Happy 2013! I thought it would be a good idea to start off by talking about my TFSA and Dividend Income goals for 2013.
My total contribution room (checking on the CRA website) is something ridiculous thanks to Harper adding the extra $500 for 2013 in contribution room. Because I sold for a gain a few years back with the income trusts I held, I have had increased contribution room. My total contribution room is $9450 for 2013. This is a little steep for me but hopefully I can at least achieve the minimum $5500 for the year. I think my OCD tendencies though will want me to max out the TFSA so I can start fresh for next year at $5500.
With so much contribution room, I think I will round out the ETFs (XDV, CPD, and CYH) that I hold since they are pretty much at the same cost that I purchased them for (which pretty much reinforces my interest in dividend stocks versus ETFs but I don’t think Teacher Man will appreciate my comment ).
I think in terms of dividend income goals, I think that adding another $400 or so of dividend income for the year might be feasible? As long as I contribute $9000 or so in the TFSA (estimating the 5% annual yield I have been getting on average).
What do you guys think I should do? Go for the ETFs or add another dividend stock? Or, even more exciting, do both?