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 October. A number of similar securities we own in each of our TFSA portfolio and a few that are different.
It is the first time in almost two years that we reached $1,069.20 of passive income in our TFSA accounts alone. While we only got paid twice from work in the month of October (active income) yet we received 30 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 October in our TFSA portfolio for our September income of $719.63.
Mr. MPL TFSA Buys
- NWH.UN = 7 shares
- PPL = 4 shares
- TNT.UN = 3 shares
- PLZ.UN = 2 shares
- ADW.A = 1 share
Mrs. MPL TFSA Buys
- PPL = 4 shares
- NWH.UN = 9 shares
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