Millennials: How Much Canadians Have in a TFSA at Age 45

By age 45, many Canadians expect their Tax-Free Savings Account (TFSA) to look more impressive than it does. Life gets expensive, mortgages climb, kids, cars, groceries, renovations, and vacations all compete for the same dollars. So if your TFSA doesn’t feel like a small fortune yet, you’re not alone.

Recent Canada Revenue Agency (CRA) data showed Canadians aged 40 to 44 held an average TFSA fair market value of about $20,670 in the 2023 contribution year. Those aged 45 to 49 held about $24,150. So a fair age-45 estimate lands in the low-$20,000 range. That may sound low, especially when full TFSA contribution room for someone eligible since 2009 now sits far higher. But it also creates an opportunity.

Time always wins

The TFSA rewards time, not panic. A 45-year-old still has roughly two decades before a traditional retirement age. That’s enough time for a solid company to compound, pay dividends, and recover from rough patches. One TSX stock I’d consider for that job is Dream Unlimited (TSX:DRM).

Real estate has spent the last few years under pressure. Higher interest rates hurt sentiment, financing became tougher, and buyers hesitated. Yet those same pressures can create openings for patient investors. If rates ease, confidence improves, and housing demand remains firm, companies with land, development expertise, and asset management platforms could benefit.

Dream is a real estate developer and asset manager. It develops communities, owns income-producing properties, and manages assets across listed trusts, private funds, and partnerships. Dream blends development upside with recurring asset-management income. That mix can look attractive inside a TFSA as investors can hold it for long-term capital growth and collect eligible dividends without paying tax on gains or income.

Into earnings

The latest quarter had some weak spots, but also useful signals. In the first quarter of 2026, Dream reported revenue of $67.4 million, down slightly from $68.4 million a year earlier. Yet the net margin improved to $12.3 million from $9.2 million, and its loss before income taxes narrowed to $4.9 million from $10.9 million. That tells investors the business still faces a slow real estate backdrop, but parts of the platform are improving.

The strongest point may be scale. Dream ended the quarter with $28 billion in assets under management, with about 75% concentrated in industrial and residential assets. Those categories still have long-term appeal. Canada needs more housing, and industrial space still benefits from logistics, e-commerce, and supply-chain shifts. Dream also had $181.8 million in sales commitments secured as of May 11, 2026, to be recognized between 2026 and 2027.

The dividend helps, too. Dream approved a quarterly dividend of $0.175 per share. That won’t turn a $20,000 TFSA into an income machine overnight, but it gives investors a small stream of cash while they wait for the real estate cycle to improve. Reinvested dividends can also help a modest TFSA build momentum over time. That can matter when the starting balance feels smaller than expected. Even now, here’s what that $20,000 could bring in.

COMPANY	RECENT PRICE	NUMBER OF SHARES	ANNUAL DIVIDEND	ANNUAL TOTAL PAYOUT	FREQUENCY	TOTAL INVESTMENT
DRM	$18.83	1,062	$0.70	$743.40	Quarterly	$19,994.46

Considerations

The risk is clear. Real estate remains sensitive to interest rates, lending conditions, construction costs, and consumer confidence. Dream also carries development timing risk. Projects can take years, and earnings can look uneven from one quarter to the next. This stock suits patient investors, not anyone needing quick certainty. The share price could also lag if investors avoid real estate stocks longer than expected.

Still, that’s exactly why it fits the age-45 TFSA conversation. The average balance shows many Canadians still have room to catch up. A stock like Dream won’t remove risk, but it offers exposure to real assets, housing demand, asset management growth, and a dividend in one package.

Bottom line

For investors with a long runway, the goal doesn’t need to be perfect timing. It only requires steady ownership of companies that can grow, while using every new TFSA year to keep building, one contribution at a time.