After what seems like an eternity, I finally got my first share from a Dividend Re-Investment Program! I received $27.26 in dividends from Sun Life which covered enough for one share. I automatically purchased a share at market value ($22.80) while the difference was added to my TFSA at Questrade. It was a long journey with some bumps in the road but I finally have the compounding machine in motion. Hopefully before long, I'll have DRIPs running for all my positions so that I can accumulate shares quicker.
The plan is once the dividends being distributed becomes a large enough amount, I'll turn off the DRIP and use the money to add to positions at my discretion. This way I'll be able to control what price I'm buying at as opposed to being forced to buy at market value which could be higher than I would like at the time of purchase.
-the Paperboy
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