Millennials have most unused TFSA room: CRA

In recent years, Tax-Free Savings Accounts (TFSAs) have emerged as a crucial financial tool for Canadians, particularly for those in their 30s and early 40s. Despite their potential benefits, new data reveals that this demographic has the highest amount of unused contribution room, with individuals aged 30 to 34 averaging over $55,000. As the TFSA continues to be an essential option for tax-sheltered investing, experts emphasize the importance of maximizing contributions, especially for those who are beginning to stabilize their finances and plan for the future.

This article from Investment Executive explores the current landscape of TFSA utilization among younger Canadians and highlights strategies to effectively leverage this financial resource.