February 2024 Dividend Income Update

Nothing much to update on the #busymomlife front other than I am losing my toenails from the marathon training (sorry, too much information) and it is taking up a lot of time and energy.

It has been nice though to run around the city and realize how close everything is. The weather has been surprisingly good for Vancouver winter.

We are planning (and when I mean “we” I mean “I”, LOL) an Oregon Coast road trip for the summer. To save some money we are doing some camping down the coast and through Portland.

The last time we drove down the Oregon Coast it was before kids, so it will be fun to experience Tillamook cheese with the kids and check out the sand dunes. We will also be staying at Great Wolf Lodge. It seems like “the” thing to do with kids in the Pacific Northwest, despite it costing an arm and a leg in the summer. I have never been, it will be an interesting experience. Do I need to add a fake neck tattoo to blend in?

If you like to track your dividend income like I do, here’s a free dividend tracker spreadsheet download for you.

February 2024 Dividend Income Update

My goal for 2024 is to have at least $36,000 annually of dividend income.

Here’s my January 2024 Dividend Income Update if you want to look at my dividend portfolio from last month.  The forward annual yield at that time was $34,330.

A few notes: I leave the US dividends received/ estimated as a 1:1 US and CAD dollar exchange to keep thing simple.


My February 2024 Forward Dividend Income is $34,667 and this is an 0.98% increase from last monthor a $337 increase in annual dividend income.

My “hourly rate” is now $3.96 whether I’m eating or sleeping or cleaning my stove.

Or the rate is $16.66/hour if I was working a 40 hour work week. I have just a little bit more to go to make minimum wage in passive dividend income since the British Columbia minimum wage got increased to $16.75/hr on June 1, 2023 and will increase to $17.40/hr on June 1 this year.

Talk about passive income.

Here’s my screenshot chart from Wealthica below on my 12 month performance relative to the S&P/TSX and S&P500 taken last month.


I’m not beating the S&P500, but am still beating the S&P/TSX. This is why you shouldn’t have 100% in Canadian equities which is called “home bias”.

To get to this page, log into Wealthica and click on “add-ons” then click on “Performance Report” in the drop down box. You’ll be able to see how your portfolio compares to the S&P/TSX and the S&P 500 (but it doesn’t include the dividends).

Personally, I think it’s not a bad idea to keep track of how your portfolio compares to the benchmark indices, because if you have 75 different Canadian dividend paying companies and your return over the years is only 4% compounded annually then you might want to think about changing your investment strategy.

Comparing my own portfolio to the benchmark (and being appalled at the measly return) is what prompted me to switch to at least 50% of my portfolio in ETFs a few years ago and since then my portfolio has been doing better total growth-wise.

My February 2023 forward dividend income was $29,606 and my February 2024 forward dividend income is $34,667 so my YoY increase is 17.0%.

Here’s how my forward dividend yield looks like compared to the last few years.

February 2024 Dividend Income Update

You can read my Wealthica review here if you’re interested in it. It’s not free anymore but it still provides good value for the cost.

I love it as it works especially well with my Questrade accounts because of the API access and the graphing capabilities of Wealthica are much better than what you would just get with Questrade.

Passiv also gives you very detailed information about your dividend income and Passiv Elite is free for Questrade users.You can even see your time-weighted returns for the past 12 months or year to date. It also breaks down exactly how many dividends you received from with companies or ETFs month by month into a pretty colour coded format.

You can sign up for a free Passiv Elite account here to look at your dividends received.

If you prefer your own spreadsheet instead, and you’re interested in getting your own dividend income spreadsheet tracker, sign up for a free download here.

DIVIDENDS RECEIVED

I like tracking upcoming payments and ex-dividend dates using the Dividend Pro App. I just renewed for another year and they increased the price, it’s now $15.50 or so for a year but I think it’s worth it so I can keep myself updated regarding dividend payments and changes.

Wealthica also has a free add-on called “Income Investor Lite” and you can choose to see the Income Calendar, Dividend Holdings, and Upcoming Payments with a subscription of $9.99/year.

You can do a free trial of the upgraded income investor lite (no credit card needed) for seven days.

The upgraded version has an income calendar showing you the upcoming payments.

Also it shows you the dividends paid (in total), and forward yearly dividends expected including the current dividend yield and your yield on cost (in the paid version).

The free version shows you an income chart of the last 12 months of payments and the forward 12 months of payments expected, however the forward 12 months doesn’t seem accurate.

Wealthica Income Investor Lite

I like it because you don’t have to manually update any holdings when you make changes to the number of shares you own etc. however, I don’t like that you can’t see it on the phone (and it’s just on desk top).

Therefore, I’ll stick to Dividend Pro for now.

Here are the companies and ETFs that paid dividends in February 2024. It was a lower than average dividend month.

  • National Bank (NA.TO)
  • Power Corporation of Canada (POW.TO)
  • Verizon (VZ)
  • Bank of Montreal (BMO.TO)
  • iShares S&P/TSX Capped REIT Index ETF (XRE)
  • Riocan REIT (REI.UN)

DIVIDEND PORTFOLIO CHANGES

Here are some changes and dividend increases to the portfolio:

  • Manulife Financial (MFC.TO) increased their dividend by 9.6% from 1.46 paid annually to 1.6. That means I am “paying myself” over $500 in March to deep clean the stove and oven. It makes the chore less painful to do knowing that I tie it to my Manulife dividends.
  • I added 50 shares of Fortis (FTS.TO)
  • I added more TD Bank (TD.TO)
  • Riocan (REI.UN.TO) increased their distribution by 2.8%
  • I added more Vanguard Real Estate ETF (VNQ)
  • I added more Vanguard ex-Canada ETF (VXC.TO)
  • As mentioned in a previous dividend update, I was thinking of putting Walgreens on the chopping block (WBA) and I did chop it off. I picked up some LVMUY instead.
  • I have no qualms investing over $12,000 in Louis Vuitton Moet Hennessy ADR (LVMUY) but still have issues buying a $2000 to $4000 Louis Vuitton handbag. I still have my fancy wallet (I have had it for two years now) and it still smells like new leather, I’m still happy with it.

Here are some of my favourite five Canadian dividend stocks if you’re interested.

Did you add to your portfolio in February?

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