Use this Canadian savings calculator to estimate how your money can grow over time or how much you need to save to reach a target. Choose Growth projection to see an estimated ending balance, or Savings goal to calculate the recurring contribution needed to reach a target amount. Results are shown in Canadian dollars.
Compare different monthly, biweekly, or annual contribution amounts, savings periods, and interest assumptions. The result is a planning estimate, not a quote from a bank or investment provider.
How to use this savings calculator
- Calculator mode: choose Growth projection to estimate a future balance, or Savings goal to calculate the recurring contribution needed to reach a target.
- Initial deposit: enter the amount you plan to save at the beginning.
- Target amount: in Savings goal mode, enter the amount you want to have at the end of the period.
- Recurring contribution: in Growth projection mode, enter the amount you will add regularly. In Savings goal mode, the calculator fills this field with the required contribution.
- Contribution frequency: choose monthly, biweekly, or annual contributions.
- Savings period: enter how many years you expect to keep saving.
- Annual interest rate: enter an expected rate as a percentage. For a realistic comparison, use the rate offered by the account or GIC you are considering.
- Compounding frequency: choose how often interest is added to the balance.
What the results mean
- Total contributions is the money you deposited, including recurring contributions.
- Interest earned is the estimated growth above your contributions.
- Ending balance is the estimated value of the account at the end of the selected period.
- In Savings goal mode, required contributions is the recurring amount the calculator estimates you need to contribute. The target balance is the projected ending value after those contributions and estimated interest.
Example: a small monthly increase can add thousands
Suppose you start with $1,000, save for 10 years, and earn a constant 5% annual rate compounded monthly. Contributions are made at the end of each month.
| Monthly contribution | Total contributions | Interest earned | Estimated ending balance |
|---|---|---|---|
| $100 | $13,000 | $4,175.24 | $17,175.24 |
| $150 | $19,000 | $5,939.35 | $24,939.35 |
| $200 | $25,000 | $7,703.47 | $32,703.47 |
Increasing the monthly contribution from $100 to $200 adds $12,000 to your deposits over 10 years, but the estimated ending balance increases by about $15,528.23 because the additional contributions also earn interest.
Top 3 featured savings rates
These are featured rates from our current comparison snapshot. Promotional and qualifying rates may not last, so check the full best savings rates in Canada page before opening an account.
4.50%
Tangerine
New-client promotion for 5 months
2.80%
Oaken Financial
Ongoing savings-account rate
Up to 2.75%
Neo Financial
Tiered rate based on balance
Top 3 featured GIC rates
These are comparable 5-year GIC rates from the current snapshot. GICs lock in your money for a fixed term, and product type, minimum deposit, and redemption rules apply.
4.25%
Oaken Financial
5-year GIC
4.08%
Haventree Bank
5-year GIC; $5,000 minimum
4.00%
EQ Bank
5-year registered GIC
See the full best GIC rates in Canada comparison before investing.
Savings accounts, GICs, and interest rates
Use an expected savings-account rate when you need access to your money and the rate may change. For a fixed-term GIC, use the advertised annual rate and matching term, but remember that GIC rules, compounding methods, minimum deposits, and early-withdrawal restrictions vary by provider.
Rates can change, so verify the details with the financial institution before opening an account. See our best savings rates and best GIC rates comparisons for more options.
Important assumptions
- The annual rate stays constant for the entire projection.
- Recurring contributions are made at the end of each selected period.
- The estimate does not include income tax, account fees, withdrawals, inflation, promotional-rate expiry, or changes in market rates.
- Actual bank and GIC calculations may differ because providers use different day-count, deposit-timing, and compounding rules.
Frequently asked questions
What is Savings goal mode?
Savings goal mode works backwards from your target amount. It estimates the recurring contribution required from the initial deposit, time period, expected rate, contribution frequency, and compounding method. The required contribution is rounded up to the nearest cent so the projection does not fall short of the target.
What is the difference between simple and compound interest?
Simple interest is calculated on the original deposit. Compound interest also earns interest on previously credited interest. Learn more in our guide to compound interest.
Does this calculator include Canadian taxes?
No. The results are before tax. Tax treatment depends on the account type, your province or territory, and whether the savings are held in a registered account such as a TFSA or RRSP.
Can I use it for a GIC?
Yes, for a basic estimate using a one-time deposit and a fixed rate. Set recurring contributions to zero and use the GIC term as the savings period. Check the institution’s terms for the exact maturity value.