What a Typical Canadian TFSA Actually Looks Like at 55

CRA data shows what the average TFSA looks like for Canadians in their late 50s. Here’s how two reliable TSX stocks could help keep that portfolio growing.

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Key Points
  • Canada Revenue Agency data shows Canadians aged 55 to 59 had an average TFSA fair market value of $37,600 in 2023.
  • Atco (TSX:ACO.X) is pairing steady earnings growth with new projects that could support its long-term outlook.
  • iA Financial (TSX:IAG) continues to deliver solid earnings growth while returning more value to shareholders.

If you’re 55 and wondering what a typical Canadian Tax-Free Savings Account (TFSA) actually looks like, Canada Revenue Agency (CRA) data offers a useful benchmark. According to the CRA’s 2025 TFSA Statistics, based on the 2023 contribution year, Canadians aged 55 to 59 held an average TFSA fair market value of $37,600. They also contributed an average of $12,302 during the year while still having $52,972 in unused contribution room, showing that many investors continue building their TFSAs well into their late 50s.

By this stage of life, a typical TFSA should ideally be more than just a savings account. Years of regular contributions and market growth could turn it into a diversified portfolio of quality stocks capable of generating both capital gains and steady dividend income. That’s why many investors approaching retirement focus on established companies with resilient earnings and long-term growth prospects.

Let me quickly highlight two top Canadian stocks that could fit well in a TFSA for investors in their late 50s.

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Source: Getty Images

Atco stock

The stock I’d start with here is Atco (TSX: ACO.X), which has long been associated with consistency and reliable performance. The company operates across utilities, electricity transmission, pipelines, workforce housing, commercial real estate, and retail energy, giving it a diversified business model that has helped it deliver stable results through different economic cycles.

After gaining 36% over the last year, Atco stock currently trades at around $70 per share, giving the company a market capitalization of about $7 billion. Investors also receive a quarterly dividend that currently yields about 3%.

Even as geopolitical tensions and macroeconomic uncertainties continue to hurt many businesses globally, Atco’s latest quarterly results continued to demonstrate the strength of the business. Its first-quarter adjusted earnings rose to $165 million, or $1.47 per share, compared to $160 million a year ago. The improvement was mainly driven by investments across its regulated businesses and stronger performance from its structures segment.

The company also continued expanding its project pipeline. During the quarter, Atco secured early-stage work related to mining developments in Western Canada and Australia with a combined contract value of $100 million. It also advanced work on a $179 million modular infrastructure contract with Perpetua Resources.

Beyond that, its structures business segment secured additional contracts supporting data centre construction in Texas and Utah, along with nuclear power projects in Idaho and Wyoming. These wins demonstrate Atco’s ability to generate growth across multiple industries while maintaining a stable core business.

iA Financial stock

Another company that many long-term TFSA investors may find attractive is iA Financial (TSX: IAG), which has quietly established itself as one of Canada’s strongest financial services firms. This Quebec City-based company offers life and health insurance, wealth management, dealer services, and several other financial products that provide multiple sources of earnings.

At the time of writing, IAG stock traded at $189.38 per share with a market cap of nearly $17 billion. Over the last year, its shares have climbed more than 31%. It also pays a quarterly dividend that currently yields around 2.3%.

iA Financial posted core diluted earnings growth of 12% year-over-year in the first quarter to $3.25, while its core return on common shareholders’ equity reached 17.5%, meeting the company’s long-term profitability target. This growth was primarily backed by strong activity across its wealth management and insurance distribution businesses.

At the same time, its individual insurance policy sales also rose 5% from the previous year, reflecting healthy demand despite an uncertain economic backdrop.

During the quarter, iA Financial generated $155 million in organic capital, up from $125 million a year ago. That strong capital position gives it greater flexibility to invest in future growth while returning more capital to shareholders.

Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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