Savings Goal Calculator
Enter your goal amount, current savings and monthly contribution to see exactly when you will get there.
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Important note
Where the money waits changes the result. Interest earned in a regular high-interest savings account is taxed as income every year, while the same interest inside a TFSA is never taxed — if your goal is flexible and you have TFSA room, the after-tax finish line arrives sooner. Either way, deposits at CDIC member institutions are insured up to $100,000 per insured category, per institution, so a goal saved at one bank stays protected well past the amounts this calculator usually handles.
How this savings goal calculator works
Your annual interest rate is converted to an effective monthly rate, then the calculator steps forward month by month: the balance earns interest and your contribution lands on top, until the balance meets or beats your goal. It counts the months, totals your contributions, and backs out the interest as final balance minus everything you put in. If the goal is unreachable with your inputs (for example zero contributions and zero interest), it stops at 100 years rather than looping forever.
A worked example
Goal: $20,000 for a down payment top-up. You have $2,000 saved, add $500 a month, and earn 4% in a HISA. Month by month that reaches the goal in 34 months — 2 years and 10 months. Your contributions total $17,000 and interest adds about $1,186.25. Bump the monthly amount to $700 in the form above and the timeline drops to roughly 2 years: that is the trade this calculator makes visible — every extra $100 a month buys back months of waiting.
Three tips for using this tool well
- Automate the contribution. A monthly auto-transfer on payday beats willpower — this calculator assumes the money actually moves every month, so set it up for real.
- Park it in the right account. A 4% HISA versus 0.5% chequing interest can shave months off the timeline; for goals under 3 years, keep it in cash, not stocks.
- Re-run when life changes. A raise, a bonus or an unexpected bill all change the inputs — revisit the timeline quarterly so the goal date stays honest.
Frequently asked questions
What if I cannot reach the goal?
The calculator caps at 100 years and will show that. The fix is always one of three: raise the monthly amount, raise the return (with more risk), or lower the goal. Play with all three above.
Should I save or pay down debt first?
Compare rates. Credit-card debt at 20% costs far more than savings earn, so killing it usually wins — the debt payoff calculator on this site shows the math. An emergency fund of 1–3 months' expenses is the usual exception: build that first.
Where should I keep short-term savings?
For goals under about 3 years, a high-interest savings account, GIC ladder or cashable GIC — somewhere the principal cannot drop. Market swings can easily erase a year of contributions right when you need the money.
Does it account for inflation?
No — it works in nominal dollars. For a goal 5+ years out, mentally add ~2% a year to the target, or the finish line will buy less than you picture today.
Can I include a lump sum, like a bonus?
Add it to "current savings" as if you already had it, or run the calculator twice: once to the bonus date, then again with the bonus added to current savings for the remaining stretch.