Here’s the Average TFSA and RRSP at Age 45

Knowing the average Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP) balance can help any investor. It gives you a rough checkpoint, not a verdict. If your number sits below the average, you can spot the gap early and adjust contributions before time slips away. If your number sits above it, you can avoid getting lazy and keep compounding working for you. Most importantly, it reminds you that “normal” includes a wide range, so you can build a plan that fits your income, your goals, and your reality.

Looking at the average

For Canadians around age 40, the TFSA number surprises people. The Canada Revenue Agency’s (CRA’s) TFSA statistics show that the 40–44 age group had an average TFSA fair market value of about $19,270 for the 2023 contribution year. That isn’t the maximum room, and it’s not what someone “should” have. It’s simply what the average TFSA holder in that age band actually held in the account.

RRSPs show the same pattern, just with a bigger spread between “average” and “typical.” One widely cited figure for age 40 pegs the average RRSP balance around $82,100, based on 2023 data for the broader 35–44 group. This includes plenty of high earners who pull the average up. Meanwhile, the median RRSP amount for ages 35–44 sits around $33,000. This tells you the typical Canadian in that range has far less than the average headline number. That gap is exactly why averages can motivate you, but medians keep you grounded.

Consider MFC

Manulife Financial (TSX:MFC) sits in a sweet spot for Canadians who want a single stock that can grow with long time horizons. It runs a major insurance business and a large wealth and asset management platform, with meaningful operations in Canada, the U.S., and Asia. When markets cooperate, fees and investment income help results. When markets wobble, the insurance side and disciplined pricing can steady the story.

The stock’s recent performance has looked more like a climb than a sprint. Manulife’s own stock has risen about 17% in the last year, which captures a strong run through 2025. You can still get pullbacks, because financial stocks move with rate expectations and market sentiment, but the trend over the past year has looked constructive.

Into earnings

When you dig into recent earnings, the latest full update investors had in hand came from Manulife’s third quarter of 2025. The dividend stock reported core earnings of $2 billion and net income attributed to shareholders of $1.8 billion. Core earnings per share (EPS) came in at $1.16, while EPS landed at $1.02. Those numbers matter because they show Manulife can grow profits even when parts of the business face normal bumps, like higher claims or market swings.

Valuation looks reasonable for a large insurer that also benefits from long-term wealth trends. Manulife’s trailing price-to-earnings ratio (P/E) is around 16.55, which suggests the market expects earnings to grow. Meanwhile, the forward annual dividend yield is around 3.4%, and Manulife has been paying a quarterly dividend of $0.44 per share. This isn’t a sky-high yield, but it gives you a steady base while you wait for the business to keep compounding.

Bottom line

Manulife can help you push beyond the average TFSA and RRSP balance at around age 40, as it offers a mix of dividend income and long-term growth potential in one Canadian name. If you hold it inside a TFSA or RRSP, you can let the dividend reinvest, and the compounding do its thing without obsessing over every headline. Right now, here’s what $7,000 would earn from dividends alone.

COMPANYRECENT PRICENUMBER OF SHARESDIVIDENDANNUAL TOTAL PAYOUTFREQUENCYTOTAL INVESTMENTMFC$51.24136$1.76$239.36Quarterly$6,978.64

It will not be perfect every year, and financial stocks can get choppy. But as a steady, dividend-paying compounder with global exposure, MFC gives you a realistic shot at moving your balances past “average” and into “on purpose.”

The post Here’s the Average TFSA and RRSP at Age 45 appeared first on The Motley Fool Canada.

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More reading

• 5 Canadian Dividend Stocks Everyone Should Own
• Year-End Investing: The Top 2 Stocks I’d Buy Before 2026 (and Why)
• TSX Today: What to Watch for in Stocks on Wednesday, December 31
• CRA: Here’s the TFSA Contribution Limit for 2026
• 2 Buys and 1 Sell for Investors Worried About a Market Crash in 2026

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.