Here are 5 clear indicators you’re financially further ahead of the average Canadian. Are you richer than you think?

Managing money is a lot like running. Many people dislike it, and most are just trying to reach the finish line without burning out.

But a few are like elite athletes — effortlessly staying ahead of the pack. In fact, you might be managing your finances so well that you don’t even realize you’re part of this high-performing group.

Here are five clear signs your personal finances are well above the average Canadian’s — and what you can learn from them if you’re not.

1. You have six figures in your RRSP

If you have any savings in a Registered Retirement Savings Account (RRSP), you’re already ahead of many Canadians. Only 21.7% of Canadians who filed their taxes made a RRSP contribution in 2022 — down from 22.4% the year prior (1).

Among those who do contribute, average balances remain modest, with one survey reporting the national average RRSP balance was just over about $133,000 as of 2023 (2). Given these numbers, it’s unrealistic for most plan holders to assume they’ll need only minimal retirement savings. And yet many haven’t even built the foundation to get there.

Here are some steps you can take to get you closer to your goals:

• Check your RRSP contribution room. Access your Canada Revenue Agency (CRA) account to see where you are in your contributions and set an intention to top up where you can before the deadline, which is March 31, 2026 for the 2025 tax year.

• Benchmark your retirement savings. Use the average RRSP balances as a reference point — rather than as a target — to understand whether you’re on track or need to adjust your contributions.

• Automate contributions. Set automatic deposits into your RRSP and Tax-Free Savings Account (TFSA) to smooth out savings through the year, and reduce the pressure of making lump-sum contributions when the deadline rolls around.

• Review your investment mix. It’s helpful to diversify wherever possible to ensure potential for long-term growth, especially if your TFSA is sitting mostly in cash when it could be earning in an ETF or mutual fund.

• Estimate your retirement income needs. Use broad Canadian guidelines or retirement calculators to draw up an estimate, and revisit it annually as your life circumstances and financial goals change.

Even modest RRSP savings can put you ahead. But closing the gap between where you are and where you want to be requires regular yearly check-ins. A few of these small steps now can improve your financial security long-term.

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2. You’re saving more than $10,000 a year

With rising living costs and slow wage growth, saving has become increasingly difficult for many Canadians.

According to Statistics Canada, the national household savings rate fell to about 5% in the second quarter of 2025, down from 6% in the first quarter (3).

If you’re consistently saving more than $10,000 annually, you're well ahead of the average Canadian household. A strong savings rate not only sets you apart but also boosts your progress toward your financial goals, like creating an emergency fund, a down payment for a home or retirement savings.

No matter what you’re saving, it’s important to get the best interest rate. A high interest savings account is a great option for this so you can put your money to work.

3. You’re living with low to no debt

Debt is a fact of life for most Canadians. Roughly 92% of credit-active adults carry at least one form of debt, according to a 2024 analysis from TransUnion (4). The bulk of this debt includes mortgages, credit cards, car loans and lines of credit.

If you're struggling with multiple credit cards and high-interest debts, one way to regain some control is by tapping into your home’s equity through a Home Equity Line of Credit (HELOC).

Having access to your home equity could help to cover unexpected expenses, pay substantial debt, fund a major purchase like a home renovation or supplement income for your retirement nest egg.

Rates on HELOCs are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.

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4. You hire professionals

According to the Financial Consumer Agency of Canada, only about 35% of Canadians work with a professional financial advisor (5). However, among Canadians who consider themselves investors, over 61% report working with a professional (6).

If you’re growing your wealth and don’t have a financial advisor, you may want to consider consulting a professional. This can include a fee-based financial planner, an investment advisor or a tax specialist. Just be sure the advisor is a fiduciary, is transparent about fees and aligns with your specific goals.

Once your portfolio grows, watch for asset under management (AUM) fees. Full-investment advisors typically charge between 0.5% and 2% of your portfolio’s value annually — so their fees scale with your wealth, which can be a drag on your returns as your wealth increases.

5. You feel wealthy

While we don’t have a broad Canadian survey that shows exactly how many people “feel wealthy,” some data suggests many Canadians feel anxious about their finances.

A 2025 poll found that on average, 61% of Canadians felt less wealthy than other Canadians (7). Other research from the Parliamentary Budgetary Office (PBO) shows that wealth is concentrated among a small elite group while other households remain far behind, which may contribute to more conservative self-perceptions of wealth (8).

So if you genuinely feel financially secure or even “rich,” you may be even further ahead than you think. Confidence in your financial position is a powerful indicator that you’re operating at an elite level.

Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

Wealth Professional (1); Blueprint Financial (2); Statistics Canada (3); TransUnion (4); Government of Canada (5); Ontario Securities Commission (6); Logit Group (7); Office of the Paliamentary Budget Officer (8)

— with files from Melanie Huddart