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Sunday, December 3, 2023

Surprise, my net worth is now at $368,453.87!

I will be leaving Montreal for New Brunswick in about two weeks from now. In the meantime, I am trying to do a bit of everything to enjoy the time I have left in Montreal. I will be coming back to Montreal following the holidays, but I don't exactly know when. Traveling is a bit difficult during the winter. Please follow me on Twitter if you are curious to find out what I am doing on a daily basis.

I had been spending a lot of money. Back in November, I had a dermatologist intervention that cost me around $1,400. My nose has healed well and is still healing. I post quite regularly over there. This past Friday, the TSX closed at a very good 20,452.87 points. I was quite excited because I knew it meant that my net worth was going to go up! What surprised me the most in my latest investment portfolio update is the fact that my non-registered portfolio value now exceeds $141k.

Just as expected, my net worth went up by several thousand dollars. On December 1, my net worth closed at $368,453.87. It's quite an impressive spot to be in because I am now super close to what had been my highest net worth ever, $373,150.19 back on April 21 of this year. My dividend income is also doing very well. Recently, many businesses like Enbridge Inc. (ENB) and several great Canadian banks like Royal Bank of Canada (RY), Toronto-Dominion Bank (TD), and Canadian Imperial Bank Of Commerce (CM) announced dividend increases. Currently, my dividend income is at an equivalent of $945 per month, coming from my non-registered and TFSA portfolio. I have to thank the new shares owned by my dividend DRIP coming from ENB and FTS. Once I reach $1,000 per month, it will be a major accomplishment. I am almost there!

I know it's a shame, but I still have contribution room left of over $12,000 when it comes to my TFSA. In my non-registered portfolio, Bank of Nova Scotia (BNS) is one of my major dividend payers. I had invested in BNS many years ago, over a decade and more. Back in the days, BNS was a Derek Foster stock. I have had my BNS stocks on a DRIP ever since. Unfortunately, BNS value has gone down lately. At this point, I could almost proceed with a contribution in kind from my non-registered to my TFSA using almost all of my BNS shares! I think I will proceed with the operation tomorrow. That way, I will significantly increase the dividends earned inside my TFSA, free of taxes. I could proceed with the rest of the transfer in 2024.

For 2024, the contribution limit for the TFSA is set at $7,000.

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