Another month has gone and time for my FFJ Portfolio – May 2026 report. All previous monthly reports are accessible here.
Recent Activity
Purchases
In May I made the following purchases:
Visa (V)
On May 5 I increased my exposure with the purchase of 25 shares @ $320.91 in a ‘Core’ account in the FFJ Portfolio.
Mastercard (MA)
On May 5 I increased my exposure with the purchase of 25 shares @ $495.31 in a ‘Core’ account in the FFJ Portfolio.
Arista Networks (ANET)
On May 6 I increased my exposure with the purchase of 100 shares @ $142.02 in a ‘Core’ account in the FFJ Portfolio. I disclose this purchase in this May 8 post.
Thermo Fisher Scientific (TMO)
On May 21 I increased my exposure with the purchase of 100 shares @ $448.83 in a ‘Core’ account in the FFJ Portfolio. I disclose this purchase in this May 21 post.
Intuitive Surgical (ISRG)
On May 27 I increased my exposure with the purchase of 50 shares @ $417.84 in a ‘Core’ account in the FFJ Portfolio.
Sales
Church & Dwight (CHD)
On May 27 I sold a portion of my CHD holdings held in a retirement account @ $98.85833/share as part of our RRSP (Registered Retirement Savings Plan) meltdown strategy. I do not disclose specific details of any activity in our retirement accounts.
I initiated a CHD position roughly 2 decades ago and according to the April 2026 statement from my discount broker, my average cost is $18.389.
When I completed my mid-year investment holdings review in 2020, CHD was my 2nd largest holding. I eventually became satisfied with my exposure and merely continued to acquire additional shares via the automatic reinvestment of the quarterly dividend income. By the time I completed my 2025 year end review, CHD had fallen to my 12th largest position.
Given our circumstances, we MUST continue to strategically deplete the balances in our RRSP accounts before these accounts must be converted to Registered Retirement Income Funds (RRIFs). I will, therefore, continue to gradually reduce my CHD exposure.
RRSP Meltdown
In prior posts I touch upon the reason for ‘melting down’ our RRSPs. I, however, once again provide a very brief explanation for employing this tax planning strategy.
You can convert your RRSP to a RRIF at any age prior to 71 if you wish to start drawing income earlier. If you decide not to convert prior to age 71, the RRSP must be converted into a RRIF (or annuity, or withdraw it as a lump sum) by December 31 of the year in which you turn 71. If you do not make a choice by this deadline, the account will be collapsed and the funds will be added to your taxable income.
You do not need to withdraw funds in the year you open your RRIF, but mandatory minimum withdrawals will begin the following calendar year.
If your spouse is younger than you, you can choose to base your mandatory RRIF withdrawal percentages on their age to lower your minimum required withdrawals and reduce taxes.
Depending on your circumstances, the annual mandatory minimum withdrawals plus all income from other sources could place you in a tax bracket where a sizable portion of your income is eroded by taxes. The top combined marginal tax rates on regular employment income across the provinces are typically in excess of 50%.
NOTE: The tax rates vary by province and the type of income (e.g., salary, capital gains, eligible dividends) heavily impacts your marginal rate.
Dividend Income
Dividend metrics are of little relevance in my investment decision making process. My interest lies in an investment’s TOTAL potential investment return. In many cases, the preferred means by which a company can allocate its capital is to:
- reinvest in the business
- repurchase shares
- merge or acquire
Nevertheless, I track dividend income and make this information accessible here.
In May, I received dividend income from the following companies.
- Accenture (ACN)
- Apple (AAPL)
- Blackstone (BX)
- Carrier Global Corporation (CARR)
- Paychex (PAYX)
- Walmart (WMT)
- West Pharmaceuticals (WST)
- The Royal Bank of Canada (RY.to)
Shares in some of these companies are also held in retirement accounts.
The May dividend income was:
- ‘Core’ accounts: ~$1,006 CDN and ~$3,286 USD
- ‘Side’ accounts: ~$0 CDN and ~$893 USD
The YTD2026 dividend income is:
- ‘Core’ accounts: ~$4,678 CDN and ~$28,754 USD
- ‘Side’ accounts: ~$431 CDN and ~$7,130 USD
Holdings
In prior FFJ Portfolio monthly posts I explain why the ‘Side’ accounts component of the portfolio experienced a dramatic reduction in June 2024.
