Average TFSA and RRSP Balances at Age 45: Are You on Par?

Age 45 is a tough period for many. I’ve heard the mid-30s-to-mid-40s era of life called the “messy middle” in the past, and I think that accurately depicts most Canadians’ reality at this point.

Indeed, between mortgages, kids, aging parents, and other key factors pulling at folks’ purse strings from every direction, saving for retirement a couple decades out may not seem like the top priority for many in this age group. Makes sense.

That said, the power of compound interest can’t be ignored. Let’s dive into what the average Canadian has saved in their tax-free savings accounts (TFSAs) and registered retirement savings accounts (RRSPs) at this point in time.

What are the numbers?

According to Statistics Canada data, the average Canadian at age 45 has $20,670 saved in a TFSA and approximately $82,100 in an RRSP. That’s not nothing, but it is a reminder that plenty of Canadians are playing catch up to save an amount close to what most personal finance experts believe should be the actual number.

It’s also worth pointing out that because we’re talking about the average with both the TFSA and RRSP, it’s also true that this number is pulled higher by wealthier savers. In other words, the median number is much lower for both buckets, and tells an even more depressing story.

A range of personal finance experts, from the likes of Fidelity and MoneySense have highlighted a basic framework of having around two-times one’s salary saved at age 40, and around four-times one’s salary saved at age 50. Splitting the difference, a rough metric of around three-times the average salary in Canada (which currently sits at around $68,700 according to Statistics Canada) would mean that the average Canadian at age 45 should have a little more than $200,000 saved for retirement at this juncture.

How to catch up?

I think one of the more pertinent questions readers may have when seeing the raw data is that there’s a lot of work to be done for the average household to bring their retirement savings up to where it needs to be.

Of course, automatic contributions and increasing savings rates as one’s salary increases over time are perhaps the two easiest strategies to get one’s retirement savings goals on the right track. Additionally, using one’s tax refunds as direct contributions to their retirement savings for the current year is another strategy I’ve long thought is a somewhat “painless” way to go to bridge the retirement savings gap over the long-term (while not impacting one’s day to day budget).

Cutting discretionary spending and attacking debt can be more painful, but also more fruitful, for those bogged down by their own personal financial situation. As it’s often said, personal finance is very personal, so every Canadian’s situation is different. That said, taking advantage of any employer matching benefits (and at least capturing the full match percentage) is an obvious step in the right direction in allowing for compound growth to start working today.

The post Average TFSA and RRSP Balances at Age 45: Are You on Par? appeared first on The Motley Fool Canada.

Should you invest $1,000 in Shopify right now?

Before you buy stock in Shopify, consider this:

The Motley Fool Canada team has identified what they believe are the top 10 TSX stocks for 2026… and Shopify wasn’t one of them. The 10 stocks that made the cut could potentially produce monster returns in the coming years.

Consider MercadoLibre, which we first recommended on January 8, 2014 … if you invested $1,000 in the “eBay of Latin America” at the time of our recommendation, you’d have over $18,000!*

Now, it’s worth noting Stock Advisor Canada’s total average return is 94%* – a market-crushing outperformance compared to 85%* for the S&P/TSX Composite Index. Don’t miss out on our top 10 stocks, available when you join our mailing list!

Get the 10 stocks instantly #start_btn6 { background: #0e6d04 none repeat scroll 0 0; color: #fff; font-size: 1.2em; font-family: 'Montserrat', sans-serif; font-weight: 600; height: auto; line-height: 1.2em; margin: 30px 0; max-width: 350px; text-align: center; width: auto; box-shadow: 0 1px 0 rgba(0, 0, 0, 0.5), 0 1px 0 #fff inset, 0 0 2px rgba(0, 0, 0, 0.2); border-radius: 5px; } #start_btn6 a { color: #fff; display: block; padding: 20px; padding-right:1em; padding-left:1em; } #start_btn6 a:hover { background: #FFE300 none repeat scroll 0 0; color: #000; } @media (max-width: 480px) { div#start_btn6 { font-size:1.1em; max-width: 320px;} } margin_bottom_5 { margin-bottom:5px; } margin_top_10 { margin-top:10px; }

* Returns as of April 20th, 2026

More reading

• The $109,000 TFSA Benchmark: Are You Ahead or Behind?
• 2 Canadian ETFs I’d Lock Into a TFSA and Never Touch
• 2 TFSA Dividend Stocks I’d Lock in Now for Long-Term Income 
• 2 Canadian Stocks to Own If Housing Cools (or Re-Accelerates)
• 1 Growth Stock Set to Skyrocket in 2026 and Beyond