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) $10,547.31
List of companies that paid us dividends in September. We own several identical stocks in our TFSA portfolio and a few independent ones.
The month of September has provided us $1,004.75 of passive income in our TFSA accounts alone. This has indicated a 39.60% YOY growth compared to same period September 2021. September showed our 2nd best month dividend growth of the year so far.
While we received 4 pay checks from work in the month of September (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. September is also the month that 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 September is no different. We reinvested all our dividends and as we continue to consolidate our positions we sold Restaurant Brands International (QSR) and Plaza REIT (PLZ.UN) as they have not really grew in the last 5 years.
Here’s the total transactions we have in our TFSA in September 2022. You may follow this link to where we invest our 2022 TFSA contribution limit.
MR. MPL TFSA Trades
- Sold QSR = 35 shares (Profit)
- Sold PLZ.UN = 372 shares (Profit)
- Added AQN = 7 shares
- Added BMO = 4 shares
- Added BNS = 8 shares
- Added CM = 11 shares
- Added RY = 4 shares
- Added ENB = 3 shares
- Added T = 2 shares
- Added SGR.UN = 112 shares
- Added SRU.UN = 3 shares
- Added VEE = 2 shares
MRS. MPL TFSA Trades
- Sold QSR = 44 shares (Profit)
- Added BMO = 5 shares
- Added BNS = 7 shares
- Added CM = 3 shares
- Added NA = 9 shares
- Added RY = 5 shares
- Added TD =10 shares
- Added FTS = 1 share
- Added KEY = 1 share
- Added SGR.UN = 5 shares
- Added VEE = 2 shares
- Added VIU = 1 share
Our ultimate goal is to live off passive income through dividends without harvesting its capital. Furthermore, future income from defined benefit pension plan from work and other business ventures will be the icing on the cake.
Vibrant Dreamer most recent blogpost has round up The Combined Magic of Canadian Dividend Income Earnings for August 2022.
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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More Reading:
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.
This site may contain affiliate links and I may receive a bonus if you take an action after clicking one of those links at NO additional cost to you. Similarly, you may check my recommendations and by using our referral link this will help me maintain this site and encourage me to create more money saving and investment tips.
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[…] From My Prudent Life: […]
Thanks Mark for including me. Much appreciated.
[…] Rommel @ My Prudent Life is generous enough to only share his TFSA dividend income with us where he earned $1,004.75 in Sept 2022 which is a 39.60% YoY growth. […]
Thanks for the mention and being a part of these amazing Canadian PF bloggers and dividend income earners!
[…] Rommel @ My Prudent Life shares his TFSA dividend income with us where he earned $1,146.42 in Dec 2022 which is a fantastic 38.53% YoY growth. It is great to see that Rommel and his wife maximized their TFSA in 2022. […]
Appreciate the mention. I am honored and very proud to be part of these growing personal finance and investing community in Canada. Congratulations everyone.
[…] Rommel @ My Prudent Life shares his TFSA dividend income with us where he earned $1,146.42 in Dec 2022 which is a fantastic 38.53% YoY growth. It is great to see that Rommel and his wife maximized their TFSA in 2022. […]
Thank you Dreamer for a job well done. Keep it up!