February 2022 Dividend Income

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Hello and welcome to my February dividend income post. February saw me receive the highest amount of income in the month which was great to see. I also received 7 dividend increases, that will help boost my dividend income significantly moving forward. Another highlight for the month financially was I was able to max out my TFSA contribution room, the first time I have been able to do it this quickly.

I received the dividend income from 9 stocks this month. Their payments totalled $593.32, beating last years high of $506.33. The income per account is as follows:

  • TFSA $328.25
  • RRSP $265.07

If you’re new to my site all of my Canadian stocks are in my TFSA and my RRSP is made up of US stocks. That being said all of the dividend income in my RRSP is in US dollars. For simplicity for the site I just mark is Canadian.

Tax Free Savings Account (TFSA)

20212022
Bank of Montreal$56.18$138.29
Royal Bank of Canada$43.20$109.39
Power Corp of Canada$49.67$59.90
Emera$20.67
Inter Pipeline$12.36
The Keg Royalties Income Fund$10.75
iShares S&P/TSX Capped REIT Index ETF$33.73
Total$205.89$328.25

Nice big increase to the income this month due to my selling Bank of Nova Scotia stock and reinvesting that cash back into BMO and Royal Bank. Power Corp contributed as well due to their recent dividend increase. The four stocks that paid me are all now eligible on WealthSimple Trade to purchase fractional shares of, so now I will be reinvesting every cent received back into them.

Registered Retirement Savings Plan (RRSP)

20212022
AbbVie$101.40$109.98
Verizon$51.20
General Dynamics$44.00$47.60
Texas Instruments$34.68$44.85
Apple$7.59$11.44
Power Corp of Canada$112.77
Total$300.44$265.07

A slight decline in this account due to Power Corp moving over to my TFSA. I hope to get this account hitting at least $300 next February.

Dividend Reinvestment Plan (DRIP)

# of SharesForward Dividend
Power Corp of Canada1$1.79
Bank of Montreal0.9596$5.10
Royal Bank of Canada0.7784$3.74
AbbVie0.7348$4.14
Emera0.3543$0.94
Total3.8271$15.71

Had a good month with the DRIP, almost purchased a whole share of BMO. The income gained from dripping was quite good as well. I should mention that the AbbVie info above was actually in March but since AbbVie paid their dividend in February I decided to include it here.

In the last two weeks of February I initiated the transfer of my main RRSP account that was with RBC Direct Investing over to WealthSimple Trade as they now have US dollar accounts due to their Plus option accounts. Plus has a $10 a month fee which I’m fine paying as it will allow me to buy fractional shares of most of my US stocks. The transfer is almost complete, as I write this post Texas Instruments is the last stock that needs to move over to WealthSimple.

Month to Month Dividends

Dividends Received Per Year

Here is a list of all the dividends I’ve received since I started investing in stocks. So far I have received $41,367.12

2022 Dividend Goal

Two months in I’ve crossed over the thousand dollar mark. I currently have achieved about seven percent of my goal this year.

Stock Purchases

  • 15 shares of Verizon
  • 13 shares of Alimentation Couche-Tard
  • 11 shares of XAW ETF

Dividend Increases

February was a great month for dividend increase for me, here is what I received.

  • BCE dividend increase of 5.1% the dividend will rise to $0.92 per share up from $0.875
  • Brookfield Renewable Partners increase of 5%, the dividend will rise to $0.32 per share up from $0.30375. Paid in USD
  • Equitable Bank dividend increase of 51%, the dividend will rise to $0.28 per share up from $0.185
  • 3M Company dividend increase of 0.68%, dividend will rise to $1.49 per share up from $1.48
  • TC Energy dividend increase of 3.4%, dividend will rise to $0.90 per share up from $0.87
  • Go Easy dividend increase of 38%, dividend will rise to $0.91 per share up from $0.66
  • Home Depot dividend increase of 15%, dividend will rise to $1.90 per share up from $1.65

Here is a list of what all these dividend increases mean for my portfolio.

StockOld DividendNew DividendForward Income
Canadian National Railway$0.5750$0.7325$34.28
BCE$0.875$0.92$17.52
Brookfield Renewable Partners Corporation$0.30375$0.32$9.44
Equitable Bank$0.185$0.28$26.60
3M Company$1.48$1.49$0.80
TC Energy$0.87$0.90$9.16
Go Easy$0.66$0.91$35.00
Home Depot$1.65$1.90$23.00
Total$155.80

So far through two months I’ve received eight dividend increases and my forward income will increase by $155.80

Thanks for reading

Matthew

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