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Savings Calculator (Canadian)

Consistent investments over a number of years can be an effective strategy to accumulate wealth. Even small additions to your savings add up over time. This calculator demonstrates how to put this savings strategy to work for you and the power of compounding.

Note that your investments may be subject to tax if held outside of a registered account such as an RRSP. The cost of tax can reduce your compounded returns. The impact of tax is not considered in this calculation.

Your savings could be worth TOTAL_AT_END_OF_INVESTMENT after FMT_PERIODS.

If you save ADDITIONAL_CONTRIBUTIONS DEPOSIT_FREQUENCY your savings may grow to TOTAL_AT_END_OF_INVESTMENT after FMT_PERIODS. This includes a starting balance of STARTING_AMOUNT and a RATE_OF_RETURN annual rate of return.


Results Summary
Starting amountSTARTING_AMOUNT
Total amount you will have contributedTOTAL_AMOUNT_YOU_HAVE_PAID_IN
Total at end of investmentTOTAL_AT_END_OF_INVESTMENT

Savings Balance


Savings Calculator (Canadian) Definitions

Starting amount
The starting balance or current amount you have invested or saved.
Years to save
The total number years you are planning to save or invest.
Rate of return
The annual rate of return for this investment or savings account. The actual rate of return is largely dependent on the type of investments you select. The actual rate of return is largely dependent on the type of investments you select. For example, for the last thirty years the average annual rate of return for the TSX is about 10%. Savings accounts at a bank or credit union may pay as little as 2% or less. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment.
Interest compounding
Earnings on an investment's earnings, plus previous interest. This calculator allows you to choose the frequency that your investment's interest or income is added to your account. The more frequently this occurs, the sooner your accumulated earnings will generate additional earnings. For stock and mutual fund investments, you should usually choose 'Annual'. For savings accounts and CDs, all of the options are valid, although you will need to check with your financial institution to find out how often interest is being compounded on your particular investment.
Additional contributions
The amount that you plan on adding to your savings or investment each period. This calculator assumes that you make your contributions at the beginning of each period.
Frequency of contributions
How often you make contributions to your account. The options include weekly, bi-weekly, monthly, quarterly and annually. This calculator assumes that you make your contributions at the beginning of each period.

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