Savings · goals
Savings Goal Calculator
How much to put away each month (or each payday) to reach your goal on time.
Your goal
Reaching a savings goal
Divide what you still need by the months you have, then let interest do some of the work. A high-interest savings account or GIC pays more than a regular account: compare today's best savings rates and GIC rates.
Saving inside a TFSA means the interest is never taxed. Saving for a first home? An FHSA also gives you a tax refund on what you put in.
Frequently asked questions
How much should I save each month to reach my goal?
Your goal minus what you have, divided by the months left, minus the interest you'll earn along the way. The calculator does this for you.
Where should I keep short-term savings?
A high-interest savings account for money you may need any time, or a GIC for a fixed date. Inside a TFSA the interest is tax-free.
How much should an emergency fund be?
Three to six months of essential expenses: rent, food, bills and debt payments.
Is interest on savings taxable in Canada?
Yes, outside a TFSA, RRSP or FHSA it's taxed as income every year, even if you don't withdraw it.
Keep growing your savings
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