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)