022.
While working we received 4 paychecks in January, yet we also collected 16 paychecks from different companies in our TFSA portfolio, 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. Early this month, we already 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
January 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. This resulted in letting go of some underperforming companies and ETFs that either had stagnant dividend growth or showed limited growth over the past 5 years. We decided to sell Pembina Pipeline Corporation (PPL) and just keep our two core pipelines Enbridge Inc. (ENB) and TC Energy Corp. (TRP). 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 January.
MR. MPL Trades
- Sold PPL = 112 shares (Profit)
- Added ENB = 82 shares
- Added TRP = 14 shares
- Added RY = 1 share
- Added SGR.UN = 1 share
MRS. MPL Trades
- Sold PPL = 80 shares (Profit)
- Added ENB = 34 shares
- Added TRP = 33 shares
- Added CRT.UN = 2 shares
- Added SRU.UN = 2 shares
- Added ATD = 2 shares
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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