Where the Average Canadian’s TFSA and RRSP Stand by Age 45

As you approach mid-career and begin thinking more seriously about retirement, it can be useful to compare your own registered savings to what many Canadians actually hold at similar ages. At around age 45, tax-advantaged accounts like the Tax-Free Savings Account (TFSA) and the Registered Retirement Savings Plan (RRSP) play an important role in building long-term wealth, but most savers still have room to grow their balances.

On average, Canadians around age 45 hold roughly $21,000 in a TFSA. This reflects a combination of accumulated contributions over time and investment returns within the account. Given annual TFSA contribution limits, holding this level of assets usually means consistent saving and some healthy investment growth. However, averages can mask a wide range — many people have much more, and many have much less — so this number is best seen as a benchmark, not a target you must meet exactly.

RRSP balances at age 45 tend to be significantly higher on average because contribution limits and early-career income growth often lead people to prioritize RRSP contributions earlier in life. The typical balance for this age group sits above $150,000, but the median — which removes the effect of very large accounts — is closer to $70,000. This gap shows that averages are skewed by high-net-worth individuals, while many Canadians are still building their retirement savings.

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These averages highlight two key points for investors: first, there’s still ample opportunity to increase your registered savings before retirement through regular contributions and prudent investing; and second, using both TFSAs and RRSPs strategically — such as holding growth-oriented stocks or dividend payers — can help you make the most of the tax-advantaged envelopes you have available.

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Comparing your own TFSA and RRSP balances to national averages can give you a reality check and help guide your planning, but remember that individual situations vary widely. Factors like income, career path, family commitments, and investment strategy all influence how much you’ll hold in these accounts by mid-career.