How Much Should Canadians Have in an RRSP by Age 45?

Even if you’re starting later, a $72,600 RRSP at 45 could still grow into a meaningful retirement nest egg by 65.

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. Before joining Motley Fool Canada, she 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 July 6, 4:10 pm EDT

| More on: CNR

Key Points

Many Canadians in their late 40s have around $72,600 saved, but your target depends on income and pension coverage.
RRSPs help you catch up by lowering taxes now and letting investments compound tax-deferred until retirement.
CNR isn’t a high-yield stock, but it’s built for long-term compounding through durable cash flow and dividend growth.

If you’re a Canadian looking to start compounding stock returns, even a 7% annual return can do wonders. In fact, $72,600 at age 45 could become more than $280,000 by age 65, even without another contribution at that rate!

Of course, that is not a guarantee, but a reminder that age 45 is not too late. Instead, it should be treated as the point where retirement starts to move from a distant idea into a real financial deadline.

The RRSP (Canadian Registered Retirement Savings Plan) is a smart way to save and invest for the future — Source: Getty Images

Where to start

So how much should Canadians have in a Registered Retirement Savings Plan (RRSP) by age 45? A useful starting point comes from Fidelity Canada’s retirement savings data, which lists median RRSP-related savings for Canadians aged 45 to 54 at $72,600. The same table shows $33,000 for those aged 35 to 44, meaning the 40s can be a major catch-up decade for retirement savings.

The Canada Revenue Agency (CRA) says RRSP deduction room is generally based on unused room from prior years, plus the lesser of 18% of earned income from the previous year or the annual RRSP limit. For the 2025 tax year, that annual limit was $32,490.

That means your RRSP target at 45 depends heavily on your income, pension coverage, and unused room. Someone with a strong workplace pension may not need the same RRSP balance as someone self-employed with no pension at all.

A powerful portfolio

Statistics Canada shows how Canadians are actually using the account. In 2023, tax filers aged 45 to 54 contributed a median of $4,330 to RRSPs. The same age group contributed almost $14 billion in total RRSP contributions that year.

That gives investors two useful benchmarks. The real-world RRSP balance for many Canadians around this stage may be far below the ideal target. But age 45 still leaves about 20 years before a traditional retirement age.

This is where the RRSP becomes powerful. Contributions can reduce taxable income today. Investments can grow tax-deferred inside the account. Withdrawals are taxed later, usually in retirement, when many Canadians expect to have lower income.

So if you are around age 45 and have less than $75,000 in your RRSP, you’re not alone, but you probably need a clear catch-up plan. If you are closer to $150,000 or $200,000, you may be in better shape. Yet if you’re aiming for financial independence, the target may be much higher.

Consider CNR

The key is not just saving more, but owning investments that can compound for decades. That’s where Canadian National Railway (TSX:CNR) deserves a serious look for RRSP investors. CNR stock is not a high-yield stock with a yield at 2.1%. But an RRSP at age 45 is about more than yield, it’s about total return, dividend growth, and business durability over the next 20 years.

CNR stock operates one of the most important transportation networks in North America. The company says it moves more than 300 million tons of natural resources, manufactured products, and finished goods each year. Its rail network connects Canada’s east and west coasts with the U.S. Midwest and Gulf Coast.

In the first quarter of 2026, CNR stock generated $900 million in free cash flow, up 44% from the prior year. It also reported record first-quarter revenue ton miles, showing the railway moved more freight volume despite an uncertain economic backdrop. The company also continues to return money to shareholders. CNR stock declared a quarterly dividend of $0.915 per share for the second quarter of 2026.

For RRSP investors, that dividend can be reinvested tax-deferred. Over 20 years, even a modest yield can become meaningful when paired with dividend growth and capital appreciation.

Bottom line

So, how much should Canadians have in an RRSP by age 45? A real-world benchmark is around $72,600. A stronger goal may be well into six figures, depending on income and retirement plans. But the more important answer is this: by 45, your RRSP should have a job. It should own durable businesses that can help close the gap over the next 20 years.

For investors still building toward retirement, CNR stock looks like one of those buy-and-hold TSX stocks that can keep working long after today’s contribution deadline has passed.