- 4 sources of passive income
- $1,279.67 from dividends
- They dripped 45 inventory/units in December
- 12 month portfolio return 4.35%
S&P 500 Total Return 12 months +22.77% for February 2024
S&P/TSX Composite Index 12 Months +5.62% February 2024
The market continues to tear. It’s actually kind of crazy how much it’s specifically gone up since November. We see a lot of companies cutting back on guidance and laying off a lot of employees, but the market doesn’t seem to care. It’s all about the great 7.
ZOE
Here we are one day before Valentine’s Day. Pretty crazy how fast time flies. Here in Ontario it has been very mild to say, almost spring like you could say. Oh the joys of rounding up all the doggies in the yard =)
I wrapped up a basement reno I was working on. This was really nice as we installed a slide on the stairs for the kids and obviously for the adults too.. There is a warehouse renovation coming up next but we had a week or 2 to work on our house. Our laundry room was still wallpapered so I removed it to find….. more wallpaper. Now the wife wants to paint the whole downstairs.
Both of our children celebrated their birthdays this month. Our daughter is now 6 and hubby is not so little anymore at 11. They both had a party with friends but we told our son this might be his last big party. It costs about $500 each time for about 10 friends to go to a ninja warrior court and a trampoline park. It would be better to invite a friend and stay at a water park overnight or something..
If you have older children at what age did you start cutting back on parties?
Okay, let’s get to our January 2024 passive income
Raises/Cuts
The start of the year always comes with a flurry of dividend increase announcements.
APD announced a rather disappointing dividend increase of 1.1%. Not a bad move considering how much they spend on new projects but the CEO made some weird comments about the dividend offering a high initial yield so why increase it really.. I don’t know it was different in my opinion.
This increase added $3.93 in forward revenue.
CNR – Perhaps my favorite Canadian stock. Like clockwork they announced their increase in January. They’ve raised it every year since becoming a publicly traded company. They raised theirs by 7% and announced another solid market.
This increase added $25.96 in forward revenue.
Total incremental income from dividend increases in 2024 – $29.89
January had 2 dividend increases for our portfolio, but February has been full of them so far. It should be a good year for raises if things keep moving forward without any major hiccups.
Dividend income January 2024
12 companies paid us this month.
| inventories | Income January 2023 | Income January 2024 |
|---|---|---|
| Disney | USD 18.30 | |
| Costco | 0 | 27.65 |
| Nutrien | 31.21 | 51.17 |
| Telus | 1.40 | 81.24 (3 drops) |
| Bell Canada | 155.48 (2 drops) | 195.44 (3 drops) |
| Allied property | 177.66 (8 drops) | |
| TD Bank | 42.24 | 141.78 (1 drop) |
| Aecon | 116.55 (12 drops) | 123.77 (9 drops) |
| TC Energy | 159.30 (2 drops) | 174.84 (3 drops) |
| Cisco | 53.58 (1 drop) | 56.55 (1 drop) |
| Xaw ETF | 82.68 (2 drops) | 98.49 (2 drops) |
| Algonquin Power | 206.08 (22 drops) | 132.78 (15 drops) |
| Totals | 848.52 | 1,279.67 |
45 shares/units Drip in January.
Almost 13 hundred dollars. Beauty! We had this Disney dividend that was just reinstated. That costco special dividend was filed and we even had that special dividend from Allied Property. A very good month, love to see these totals go up.
If you’re interested, check out our Dividend Income Past Reports.
Our Drips (Dividend Reinvestment Program) added $63.83 dollars to our forward income…. It’s definitely a new record
Other income
Payment of private investments – $1000.00
1k per month, very nice!
Income from solar panels
In December (We always get paid a month later) our solar system produced 156 kWh. Since we carry a flat rate of 28.8 cents per kilowatt hour, Hydro One filed $44.94 in our checking account this month.
Last December the system was created $27.98, so it’s safe to say the weather was better this year than last year, at least in December.
Total income for 2024 – $44.94
The system was installed in January 2018
Total system cost ——–$32,396.46
Total income ——–$14,323.9
_________________________________________________
Amount to break —- $ —18,072.56
Bob asked if I could include the monthly electricity bill in the post for comparison, so here it is. Our bill for December was $167.46. So our system would not cover the power we used this month.
Cash Back Credit Card
We always pay our credit card balances in full so we don’t get charged interest. In January they pay us an annual bonus for using their card.
This year we got $775.06, sweet!
