TFSA Monthly Dividend Income (November 2022)

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. TFSA contribution limit in 2023 will increase to $6,500 from ($6,000 in 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
  • 2023 –  $6,500

Total contribution room = $88,000

A few companies we held in our TFSA have recently announced dividend increases that will drive our PADI forward.

  1. Alimentation Couche-Tard Inc. (ATD) : Increases quarterly dividend to 14 cents from 11 cents or 27.3% increase.
  2. Enbridge Inc. : Quarterly increase to $0.8875 from $0.86 or 3.2%
  3. Suncor Energy Inc. (SU) : Increases quarterly dividend to 52 cents from 47 cents or 11%.
  4. Telus Corp. (T) : Quarterly increase to 35.11 cents from 33.86 cents or 3.7%.
  5. Royal Bank (RY) : Increases quarterly dividend to $1.32 from $1.28 or 3.1%.
  6. National Bank (NA) : Quarterly dividend increase to $0.97 from $0.92 or 5.4%.
  7. Bank of Montreal (BMO) : Raises quarterly dividend to $1.43 from $1.39 or 2.88%.
  8. Canadian Imperial Bank of Commerce (CM): Increases quarterly dividends to $0.85 from $0.83 or 2.4%
  9. The Toronto-Dominion Bank (TD) : Raises quarterly dividends to $0.96 from $0.89 or 7.86%.


Our  2022 Total DGI TFSA Portfolio. Projected annual dividend income (PADI) $10,848.43.

List of companies that paid us dividends in October. We own several identical stocks in our TFSA portfolio and a few independent ones.

The month of November has provided us $723.55 of passive income in our TFSA accounts alone. This has indicated a 28.31% YOY growth from November of 2021.

While we received 4 pay checks from work for the month of November (active income) yet we received 11 paychecks from different companies for the same month in our TFSA alone without spending a single hour at work (passive income).

The journey I have shared in my blog is about our TFSA dividend income only. We have already achieved our goals for this year – maxed out both our TFSA and RRSP. However, we continue to invest in equities through non-registered taxable accounts. In September, we reached our goal of saving up ≈13K for next year TFSA.


Monthly Goals: Reinvest all our dividends

The month of November is no different. We reinvested all our dividends and in our effort to continue to consolidate our positions we sold few utility companies: Emera (EMA), Canadian Utilities (CU) and Algonquin Power & Utilities Corp (AQN).

Here’s the total transactions we have in our TFSA in November 2022. You may follow this link to where we invest our 2022 TFSA contribution limit.

Mr. MPL TFSA Trades

  • Sold EMA           = Gains
  • Sold CU              = Gains
  • Sold AQN           = Loss
  • Added FTS        = 61 shares
  • Added ENB       = 10 shares
  • Added NA          = 10 shares
  • Added TD          = 12 shares
  • Added SRU.UN  = 36 shares
  • Added SGR.UN  = 1 share
  • Added SU           = 1 share


Mrs. MPL TFSA Trades

  • Sold CU             = Gains
  • Sold EMA          = Gains
  • Added FTS        = 21 shares
  • Added ENB       = 46 shares
  • Added PPL        = 28 shares
  • Added KEY        = 35 shares
  • Added CRT.UN  = 1 share 
  • Added SU           = 2 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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One of my previous 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 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 viewed 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. The looming recession will show a slowing global growth in our economy and the risk of potential lay off and rise of unemployment may occur. Therefore, it is vital to generate multiple sources of income to protect ourselves from these unforeseen events.


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