TFSA by Age: A TFSA can be one of the easiest ways for Canadians to save and invest money without paying tax on the investment growth or withdrawals. But one question comes up often: how much money should you actually have in your TFSA at your age?
There isn’t one fixed number that every Canadian needs to reach. Your income, when you became a Canadian resident, your expenses and how early you started saving can all make a big difference.
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It’s also important to know that your TFSA balance and your TFSA contribution room are not the same thing. Your contribution room is the amount you’re allowed to put into your TFSA. Your balance is what your account is actually worth after contributions, withdrawals and investment gains or losses The CRA says the 2026 TFSA dollar limit is $7,000. Unused room carries forward, so someone who hasn’t used their room for years can have much more than $7,000 available in 2026.
TFSA Savings by age
There is no official CRA rule saying you must have a certain TFSA balance by age 25, 30 or 40. So the numbers below should be treated as simple milestones rather than strict targets.
A good goal in your 20s is to start building the habit. Even a smaller balance is useful when you’re just getting started. Your main focus should be making regular contributions and giving your money time to grow.
By your 30s, it can be helpful to aim for a TFSA balance that is becoming a meaningful part of your savings. Your income may also be higher than it was in your early 20s, which can make larger contributions easier.
By your 40s and 50s, the TFSA can become an important part of your long-term savings. At this stage, regular investing and using available contribution room can matter more than chasing a specific balance.
| Age | A reasonable TFSA milestone |
|---|---|
| 18–24 | $2,000–$10,000 |
| 25–29 | $10,000–$25,000 |
| 30–34 | $20,000–$40,000 |
| 35–39 | $30,000–$60,000 |
| 40–49 | $40,000–$100,000 |
| 50–59 | $75,000–$150,000 |
| 60+ | $100,000+ |
These are not government targets. They are practical planning ranges. Someone earning a low income may reasonably have much less. Another person who started early and invested consistently could have much more.
Your Available TFSA room can be much Higher
The big thing many people miss is that TFSA room builds up over time. The annual limit started at $5,000 in 2009.
It was $5,500 in 2013 and 2014, jumped to $10,000 in 2015, then returned to $5,500 from 2016 to 2018. It was $6,000 from 2019 to 2022, $6,500 in 2023 and $7,000 from 2024 through 2026. So, a person who was eligible from the beginning can have a large amount of total contribution room.
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Your room usually starts in the year you turn 18 if you’re eligible as a Canadian resident. If you turned 18 after 2009, you don’t get room for the years before you became eligible. New residents also start building room based on the years they are Canadian residents.
Another important rule is that investment growth doesn’t use up your contribution room. For example, suppose you put $7,000 into your TFSA and it grows to $8,000. The extra $1,000 doesn’t reduce your next year’s contribution room.
The same applies in the other direction. If your investments lose value, you don’t receive extra contribution room because of the loss.
Don’t Compare your Balance too much
CRA data gives a useful look at how Canadians actually use their TFSAs. The latest CRA statistics for the 2024 tax year were processed up to January 12, 2026. The data includes TFSA holdings by age and reports the year-end fair market value of accounts.
Older CRA-based data also shows that TFSA balances generally rise with age, although the numbers vary a lot between age groups. For example, 2022 data reported average balances of about $6,558 for people aged 20 to 24, $10,961 for ages 25 to 29 and $13,822 for ages 30 to 34.
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Those averages shouldn’t be treated as targets. An average can include people who barely use their TFSA along with people who have very large accounts. A better way to judge your progress is to look at your own contribution history. Ask yourself:
- Are you contributing every year?
- Are you using some of your available room?
- Are you investing the money when appropriate instead of leaving everything as cash?
- Are you avoiding unnecessary withdrawals?
- Are you increasing your contributions as your income grows?
Remember that a TFSA withdrawal doesn’t normally create replacement room until the next calendar year. So taking out $5,000 and putting it straight back in during the same year can create an over-contribution if you don’t have enough unused room. CRA says excess TFSA contributions are generally subject to a 1% tax per month.
FAQ
1. How much should I have in my TFSA at 30?
There is no official amount you must have by 30. A balance of $20,000 to $40,000 can be used as a simple planning milestone, but your income and saving history matter more.
2. Is $50,000 in a TFSA good?
Yes, $50,000 is a meaningful amount of TFSA savings. Whether it’s enough depends on your other savings, debt, income and retirement plans.
3. What is the TFSA limit for 2026?
The TFSA dollar limit for 2026 is $7,000. You may be able to contribute more than that if you have unused room from earlier years.
4. Does TFSA growth count toward my contribution limit?
No. Investment income and changes in the value of investments inside your TFSA don’t reduce your contribution room.
