How Much Does a Typical 45-Year-Old British Columbia Resident Have Saved in a TFSA?

The number may surprise you. A 45-year-old British Columbia resident could have a lot of Tax-Free Savings Account (TFSA) room. Yet the typical balance may sit much lower than many people expect.

How much?

CRA data shows British Columbia TFSA holders had an average fair market value of $42,614 in the 2024 contribution year. Meanwhile, Canadians aged 45 to 49 held an average TFSA balance of $24,150 in the 2023 contribution year.

Those two numbers don’t give a perfect age-by-province figure. The Canada Revenue Agency doesn’t neatly break out 45-year-old British Columbia residents in one simple table. But they do give a useful range. A typical 45-year-old in B.C. may hold somewhere between the national age-group average and the stronger provincial average. Either way, many investors likely still sit well below their full available room.

That gap creates opportunity. The TFSA shouldn’t just hold cash for years unless investors need the money soon. It can hold stocks, exchange-traded funds (ETFs), and income assets. For a 45-year-old, the account still has decades to work. That’s enough time for dividends, capital gains, and reinvestment to do real damage, in the best possible way.

IGM

IGM Financial (TSX:IGM) offers a useful example. The company runs a major Canadian wealth and asset-management platform through businesses such as IG Wealth Management and Mackenzie Investments. It earns fees by helping Canadians invest, plan, and manage money. That gives it a clear role in a country where many households still need better retirement and investment advice.

Canadians keep facing big financial questions. Retirement costs more, housing costs more, and markets feel harder to navigate. That can create demand for advice, diversified funds, and planning tools. IGM benefits when people keep saving, investing, and working with advisors.

The latest numbers show why TFSA investors may want to watch it. IGM reported record quarter-end assets under management (AUM) of $246 billion in the first quarter of 2026, up 12.5% from the year before. It also reported assets under advisement, including strategic investments, of $242.5 billion at March 31, 2026. That scale gives the company a strong fee base and plenty of room to deepen client relationships.

Looking ahead

The dividend also helps the TFSA case. IGM raised its dividend in 2026, with a quarterly payout of $0.62 per share or $2.48 per year, yielding 3.08%. That gives investors income while they wait for growth. Inside a TFSA, those dividends can get reinvested without adding to a tax bill, which can make a meaningful difference over time.

The appeal is simple. As markets rise and clients add money, fee-based businesses can grow without needing factories, mines, or huge physical footprints. IGM also has recognizable brands, a long operating history, and exposure to both advice and investment products. That gives it more balance than a smaller single-line financial company.

Still, investors need to respect the risks. Asset managers can struggle when markets fall. Lower market values can reduce fees, and nervous clients can move money elsewhere. Competition from low-cost ETFs and digital platforms can also pressure margins.

Bottom line

For a 45-year-old British Columbia resident, time still sits on your side. Say you have that $42,614 to invest in a TFSA, close to the national average for the 45-to-49 age group. Invest in IGM today, and it shows how a modest TFSA can become a serious retirement tool, especially when compounding those dividends through reinvestment year after year.

Still, the bigger message feels encouraging. If your TFSA balance lags the B.C. average, don’t treat that as a failure. Treat it as a starting line. At 45, the benefits still have plenty of time to compound.