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.