This article appears in the March 2021 issue of Investment ExecutiveSubscribe to the print edition, read the digital edition or read the articles online.

Canadians held almost $300 billion in TFSAs at the end of 2018, the most recent year for which the Canada Revenue Agency publishes statistics. That is a 16.5-fold increase in fair market value — achieved through a combination of new contributions and growth in existing assets — since the end of 2009, the year TFSAs were introduced. Back then, Canadians held slightly more than $18 billion in the tax-sheltered plans. TFSA holders had an average of $20,292 in their TFSAs at the end of 2018, suggesting plenty of room for growth. The average unused contribution room at the time was $34,165.