On September 27th, Fortis announced a 6.7% boost to the quarterly dividend, raising it from $0.375 to $0.40 per share. The annual dividend payment, as a result, is now $1.60 from $1.50.

This marks Fortis’ 43rd consecutive dividend increase. The corporation is one of the few high-quality Canadian companies which have a defined dividend growth plan; which I am a humongous fan of. I would love for more Canadian companies to define dividend growth plans as Fortis, Telus and Enbridge have. Fortis’ dividend growth plan is to increase the dividend by 6% through 2021.

Dividend Income increased 0.18%

Considering the Dividend Beginner portfolio contains 40 shares of FTS, my annual income from FTS has increased by $4.00, from $60.00 to $64.00. My 12-month forward dividend income has increased from $2,209.34 to $2,2013.34, an increase of 0.18%. My income from FTS accounts for 2.89% of my annual dividend income. I’m incredibly comfortable with my exposure to FTS and would very much like to add to my position in the near future.

While a $4.00 increase in annual dividend income seems quite low, think about how it would require an investment of $106.00, at a yield of 3.79% (FTS’ dividend yield) to generate $4.00 in dividend income. That’s the equivalent of getting one to eleven hours of your life back, depending on your wage.