Here’s the Average TFSA and RRSP at Age 65 for Canadians

Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) are incredibly important for 65-year-old Canadians. These help stretch retirement income further while reducing the tax bite at a time when every dollar matters. A TFSA offers completely tax-free withdrawals that don’t affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS), giving retirees flexible income they can use without worrying about clawbacks. An RRSP, once converted to a Registered Retirement Income Fund (RRIF), provides structured, long-term income. All while continuing to grow tax-deferred, ensuring savings last through retirement.

Together, these accounts give seniors predictable cash flow, protection from unnecessary taxes, plus the ability to manage retirement income in a way that supports both day-to-day living and long-term financial security. But, do you have enough?

Average TFSA

The average TFSA balance for a 65-year-old Canadian sits at roughly $50,000 to $60,000, based on survey data from major banks and CRA contribution trends. While that sounds solid, it’s often not enough to meaningfully support retirement on its own. That’s especially true with rising living costs, longer lifespans, and the risk of outliving savings.

Most Canadians stop contributing consistently in their 50s and early 60s, leaving their TFSA underpowered at the moment they need it most. A TFSA can be a retirement game-changer, but only if it holds investments that produce steady income or long-term growth. At 65, retirees need their TFSA to act like a tax-free income engine rather than idle cash.

One strong TSX option that fits this purpose is CT REIT (TSX:CRT.UN). It pays monthly income backed by long-term leases with Canadian Tire, offering predictable, inflation-linked cash flow. CRT.UN’s low volatility, high occupancy, and reliable growth in distributions make it a practical anchor inside a TFSA for Canadians looking to turn a modest balance into a steady, tax-free income stream. While a $50,000 TFSA alone may not be enough to fully fund retirement, pairing it with a dependable monthly payer like CRT.UN helps stretch that money further and provides peace of mind at a stage when income stability matters most. In fact, here’s what you could earn from $50,000 in CRT today.

Average RRSP

The average RRSP balance for a 65-year-old Canadian is roughly $140,000 to $160,000, based on data from recent surveys. While that amount may look reasonable, it often falls short of what retirees need to maintain a comfortable lifestyle, especially once the RRSP converts into an RRIF and mandatory withdrawals begin.

At a typical 5% withdrawal rate, a $150,000 RRSP generates only about $625 a month before taxes, so not nearly enough to cover rising housing, food, and healthcare costs. Many Canadians assume the Canada Pension Plan (CPP) and OAS will fill the gap, but those programs were designed to replace only a portion of income, not fully fund retirement.

A reliable TSX stock that can help strengthen an RRSP in retirement is Exchange Income (TSX:EIF). It’s a diversified dividend stock with essential businesses in aviation, aerospace, and manufacturing. Plus, it pays a strong monthly dividend backed by consistent cash flow. EIF has a long history of dividend stability and growth, which is ideal inside an RRIF because it helps offset mandatory withdrawals with new income flowing in every month. For Canadians relying on their RRSP to last throughout retirement, holding a dependable monthly income generator like EIF can make a meaningful difference in stretching savings and reducing financial stress. Here’s what $150,000 could bring in.

Bottom line

While government plans are great, they aren’t meant to fully fund a retirement. That’s why investing in stocks like EIF and CRT.UN is a strong option. Whether it’s helping you catch up or funding your monthly income, both are strong options for supplemental income for any TFSA and RRSP.