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.

The annual TFSA contribution limit is $7,000 for 2025, the same as last year, with a total contribution room of $102,000.

Respondents said they planned to contribute an average of $6,499 to their TFSAs in 2025, compared to $6,606 last year. Annual contributions peaked at $7,434 in 2022.

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.

The bank’s survey also found that Canadians increasingly see value in seeking help from a financial advisor.

Nearly four-fifths (79%) said they saw financial growth when using an advisor, compared to 67% the previous year. As well, 89% said their advisor is helping them reach financial goals, up from 82% the previous year.

Pollara conducted the BMO online survey of 1,500 Canadian adults in November 2024.

Jonathan Got

Jonathan Got is a reporter with Advisor.ca and its sister publication, Investment Executive. Reach him at jonathan@newcom.ca.