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.
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
Total contribution room = $75,500
For the month of October we kept all our TFSA holdings and didn’t not sell any security. Check here Our Total DGI TFSA Portfolio and projected annual income.
Here’s the list of companies that pay dividends in November. We own few similar securities in our TFSA portfolio and a few different ones.
November has brought us $563.88 of passive income in our TFSA accounts alone. This has shown a 15.6% YOY growth compared to same period in 2020.
While we only got paid twice from work in the month of October (active income) yet we received 26 paychecks from different companies for the same month without spending a single hour at work (passive income). Our ultimate goal is to live off passive income through dividends without harvesting its capital.
The line graph clearly shows how we made adjustments in our TFSA portfolio. Firstly, In 2019 we owned only a few dividend stocks and mainly focused on monthly dividend payers. Secondly, the last quarter of 2019 and beginning of 2020 prior to the March coronavirus stock market crash we started to diversify our portfolio by selling some shares of our monthly dividend payers and mixing it with quarterly paying dividend stocks covering all sectors in TSX. Finally, by 2021 by just keeping our TFSA holdings we are now seeing slow steady growth in our dividend income.
Many DIY dividend investors understand that there are months that have slower dividend distributions from companies hence the fluctuation of the monthly income.
Monthly Goals
We aim to reinvest our dividends on a monthly basis. Here’s what we bought for the month of November in our TFSA portfolio for our October income of $563.88 plus proceeds from our CGO positions of $2,666.85.
Mr. MPL TFSA Trades
- Sold CGO = 13 shares
- Bought SU = 35 shares
- Bought ENGH = 3 shares
- Bought FN = 4 shares
Mrs. MPL TFSA Trades
- Sold CGO = 19 shares
- Bought SU = 55 shares
- Bought ENGH = 5 shares
Although, we aim to update our TFSA holdings and dividend income monthly as part of my commitment when I started my blog. I am happy to share the stocks we bought in our RRSP and non-registered accounts for the month of November.
- AAPL = 13 shares
- COST = 3 shares
- HD = 3 shares
- LMT = 6 shares
- MSFT = 5 shares
- MO = 2 shares
- VISA = 14 shares
- XOM = 5 shares
- ENB = 103 shares
- EQB = 11 shares
- FN = 105 shares
- BAM.A = 17 shares
- RNW = 17 shares
- PLZ.UN = 10 shares
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[…] My Prudent Life shared his TFSA income journey. […]
Hi Mark,
Thanks for the mention. Much appreciated.
Surprised to see that your TFSA divs have decreased from 2020 to 2021
I’ll be just <$12K on divs in my TFSA for this year. They have increased every year since inception.
Who are you using for trades (buy/sell)? I hope a no fee broker.
I try to purchase (CIBC) enough shares that my in/out costs are covered by the second dividend payment.
RICARDO
Hi Ricardo, Thank you for dropping by. We made few mistakes in the past. We started few years back holding around 6-13 stocks then around end of 2018 we decided we will consolidate and hold only 3 monthly dividend stocks: RNW, EIF, and IPL. We thought we did really well as you can see in our 2019 dividend tally. However, we realized we were not well-diversified and suffered losses for holding IPL for awhile after they cut their dividends and eventually sold it. We made some changes beginning 2020 and started a well-balanced portfolio covering every sector and focusing on… Read more »
I had a lot of IPL as well. I didn’t lose any money overall. Was sad to see them sell out. Until the div cut in 2020 they were great. Had held them since 2003 so those shares had paid for themselves a couple of times over. Still made a little money on the sale. Holding nine stocks in the TFSA at present. I usually sit on the money until there is enough to buy sufficient shares that would cover the in/out trading cost with the first div.. Usually hold long term but not adverse to selling a high flyer… Read more »
Hi Ricardo,
I do love the monthly payers as you can reinvest them when cash is available more quicker. I held my monthly dividend payers in my TFSA and RRSP. I think you have a good balance and good numbers of stocks in your portfolio. Good luck and keep us posted with your progress.