We often set a benchmark for ourselves based on what most people are doing. Where we stand in the investing game gives us a sense of assurance that we at least meet the average. Some don’t settle for average but chase milestones. Whether you are chasing milestones or meeting the average, a Tax-Free Savings Account (TFSA) will help you in your savings journey.
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How much does a typical Canadian have in their TFSA at 50?
Statistics Canada doesn’t provide data for the exact age but for an age range. The average TFSA balance of Canadians in the 45–49 age group was $28,084 in the 2024 tax year. It is not an impressive number, as it means only 30% of the cumulative contribution room of $95,000 was used.
There could be multiple reasons for a lower TFSA balance:
You might be in the high tax bracket and use a Registered Retirement Savings Plan (RRSP) to lower taxable income.
You may withdraw from the TFSA to repay the mortgage early.
Or you don’t have any after-tax income left to invest after RRSP contributions, mortgage, debt, and other expenses.
| TFSA Statistics (2024 tax Year) | 45–49 | 50–54 | 55–59 | 60–65 |
| Average Contribution | $10,697 | $11,942 | $13,157 | $13,996 |
| Avg Fair Market Value (FMV) | $28,084 | $35,235 | $43,519 | $52,381 |
| Cumulative Contribution (CC) | $95,000 | $95,000 | $95,000 | $95,000 |
| FMV/ CC | 30% | 37% | 46% | 55% |
| Average Income | $84,100 | $84,100 | $70,200 | $70,200 |
If we look for a pattern in the statistics, TFSA balances increased remarkably after age 55. The TFSA balance as a percentage of cumulative contribution increased to 46% in the 55–59 age group and 55% in the 60–65 age group.
What is it that 55-year-olds do that 50-year-olds don’t?
By the time Canadians reach 55, they accelerate their savings. What income bracket they fall into also plays a major role. Those in the $250,000 and above income group had the highest TFSA balance of $90,302. To make sense of the two data points, we looked at the average income of those in the age of 45 to 65 and found that the 45–54 age group had the highest average income of $84,100. It declined to $70,200 in the 55–64 age group.
A dip in income probably sparked the urgency to accelerate investments and triggered a rally in TFSA contributions.
How to boost your TFSA balance past the average
Accelerating TFSA savings later in life is not the same as meeting the contribution limit and staying invested in the market. To give you an example, instead of investing $14,000 annually in your 60s, a $7,000 investment at age 50 can become $14,000 by 60. A 7% annual return can double your money in 10 years, and a 15% compounded annual growth rate (CAGR) can do so in five years.
While you invest in an RRSP, do not delay your TFSA investments. Consider investing TFSA money in growth stocks that can deliver a 20% CAGR.
A growth stock to buy at 50
Bombardier (TSX:BBD.B) is a stock worth considering because it has been beating estimates even after the turnaround. The business jet maker’s share price growth stagnated in the first half because of the uncertainty around the July 1 renewal of the Canada-United States-Mexico Agreement (CUSMA). While the United States refused to renew, the agreement is valid till 2036.
What broke Bombardier’s share price stagnation was the first-quarter earnings released on April 30, 2026. Its stock price jumped 40% as the company reported an increase in its order book from $17.5 billion to $20.3 billion. The strong demand for its business jets shows there is more room for growth. Moreover, Bombardier revised its 2026 free cash flow guidance to over $1 billion from the previous $600 million to $1 billion.
Back in 2025, Bombardier expected business jet deliveries to grow to 150 jets per year and stagnate from there. Yet the company delivered 157 aircraft in 2025 and now expects to cross this number in 2026. This shows strong demand from its flagship carrier, the Global 8000.
Bombardier stock surged 140% in 2025 and another 39% in 2026 so far. The business has more room to grow and deliver a 20% CAGR return.
