May 2024 Dividend Income Update

This month we had to deal with an urgent situation with our laneway rental. The toilet was backed up and when the sink ran the toilet bubbled. That’s not a good sign. My husband and I spent about an hour trying to plunge the toilet, getting toilet water back splashing at us. As we left the laneway, my husband said to me “I’d rather be collecting 5% in dividends”.

Then the next day I spent more time buying a Toiletshroom to try and plunge the toilet to no avail. That day, while loading the laundry machine I heard a loud crack sound originating from my back, and my back went into spasm, which I attribute to the bad toilet plunging posture I had to endure.

Thankfully there was another bathroom for the tenants to use in the rental, so it bought us a few days to attempt to fix the problem before calling a plumber.

We called the plumber and they came that day, he did the same thing, used a plunger with a flange, then grabbed the toilet auger with no success. Toilet water with fecal material started coming out from the hot water tank area. More and more equipment came in until a thick coil chain thing was used.

Finally, $650 later, the toilet was fixed.

There was a clog in the main drain pipe causing water to back up.

Portfolio income is much easier (and cleaner) to collect compared to rental income.

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

April 2024 Dividend Income Update

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

Here’s my April 2024 Dividend Income Update if you want to look at my dividend portfolio from last month.  The forward annual yield at that time was $35,138.

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


My May 2024 Forward Dividend Income is $35,515 and this is a 1% increase from last monthor a $377 increase in annual dividend income.

My “hourly rate” is now $4.05 whether I’m eating or sleeping or cleaning my stove.

Or the rate is $17.07/hour if I was working a 40 hour work week.

On June 1 the minimum wage increased to $17.40/hr so I have a bit more to go until I am making minimum wage with my dividend income.

Talk about passive income!

Here’s my screenshot chart from Wealthica below on my 12 month performance relative to VTI and VEQT. 12 month returns for the S&P/TSX is 7.82% and the S&P500 are 15.17%.

Wealthica Returns 2024

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 May 2023 forward dividend income was $31,326 and my May 2024 forward dividend income is $35,515 so my YoY increase is 13.4%.

Here’s how my forward dividend yield looks like compared to the last few years, it has definitely slowed down recently.

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 and distributions in May 2024. It was a below average month, under $2000.

  • Bank of Montreal (BMO.TO)
  • National Bank (NA.TO)
  • Power Corporation of Canada (POW.TO)
  • Verizon (VZ)
  • 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, much of the PADI’s gain compared to last month was due to dividend increases:

  • National Bank increased their dividend from 1.06 to 1.10 paid quarterly, which represents at 3.8% increase.
  • Sunlife also increased their dividend from 0.78 to 0.81 paid quarterly, which also represents another 3.8% increase
  • Bank of Montreal increased from dividend from 1.41 to 1.55 quarterly, which is a 2.6% increase
  • Telus increased their dividend to 1.5564 paid annually, which is a 3.5% increase
  • Bought 100 more shares of iShares S&P/TSX Capped REIT Index ETF (XRE)
  • Added more Vanguard Real Estate ETF (VNQ)
  • Added 30 more shares of ex-Canada ETF (VXC.TO)

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

Onwards and upwards.

Did you add to your portfolio in May?

Do you prefer dividends or do you prefer rental income?

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