May 2023 Dividend Income

Hello everyone and welcome to my May 2023 dividend income post. How was your May? Mine was pretty good, the weather was great so I spent as much time as possible outside. For investing purposes May was great I received by far a new record in income this month.

I received $773.08 from 10 stocks this month, this is an increase of 40% or $221.31 over last May. This huge increase was due to new invests from my TFSA contribution back in January/February and a new addition to the portfolio. Here is the breakdown per account:

• TFSA $409.25
• RRSP $363.83

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	$139.56	$170.82
Royal Bank of Canada	$111.02	$126.89
Power Corp		$67.72
Emera	$21.42	$43.82
Total	$272.00	$409.25

Big increase for this account every stock except Power Corp I added shares earlier this year that is why the totals have increased quite a bit. With Power Corp last year they paid in April, this year it was on May 1st.

Registered Retirement Savings Plan (RRSP)

	2022	2023
AbbVie	$111.02	$121.03
Verizon	$60.80	$75.82
Texas Instruments	$44.85	$58.42
General Dynamics	$50.40	$53.94
National Bank		$40.56
Apple	$12.70	$14.06
Total	$279.77	$363.83

My new addition to the portfolio National Bank contributed nicely this month. The income total should continue to rise with National as I’ve been buying it bi-weekly.

Dividend Reinvestment Plan (DRIP)

	# Of Shares	Forward Income
Verizon	1.988	$5.19
Power Corp	1.869	$3.92
Bank of Montreal	1.484	$8.72
Royal Bank of Canada	1.045	$5.52
AbbVie	0.833	$4.93
Emera	0.752	$2.07
National Bank	0.402	$1.56
Texas Instruments	0.358	$1.77
General Dynamics	0.257	$1.36
Apple	0.082	$0.07
Total	9.07	$35.11

Can’t complain here, another solid month for new shares and income added to the portfolio. So far in 2023 through the drip I’ve added 59.354 new shares and my forward income has increased by $169.30.

Month to Month Dividends

Dividends Received Per Year

2023 Dividend Goal

Through the first five months I’m 37% of the way towards hitting my goal.

Dividend Increases

The portfolio had a great month for dividend increases, I received a total of 6 raises.

• Equitable Bank raised their dividend 5.7% and will now pay a quarterly dividend of $0.37 per share up from $0.35
• Telus raised their dividend by 3.56% and will now pay a quarterly dividend of $0.3636 per share up from $0.3511
• Apple raised their dividend 4.3% and will now pay a quarterly dividend of $0.24 per share up from $0.23
• Bank of Montreal raised their dividend 2.8% and will now pay a quarterly dividend of $1.47 per share up from $1.43
• Royal Bank of Canada raised their dividend 2.3% and will now pay a quarterly dividend of $1.35 per share up from $1.32
• National Bank raised their dividend 5% and will now pay a quarterly dividend of $1.02 per share up from $0.97

Here is a list of all the raises I’ve received this year.

Stock	Old Dividend	New Dividend	Forward Income
Canadian National Railway	$0.7325	$0.79	$12.76
BCE	$0.92	$0.9675	$21.48	Total
Brookfield Renewable	$0.32	$0.3375	$10.56	$229.36
TC Energy	$0.90	$0.93	$11.52
Manulife	$0.33	$0.365	$38.32
Go Easy	$0.91	$0.96	$7.28
Equitable Bank	$0.33	$0.35	$8.40
Home Depot	$1.90	$2.09	$18.92
General Dynamics	$1.26	$1.32	$9.84
Power Corp	$0.4950	$0.5250	$15.48
Johnson & Johnson	$1.13	$1.19	$9.92
Equitable Bank	$0.35	$0.37	$8.44
Telus	$0.3511	$0.3636	$14.04
Apple	$0.23	$0.24	$2.36
Bank of Montreal	$1.43	$1.47	$19.12
Royal Bank of Canada	$1.32	$1.35	$11.68
National Bank	$0.97	$1.02	$9.24

So far I’ve received 17 raises from my portfolio and they’ve added $229.36 in forward income.

Stock Purchases

Just two small bi-weekly purchases this month for National Bank, I added 1.984 shares to the portfolio.

Thanks for reading!

Matthew