January 20, 2020

Albertans pay less into TFSAs than Canadian average

Alberta’s average annual contribution increased by five per cent this year. Albertans hold an average of $28,551 in their TFSA. Canadians are choosing to grow their contributions more often. Alberta residents are more likely to put funds in their investment accounts once a quarter. About half of Canadians save TSFAs for retirement. TFSA contribution is limited to $6000 in 2020, but you can invest more if you have unused contribution room. Some Canadians check their investments on a monthly basis while others check theirs quarterly.

“Albertans contributed more to tax-free savings in 2019, but still less than Canadians on average.”

Read more: https://calgarysbusiness.ca/business/albertans-contribute-less-to-tfsas-than-canadian-average/

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