A small TFSA can feel discouraging at 45. Yet the number many Canadians compare themselves against might surprise them. The Canada Revenue Agency’s newest Tax-Free Savings Account (TFSA) statistics, for the 2024 tax year, show Canadians aged 45 to 49 had an average fair market value of $28,084. Alberta residents, across all ages, averaged $36,424. The CRA doesn’t publish a neat Alberta-only figure for 45-year-olds, so the best answer sits around that range. For a typical 45-year-old Albertan, think roughly $28,000 to $36,000.
That sounds low when the lifetime TFSA room now runs far higher for eligible adults. But it also creates opportunity. A 45-year-old still has about two decades before a traditional retirement age. That’s enough time for steady contributions, dividends, and reinvestment to do meaningful work.
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MFC
This is where Manulife Financial (TSX:MFC) looks useful. Manulife isn’t a tiny growth stock trying to prove itself. It’s a global insurance and wealth-management company with operations across Canada, the United States, and Asia. It sells insurance, manages investments, and helps clients plan for retirement. That makes it especially fitting for a TFSA catch-up discussion, since its own business sits close to the same long-term savings theme.
Many Canadians feel squeezed these days. Mortgage costs, rent, groceries, and taxes can make saving feel almost impossible. Alberta residents also know income can move with energy cycles. A TFSA filled only with cash may feel safe, but cash can struggle to keep up over time. A dividend stock like Manulife can add income and growth potential while still staying inside a tax-free account.
Into earnings
The latest results support the case. In the first quarter of 2026, Manulife reported core earnings of $1.8 billion, up 8% from last year on a constant exchange rate basis. Core earnings per share (EPS) rose 11% to $1.06. The company also reported net income attributed to shareholders of $1.1 billion and a strong LICAT capital ratio of 136%. Those numbers point to a business with scale and resilience. Manulife also continues to benefit from growth in Asia, where insurance and wealth demand remain major long-term drivers. That global exposure gives Canadian investors more than a domestic financial stock.
The dividend adds the TFSA appeal. Manulife declared a quarterly dividend of $0.49 per share for June 2026. Recent market data put its forward dividend yield around 3.4%. That isn’t the biggest yield on the TSX, but it looks healthy when paired with earnings growth, buybacks, and global expansion.
Foolish takeaway
Here’s why this could help a 45-year-old catch up. Suppose an Alberta investor has $30,000 in a TFSA and adds $7,000 each year. A stock like Manulife won’t move in a straight line, but reinvested dividends can help build more shares over time. The goal isn’t to chase one miracle stock. It’s to create a machine where contributions and income keep working together. And here’s what that $30,000 might bring in from dividends alone today.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | ANNUAL DIVIDEND | ANNUAL TOTAL PAYOUT | FREQUENCY | TOTAL INVESTMENT |
|---|---|---|---|---|---|---|
| MFC | $55.01 | 545 | $1.85 | $1,008.25 | Quarterly | $29,980.45 |
All together, Manulife looks like a strong core candidate for a 45-year-old who feels behind. The average TFSA number may not look impressive. But that should encourage action, not panic. At 45, the window remains wide enough to recover. With steady contributions and a dividend grower like Manulife, an Alberta resident can turn a modest TFSA into something far more powerful by retirement.
