The $109,000 TFSA Milestone: How Do You Stack Up?

The $109,000 TFSA milestone is the maximum cumulative contribution room available in 2026 for someone who has been eligible since the TFSA began in 2009 and has never contributed. Reaching it usually does not happen through one heroic deposit. It comes from steady annual contributions, avoiding unnecessary withdrawals, and putting the money to work in quality stocks instead of letting cash sit idle. The good news is that you do not need to hit $109,000 overnight to be doing well. The real win is getting as much of that room invested as you reasonably can and letting time do the heavy lifting.

Aritzia: The Growth Engine That Keeps Earning Its Premium

Aritzia (TSX: ATZ) is a Canadian fashion retailer with a strong brand, a loyal customer base, and growing reach in the United States. Over the last year, the story has been all about momentum — opening and repositioning boutiques, pushing further into digital, and continuing to ride strong demand for its Everyday Luxury positioning. That has helped it feel less like a niche retailer and more like a serious North American growth story.

The earnings back that up. In fiscal Q3 2026, Aritzia reported record net revenue of $1.04 billion, up 43%, with comparable sales up 34%. U.S. revenue jumped 54%, showing the expansion story is still very much alive. The stock has had a remarkable run, with approximately 113% one-year performance, though it is worth noting the stock hit an all-time high of $139.59 in January and has since pulled back 20% to 25%. Market cap sits around $10 billion to $13 billion depending on the day, with a trailing P/E reflecting a premium growth valuation. Aritzia’s not cheap today, but growth rarely is. For a TFSA, it can be a higher-octane investment that can help push a portfolio closer to that long-term milestone.

TELUS: A Near-9% Yield With an Important Caveat

TELUS (TSX: T) is a communications company that has moved well beyond just selling phone plans — it now has meaningful exposure to healthcare technology and digital services. Over the last year, the company kept building those newer businesses while also focusing on deleveraging and cash flow.

TELUS reported fourth-quarter 2025 operating revenue of $5.23 billion, adjusted EBITDA of about $1.84 billion, and free cash flow growth of 7% to $574 million. For 2026, management targets 2% to 4% growth in both service revenue and adjusted EBITDA, with free cash flow around $2.45 billion. The most recent quarterly dividend is $0.4184 per share, or approximately $1.67 annualized, putting the yield near 9.3% at current prices.

However, there’s one development about the dividend that every investor should know before buying. In December, TELUS said it was pausing its dividend growth program until the share price better reflects its growth prospects. The dividend itself has not been cut, but the growth commitment has been suspended. That changes the income calculus for investors who were counting on continued increases. The yield is still substantial, but the payout ratio is high and the dividend is not growing for now. For TFSA investors, the payouts can make the waiting easier — but go in with eyes open.

Royal Bank of Canada: The Dependable Compounder at the Core

Royal Bank of Canada (TSX: RY) is Canada’s largest bank, with businesses spanning personal banking, wealth management, capital markets, and insurance. Over the last year, it kept growing earnings, raising dividends, and making itself harder to ignore. In Q1 2026, RY reported adjusted net income of $5.9 billion and adjusted diluted EPS of $4.08, up 13% year over year. The quarterly common dividend of $1.64 per share was also confirmed for the next payment cycle.

One fresh development worth noting: RBC recently acquired Pinch Financial, a Toronto-based fintech offering mortgage qualification technology. It was a quiet but strategically relevant move into faster digital mortgage experiences. At a recent price near $219.85, the stock trades at roughly 15 times earnings and yields close to 3%. That looks fair for a business with this kind of scale and consistency. In a TFSA, RY fits as the dependable compounder that builds wealth without much drama.

Bottom line

That $109,000 TFSA milestone is a great benchmark, but it is not really about the number alone — it is about what you do with the room. Aritzia offers growth. TELUS offers yield. RBC offers stability. Put those three together and you have the bones of a TFSA that is not just keeping up, but actually giving you a fair shot at stacking up well over time.

The post The $109,000 TFSA Milestone: How Do You Stack Up? appeared first on The Motley Fool Canada.

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More reading

• The Canadian Blue-Chip Stock Trading at Bargain Prices Right Now
• What’s the Average TFSA Balance at Age 30 for Canadians — and How to Grow Yours
• 1 Dividend Great I’d Buy Over Telus or BCE Stock Today
• Where I See Telus Stock 3 Years From Now
• 4 Canadian Stocks to Refresh Your TFSA Right Now

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