April 2024
Core Accounts: ~$ 739,787 CDN and ~$ 3,540,445 USD
Side Accounts: ~$ 606,667 CDN and ~$ 1,696,869 USD
Total: ~$ 1,346,454 CDN and ~$ 5,237,314 USD
May 2024
Core Accounts: ~$ 569,237 CDN and ~$ 3,642,078 USD
Side Accounts: ~$ 299,732 CDN and ~$ 1,784,750 USD
Total: ~$ 868,969 CDN and ~$ 5,426,828 USD
June 2024
Core Accounts: ~$ 553,777 CDN and ~$ 3,965,820 USD
Side Accounts: ~$ 0 CDN and ~$ 630,943 USD
Total: ~$ 553,777 CDN and ~$ 4,596,763 USD
July 2024
Core Accounts: ~$ 598,271 CDN and ~$ 4,218,120 USD
Side Accounts: ~$ 0 CDN and ~$ 881,679 USD
Total: ~$ 598,271 CDN and ~$ 5,099,799 USD
August 2024
Core Accounts: ~$ 598,631 CDN and ~$ 4,368,140 USD
Side Accounts: ~$ 27,470 CDN and ~$ 931,443 USD
Total: ~$ 626,101 CDN and ~$ 5,299,583 USD
September 2024
Core Accounts: ~$ 620,426 CDN and ~$ 4,428,345 USD
Side Accounts: ~$ 32,226 CDN and ~$ 953,814 USD
Total: ~$ 652,652 CDN and ~$ 5,382,159 USD
October 2024
Core Accounts: ~$ 617,739 CDN and ~$ 4,411,985 USD
Side Accounts: ~$ 37,230 CDN and ~$ 960,683 USD
Total: ~$ 654,969 CDN and ~$ 5,372,668 USD
November 2024
Core Accounts: ~$ 649,920 CDN and ~$ 4,786,925 USD
Side Accounts: ~$ 40,476 CDN and ~$ 1,026,183 USD
Total: ~$ 690,396 CDN and ~$ 5,813,108 USD
December 2024
Core Accounts: ~$ 628,504 CDN and ~$ 4,670,202 USD
Side Accounts: ~$ 39,292 CDN and ~$ 1,066,098 USD
Total: ~$ 667,796 CDN and ~$ 5,736,300 USD
January 2025
Core Accounts: ~$ 660,263 CDN and ~$ 4,950,735 USD
Side Accounts: ~$ 44,099 CDN and ~$ 1,126,663 USD
Total: ~$ 704,362 CDN and ~$ 6,077,398 USD
February 2025
Core Accounts: ~$ 653,051 CDN and ~$ 4,970,834 USD
Side Accounts: ~$ 41,447 CDN and ~$ 1,190,729 USD
Total: ~$ 694,498 CDN and ~$ 6,161,563 USD
March 2025
Core Accounts: ~$ 617,286 CDN and ~$ 4,829,134 USD
Side Accounts: ~$ 35,596 CDN and ~$ 1,265,103 USD
Total: ~$ 652,882 CDN and ~$ 6,094,237 USD
April 2025
Core Accounts: ~$ 620,799 CDN and ~$ 4,708,988 USD
Side Accounts: ~$ 74,619 CDN and ~$ 1,352,923 USD
Total: ~$ 695,418 CDN and ~$ 6,061,911 USD
May 2025
Core Accounts: ~$ 660,717 CDN and ~$ 4,863,614 USD
Side Accounts: ~$ 78,367 CDN and ~$ 1,402,636 USD
Total: ~$ 739,084 CDN and ~$ 6,266,250 USD
June 2025
Core Accounts: ~$ 667,624 CDN and ~$ 5,101,029 USD
Side Accounts: ~$ 83,394 CDN and ~$ 1,401,732 USD
Total: ~$ 751,018 CDN and ~$ 6,502,761 USD
July 2025
Core Accounts: ~$ 710,951 CDN and ~$ 5,318,092 USD
Side Accounts: ~$ 90,407 CDN and ~$ 1,396,771 USD
Total: ~$ 801,358 CDN and ~$ 6,714,863 USD
August 2025
Core Accounts: ~$ 716,802 CDN and ~$ 5,471,511 USD
Side Accounts: ~$ 87,700 CDN and ~$ 1,405,698 USD
Total: ~$ 804,502 CDN and ~$ 6,877,209 USD
September 2025
Core Accounts: ~$ 722,031 CDN and ~$ 5,583,274 USD
Side Accounts: ~$ 88,771 CDN and ~$ 1,451,505 USD
Total: ~$ 810,802 CDN and ~$ 7,034,779 USD
October 2025
Core Accounts: ~$ 741,526 CDN and ~$ 5,831,838 USD
Side Accounts: ~$ 87,158 CDN and ~$ 1,363,995 USD
Total: ~$ 828,684 CDN and ~$ 7,088,807 USD
November 2025
Core Accounts: ~$ 771,369 CDN and ~$ 5,831,838 USD
Side Accounts: ~$ 87,605 CDN and ~$ 1,400,414 USD
Total: ~$ 858,974 CDN and ~$ 7,232,252 USD
December 2025
Core Accounts: ~$ 777,299 CDN and ~$ 6,044,049 USD
Side Accounts: ~$ 84,797 CDN and ~$ 1,416,542 USD
Total: ~$ 862,096 CDN and ~$ 7,460,591 USD
January 2026
Core Accounts: ~$ 783,961 CDN and ~$ 6,233,707 USD
Side Accounts: ~$ 81,866 CDN and ~$ 1,395,241 USD
Total: ~$ 865,827 CDN and ~$ 7,628,948 USD
February 2026
Core Accounts: ~$ 843,052 CDN and ~$ 6,137,945 USD
Side Accounts: ~$ 78,111 CDN and ~$ 1,367,986 USD
Total: ~$ 921,163 CDN and ~$ 7,505,931 USD
March 2026
Core Accounts: ~$804,086 CDN and ~$5,880,475 USD
Side Accounts: ~$74,563 CDN and ~$1,272,962 USD
Total: ~$878,649 CDN and ~$7,153,437 USD
April 2026
Core Accounts: ~$848,013 CDN and ~$5,861,965 USD
Side Accounts: ~$78,615 CDN and ~$1,300,039 USD
Total: ~$926,628 CDN and ~$7,162,004 USD
May 2026
Core Accounts: ~$ 899,190 CDN and ~$ 5,974,552 USD
Side Accounts: ~$ 82,311 CDN and ~$ 1,260,201 USD
Total: ~$ 981,501 CDN and ~$ 7,234,753 USD
NOTE: The above values exclude investments in several tax-efficient accounts for which I do not disclose details.
Final Thoughts
I wish you much success on your journey to financial freedom.
Note: Please send any feedback, corrections, or questions to finfreejourney@gmail.com.
Disclaimer: I do not know your circumstances and am not providing individualized advice or recommendations. I encourage you to make all investment decisions through research and due diligence. You should also consult your financial advisor where appropriate.
I wrote this article myself and it expresses my own opinions. I am not receiving compensation for it and have no business relationship with any company whose stock is mentioned in this article.
