There is no perfect Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) balance for every 45-year-old Canadian. This balance could be different for different people based on their income, housing costs, family needs, and retirement goals.
That said, national averages still provide a helpful reference point. Statistics Canada reported that TFSA holders aged 45 to 54 had an average of $40,500 in 2023. For the same year, holders of RRSPs and related registered accounts averaged $173,500. These figures highlight how retirement savings can build over time, but keeping that momentum going is important, especially if you wish to build a more comfortable retirement.
In this article, I’ll talk about two Canadian stocks that could help long-term investors keep steadily building wealth inside their TFSA and RRSP accounts.
Canadian Pacific Kansas City stock
For investors trying to move beyond the average TFSA or RRSP balance, Canadian Pacific Kansas City (TSX:CP), or CPKC, could provide a great mix of established operations and long-term growth potential. It operates the only single-line railway connecting Canada, the United States, and Mexico. The railway giant’s network serves industries ranging from grain and automotive to energy and intermodal freight.
At the time of writing, CPKC stock traded at $128.54 per share with a market cap of $114.1 billion and a 0.83% annualized dividend yield. The stock has climbed 28% in six months as its improved network fluidity, stronger terminal performance, resilient shipment volumes, and confidence in full-year guidance supported that momentum.
CPKC’s revenue fell 2% year-over-year (YoY) to $3.7 billion in the first quarter, while its core adjusted earnings slipped 2% to $1.04 per share. Notably, foreign exchange reduced its results by about $0.04 per share, while fuel-price changes created another $0.03 headwind. Still, the company’s revenue ton-miles rose 2% YoY, showing that freight demand across the network remained resilient. During the quarter, CPKC also repurchased about 5.7 million shares for $646 million.
Overall, its unmatched cross-border rail network, operational improvements, and ability to connect major North American markets could support growth for years. That makes CPKC an appealing TFSA or RRSP holding for long-term investors.
Sun Life stock
The second stock that could help grow TFSA and RRSP balances beyond the average at 45 is Sun Life Financial (TSX:SLF). It mainly provides insurance, wealth, health, and asset management services across Canada and several international markets.
After rising 30% over the last six months, SLF stock currently trades at $111.90 per share, giving the company a market cap of $62 billion. SLF stock also offers a 3.4% annualized dividend yield.
In the first quarter, Sun Life’s underlying net income edged up to $1.1 billion, while underlying earnings rose 4% YoY to $1.89 per share. Growth in Hong Kong and higher fee income from increased assets under management helped its results. However, its reported net income still fell 50% to $465 million because of market-related impacts, acquisition charges, and a proposed legal settlement.
Looking beyond these temporary setbacks, Sun Life raised its quarterly dividend from $0.92 to $0.96 per share. It also completed the US$350 million acquisition of Bell Partners in July, expanding its U.S. multifamily real estate capabilities.
With nearly $1.6 trillion in assets under management, growing international operations, and a higher dividend, Sun Life could help investors build income and long-term value inside registered accounts.
