This Is the Average TFSA Balance for Canadians at Age 60

Turning 60 changes the way most people think about investing. Retirement no longer feels like something that’s decades away. Instead, it becomes a question of whether your savings will last and continue growing after you stop working.

According to Canada Revenue Agency data for the 2023 contribution year, Canadians aged 60 to 64 held an average Tax-Free Savings Account (TFSA) fair market value of $45,109. If your balance is close to that figure, you’ve built a solid foundation. If it’s lower, there’s still time to close the gap. Either way, simply reaching the average shouldn’t be the end goal.

A retirement that could last 20 years or more means your money may still need to keep compounding. Fortunately, you don’t have to chase risky growth stocks to make that happen. Strong dividend-paying stocks can continue growing your wealth while generating reliable income along the way.

In this article, let’s look at two reliable Canadian stocks that could help your TFSA grow well beyond that $45,109 benchmark.

A banking heavyweight for income and growth

The first stock I’d consider for growing a TFSA is Bank of Montreal (TSX:BMO). This banking heavyweight has broad exposure to personal and commercial banking, wealth management, and capital markets across North America.

After surging by around 66% over the last year, BMO stock now trades at $253.24 per share with a market cap of about $177 billion. Even after that jump, it still offers a quarterly dividend yield of 2.7%, which makes the stock appealing for investors who want both growth and income.

In the second quarter of its fiscal 2026 (ended in April), BMO’s net income rose 34% year-over-year (YoY) to $2,630 million, while adjusted net income also climbed 34% to $2,730 million, helped by stronger revenue and lower provisions for credit losses.

Moreover, BMO continues pushing deeper into artificial intelligence (AI) and digital tools, while its planned acquisition of Stonepeak’s transportation finance and vendor finance businesses should add another path for expansion.

For investors around age 60, that mix of dividend income, scale, and upside looks attractive.

An insurer built for steady compounding

Another strong option for TFSA investors is Great-West Lifeco (TSX:GWO), which gives exposure to insurance, retirement, wealth, and asset management businesses across Canada, the United States, and Europe.

Following a 78% run in the last 12 months, GWO stock recently traded at $92.43 per share with a market cap near $84 billion. It also pays a quarterly dividend that yields 2.9%.

The company’s base earnings in the first quarter rose 20% YoY to $1.2 billion, while net earnings surged by 39%. For the quarter, Great-West also delivered a base return on equity of 19.1%. Its United States segment, powered by Empower, generated 23% growth in base earnings to US$430 million, along with US$5.3 billion in net plan flows and US$1.8 billion in net inflows at Empower Wealth.

Great-West’s investment in the Sagard AI Fund and Empower’s planned US$340 million acquisition of Milliman’s retirement plan and benefits administration business should expand the company’s reach and support long-term financial growth. That balance of income and expansion makes GWO stock a solid choice for TFSA investors right now.

The post This Is the Average TFSA Balance for Canadians at Age 60 appeared first on The Motley Fool Canada.

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More reading

• 1 Dividend Stock That’s Been Quietly but Constantly Raising Its Dividend
• 3 Top-Tier Canadian Stocks That Just Bumped Up Dividends Again
• The TFSA Balance You’ll Probably Need to Retire Well in Canada
• 2 Dividend Giants That Look Attractive After Recent Pullbacks
• Retire Richer: 2 Canadian Stocks for a TFSA Built to Last

Fool contributor Jitendra Parashar has positions in Bank of Montreal. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.