Nearly half of Canadians say they have a tax-free savings account (TFSA), however many are missing an opportunity to put the vehicle to better use within their financial plan, a new poll by CIBC (TSX:CM) suggests.

The survey of more than 2,000 Canadians conducted by Harris/Decima reveals that four years after the TFSA was launched, 47% of Canadians have opened one. Among those Canadians holding a TFSA, 44% have a savings account only, 27% have an investment account only, and 21% say they have both

“It is encouraging to see that almost half of Canadians have taken advantage of the tax-free savings account, which gives them an additional option to help them reach their financial goals,” said Colette Delaney, executive vice president of retail and business banking at CIBC. “Given how versatile the TFSA is, there is an opportunity for more Canadians to either contribute to their existing TFSA, or to consider how opening a TFSA could help them achieve their savings goals sooner.”

Some Canadians may be missing an opportunity to get the most out of their TFSA, Delaney said. The poll showed that only half of those with a TFSA have made a contribution so far this year. And, more than 40% of Canadians with a TFSA say they have no plans for the money they have saved in the account.

Some do have plans for the funds: 36% say they plan to use funds toward their retirement; 30% say they consider the money emergency savings; and 17% say they plan to use funds in the account toward a major purchase, such as a home or a car.

“These poll results suggest that some Canadians may not see the full potential of their TFSA, such as using it as part of their retirement strategy,” Delaney said. She says this presents an opportunity for advisors to have conversations with clients about getting the most out of their savings.

The poll revealed some notable differences among demographics. Younger Canadians were more likely to say they plan to use their TFSA savings for a major purchase – and are most likely to have made a withdrawal from their TFSA in the last year (25%). Among all age groups, only 17% have made a withdrawal from their TFSA this year.

In contrast, among those between 45-54 years of age, a higher proportion say they plan to use their account for retirement.

BC residents were among the most likely in Canada to have a TFSA (52%) while Atlantic Canadians were among the least likely (42%).