Any Canadian who was 18 and above in 2009 has a cumulative Tax-Free Savings Account (TFSA) contribution room of $109,000. Yet, Canadians use only 23–55% of this benchmark, according to data from Statistics Canada. Looking at the working age group, those in the 30-40 age group use 23%, and those in the 60–65 age group use 55% of their TFSA benchmark. Only those who have retired are using their TFSA optimally at 70–80%. It is probably because the Registered Retirement Savings Plan (RRSP) ends at age 70.
| Age Group (2024 tax Year) | Avg Fair Market Value (FMV) | Cumulative Contribution (CC) | FMV/ CC |
| 25–29 | $13,967 | $48,500 | 29% |
| 30–34 | $18,475 | $80,000 | 23% |
| 35–39 | $21,561 | $95,000 | 23% |
| 40–44 | $24,061 | $95,000 | 25% |
| 45–49 | $28,084 | $95,000 | 30% |
| 50–54 | $35,235 | $95,000 | 37% |
| 55–59 | $43,519 | $95,000 | 46% |
| 60–65 | $52,381 | $95,000 | 55% |
| 65–69 | $59,344 | $95,000 | 62% |
| 70–74 | $64,972 | $95,000 | 68% |
| 75–79 | $71,094 | $95,000 | 75% |
| 80 and above | $76,305 | $95,000 | 80% |
Since the TFSA data in the table above is for 2024, the benchmark was $95,000.
Source: Getty Images
Here’s how to see where you stand among the TFSA benchmark
Look at your age group and see how much of the TFSA benchmark you have used. Do not look at the average TFSA balance, as the data is two years old. If you are 46 years old and have used 30% of your TFSA contribution room ($32,700) in 2026, you have at least achieved the average. The average itself is weak, which means your TFSA investments are not enough. Those who want to retire at age 46 should already be investing like retirees.
Seventy-year-olds are using up 68–70% of their TFSA contribution room. To retire at 46, you should at least use 70% of your TFSA benchmark. When you are ahead in your investing game, financial goals come closer.
How to catch up on the $109,000 TFSA benchmark
Make investing a habit
The $109,000 figure is tough to catch up on. Firstly, you can ensure that you max out on future TFSA contributions. For 2026, the contribution limit is $7,000. Consider breaking it down to $500 per month. Making investing a habit is how you can get things done. The remaining $1,000 can be invested in any month where you get your annual bonus. Even if you do not invest that $1,000, you used 86% ($6,000) of your contribution limit.
Build a core portfolio
Next, don’t just keep the money idle in a TFSA. Prepare a core portfolio, which comprises two to four evergreen stocks that you keep accumulating throughout the year.
The iShares NASDAQ 100 Index ETF (CAD-Hedged) (TSX:XQQ) and SmartCentres REIT (TSX:SRU.UN) could be a part of your core portfolio for 2026. The XQQ ETF can give you exposure to the top-performing global tech stocks trading on Nasdaq. Your core portfolio will benefit from all types of tech revolutions, be it artificial intelligence (AI), 5G, autonomous cars, robotics, and someday space travel.
The ETF adjusts and rebalances its portfolio every quarter. The poor performers exit, and the top performers stay. The ETF has surged 26% from the March 30, 2026, dip. It has doubled investors’ money in five years, riding the AI wave.
SmartCentres REIT is a stock to accumulate for its 6.5% yield. It is Canada’s largest retail REIT and has properties at the city intersection. The REIT has taken up an ambitious project to convert its open-air shopping centres to city centres comprising commercial, residential, retail, and storage facilities all in one place. While SmartCentres develops and sells residential properties, it leases commercial properties. Until now, SmartCentres has used its main tenant, Walmart, as the anchor to keep the occupancy rate high. It will use the intensification approach to optimally use the free space and attract higher rent.
Final thoughts
Most Canadians delay investing because they don’t know where to invest. When you know your core portfolio, meeting the TFSA benchmark doesn’t take much time or eat up on your budget.
