Average TFSA and RRSP Balances for 45-Year-Olds Revealed

Rowan Ashford

Published: February 15, 2026 8:52 PM ET

Understanding how Canadians utilize retirement accounts like the Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP) is crucial. It offers insight into individual financial health and helps in setting future savings goals. This article examines the average TFSA and RRSP balances for Canadians aged 45 to assess financial positioning.

Average TFSA and RRSP Balances for 45-Year-Olds

As of 2023, the Canada Revenue Agency (CRA) reported that Canadians between the ages of 40 and 44 held an average TFSA balance of approximately $19,270. This figure represents the average fair market value assigned to TFSAs across this age group for the contribution year.

Conversely, when it comes to RRSPs, the numbers reveal a more complex picture. For individuals aged 35 to 44, the average RRSP balance is noted at $82,100. However, the median balance is significantly lower, at $33,000. This disparity suggests that many Canadians have far less saved than the average, highlighting the importance of understanding both average and median values.

Key Statistics

Average TFSA balance (ages 40-44): $19,270
Average RRSP balance (ages 35-44): $82,100
Median RRSP balance (ages 35-44): $33,000

Investment Strategies

For those looking to improve their retirement savings, considering investments in high-quality blue-chip stocks can be beneficial. One such option is Manulife Financial (TSX:MFC), a company with a market capitalization of $85.97 billion. Manulife’s stock, valued at $51.24 per share, has increased by 19.41% over the past year.

Company Performance

Despite its positive growth, Manulife has not consistently outperformed the market. The S&P/TSX Composite Index has risen over 25% during the same timeframe. Nonetheless, the company demonstrated robust performance in Q3 of its fiscal year, reporting core earnings of $2 billion and a net income of $1.8 billion attributed to shareholders. This suggests a strong capacity for profitability, even amid market fluctuations.

Dividend Opportunities

Investors in Manulife can also benefit from a quarterly dividend yield of 3.43%. This presents an additional incentive for those looking to enhance their retirement accounts with reliable income streams.

Final Thoughts

Knowing the average TFSA and RRSP balances for 45-year-olds can serve as a benchmark for personal financial planning. Awareness of these figures allows Canadians to strategically adjust their savings and investment practices to align with long-term goals. Balancing contributions between TFSAs and RRSPs while considering quality investments may enhance overall financial stability. For more insights on retirement planning, continue exploring the resources on Filmogaz.com.