If you are approaching 50 and wondering how your TFSA (Tax-Free Savings Account) stacks up, here is the honest answer. Most Canadians aged 50 have less than $30,000 in their TFSAs.
My take is straightforward. The average Canadian TFSA at age 50 is far smaller than it should be. And for those willing to invest in quality growth stocks, the gap can be closed quickly.
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What the CRA data shows about Canadian TFSAs
The numbers from the Canada Revenue Agency paint a clear picture.
- Out of roughly 17.8 million TFSA holders, more than 16.8 million had a fair market value below $100,000. That works out to about 94.6% of all account holders.
- Another 5.2% sat in the $100,000 to $199,999 range.
- That means only about one in every 500 Canadians has a TFSA worth more than $200,000.
The fact that so few have breached the $100,000 TFSA threshold suggests Canadians may be relying too heavily on conservative products or taking advice that prioritizes caution over growth.
The age-by-age trajectory tells a similar story.
- The TFSA balance for Canadians under 20 averages around $3,304, while those in the 20-24 bracket average roughly $6,558. By the late 20s, balances reach about $10,961.
- Through the 30s, they climb from around $13,822 for the 30 to 34 group to about $15,594 for those aged 35 to 39.
- The 40s see more acceleration. The 40 to 44 bracket averages around $17,604, and the 45 to 49 group reaches approximately $21,177.
- By the early 50s, the average TFSA balance is between $26,500 and $30,200. Age 50 falls at the younger end of that bracket, which means the average 50-year-old Canadian likely has somewhere just below $30,000.
- Beyond that, the 55 to 59 group averages around $33,242, rising further to about $39,756 for those aged 60 to 64.
What Canadians hold in their TFSAs
The typical TFSA holds a mix of stocks, bonds, Guaranteed Investment Certificates (GICs), and funds built on those three categories. Direct real estate is not allowed, though real estate investment trusts (REITs) are fine.
Among specific holdings, Canadian and U.S. exchange-traded funds (ETFs) are widely popular. But arguably the most recognizable category among Canadians building wealth through their TFSAs is blue-chip growth stocks listed on the TSX.
Dollarama (TSX:DOL) is one of the best examples of why that approach works. Over the past decade, the discount retailer has returned close to 500% to shareholders, easily outpacing broader market gains.
In its most recent fiscal 2026 earnings call, the company reported same-store sales growth of 4.2% for the year and earnings per share growth of nearly 14% year over year.
Its Latin American business, Dollarcity, saw its contribution to Dollarama’s net earnings jump over 47%.
The company also raised its quarterly dividend by 13.4% and bought back more than 4.4 million shares during the year.
The Foolish takeaway
The Canadians who will look back on this decade with satisfaction are the ones who stopped treating their TFSA like a savings account and started treating it like a portfolio.
Stocks like Dollarama, with consistent earnings growth, international expansion, and shareholder-friendly capital returns, are the kind of holdings that can meaningfully shift those numbers over a 10- to 15-year horizon.
