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
You may check here our 2022 Total DGI TFSA Portfolio and projected annual income.
Here’s the lists of companies that paid us dividends in March. We own few similar stocks in our TFSA portfolio and a few individual ones.
The month of March has provided us $871.20 of passive income in our TFSA accounts alone. This has shown a 20.21% YOY growth compared to same period March 2021.
While we received 4 pay checks from work in the month of March (active income) yet we received 25 paychecks from different companies for the same month in our TFSA alone without spending a single hour at work (passive income).
Our ultimate goal is to live off passive income through dividends without harvesting its capital.
Monthly Goals
We aim to reinvest our dividends on a monthly basis. For the month of March we reinvested all our dividends and didn’t sell any of our holdings. Here’s the total transactions we have in our TFSA in March. Follow this link to where we invest our 2022 TFSA contribution limit.
MR. MPL TFSA Trades
- Added AQN = 5 shares
- Added FN = 3 shares
- Added PLZ.UN = 5 shares
- Added SU = 6 shares
MRS.MPL Trades
- Added KEY = 6 shares
- Added SU = 5 shares
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.
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More Reading:
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 improved our total current 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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Good job man, $871.20 in dividends only in March in your TFSA it’s awesome! Tax free money!
Appreciate your kind words my friend. I am hoping all Canadians will take advantage of this gift in building long term and lifelong wealth.
[…] Rommel at My Prudent Life announced his March 2022 dividend income update. […]
Thank you so much Mark for sharing. Greatly appreciated!
This is fantastic. Great job. What’s your current TFSA size and yield if you don’t mind sharing.
Thanks Dreamer. At this point, we are happy just sharing our passive income in our TFSA only. Thank you for your understanding.