A new stock for my TFSA portfolio: Labrador Iron Ore Royalty Corporation (LIF)

It wasn't been a super great week for the TSX, who closed this past Friday session with 21,008.20 points. This result with my non-registered portfolio closing at $137 397,79, my US portfolio at $4 815,64, my RRSP portfolio - stocks only - at $64 979,44, and my TFSA portfolio at $126 358,89. 

I had been living in New Brunswick for the past couple of months, which really help me with my finances. I had been able to save some valuable amounts of cash. I always have some plan for my money, whether I have money or not. I had invested in my RRSP back in December. I actually have a bit of money left to invest again in my RRSP for a couple of hundred dollars. Since we have until March 1th to contribute for the year 2021, I am probably going to be able to use this as an RRSP contribution for 2021. I haven't completed my taxes yet, I think I didn't receive all of my broker papers yet. I am not in a hurry, but I guess I will be able to have it done and complete in the next couple of days.

For this week, I had planned to contribute $1,000 to my TFSA. National Bank Direct Brokerage had that little contest going on for TFSA and RRSP contribution, it's the main reason I decided to go ahead with new investment for my TFSA this week. I am trying to get ready and I came up with a few stock ideas that I cannot help, but just need to share.

In term of investment and dividend income, I find myself to be in a very good place. I hold on to many great stocks and my annual dividend is getting closer to the so wanted $12,000. While investing, it can be dangerous to put our focus on the dividend income because the dividend income can easily take all the place. Most of the time, good quality stocks offer a low - or medium size dividend yield. Some stocks that offer a high dividend yield are garbage stocks. It's probably tempting to any of us to only invest in high dividend-paying stocks. 

Now that I consider my investment portfolio to be quite established, I can be a bit more adventurous in a few investments that I am making. This time around, while searching for some new stocks to invest in, I wanted to invest in stocks that pay a good dividend yield. But at the same time, I still wanted to invest in a good reliable stock. At first, I taught about BCE Inc. (BCE). I kept looking around and I taught about: CM, T, NA, BNS, EMA, ENB, PPL, NWC... North West Company Inc. (The) (NWC) is definitively a stock that I could invest more in the future so I am keeping that one in mind. Inside my non-registered, I already own quite a big amount in BNS, PPL, and ENB.

Thanks to Stockopedia I came up with this new investment: Labrador Iron Ore Royalty Corporation (LIF). LIF pays a heavy 10.65% dividend yield. With this new investment, my annual dividend income will be close to $10,900. Following what, I will only be missing $1,100 to reach $12,000. I am looking forward to earn something like $250 extra in dividends coming from my DRIP for the rest of the year. That left me with an $850 that I need to find from other dividend payers. It's not that of a big amount.

In my search for new investments, I also find a brand new stock: Urbanfund Corp. (UFC). This stock is a bit strange: it doesn't even have its own website - or I wasn't able to find one for it... UFC is what you could be considered a penny stock. It currently trades at $1.20 per share. Urbanfund Corp. (UFC) dividend yield is a good 4.167%.

Despite trading below $5 per share, Urbanfund Corp. (UFC) overall chart is kind of looking good. UFC is also well-ranked in Stockopedia. However, when you search for Urbanfund Corp. (UFC) on the web, you won't find anything. No one seems to be talking about this stock. It could be worth just placing a small investment in this one, just for fun.