I used to use BCE Inc. (TSX: BCE) as my telecom of choice before finally dumping them for being awful. Nonetheless, I have always wondered how many shares I’d need to own to completely offset my monthly phone and internet bill.
Unfortunately, BCE (being the indebted and mismanaged company it is) actually slashed its dividend in half while customers’ bills keep rising, so that idea’s out the window. But the TSX is full of other infrastructure companies that, unlike BCE, haven’t cut their payouts.
Two that stand out are Fortis (TSX: FTS) and Enbridge (TSX: ENB). Fortis is a utility, and some of you probably pay them directly for electricity and or gas. Enbridge, if you use natural gas, might already be sending you a bill despite being mostly a pipeline.
So the question today is: how many shares of each dividend stock would you need to own in a Tax-Free Savings Account (TFSA) to fully cover your monthly bill? Here’s the passive income math.
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Enbridge
According to the Canada Energy Regulator, the average monthly natural gas bill in Ontario was about $328.93 in 2024. That’s roughly $986.79 every quarter, which is pretty brutal when you consider how expensive heating is.
Every Enbridge share today pays $0.9425 in dividends per quarter. To cover the $986.79 quarterly bill, you’d need about 1,047 shares. At a share price of $67.78 as of September 18, that works out to an investment of roughly $71,000.
The good news is that this income stream grows. From 1995 to 2024, Enbridge’s dividend compounded at about 9% annually. While your gas bill will likely rise over time, Enbridge’s payout has a long history of increasing as well, helping offset future costs.
Fortis
In British Columbia, the average residential natural gas bill is about $104.35 per month. That works out to roughly $313.05 every quarter. BC isn’t as cold as Ontario, so the heating costs are significantly lower.
Fortis currently pays $0.615 per share each quarter. To cover a $313.05 quarterly bill, you’d need about 510 shares. At a share price of $67.40, that’s an investment of around $34,400.
Fortis is also a reliable dividend grower. It’s one of few Canadian companies that has increased its dividend every year for more than 50 years, making it a staple for income-focused investors who want steady and growing payouts to keep pace with rising household costs.
The Foolish takeaway
Don’t be discouraged if you’re nowhere near having enough shares of Enbridge or Fortis to cover your utility bill. The point of this exercise is to shift your mindset toward prioritizing cash flow and owning productive assets.
By using some of your earnings to steadily accumulate dividend-growing stocks in tax-sheltered accounts, you set yourself up for a future where your investments can potentially shoulder more of those everyday expenses.
