Dividend Income: May 2023

Dividend Earner

Dividend Earner

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2 min read Affiliate Disclosure

Investing is supposed to be boring but the last 10 years of low interest rate is gone and the domino effect is happening!

Are you lost now with your holdings? Your darling income stocks have pulled back now that the interest rates have gone up? The yield is higher, but your portfolio value is down I suspect … This is what investing for income with normal interest rates is like.

Stock Trades

May is when we made our TFSA contributions. This year, I did not add any new money, I used money from our taxable account and moved it to our TFSA accounts.

In my TFSA, I added Canadian National Railway and in my wife’s TFSA I added Intact Financial.

I simply added to existing holdings. No new stocks. The thing I have learned since 2009 is that a great company is worth adding more and more over time and that many investors are often blocked from doing that with too much analysis.

I also was making money with my Activision play and decided I had waited long enough for the acquisition by Microsoft to sell Activision and buy more Costco.

In the spousal RRSP, I unloaded FHI as an income investment and put it all into Canadian National Railway. The corporate account still has FHI.

In my taxable account, I also unloaded Amazon and bought more TD Bank. Be greedy when others are fearful is a saying the Oracle of Omaha often says. I felt it applied to TD Bank.

Portfolio Management

I have a total of 8 Canadian dividend stocks – really the best Canadian blue-chip stocks I conclude (excluding BNS). Only 8 Canadian stocks in total. How many do you have? Happy with all of them? Many Canadian investors will have 8 REITs let alone the other companies …

This is where the idea of diversification and conviction plays a key part in your investing mindset.

Portfolio Industry Allocations May 2023
Portfolio Sector Allocations May 2023
Taxable Account May 2023
TFSA Account May 2023
RRSP Account May 2023

Dividend Income

My May 2023 dividend income is $4,984. My dividend income powers my TFSA contributions!

Dividend Income May 2023

Here is what my dividend income has been and how I forecast future dividend income. 20.86% is the average dividend growth since 2010.

The dividend growth includes both new money, DRIP shares, and the dividend growth by the companies.

If you want high income, check out the corp account. This retirement account has a yield of 2.32%.


8 thoughts on “Dividend Income: May 2023”

  1. My line of work is warm month seasonal, making much less in the Winter months. I wonder what holdings would make me the most dividend income from November to March?

  2. Hi:
    Your mail is good. Could you recommend a good stock analysis web. site to include 10 year historical financial statements for Canada stocks?

  3. Hi, just curious why your taxable account has very little sector diversification? If I am reading your graph correctly, over 85% in financial (banks diversified) and about 12-13% in Telecom and the rest in etf/energy.

    Thank you

    • Hi Stef,

      Good question and good eye :)

      The taxable account is the first step for me to transition to retirement income. The reason is that I may withdraw the dividends from time to time even if I am not retired. With that said, the account diversification is not pertinent to me compared with portfolio diversification and overall, I stopped paying attention to diversification. It’s a defensive approach to diversify, and I am more of an offense type of investor.

      I am not very happy with Telecoms in general … I may actually unload it but we shall see.

      Convinction and confidence in my selection is what allows me to invest with an offense mindset instead of playing the game the financial industry wants you to play with diversification.


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