{"id":572337,"date":"2026-07-06T23:07:09","date_gmt":"2026-07-06T23:07:09","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/572337\/"},"modified":"2026-07-06T23:07:09","modified_gmt":"2026-07-06T23:07:09","slug":"canadians-heres-how-much-you-need-in-your-tfsa-to-retire-2","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/572337\/","title":{"rendered":"Canadians: Here’s How Much You Need in Your TFSA to Retire"},"content":{"rendered":"

Many Canadians approach retirement<\/a> with far less in their Tax-Free Savings Account<\/a> (TFSA) than they might expect. According to Canada Revenue Agency data for the 2023 contribution year, Canadians aged 60 to 64 had an average TFSA balance of about $45,100. That rose to roughly $51,200 for those aged 65 to 69 and $56,100 for those aged 70 to 74. While every retirement plan is different, those figures highlight that building a larger TFSA takes years of consistent investing and the right long-term holdings.<\/p>\n

The investments you hold inside your TFSA could make a huge difference over decades. For investors looking to grow their retirement savings, dividend-payers<\/a> like Toronto-Dominion Bank<\/strong> (TSX:TD<\/a>) and Intact Financial<\/strong> (TSX:IFC<\/a>) could be high-quality Canadian financial stocks<\/a> worth considering right now.<\/p>\n

\"Piggy<\/p>\n

Source: Getty Images<\/p>\n

A TFSA stock with several growth engines<\/p>\n

TD is one of North America\u2019s largest banks, offering Canadian personal and commercial banking, U.S. retail, wealth management and insurance, and wholesale banking operations. Its stock recently traded at $170.01 per share with a market cap of about $284 billion. TD shares have jumped 67% over the last year. At this market price, its dividend yield stands near 2.6%, paid quarterly.<\/p>\n

In the second quarter of its fiscal year 2026 (ended in April), TD\u2019s adjusted diluted earnings per share (EPS) rose<\/a> 21% year over year (YoY). The bank mainly benefited from record Canadian personal and commercial banking earnings, all-time high wealth management and insurance earnings, and stronger wholesale banking performance.<\/p>\n

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* Returns as of July 6th, 2026<\/p>\n

TD is also investing in digital tools, artificial intelligence<\/a> (AI), and client experience to improve its growth prospects. Its redesigned TD Easy Trade app and generative AI-powered virtual assistant in TD Insurance show how the bank is trying to keep improving service while supporting long-term efficiency.<\/p>\n

Another TFSA-friendly stock with underwriting discipline<\/p>\n

Intact Financial is Canada\u2019s largest property and casualty insurer, with operations across Canada, the United States, the United Kingdom, Ireland, and Europe. After climbing 21% over the last three months, IFC stock now trades at $298.79 per share with a market value of about $53 billion. At the current price, its dividend yield was about 2%, paid quarterly.<\/p>\n

In the first quarter, Intact reported an 8% YoY increase in net operating income per share, helped by robust investment income and sustained underwriting margins. Its combined ratio remained strong at 91.3%, while operating direct premiums written rose 4%. Intact also had a total capital margin of $4 billion and an adjusted debt-to-total capital ratio of 16.4%, giving it flexibility for acquisitions, buybacks, and growth initiatives.<\/p>\n

What it means for retirement<\/p>\n

A TFSA retirement strategy should not depend on one stock or one sector<\/a>. But financial companies could play an important role because they often combine dividends, scale, and long operating histories. While TD offers banking breadth and a rising digital focus, Intact adds insurance exposure and underwriting strength.<\/p>\n

For Canadians looking to find out how much they need in a TFSA to retire, the better answer may be to start with quality holdings, contribute consistently, and allow time to do the heavy lifting. Over decades, tax-free compounding can become more powerful than any single perfect target number.<\/p>\n","protected":false},"excerpt":{"rendered":"Many Canadians approach retirement with far less in their Tax-Free Savings Account (TFSA) than they might expect. According…\n","protected":false},"author":2,"featured_media":572338,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[177],"tags":[79,18,19,17,234,235,119452],"class_list":["post-572337","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-eire","tag-ie","tag-ireland","tag-personal-finance","tag-personalfinance","tag-tfsa"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/116875549566558304","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/572337","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=572337"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/572337\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/572338"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=572337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=572337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=572337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}