Here's the Average TFSA Balance for Canadian Parents in Their 40s [Yahoo! Finance Canada]
Bank Of Montreal (BMO)
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Source: Yahoo! Finance Canada
For parents in their 40s, managing finances can often feel like a high-stakes juggling act. Between mortgages, education savings plans, and the myriad expenses of raising children, it can be hard to focus on personal wealth-building. One of the most powerful tools for Canadians to achieve long-term financial growth is the Tax-Free Savings Account (TFSA). But where does the average TFSA balance stand for people in this age group? According to a 2023 report by the Canadian Institute of Chartered Accountants, the average TFSA balance for Canadians aged 40 to 44 is approximately $20,000. Meanwhile, a 2024 Bank of Montreal survey placed the mean TFSA balance at $41,510, marking a substantial 8.3% increase from prior years. For diligent savers, balances of $50,000 to $70,000 are not uncommon by this stage of life. Playing catchup If your TFSA balance isn't where you'd like it to be, don't despair. The beauty of the TFSA lies in its potential for growth, particularly when it's investe
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