Savings Goal Calculator

How to plan your savings goal

Enter the amount you want to save and the number of years you have. Add an expected annual return if you plan to save into an interest-paying account or invest, then the calculator shows exactly how much to set aside each month and how contributions and earnings build toward your goal.

Formula

Monthly amount = goal × i ÷ [(1 + i)ⁿ − 1], where i is the monthly rate and n is the number of months. With a 0% return, monthly amount = goal ÷ months.

Saving inside a TFSA or RRSP lets more of your return go toward the goal. Expected returns are assumptions only; actual investment results will vary and are not guaranteed.

Frequently Asked Questions

How is the monthly amount calculated?

It uses the annuity formula PMT = FV × i ÷ [(1 + i)ⁿ − 1], where FV is your goal, i is the monthly rate (annual return ÷ 12) and n is the number of months. With a 0% return it simply divides the goal by the number of months.

What return rate should I enter?

For a plain cash savings goal, enter 0%. If you will save into an interest-paying account or invest the money, enter a realistic expected annual return — but remember investment returns fluctuate and are not guaranteed.

Should I use a TFSA or RRSP?

A TFSA lets your savings grow tax-free and withdrawals are never taxed, which is ideal for most goals. An RRSP defers tax and suits retirement saving, while the FHSA is designed for a first home. Each has its own annual contribution limit.

How can I reach my goal faster?

Increase your monthly contribution, extend the timeframe, or earn a higher (realistic) return. Even small increases in the monthly amount compound meaningfully over several years.

Does this account for inflation?

No. The target is treated as a fixed future amount in dollars. If you want to preserve purchasing power, set a goal that already allows for expected inflation.