Saving comes down to time and rate. A steady amount added every month and left to compound grows faster than most people expect, and these calculators show you the effect in dollars, which is more convincing than any rule of thumb.
The compound interest calculator handles regular deposits, and the interest calculator covers simple interest and a savings balance.
What can I work out here?
- Interest Calculator (Simple & Savings)
Work out simple or compound interest on any amount.
- Compound Interest Calculator
See how savings grow with compound interest and monthly contributions.
- GIC Calculator
Work out the value of a GIC at maturity with simple or compound interest.
- Net Worth Calculator
Add up your assets and debts to see your net worth.
- Monthly Budget Calculator
Plan a monthly budget and see what is left over.
Term deposits pay a fixed rate, so you can use the GIC calculator to compare terms and see what you’d earn. For the whole picture, you’d use the net worth calculator to add up your assets and subtract your debts. The monthly budget calculator splits income into needs, wants and savings.
Where should I keep the money?
Interest on savings is taxable unless the money sits in a registered account. The TFSA room calculator and the RRSP calculator cover the tax side.
Rates change often, so enter the one your bank offers today.
What habits make saving easier?
Automatic transfers on payday beat remembering to save. Set a target for an emergency fund, often three to six months of costs, then send extra money toward longer goals once you’ve reached it, because it’s hard to build wealth while a car repair can knock you over. Review your budget every few months, because bills and income drift. The tools keep no record, so write down your figures if you want to compare next quarter.
Are the projections realistic?
They assume a fixed rate and regular deposits, so you shouldn’t read them as a promise. Inflation shrinks what a dollar buys, so a result that looks big today will buy less in twenty years. Try a lower rate as a check. And remember that returns on stocks and funds aren’t guaranteed the way GIC returns are.
Frequently asked questions
How often does interest compound?
It depends on the account. Savings usually compound monthly, while GICs may compound yearly or at maturity.
Do I pay tax on GIC interest?
Yes, as income, unless the GIC sits in an RRSP, TFSA or another registered account.
How much should I save?
A common starting point is a fifth of your income, but the right figure depends on your goals and costs.
Does the site keep my numbers?
No. Calculations run in your browser and nothing goes to a server.
Information only. This page is general information, not tax, legal or accounting advice. Tax-Services.ca is an independent publisher: we don't prepare or file tax returns or offer tax services, and we have no connection with the CRA, Revenu Québec, any government or any company named on this page. Check the figures that matter with an official source or a qualified professional.