SA,
That would be correct , if you choose to sell the shares as soon as you get them.
Unless the tax law has changed recently ,
Dividends issued in shares vs cash can be held for 12 months and then qualify for LT cap gains. Cash dividends are taxed as ST cap gains or at your personal rate , as regular income for the tax year they were received.
Personal opinion, Shares are better if you don’t need the cash.