Questrade, for whatever reason doesn't open TFSA accounts for non-Canadian Citizens. (TFSA = Tax Free Savings Account which would be the equivalent to a Roth IRA in the United States). As a permanent Canadian Resident I did have the right to a TFSA but I always wanted to move it over to Questrade which was impossible as I was only a permanent resident....until this week. I finally became a Canadian Citizen after 5 brutal winters and lots of great experiences in this awesome land. I have $31332 as contribution room in this account and I will be maxing it out in Questrade during the next few months investing in Canadian dividend growers for the long term.
I immediately sent $20000 to Questrade and deployed almost $4500 of them this week. I purchased 45 shares of Emera at $33.78; 35 shares of Suncor Energy at $42.87 and 26 shares of TD Bank at $56.55. The TSX Index has been on a tear for the last few months and people have been fearing a correction for some weeks now. I know I didn't purchase these shares are optimal bargain like prices. Specially Suncor and TD. I'm very happy with the purchase of Emera at that level. If we finally get a 10% correction or whatever the final number is, I will average down on these positions by deploying new capital at those more attractive levels. In the mean time I will reap the rewards and will add these three positions to my little army of dividend payers. With these 3 additions, my yearly dividend income is now $767.60 (CAD) plus $381.68 (USD). That's around a hundred bucks each month without doing anything!
I'm now invested in 10 Canadian companies and 7 American ones. Inside this TFSA account I will only invest in Canadian stocks in order to avoid the 15% withholding tax charged to the dividend received from American companies. I would like to add Royal Bank of Canada, Enbridge and Canadian Imperial Bank of Commerce at some point.
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