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Source: Getty Images<\/p>\n
TFSA reality and advantages at age 60<\/p>\n
Are you 60 years old or turning 60 in 2026? This age is technically the start of the retirement years, as you can begin collecting your CPP, though at a reduced amount. Regarding utilization, the average TFSA balance of account holders aged 60 to 64 is $45,109. This Statistics Canada data for the 2023 tax year also shows an unused TFSA contribution room of $47,631, on average. \u00a0\u00a0<\/p>\n
For comparison, the average TFSA balance for the age group 50 to 54 is $35,235 \u2014 28% less than their older counterparts. The significant jump in 10 years could indicate higher earnings or easing financial obligations. Fortunately, there\u2019s no maximum age limit for TFSA contributions.<\/p>\n
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* Returns as of June 15th, 2026<\/p>\n
Investment engine<\/p>\n
It is highly possible that the unused room has accumulated to $50,000 today. A 60-year-old can turn this available space into an investment engine. The tax-free growth feature<\/a> of the TFSA and the power of compounding will help produce a buffer fund in a late-stage catch-up before retirement.<\/p>\n For illustration purposes, an 8% dividend stock paying monthly dividends will compound a $50,000 investment to $74,492.29 in five years. The tax-free gain from the monthly reinvestment of dividends is 24,492.29, or 49% of the original investment. Note that you don\u2019t take the cash; instead, you reinvest the dividends to buy more shares.<\/p>\n Real-world scenario<\/p>\n