A 50th birthday can make retirement feel less distant and your Tax-Free Savings Account (TFSA) balance more important. The good news is that you do not need a perfect portfolio to start improving it.
Canada Revenue Agency figures show that the average TFSA fair market value for Canadians aged 50 to 54 was $30,190 in the 2023 contribution year. Some investors will be ahead, while others will have catching up to do. Either way, stocks with steady businesses behind them can support a long-term plan.
In this article, I’ll spotlight two Canadian dividend stocks that may help strengthen your TFSA over time without chasing speculative returns today.
Source: Getty Images
Metro stock
For investors trying to move a TFSA beyond the average at age 50, Metro (TSX: MRU) stock offers a dependable path.
This company mainly operates food stores and pharmacies across Quebec and Ontario. Its banners include Metro, Food Basics, Super C, Jean Coutu, and Brunet. At the time of writing, Metro stock traded at $92.32 per share with a market cap of $19.4 billion and a 1.8% annualized dividend yield. Although it has declined 12% over the last year, it remained 48% higher over five years.
That recent weakness in MRU stock came despite a solid momentum in its operating results. In the second quarter of its fiscal 2026 (ended in mid-March), the company’s sales rose 4.1% year-over-year (YoY) to $5.1 billion. New stores, same-store sales growth, and the timing of a major pre-Christmas shopping day backed the increase. Similarly, its food same-store sales grew 1.8% YoY, while pharmacy same-store sales advanced 5.1% from a year ago. Metro’s online food sales for the quarter also climbed 19.8%.
As a result, Metro managed to post a strong 12.1% YoY increase in its quarterly net earnings to $246.6 million, helped partly by a gain from selling unused warehouses. The firm also returned $222.5 million to its shareholders through share repurchases during the quarter.
Interestingly, the Canadian retailer plans to open or convert about a dozen discount stores in fiscal 2026 while improving efficiency across its supply chain and store network.
Overall, its essential businesses, steady earnings, and shareholder returns make Metro an attractive TFSA stock for investors seeking resilience and gradual wealth growth.
iA Financial stock
For Canadians wanting to build a larger TFSA after 50, iA Financial (TSX: IAG) could add an even stronger growth momentum.
This Quebec City-based firm provides insurance, wealth management, and related financial services in Canada and the United States. After rallying by 42% over the last year alone, IAG stock currently trades at $205.32 per share with an $18.2 billion market cap and a 2.1% annualized dividend yield.
In the first quarter of 2026, iA’s core earnings rose 9% YoY to $298 million, while core diluted earnings climbed 12% to $3.25 per share. However, its reported net income attributable to common shareholders fell 26% from a year ago to $137 million, mainly because of market-related impacts, acquisition-related expenses, and a tax adjustment.
More importantly, the company’s wealth management business remains solid. The segment’s core earnings in the latest quarter jumped 24% YoY to $131 million as strong segregated fund sales, favourable markets, and the RF Capital Group acquisition lifted results. Meanwhile, iA Financial’s total assets under management and administration grew 31% to more than $346 billion.
Encouraged by these results, its board raised the quarterly dividend by 11% to $1.10 per share and expanded its share repurchase capacity. Strong wealth inflows, solid capital generation, and rising shareholder payouts make iA Financial an appealing TFSA holding for investors seeking long-term compounding.
