February 2023 Dividend Income

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Welcome everyone to my February dividend income post. Like January which saw a 20% increase in my dividend income February was similar with 21% growth. This month I received payments from 9 stocks. Income received came in at $718.01 my highest total for February. Here is the breakdown per account:

• TFSA $400.89
• RRSP $317.12

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

Tax Free Savings Account (TFSA)

	2022	2023
Bank of Montreal	$138.29	$168.96
Royal Bank of Canada	$109.39	$125.70
Power Corp	$59.90	$62.99
Emera	$20.67	$43.24
Total	$328.25	$400.89

My new investments at the beginning of the year into Emera and Bank of Montreal led the growth in this account.

Registered Retirement Savings Plan (RRSP)

	2022	2023
AbbVie	$109.98	$119.83
Verizon	$51.20	$74.61
Texas Instruments	$44.85	$58.02
General Dynamics	$47.60	$51.21
Apple	$11.44	$13.45
Total	$265.07	$317.12

In January I purchased more shares of Verizon and Texas Instruments those investments helped boost the income, as well as dividend raises from all of the other stocks.

Dividend Reinvestment Plan (DRIP)

	# Of Shares	Forward Income
Verizon	1.848	$4.82
Power Corp	1.748	$3.13
Bank of Montreal	1.3	$7.44
Royal Bank of Canada	0.907	$4.79
Emera	0.841	$2.32
AbbVie	0.805	$4.76
Texas Instruments	0.325	$1.61
Geberal Dynamics	0.22	$1.11
Apple	0.091	$0.08
Total	8.085	$30.06

Month to Month Dividends

Dividends Received Per Year

2023 Dividend Goal

Through the first two months of the year my income has increased by $243.98 compared to the first two months of 2022.

Dividend Increases

February was great for my portfolio in terms of dividend increases, I received seven raises.

• BCE raised their dividend 5% which will boost their quarterly dividend to $0.9675 per share up from $0.92 per share.
• Brookfield Renewable raised their dividend 5.5% which will boost their quarterly dividend to $0.3375 up from $0.32 per share.
• TC Energy raised their dividend 3.3% which will boost their quarterly dividend to $0.93 per share up from $0.90 per share.
• Manulife raised their dividend 11% which will boost their quarterly dividend to $0.365 per share up from $0.33 per share.
• Go Easy raised their dividend 5.5% which will boost their quarterly dividend to $0.96 per share up from $0.91 per share.
• Equitable Bank raised their dividend 6% which boosts their quarterly dividend to $0.35 per share up from $0.33 per share.
• Home Depot raised their dividend 10% which will boost the quarterly dividend to $2.09 per share up from $1.90 per share.

These raises will increase my future dividends by $116.48

Stock Purchases

I only made two small purchases in February they were for my RRSP account and the stock I bought was more National Bank shares. The purchases were made biweekly in the first purchase I bought 0.988 of a share and on the second purchase I bought a full share. Every two weeks I deposit $100 into my RRSP account and I used that money to make the purchases.

Thanks for reading!

Matthew