What the Average Canadian Has in a TFSA by Age 55

A well-built TFSA at 55 is about more than just the balance. These two Canadian financial stocks could help keep it growing for years.

Key Points
  • CRA statistics show the average Canadian aged 55 to 59 had $37,600 in their TFSA at the end of the 2023 contribution year.
  • Bank of Nova Scotia (TSX:BNS) is growing earnings across its banking and wealth management businesses while rewarding shareholders with reliable dividends.
  • Sun Life Financial (TSX:SLF) delivered another strong quarter of earnings growth as it expanded its global business and increased its dividend.

By the time many Canadians reach 55, their Tax-Free Savings Account (TFSA) has likely grown into one of their most valuable investment accounts. According to Canada Revenue Agency (CRA) data 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, showing that many investors continue adding to their TFSAs even as retirement gets closer.

Of course, the size of a TFSA is only part of the story. What really matters is what those investments could deliver over the long run. Many Canadians in their mid-50s focus on stocks with durable businesses, reliable dividends, and the ability to keep growing for years. Two TSX stocks that fit that profile are Bank of Nova Scotia (TSX: BNS) and Sun Life Financial (TSX: SLF). Let me explain why.

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Source: Getty Images

Scotiabank stock

The first stock that could easily fit into a typical TFSA at age 55 is Bank of Nova Scotia, or Scotiabank. It has long been one of Canada’s largest and most recognizable banks. With operations spanning personal banking, commercial lending, wealth management, and international banking segments, it generates earnings from multiple sources, making it a popular choice for long-term investors.

After rallying more than 60% in the last year alone, BNS stock now trades close to $122 per share, giving the bank a market cap of about $138.4 billion. Investors also continue to collect a quarterly dividend with a yield of around 3.7%.

In its fiscal second quarter (ended in April 2026), the bank’s net income climbed to $2.6 billion from $2 billion a year ago. At the same time, its earnings per share (EPS) jumped 35% year-over-year (YoY), backed by stronger revenue and improving profitability across several business segments.

Scotiabank’s Canadian banking division led the way, with the segment’s net income jumping 53% YoY as revenue increased and credit loss provisions declined. Its global wealth management business also posted a 19% YoY increase in earnings.

Beyond its latest results, the bank continues investing in areas that could support long-term earnings growth, including wealth management and digital banking, making it an attractive stock to buy and hold for TFSA investors.

Sun Life Financial stock

Another company that could complement a long-term TFSA portfolio is Sun Life Financial. It operates across insurance, wealth management, and asset management, giving it multiple sources of growth while geographically serving customers in Canada, the United States, and Asia.

Over the last six months, SLF stock has climbed 29%, and trades at $110.93 per share with a market cap of roughly $57 billion. At this market price, the stock offers an annualized dividend yield of about 3.5%, paid quarterly.

Sun Life also started 2026 on a solid footing as its underlying net income edged up to $1.05 billion in the first quarter, while underlying EPS rose 4% YoY to $1.89. These stronger figures clearly show the strength of its core business despite a weaker reported profit caused by one-time items.

More importantly, the company’s financial growth was supported by strong performance across several business segments. Its individual insurance sales jumped 32% YoY, led by robust demand in Asia, while assets under management climbed to $1.575 trillion from $1.552 trillion a year ago.

To accelerate its growth further, Sun Life recently deployed more than $2.4 billion to acquire the remaining interests in BentallGreenOak and Crescent Capital, while announcing plans to acquire Bell Partners, a U.S.-based real estate investment manager.

Those strong financials and growth efforts highlight why Sun Life continues to appeal to long-term investors. The company is growing across multiple markets, generating healthy earnings, and returning more cash to shareholders while continuing to invest in future expansion.

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

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