Howdy! It’s been a while since I posted, and unfortunately I don’t have too much time today either, but thought I’d pop in quick to say I’m still alive, and I made my first two stock buys of 2020!
Today the market was red, everyone was panicking, and I took the opportunity to add to two of my positions as they dipped from their all time highs.
The first purchase of the day was in my wife’s TFSA (Tax Free Savings Account). I had been sitting on about $1200 in cash in this account for a while, and today I noticed that one of our existing positions (Chorus Aviation) was down almost 8%. The stock price is low enough that the existing cash I had was enough to pick up a decent amount of shares, and allow us to DRIP an additional share each month. I won’t go into the “why” I purchased Chorus Aviation, because I’ve spoken about the company before. The deal with Air Canada has been extended, so the dividend is secure, and they’ve been growing their leasing business as well. This is one I plan on holding/Dripping for the long term.
The crazy thing is, just 5 weeks ago Chorus hit its 52 week high. Today it hit its 52 week low. I was only able to add 190 shares, but that is enough to DRIP an extra share each month, and adds just under $100/year of of tax free passive income.
The second purchase of the day was a little more significant. I’ve been sitting on a decent chunk of cash in my RRSP (registered retirement savings account), because I transferred my previous jobs pension out to my direct investing account. Although I didn’t put it all to work, I did pick up another 175 shares of GoEasy financial. This is a fairly new position of mine, which I purchased at the end of last year. Here are my reasons for owning it. I’d also like to point out that since I originally purchased Goeasy in November of last year, they’ve raised the dividend, initiated stock buybacks and had another record breaking year. The purchase will add an additional $315 to my dividend income.
My plan for the rest of my RRSP cash is to beef up my position in my global ETF (XAW), and start positions in New Flyer & Andrew Peller. I’m just not sure if I’ll do it right away, or see if the market continues to dip. I’m not one for “timing the market”, but I’m in no rush right now, so we will see…..
Anyways, with the new job(s) and two sick kids, we’ve been pretty busy around here but hopefully I can get back into the groove next month and pump out a few more posts.
*update* I just noticed these purchases put me over $10,000 in forward dividend income for 2020!!