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Stock impact report

The Average TFSA Balance at 55 — and How to Improve Yours [Yahoo! Finance Canada]

Brookfield Renewable Corporation Class A Subordinate Voting Shares (BEPC) 
aged 55 to 59 hold an average Tax-Free Savings Account ( TFSA ) balance of just $37,600. For a group with only six to 10 years before the typical retirement age of 65, that's surprisingly low. Even more striking is the unused TFSA contribution room, which averages $52,972 — a significant tax-free opportunity left on the table. Even a conservative investment, such as a 3% Guaranteed Investment Certificate (GIC), could generate an extra $1,589 in tax-free income each year. That's money you could use to supplement retirement savings, reinvest, or cushion unexpected expenses. Maximize your contribution room Many Canadians juggle multiple financial obligations, from mortgages to family expenses. However, paying yourself first by maximizing your TFSA contribution room can have a huge long-term impact. Since the TFSA's inception in 2009, total cumulative contribution room has reached $109,000 — an opportunity that grows every year. Even small annual contributions can compound into a mean Show less Read more
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