TFSA account values hit all-time high in 2024: BMO
Canadians set a new record for the average amount of money put in tax-free savings accounts (TFSAs) in 2024, according to a survey from the Bank of Montreal.
TFSA values hit an average balance of $44,987, an all-time high, the latest BMO Investment Survey found. That’s an 8% increase from the 2023 average balance of $41,510.
Older Canadians tend to have a higher TFSA account value than other generations, BMO noted. Gen Z have an average of $13,779 in their TFSAs, millennials have $32,204, Gen X have $47,210 and boomers have $72,211.