Savings Goal Calculator
Set the amount you need and the date you need it. The calculator works out the monthly contribution that gets you there, including the interest your savings earn along the way.
- Your balance
- Goal
Enter amounts to see this chart.
What this means
Putting aside $0 every month reaches $0 in 1 month. Automate the transfer on payday so it happens without a decision.
How it works
Any goal becomes manageable once you divide it by time. Set up an automatic transfer the day you get paid — saving what is left at month end almost never works.
Nothing you type here is saved or sent anywhere — it stays in your browser.
Pick a date, then a number
Goals with deadlines get funded. Once the deadline is fixed, the monthly amount is arithmetic — and if it is unaffordable, you have only three levers: a smaller target, a later date, or a higher contribution.
How much does interest help?
Over one to three years, interest is a modest bonus rather than the engine — most of the balance is money you contributed. That is also why short-term goals belong in savings accounts or GICs, not in the market.
Separate goals, separate accounts
Naming an account after the goal (down payment, car, wedding) makes the balance meaningful and makes it far less likely you spend it on something else.
Common questions
- TFSA or plain savings account?
- A TFSA shelters the interest from tax and can be withdrawn any time, which suits most medium-term goals. A regular savings account is fine when your TFSA room is already used elsewhere.
- What return should I assume?
- For goals under three years, use a conservative savings or GIC rate. Assuming market returns on short-term money is how plans get derailed.
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