Savings Goal (Canadian)

What will it take to help reach your savings goals? This financial calculator helps you find out. Enter in your savings plan and view graphically your financial results. Click the report button to get more information about your plan, and what you can do to make sure that it is on track.

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Savings plan inputs:
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Savings goal:

Years to save:

Amount currently saved:

Monthly savings:

Saving frequency:

Expected Rate of return:

Expected inflation rate:

Federal tax rate:

State tax rate:

Please view the report to see detailed results in tabular form.

Savings Plan by Year
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Definitions

Savings goal: The amount you wish to have in savings at the end of this savings plan.
Years to save: The number of years you have to save.
Amount currently saved: Total you currently have saved toward this savings goal.
Monthly savings: The amount you will contribute each month to your investments. This calculator also assumes that you make your contribution at the beginning of each month.
Expected rate of return: This is the annually compounded rate of return you expect from your savings (after taxes).
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.
Expected annual inflation rate: What you expect for the average long-term inflation rate.

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Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.