Tax Credits, New Beginnings & Energy - Dividend Update June 2022
Summertime is here, kids are out of school, and vacations are right around the corner for many families. If you live in Ontario, don’t forget to claim your holiday accommodation for a 20% tax credit this year. It’s called the Ontario Staycation tax credit for Ontario residents.
This temporary tax credit "aims to encourage Ontario families to explore the province, while helping the tourism and hospitality sectors recover from the financial impacts of the COVID‑19 pandemic.
Ontario residents can claim 20% of their eligible 2022 accommodation expenses, for example, for a stay at a hotel, cottage or campground, when filing their personal Income Tax and Benefit Return for 2022."
Save those receipts for any booked accommodation in Ontario from January 1st until December 31st and submit them next year when you file your income taxes. For more information on eligibility and what is covered, please check out the Ontario.ca website.
Where will you go this year?
#OntarioYoursToDiscover
A Month of New Beginnings
June was a busy month in our household with our two daughters graduating from university. Our oldest daughter with a Master of Science, and then only 14 days later, our youngest graduated with her Bachelor of Science.
It was so inspiring to watch all the focused and dedicated young adults cross the stage eager to change the world for the better. From what I have witnessed, the future seems to be in very capable hands.
Cheers to all the recent graduates out there!
Portfolio Update
Like many investors, this month brought with it a large decline in the value of our portfolio.
Now with the power of hindsight at my fingertips, I am thankful I cashed out $23,000 at the end of May - mostly oil and gas stocks. It was hard to sell them at the time, but now I wish I had sold more.
At the end of June, our portfolio showed a YTD gain of only $3,304. That’s a far cry from the $70,000 I wrote about last month, and the $100k a month before that.
Year to date, we have contributed to our TFSAs, added some extra funds, reinvested all dividends, and you wouldn’t even know it given our balance. It's definitely not where we hoped to be mid-year, but here we are.
As long as I'm earning my dividend income, the decrease in value doesn't really bother me too much. Regardless of whether or not share prices tumble, my dividends keep coming in. In fact, my YoY dividend income for June increased by over 57%. That definitely makes me feel better.
Who doesn't like getting a raise, particularly in retirement?
#dividendsforthewin