Tax-Free Savings Account statistics (2022 tax year)

The Tax-Free Savings Account (TFSA) statistics tables present data based on all of the individual records and summary returns sent by financial institutions (issuers) to the CRA for the 2022 tax year and processed up to January 15, 2024. Only the most current information is considered valid for data purposes.

Explanatory notes

Confidentiality procedures

To ensure the protection of tax filer information, data have been suppressed where warranted. As well, counts are rounded to the nearest multiple of 10. For example, 104 would be rounded to 100 and 105 would be rounded to 110. Dollar amounts have been rounded to the nearest thousand in all tables. Totals may not add up due to rounding or suppression.

Data source

TFSA information is obtained by the CRA through Financial Institutions using TFSA annual information returns which consist of TFSA individual records and the TFSA return summary. Only the most current information is considered valid for data purposes.

The total income of the TFSA holder was taken from income tax returns and related schedules filed by individuals for the 2022 tax year. Tax filers used the following returns:

• T1 Income Tax and Benefit Return
• T1S-D, Credit and Benefit Return.

Comparison

Comparisons between the Tax-Free Savings Account (TFSA) publication and the Individual Tax Statistics by Forward Sortation Area (ITS by FSA) publication and should be made with caution. The TFSA statistics tables present data based on all records and summary returns submitted by financial institutions (issuers) to the CRA for the 2022 tax year and processed by January 15, 2024, whether or not an individual has completed a tax return. The ITS by FSA tables present data based on taxpayers who have completed their tax return (re)assessed by June, 2024.

Description of TFSA items

Contributions and withdrawals

• Item 1: Maximized Contribution Room

This item refers to the cumulative contribution room earned, not the annual TFSA dollar limit.

• Item 2: Total dollar value of contributions

This item only includes contributions made in the 2022 tax year.

• Item 3: Total dollar value of withdrawals

This item only includes withdrawals made in the 2022 tax year.

• Item 4: Average number of contributions

This item only includes individuals with at least one contribution.

• Item 5: Average number of withdrawals

This item only includes individuals with at least one withdrawal.

• Item 6: Average contribution amount

This item only includes individuals with at least one contribution.

• Item 7: Average withdrawal amount

This item only includes individuals with at least one withdrawal.

Fair Market Value

• Item 8: Fair Market Value

Fair market value is usually the highest dollar value you can get for your asset in an open and unrestricted market and between a willing buyer and a willing seller who are knowledgeable, informed, and acting independently of each other. Total fair market value shows the calendar year-end fair market value since the inception of the program. As such, it will take into account contributions and withdrawals made in the 2022 tax year and in previous years, as well as any income earned in the account.

• Item 9: Average Fair Market Value

This item is the average fair market value per individual.

Total income assessed

• Item 10: Total income assessed - Line 15000 of the income tax return

This item contains the amount reported on Line 15000 of the income tax return. It also includes the elected split-pension amount - Line 11600 of the return. This item does not include non-taxable income from the following:

• any Goods and services/Harmonized sales tax credit or Canada child benefit payments, as well as those from related provincial or territorial programs;
• child assistance payments and the supplement for handicapped children paid by the province of Quebec;
• compensation received from a province or territory for a victim of a criminal act or a motor vehicle accident;
• lottery winnings;
• most gifts and inheritances;
• amounts paid by Canada or an ally (if the amount is not taxable in that country) for disability or death due to war service;
• most amounts received from a life insurance policy following someone's death;
• most payments of the type commonly referred to as strike pay received from a union; and
• most amounts received from a Tax-Free Savings Account (TFSA).

Major classification variables

The following variables are used in one or more of the tables in this publication:

• age and gender
• province or territory of residence
• total income

Age and gender classification

The TFSA holder’s age is determined using the reported year of birth on page 1 of the T1 Income Tax and Benefit Return. The age reported is as of December 31, 2022. Individuals with no reported date of birth are included in the total. 

The TFSA holder’s gender is determined from the information currently on file with the CRA for that individual. Gender is defined to be female, male, gender diverse or unknown. Individuals whose gender is non-binary are represented in the gender diverse category. Unknown refers to individuals whose gender is unavailable.

