Welcome to my latest dividend income update.
For those of you new to these posts on my site, every month I discuss our approach to investing focusing on Canadian dividend paying stocks. We believe buying and holding a number of Canadian dividend-paying stocks in our tax-free (thanks TFSA) and non-registered accounts will, over time, provide some steady monthly income for future wants and needs in retirement.
Thank you February. It was a good month. While I was away surfing in Costa Rica no less…
….the following companies raised their dividends while I was on vacation. No stock monitoring here friends – just buy and hold and reinvest all dividends paid for future income: Bank of Nova Scotia, Royal Bank, CIBC, Chartwell Retirement and more.
Thanks to those dividend increases we’re on pace to earn $14,200 this calendar year from our Canadian dividend paying stocks in our tax-free and non-registered accounts. To put that income in perspective, that will cover the following expenses as long as we live with room to spare without touching the capital:
- Home property taxes (currently $350 per month, estimated $4,200 per year)
- Home utilities (currently $650 per month, estimated $7,800 per year)
A reader recently asked me the following:
Hi, maybe you have covered this before but could you go over how you keep track of your investments and dividends to end up with your progress graph and your percentage and dollar estimates? I’m not a spreadsheet or tech kind of girl and this stuff baffles me 🙂 Thanks!
Well, to help you out, I’ve put a simple Dividend Income Tracking Tool on my Helpful Sites page so you can track your own passive income journey. Simply adjust the cells with your own assets (stocks, ETFs, mutual funds, other) and it should tabulate your own metrics in the graph area. I hope that helps this reader and others. I’ll work on more free calculators when I can for this page.
Stay tuned for my next dividend income update in March and thanks for reading.
What’s your take on my journey? Got questions for me? How is your income journey coming along?