TFSA Monthly Dividend Income ( March 2023)

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 March, 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) $11,507.63 as of the time of writing. Follow this for our 2023 DGI TFSA Portfolio.

March brought us $1,112.65 in passive income from our TFSA accounts, representing a 27.73% year-over-year increase from March 2022. This is exceptional and we are very pleased about it.

While working we received 4 paychecks in March, yet we also collected 10 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

Great job on March! Following our long-term strategy – reinvested all our dividends, which aligns with our goals for 2023. One of our key objectives was to simplify our TFSA portfolio by consolidating our holdings to around 20 high-performing Canadian dividend growth stocks. As part of this effort,  we made a direct swap from SU to CNQ, positioning CNQ as tour main oil producer across all our registered and taxable accounts.

Furthermore, we recognized that our portfolio was still too heavily weighted towards the financial sector. Despite recent events in the banking sectors of the US and Europe, I remain confident in the resilience of our big banks. However, we decided to take proactive measures and sold our CM holdings while adding more shares to our existing positions in BCE and TRP. This strategic move was not influenced by external factors, but rather aimed at rebalancing our portfolio and reducing sector concentration risk.

In the last week of March we have also done our taxes filed through Wealthsimple Tax and already got our tax refund from CRA earlier this week. While it was so tempting to spend and splurge on something instead we made a strategic decision to max out our RRSP contribution early for 2023. We have now fully maxed out both our TFSA and RRSP for this year.

Overall, I am confident that these decisions are in line with our long-term strategy and will contribute to the growth and diversification of our portfolio. By taking a proactive approach and making adjustments based on our investment objectives, we are positioning ourselves for success in the current market environment.

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 March.

MR. MPL Trades

• Sold CM             = 72 shares (Profit)
• Sold SU             = 112 shares (Profit)
• New CNQ          = 66 shares
• Added BCE        = 32 shares
• Added TRP        = 49 shares
• Added CNR       = 2 shares
• Added T             = 1 share

MRS. MPL Trades

• Sold CM            = 95 shares (Profit)
• Sold SU             = 142 shares (Profit)
• New CNQ          = 83 shares
• Added BCE        = 44 shares
• Added TRP        = 59 shares
• Added CNR       =  2 shares
• Added T             =  5 shares
• Added ATD         = 1 share
• Added SGR.UN  = 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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