What’s the average tax-free savings account (TFSA) balance in 2024? It’s a worthwhile question to ask because the answer could tell you how you’re doing with savings relative to other Canadians. The TFSA has become the default investing account in Canada, having surpassed the RRSP in annual contributions in 2013. So, your TFSA balance is something of a measure of your diligence with saving and investing. In this article, I will share my estimate of the average TFSA balance in 2024, along with some ideas about what to do with the information.
Between $26,000 and $41,510
There are two estimates of the average TFSA balance in Canada, one fairly recent, and the other a bit more outdated. The more recent estimate ($41,510) comes from Bank of Montreal (TSX:BMO), a major Canadian bank, while the older one ($26,000) comes from Statistics Canada, the country’s main statistical agency. While BMO has published newer data than Statcan…
