How Much a Typical 45-Year-Old Has in TFSA and RRSP Accounts

If you feel behind at 45, the averages show you’re not alone, and a steady, infrastructure-focused compounder like WSP could help you catch up.

Amy Legate-Wolfe

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Before joining Motley Fool Canada, she wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote: “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published April 23, 4:40 pm EDT

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Key Points

Many 45-year-olds have TFSA balances around the low-$20,000s and RRSP medians near $70,000, so “behind” is common.
Catching up usually comes from consistent contributions, using RRSP deductions for higher income years, and maximizing unused TFSA room.
WSP offers long-run infrastructure demand and growing backlog, but acquisitions and a premium valuation add risk.

10 stocks we like better than WSP Global

If you’re 45 and feel like your Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP) should look bigger by now, you’re far from alone. Recent Canadian data show the average TFSA fair market value for people aged 45 to 49 sat around $20,800 in the 2023 contribution year. Meanwhile, recent reporting based on Statistics Canada data put the average TFSA balance for that age band at roughly $24,150 and the median RRSP balance near $70,000. That’s a useful reality check. Many Canadians enter their peak earning years with decent savings, but not exactly retirement-at-the-cottage money yet.

The RRSP (Canadian Registered Retirement Savings Plan) is a smart way to save and invest for the future — Source: Getty Images

How to catch up

At 45, the big TFSA and RRSP question is how each one fits your life right now. RRSPs usually shine when your income is higher, as the tax deduction can give you a nice break today. TFSAs shine as withdrawals stay tax-free, which gives you more flexibility later. Statistics Canada says 54.5% of all RRSP contributions came from Canadians aged 45 to 64, so this is very much the stretch where people tend to get serious.

This age also brings a tricky balancing act. A lot of 45-year-olds still juggle mortgages, kids, aging parents, and a retirement timeline that suddenly feels less theoretical. That’s where consistency matters. Even modest automatic contributions can build surprising momentum when you still have 15 to 20 working years ahead. A TFSA works well for flexibility and future tax-free income, while an RRSP can help smooth out today’s tax bill and keep you investing with purpose.

The easiest way to start increasing both accounts is boring, which is why it works. Raise contributions whenever your pay goes up. Send tax refunds back into investing instead of letting them disappear into the monthly blur. Hold quality stocks or diversified funds instead of parking long-term money in cash. And don’t ignore catch-up room. Many Canadians still have unused TFSA space, which means a 45-year-old who gets focused now can still make meaningful progress without needing a lottery win.

An investment option

That brings us to WSP Global (TSX:WSP). WSP is one of the world’s largest engineering and professional services firms, with work tied to infrastructure, transportation, buildings, energy, water, and environmental consulting. In short, it helps design and manage the stuff countries keep needing, whether the economy feels sunny or stormy.

The last year brought plenty of action. WSP agreed to buy Ricardo for about $489.6 million in June 2025 and then announced a $3.3 billion all-cash deal for TRC Companies in December 2025 to deepen its power and energy footprint in the United States. That second move looks especially timely, with demand rising for grid, utility, and energy work. The TRC deal closed on Feb 24, 2026, and management expects it to support growth this year.

Furthermore, the numbers look strong. WSP reported 2025 revenue of $18.3 billion, net revenue of $14 billion, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $2.6 billion, and net earnings attributable to shareholders of $964.3 million. Adjusted earnings per share (EPS) climbed to $9.58 from $8.05, while backlog hit a record $17.1 billion. For 2026, management guided for net revenue of $16 billion to $17 billion, organic net revenue growth of 4% to 7%, and adjusted EBITDA of $3 billion to $3.2 billion. Meanwhile, it offers a solid $1.50 dividend, which can still bring in some extra cash even with a $7,000 investment.

COMPANY	RECENT PRICE	NUMBER OF SHARES	ANNUAL DIVIDEND	ANNUAL TOTAL PAYOUT	FREQUENCY	TOTAL INVESTMENT
WSP	$225.13	31	$1.50	$46.50	Quarterly	$6,979.03

Bottom line

For a 45-year-old building a TFSA or RRSP, WSP fits as it offers a mix of quality, scale, and long-term tailwinds. The risk, of course, is that acquisitions can get messy and a premium stock can wobble if growth slows. Still, if the goal is to move from “average” savings toward something much stronger, owning a business with durable demand and a solid runway could be a smart way to help both accounts grow over time.