Passive Income Update – May 2007

Written by: FT

It’s been a little while since I’ve last talked about passive income. To be completely honest, we’ve been more focused on saving and investing in capital appreciating products than generating passive income. Is passive income the key to financial freedom? I think that it could be! If your passive income can meet or exceed your expenses, then couldn’t you retire from the daily 9-5 grind?

Here is an update on my passive income:

  • Rental Property: $250/mo
  • Canadian Dividends (taxable): $26/mo
  • Interest: $106/mo
  • Total: $382/mo

As you can see, not much difference from my last passive income update of $352/mo.

As the level of taxation is different based on the above sources, it would be ideal to increase my Canadian dividend amount to reduce my taxable amount.

I’ve gotten quite a few emails as to which stocks I hold and recommend. As I have said before, I do not recommend stocks or funds as I am not an adviser. I will however disclose that I hold the following Canadian dividend paying stocks in my taxable account:

  • Bank of Nova Scotia (BNS)
  • Enbridge (ENB)
  • Power Financial (PWF)
  • Transcanada Corp (TRP)

Happy Investing!

I've Completed My Million Dollar Journey. Let Me Guide You Through Yours!

Sign up below to get a copy of our free eBook: Can I Retire Yet?

Posted in
Subscribe
Notify of

This site uses Akismet to reduce spam. Learn how your comment data is processed.

4 Comments
Newest
Oldest
Inline Feedbacks
View all comments
Warren
17 years ago

Increasing passive income is certainly a prime goal of mine. Watching your investments grow is one thing, but there’s nothing like cash in your hand every month for doing nothing. Lazy Man makes an excellent point as well, every bit counts.

Are those numbers post-tax? When you are making $250 net in rental income, and it would almost double without your 9-5 job, it gets me psyched about retiring. :)

Making money online
17 years ago

Keep going!

Lazy Man and Money
17 years ago

I look at it as you grew your passive income nearly 10%, not that bad in about 4 months. It may only seem like $30, but how excited would you be if suddenly some $30 utility (for me it’s my cell phone) called you up and said you’d never have to pay them again? You’d be psyched, right? I’d be very excited by this.

Blain Reinkensmeyer
17 years ago

That is pretty nice Frugal!

“I’ve gotten quite a few emails as to which stocks I hold and recommend. As I have said before, I do not recommend stocks or funds as I am not an adviser.”

That is just too bad, you could totally be a great trader man, my contests will support your cause! haha.

Latest Articles

Fund Early Retirement

Withdrawing From RRSP/TFSA to Fund Early Retirement

best online banks

Best Online Banks in Canada 2025

Eqbank Logo

EQ Bank Review 2025

Questrade Logo

Questrade Review 2025

best brokers canada

Best Canadian Online Brokers – January 2025

best robo advisors canada

Best Canadian Robo Advisors 2025

trade war

The U.S – Canada Trade War: Do I Need to Panic?!

qtrade new logo

Qtrade Review 2025 – Canada’s Best Broker