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How Much Canadians Usually Have in an RRSP by Age 45

If your RRSP at 45 seems behind, the median balances suggest you’re in crowded company, and BAM is pitched as a long-run compounding helper.

Amy Legate-Wolfe

Author Bio 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. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy 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. Social Media 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 May 27, 3:30 pm EDT

Key Points

Canadians aged 35–44 have a median RRSP around $33,000, while ages 45–54 are around $72,600.
The article argues the real edge at 45 is time plus discipline, using RRSP refunds and compounding to catch up.
Brookfield Asset Management is positioned as a diversified alternative-asset fee earner with growing AUM, earnings, and a modest dividend.

Canadians love a good retirement target. They can also loathe it. That’s fair. By 45, life can feel expensive from every angle. Mortgage payments, kids, groceries, taxes, car repairs, and even aging parents can all crowd the budget. So when someone asks how much Canadians usually have in a registered retirement savings plan (RRSP) by age 45, the answer can either calm them down or light a small fire.

shopper carries paper bags with purchases — Source: Getty Images

What to save

The useful number starts with the age band. Fidelity Canada’s retirement savings data shows Canadians aged 35 to 44 have a median RRSP balance of about $33,000. For those aged 45 to 54, that median rises to about $72,600. So a 45-year-old may land somewhere near the transition between those two numbers. That’s far below many retirement rules of thumb, including the idea of having around four times annual income saved by age 45.

That gap creates the real story. Many Canadians aren’t failing, but juggling. However, an RRSP can still work hard from 45 onward, especially if investors choose businesses that can compound through long stretches of time. The RRSP tax break can also help, since refunds can go right back into the account. That turns one contribution into the start of another. That’s where Brookfield Asset Management (TSX: BAM) earns a closer look.

BAM

Brookfield Asset Management isn’t a bank, utility, or traditional dividend stock. It manages money across real assets and alternative investments, including infrastructure, renewable power, real estate, credit, and private equity. In short, BAM raises money from large investors, puts that capital into long-term assets, and earns fees for managing it.

That model fits an RRSP because time helps. A 45-year-old may still have 20 years before a traditional retirement age. That’s not a short runway. It gives a quality compounder room to grow earnings, raise dividends, and benefit from bigger global investing trends. Inside an RRSP, those gains can keep working without annual tax drag, which can make discipline feel a little more rewarding.

The latest results give investors something to work with. In the first quarter of 2026, BAM reported fee-related earnings of US$772 million, up 11% from last year. Distributable earnings reached US$702 million, or US$0.43 per share, up 7%. BAM also said it had more than US$1 trillion in assets under management and raised US$21 billion during the quarter.

What to watch

Those are big numbers, but the stronger point is momentum. BAM doesn’t need one hot product to drive growth, but operates in several areas where capital needs could remain huge for years. Infrastructure needs upgrades, power demand keeps growing, private credit keeps gaining interest, and large investors still want access to assets outside the public market.

The dividend adds another layer. BAM stock declared a quarterly dividend of US$0.50 per share for the quarter. It’s not a massive yield stock, and investors shouldn’t treat it like a pure income play. The appeal comes from the mix of income, global scale, and long-term growth potential.

For a 45-year-old with a smaller-than-ideal RRSP, that mix could matter. Catch-up investing shouldn’t mean chasing risky stocks. It should mean owning companies with durable earnings paths, strong management, and the ability to grow over time. BAM stock checks many of those boxes.

Bottom line

There are risks. BAM depends on fundraising, deal activity, asset values, and investor appetite for alternative investments. Higher interest rates can cool transactions and pressure valuations. A market downturn can also hurt sentiment toward asset managers, even strong ones. Investors need patience, because BAM stock can move with the market.

Still, the bigger lesson is encouraging. If your RRSP at 45 looks closer to the Canadian median than to an ideal target, you’re not alone. But you’re also not out of time. BAM stock won’t solve retirement planning by itself. No single stock should. Yet in a diversified RRSP, it could help turn the next 20 years into something far more powerful than a late start suggests for Canadian investors starting today.