Looking at the average
For Canadians around the age of 40, the TFSA figure surprises people. The Canada Revenue Agency (CRA) TFSA statistics show that the 40 to 44 age group had an average TFSA fair market value of approximately $19,270 for the 2023 contribution year. That is not the maximum headroom, and it is not what anyone “should” have. It’s simply what the average TFSA holder in that age range actually had in the account.
RRSPs show the same pattern, only with a greater spread between ‘average’ and ‘typical’. A commonly cited figure for age 40 suggests that the average RRSP balance is around $82,100, based on 2023 data for the broader 35-44 group. This includes many high earners who raise the average. Meanwhile, the average RRSP amount for the 35 to 44 age group is around $33,000. This tells you that the typical Canadian has much less than the average cup number in that range. That gap is exactly why averages can motivate you, but medians keep you grounded.
Consider MFC
Manulife financial (TSX:MFC) is in a good spot for Canadians who want one stock that can grow with a long time horizon. It operates a major insurance business and asset and wealth management platform, with significant operations in Canada, the US and Asia. When the markets work together, fees and investment income help drive results. When markets wobble, the insurance side and disciplined pricing can keep the story steady.
The stock’s recent performance has looked more like a climb than a sprint. Manulife’s own shares are up about 17% over the past year, signaling a strong run through 2025. You can still get a pullback as financial stocks move with interest rate expectations and market sentiment, but the trend over the past year has looked constructive.
In income
If you look at the recent earnings numbers, the last full update available to investors came from Manulife’s Q3 2025. The dividend stock reported core earnings of $2 billion and net income attributed to shareholders of $1.8 billion. Core earnings per share (EPS) came in at $1.16, while earnings per share came in at $1.02. These figures are important because they show that Manulife can grow profits even as parts of the business face normal setbacks, such as higher claims or market fluctuations.
The valuation seems reasonable for a large insurer that also benefits from long-term asset trends. Manulife’s price-to-earnings ratio (P/E) is around 16.55, which suggests the market expects earnings to grow. Meanwhile, the annual dividend yield is about 3.4% and Manulife pays a quarterly dividend of $0.44 per share. This isn’t a sky-high return, but it gives you a stable base while you wait for the company to grow further.
In short
Manulife can help you go beyond the average TFSA and RRSP balance around age 40 because it offers a mix of dividend income and long-term growth potential in one Canadian name. If you hold it in a TFSA or RRSP, you can have the dividend reinvested, and the compounding does its job without obsessing over every headline. Right now, this is what $7,000 would earn with dividends alone.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | ANNUAL TOTAL PAYOUT | FREQUENCY | TOTAL INVESTMENT |
|---|---|---|---|---|---|---|
| MFC | $51.24 | 136 | $1.76 | $239.36 | Quarterly | $6,978.64 |
It won’t be perfect every year, and financial stocks could get choppy. But as a stable, dividend-paying composite company with global exposure, MFC gives you a realistic chance of taking your balances beyond ‘average’ and towards ‘on purpose’.
#average #TFSA #RRSP #age