Provincial or territorial classification

Province or territory of residence - used in tables 1B and 3B - refers to the province or territory in which the tax filer resided on December 31, 2022, as indicated in the T1 Income Tax and Benefit Return and on the TFSA annual information return filed by the issuer for the reporting year 2022. This includes TFSA holders residing in the United States and outside Canada and the United States.

Total income classification

Total income class – used in tables 1C and 3C – refers to the ‘total income assessed’ reported on Line 15000 of the T1 Income Tax and Benefit Return in the 2022 tax year.

Description of TFSA tables

Each table contains the number of TFSAs, TFSA holders or the respective dollar amounts. In some cases, the total of the figures in the table may not match the total shown due either to rounding or to editing for confidentiality purposes.

Tables 1, 1A, 1B, 3, 3A and 3B:

Tables 1A and 3A present information by age group, ranging from under-20 to 80-and-over, and by gender. All genders and age groups are represented in the first table, followed by female, male, gender diverse, and unknown genders by age goup. The grand total includes tax filers whose age is not stated. For details on the age and gender classification, please refer to: Age and gender classification.

Tables 1B and 3B present information according to the province or territory of residence listed on the tax filer's income tax return. For details on the province of residence classification, please refer to: Provincial or territorial classification.

Tables 1C and 3C:

Tables 1C and 3C present 21 income groups based on total income assessed, ranging from loss and nil to $250,000 and over. The ranges include an “N/A” group that represents a segment of Canadians for which CRA has TFSA data but no income tax data. It should be noted that Canadians are not required to file an income tax return to open or to use a TFSA.

Certain types of income are not included in total income assessed because they are non-taxable, so true economic income may be understated. An overstatement may be caused by other types of income that are grossed-up (such as eligible dividends grossed-up to 138%) or gross income. For a description of the income components, see Item 10: Total income assessed.

Table 2:

This table presents information on the number of TFSAs per tax filer.

Tables in PDF format

• Table 1: TFSA holders (PDF, 133 KB)
  • Table 1A: TFSA holders by gender and age group (PDF, 219 KB)
  • Table 1B: TFSA holders by province (PDF, 176 KB)
  • Table 1C: TFSA holders by total income class (PDF, 181 KB)
• Table 2: TFSA holders by total number of TFSAs (PDF, 125 KB)
• Table 3: TFSA Fair Market Value, Contributions and Withdrawals (PDF, 140 KB)
  • Table 3A: TFSA Fair Market Value, Contributions and Withdrawals by gender and age group (PDF, 175 KB)
  • Table 3B: TFSA Fair Market Value, Contributions and Withdrawals by province (PDF, 185 KB)
  • Table 3C: TFSA Fair Market Value, Contributions and Withdrawals by total income class (PDF, 185 KB)

Tables in CSV format

Table 1: TFSA holders (CSV, 1 KB)^{Footnote 1 Footnote 3 Footnote 9}  Footnote

Table 1A: TFSA holders by gender and age group (CSV, 7 KB) ^{Footnote 1 Footnote 3 Footnote 4 Footnote 5 Footnote 6 Footnote 9}

Table 1B: TFSA holders by province (CSV, 2 KB) ^{Footnote 1 Footnote 3 Footnote 7 Footnote 9}

Table 1C: TFSA holders by total income class (CSV, 3 KB) ^{Footnote 1 Footnote 3  Footnote 8 Footnote 9}

Table 2: TFSA holders by total number of TFSAs (CSV, 1KB) ^{Footnote 1 Footnote 3 Footnote 9}

Table 3: TFSA Fair Market Value, Contributions and Withdrawals (CSV, 1 KB) ^{Footnote 1 Footnote 2 Footnote 3 Footnote 9}

Table 3A: TFSA Fair Market Value, Contributions and Withdrawals by gender and age group (CSV, 8 KB) ^{Footnote 1 Footnote 2 Footnote 3 Footnote 4  Footnote 5  Footnote 6 Footnote 9}

Table 3B: TFSA Fair Market Value, Contributions and Withdrawals by province (CSV, 2 KB) ^{Footnote 1 Footnote 2 Footnote 3 Footnote 7 Footnote 9}

Table 3C: TFSA Fair Market Value, Contributions and Withdrawals by total income class (CSV, 3 KB) ^{Footnote 1 Footnote 2 Footnote 3 Footnote 8 Footnote 9}