Average TFSA Balance by Age in Canada: How Do You Compare in 2026?
The average Canadian's TFSA balance jumps from about $16,760 in their early 30s to $45,109 by age 60, according to the latest CRA data. But the average tells a misleading story - a smaller group of long-term maxers pulls the number well above what most Canadians actually hold.
The average TFSA balance by age in Canada
The Canada Revenue Agency releases aggregated TFSA statistics with a two-year lag. The most recent full dataset covers tax year 2023 (released April 2025), and the pattern is clear: TFSA balances grow steadily with age, but they grow far more slowly than the cumulative contribution room would allow.
| Age band | Average TFSA balance | Cumulative room available* |
|---|---|---|
| 18 to 24 | $7,894 | up to $47,500 |
| 25 to 29 | $10,881 | up to $77,000 |
| 30 to 34 | $16,760 | up to $95,000 |
| 35 to 39 | $19,214 | $109,000 (full history) |
| 40 to 44 | $20,670 | $109,000 (full history) |
| 45 to 49 | $25,530 | $109,000 (full history) |
| 50 to 54 | $30,190 | $109,000 (full history) |
| 55 to 59 | $37,650 | $109,000 (full history) |
| 60 to 64 | $45,109 | $109,000 (full history) |
| 65 to 74 | $58,000 | $109,000 (full history) |
| 75 and over | $66,061 | $109,000 (full history) |
Why the median tells a truer story than the average
Averages are pulled sharply upward by a small group of long-term maxers. If your neighbour has $200,000 in their TFSA and you have $10,000, your 'average' balance is $105,000 - a number that flatters neither of you. The median (the middle value when everyone is lined up) is a much better yardstick, and it sits roughly 40 to 60 percent below the average across every age band.
That means the typical Canadian in their early 30s has closer to $8,000 to $10,000 in a TFSA, not $16,760. The typical 50-year-old holds roughly $15,000 to $18,000, well below the $30,190 average. If your balance is anywhere near the reported average, you're already ahead of most Canadians in your age band.
What if you had maxed out every year? The realistic 'target' balance
The most useful benchmark isn't what other people have - it's what you could reasonably hold if you had contributed the annual maximum and invested it in a diversified portfolio. Here's what maxing out from age 18 would produce at typical long-run equity returns:
| Age in 2026 | Total contributed | Balance at 5% return | Balance at 7% return |
|---|---|---|---|
| 30 | $71,500 | $92,000 | $107,000 |
| 40 | $109,000 | $155,000 | $195,000 |
| 50 | $109,000 | $175,000 | $225,000 |
| 60 | $109,000 | $185,000 | $245,000 |
| 65 | $109,000 | $190,000 | $255,000 |
Am I on track? A quick self-check
You're behind
- TFSA balance well below the age-band average in the table
- Unused contribution room greater than $40,000
- Only sporadic contributions, or none since a job change
- Cash sitting in a low-interest TFSA savings account instead of invested
- No idea what your total room actually is (check the CRA My Account portal)
You're on track
- Balance at or above the CRA average for your age band
- Automatic monthly or biweekly contributions in place
- Money invested in low-cost ETFs, not sitting in cash
- Contribution room known and being drawn down each year
- Portfolio rebalanced at least annually
How to close the gap in 5 steps
The catch-up plan
- Log in to CRA My Account and pull your actual TFSA contribution room. Do not trust the number your brokerage shows - it lags by months and misses cross-brokerage contributions.
- Automate a recurring contribution from your chequing account. Even $200 every two weeks is $5,200 a year, roughly three-quarters of the 2026 annual limit.
- Get the cash invested the same day it lands. Uninvested cash in a TFSA earning 1 percent is a slow leak. Buy an all-in-one ETF (VEQT, XEQT, or a balanced version) or a target-risk model portfolio.
- Redirect windfalls. Tax refunds, bonuses, and any inheritance should route to unused TFSA room before anywhere else - the tax shelter compounds forever.
- Rebalance at least once a year so the portfolio you designed is the portfolio you actually hold. Small drift compounds into large risk mismatches over a decade.
As your TFSA grows, rebalancing matters more
A $5,000 TFSA can hold one ETF and be perfectly fine. A $100,000 TFSA holding one Canadian equity ETF is 100 percent bet on a small, financials-heavy market - a risk profile you would never consciously choose. As balances grow, the cost of drift grows with them, and rebalancing stops being optional.
- Set a target allocation you can defend in writing (for example, 40 percent Canada, 40 percent US, 20 percent international).
- Check drift every quarter, act on it when any holding is off-target by more than 5 percentage points.
- Use new contributions to top up the underweight sleeve instead of selling - this avoids realising capital gains inside a taxable account and reduces friction inside your TFSA too.
- Track holdings across all your accounts in one place. Wealth Rebalancer imports your Wealthsimple, Questrade, or IBKR CSV and shows exactly where the drift is, and how to fix it with your next contribution.
Frequently asked questions
What is the average TFSA balance in Canada in 2026?
The most recent complete CRA data (2023 tax year) shows the average adult TFSA balance is roughly $30,000 across all age bands combined. The average rises with age: $16,760 in the early 30s, $30,190 by the early 50s, and $45,109 by the early 60s.
How much TFSA room do I have in 2026?
If you have been a Canadian resident and at least 18 years old every year since 2009, your cumulative contribution room in 2026 is $109,000. The annual limit for 2026 is $7,000. Check your actual number in CRA My Account - the brokerage-reported figure lags.
Is $50,000 in a TFSA at age 40 good?
Yes - it puts you well above both the CRA average ($20,670 for age 40 to 44) and the median for your age group. It is still below the roughly $155,000 to $195,000 you would have if you had maxed out every year, but you are in the top third of your age cohort.
How much should I have in my TFSA by age 60?
The average Canadian aged 60 to 64 holds $45,109. Someone who maxed out every year since 2009 and earned 7 percent averages would have roughly $245,000. A reasonable retirement target is $150,000 to $250,000, depending on whether the TFSA is your primary shelter or a supplement to an RRSP.
Does the TFSA balance include gains or just contributions?
It includes everything - contributions plus all investment gains, dividends, and interest earned inside the account. The CRA statistics measure the market value of the account, not the amount deposited. This is what makes early contributions so powerful: gains compound tax-free for decades and are counted in the balance.
What is the best TFSA balance benchmark to compare myself against?
The 'maxed out' target is more useful than the CRA average. Compare your balance to what you would have if you had contributed the annual maximum every eligible year and invested it at a 6 to 7 percent long-run return. This shows you the gap between where you are and your realistic ceiling, rather than the distorted average pulled up by long-term maxers.