While I thought that was a lot, it actually wasn’t a huge jump from last year’s 763.84, so maybe inflation is coming down a bit.
Total passive income January 2024 – $3,099.67
January 2023 Passive Income – $2,640.34
With a constant growth rate of 17.39% on an annual basis. This is also the first time we’ve crossed 3k in passive income. It feels good and just goes to show what sticking to the plan can do. The chart below shows it all. You start with a few dollars and the momentum builds, the snowball grows and the income grows too!
When people ask for financial advice and I mention that they start with little effort to start feeling some income coming in without doing anything, they get excited. Then I say 1k will bring in about $80 a year. 80 dollars? This is? This will do nothing for me…. It’s always the same and they don’t start investing. But it’s not the beginning, it’s the consistency of the investment that will really get things moving for you.
I am not sharing or writing these posts to brag. They help me stick to the plan and I hope they inspire some of you too. I’ve said it before but when I started investing I knew nothing. I came across a couple of bloggers doing these exact posts and I was fired up. You can do it too. This is your year.
Totals for 2023
Dividends Year To Date Total – $1,279.67
Another Year of Passive Income to date – $1,820
Total Passive Income for 2024 —– $3,099.67
Year End Goal – $26,500 (11.69%)
Since we brought in $24,184.07 last year, the goal is to bring in $26,500 this year. Let’s see if we can achieve this in 2024. A 10% increase seems like a very good target for the year.
January Stock Markets
TD Bank
We added another 12 stocks to our portfolio at a cost of $85.54 per share. arg! Well, it’s a long game, all good.
This purchase added 48.96 in forward dividends.
APD
We added 5 more shares of apd before earnings at 259.04 per share. Oops again.. Well that hurt. A small dividend increase and the stock is killed as they spend more on projects. In the long run this should be fine, I like the hydrogen space going forward.
The 5 stocks added $35.10 in forward earnings.
Costco CDRs
As I’ve said before, I plan to add to it once a quarter, moving forward until it’s in my top 5 core holdings. It’s not cheap by any means, but the business is fantastic and we needed a grocery location in the portfolio. We could also use more growth stocks and costco had so much room for growth in my opinion.
We added 32 more shares at $32.12 per share. This adds $6.09 to our forward income.
In total we added $90.15 in forward revenue this month from purchases
Total forward dividend income from purchases in 2023 – $90.15
Bitcoin
Bitcoin had a good month. It has now become more mainstream as it is allowed to trade like an etf. I guess some of the hype turned to the price as it fell quickly after the announcement, but now it has shot higher once again.
As always, we buy a small amount on each check and just keep the dollar cost average.
We decided to go with shakepay because it is regulated in Canada and you shake the phone everyday to get some free sats (bitcoins). They recently changed the way shaking sats are done. You get a certain amount per day now
A deposit of 100 dollars gives you 10 dollars and 10 for the referrer. Feel free to use my affiliate here if you are interested in trying out the crypto space. Or if you are a fan of the site and want to drop me some btc my Shaketag is @hutz8 – worth a shot =)
I appreciate the support.
Updating financial goals
Charitable institutions
Etf Monthly Minimum Purchase $250
- This month we added 0 more xaw etf units.
- Questrade* is great because it offers free etf trading and cheaper stock trading options than most Canadian brokers. $250.00 a month would kill us if we needed to pay high transaction fees.
- * Please note that the questrade link is an affiliate link and at no extra cost to you, I would receive a small payment if you sign up. However, you could get $50 in free trades using my affiliate link.
We didn’t buy xaw this month either.
January 2024 Passive Income Conclusion
As we start the new year, it’s great to set new records for passive income and also set new goals. I can’t wait to see how the results turn out this year and how the market does in general. I’d like to think we should pull back, but the market seems to disagree with me. While there are stocks that are setting new all-time highs, there is also some good value out there. This year I will try to have a good mix of both. At the end of the day total returns matter and I lag the market.
What are your goals for 2024 financially? How do you think the market will fare by the end of the year? are we above or below current prices?
Cheers
It’s less about becoming a better person and more about being better, as a person – JR Rim
Hi, I’m Rob, creator of Passive Canadian Income.
In 2011 my wife and I had nearly $60,000 in debt and a negative net worth of $7,000. Through hard work and financial education we paid for all this. We are now focusing on growing our passive income streams to make money work for us. Feel free to follow the journey by clicking the social media links below or sign up to receive notifications of new posts in the sidebar.
