The Average Canadian TFSA Holder Has $38,566 Saved and $52,735 of Room They Have Not Used.
The Canada Revenue Agency publishes a statistical portrait of every Tax-Free Savings Account in the country, and two of its figures belong beside each other. For the 2024 tax year, the average Canadian TFSA balance was $38,566 per holder. The average unused contribution room,…
Room is cumulative. Someone who has never contributed and was 18 or older in 2009 has $109,000 of room today. Withdrawals come back as room, but not until January 1 of the following year.
How a TFSA works →
The Average Canadian TFSA Holder Has $38,566 Saved and $52,735 of Room They Have Not Used.
Fix a TFSA Tax Mistake by December 31 or Wait Up to a Year
The Advantage Tax on a TFSA or RRSP Is 100% of the Benefit
You get 18% of last year’s earned income, capped at $33,810, plus every dollar of room you never used. The deduction is worth your marginal rate. The same $10,000 refunds $2,251 for an Ontario earner on $60,000 and $3,816 for one on $160,000.
How an RRSP works →
RRSP Over-Contribution Costs 1% a Month. The $2,000 Cushion Is Not Spare Room
The Advantage Tax on a TFSA or RRSP Is 100% of the Benefit
TFSA Business Income Is Taxed Inside the Account. RRSP Money Is Taxed on the Way Out
The only account that is deductible going in and tax-free coming out, provided the money buys a first home. Unused room carries forward, but only $8,000 of it, and the clock starts the year you open the account rather than the year you turn 18.
How an FHSA works →
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RRSP Calculator: What Does a Contribution Actually Refund?
TFSA Room
What you can still put in, after every year since 2009
Open the calculator →RRSP Room
Including every year of carry-forward you never used
Open the calculator →Capital Gains Tax
What you owe on a sale, in your province
Open the calculator →Fee Drag
What a 2.25% MER costs over a working life
Open the calculator →Dividend Income
Income today, and after years of reinvesting
Open the calculator →Adjusted Cost Base
The number the CRA wants, tracked across buys
Open the calculator →Where The Numbers Come From
Contribution limits, deadlines and tax brackets are read off the CRA and Revenu Québec pages that set them, and dated on the page.
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This Is Not Advice
Everything here is for information and education. Your situation has details a calculator does not know about.