TransCanada Corporation, one of the companies in my DRiP portfolio, has just announced a 6% increase to the quarterly dividend (from $0.36 to $0.38) along with an increase of 8% to the comparable earnings per share for 2008.
To me, it means an increase of approximately $1.35 in dividend income for 2009, and $1.75 for every future year. These may look like a small amounts, but this will be paid out every year, and coumpounded by reinvestment of the dividends. Best of all, I had to do absolutely nothing to get this small pay raise.
On top of that, a 6% increase easily beats inflation, which was 1.16% in 2008 according to the Bank of Canada.
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