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
Our 2022 Total DGI TFSA Portfolio. Projected annual dividend income (PADI) $10,682.42.
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 October has provided us $964.03 of passive income in our TFSA accounts alone. This was the first time our YOY growth dropped by 10.90% this year. We have anticipated this declined as we hold $LIF stock which has boosted last year October dividends due a one time huge increase. However, they slashed their dividends after that. Therefore, we decided to part ways with the company earlier this year.
While we received 4 pay checks from work for the month of October (active income) yet we received 19 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 build our emergency fund through non-registered taxable accounts. In September, we reached our goal of saving up ≈12K for next year TFSA assuming same contribution limit of 6K each adult individual.
Monthly Goals: Reinvest all our dividends
The month of October is no different. We reinvested all our dividends and as we continue to consolidate our positions MRS MPL sold one stock and none for me.
Here’s the total transactions we have in our TFSA in October 2022. You may follow this link to where we invest our 2022 TFSA contribution limit.
Mr. MPL TFSA Trades
- Added TD = 1 share
- Added BMO = 1 share
- Added MFC = 1 share
- Added EMA = 1 share
- Added SRU.UN = 2 shares
Mrs. MPL TFSA Trades
- Sold EMP.A = 100 shares (Profit)
- Added BCE = 15 shares
- Added BMO = 8 shares
- Added FTS = 12 shares
- Added SGR.UN = 4 shares
- Added CRT.UN = 1 share
- Added EMA = 1 share
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.
Vibrant Dreamer most recent blogpost has round up The Combined Magic of Canadian Dividend Income Earnings for August 2022.
Mark Seed of My Own Advisor : Weekend Reading – More dividend increases edition. Highlights few of the companies he owns that made recent dividend hikes!
Our ultimate goal is to live off passive income through dividends without harvesting its capital. Additionally, future income from defined benefit pension plan from work and other government benefits will hopefully give us to a comfortable retirement.
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.
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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[…] Congrats to Rommel and his most excellent TFSA dividend income stream! […]
Thanks Mark. Appreciate the mention.
Thanks Mark. Appreciate the mention. You’ve been an inspiration to many Canadian PF bloggers and around the world. Keep up the good work.