The start of a new year means we once again have fresh space in our registered savings plans – things such as RRSPs and TFSAs.
The TFSA is the newest of these tax-assisted savings tools available to the average Canadian and, while it is popular, it doesn’t get much in the way of coverage. That makes a new report from BMO Bank of Montreal so interesting.
The bank included data on the size of the average TFSA account, who holds it and how much we plan to add to the account this year in a broader report on how Canadians are feeling about the economy. It is a fairly dark picture with three-times as many people talking about the possibility of a recession versus those who think it will improve.
So here’s how you can measure up how you’re doing. The average TFSA account in the country has just under $45,000. That’s eight-percent higher than last year and is a record high. Boomers have the biggest accounts – averaging $72,000. Gen Z, not surprisingly, has the smallest average at nearly $14,000.
