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Savings Calculator

Watch a balance grow with monthly deposits, see the time to your goal and what it is worth after inflation.

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Short answer

Saving $500 a month on top of $5,000 at 3.0% grows to about $76,617 in 10 years: $65,000 of deposits and $11,617 of interest. At the Bank of Canada's 2% inflation target that is worth about $62,853 in today's dollars.

Figures as of 2026-11-13.
Savings goals (examples):

Savings calculator

For reference: big-bank posted 1-year GIC 2.45%, posted savings 0.01% (Bank of Canada, 2026-11-04). Many online banks pay more.
2% is the Bank of Canada's inflation-control target.
Future value$76,617after 10 years
Total contributions
$65,000
Total interest earned
$11,617
Time to goal
6 yrs 8 mo
Inflation-adjusted value
$62,853
in today's dollars
Monthly needed to hit target on time
$310

Future value $76,617

Growth projectionBalance and deposits by year$0$25K$50K$75K$100KYr 1Yr 2Yr 3Yr 4Yr 5Yr 6Yr 7Yr 8Yr 9Yr 10
Show the numbers
Growth projection
BalanceDepositsToday's dollars
Yr 1$11K$11K$11K
Yr 2$18K$17K$17K
Yr 3$24K$23K$23K
Yr 4$31K$29K$29K
Yr 5$38K$35K$35K
Yr 6$45K$41K$40K
Yr 7$53K$47K$46K
Yr 8$61K$53K$52K
Yr 9$68K$59K$57K
Yr 10$77K$65K$63K
Assumptions & sources

Assumptions

  • Deposits at the end of each month; interest compounded at the frequency chosen.
  • No tax: right for a TFSA or FHSA; interest in a non-registered account is taxed every year.
  • Rates are your input; the GIC and savings figures are Bank of Canada posted big-bank rates.

Sources

  1. Bank of Canada — Posted GIC rate, 1-year (major banks) (series V80691339) (effective November 4, 2026). Checked .
  2. Bank of Canada — Posted non-chequable savings deposit rate (major banks) (series V80691338) (effective November 4, 2026). Checked .
  3. Bank of Canada — Inflation-control target. Checked .
  4. Canada Deposit Insurance Corporation — What's covered. Checked .

Your saved scenarios

Saved in this browser only. Nothing is sent to us.

Savings tips

  • Automate the deposit on payday: what you don't see, you don't spend.
  • Use the $7,000 2026 TFSA room first for most goals; for a first home, the FHSA adds $8,000 a year of deductible room ($40,000 lifetime).
  • Keep each goal separate: the Goals planner tracks them side by side in your browser.
Worked example: an emergency fund
Worked example: an emergency fund: inputs, steps and result
Start$2,000
Monthly$550
Rate3.0%
Target$15,000
FCAC guideline3 to 6 months of expenses
Time to $15,00023 months

Open this example in the calculator →

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The fine print on a savings account is the rate after the promo ends. Mitey reads it first.

Promotional rates often last a few months; type in the regular rate to see the honest long-run number.

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Frequently asked questions

How much will my savings grow?

It depends on the rate, how often interest compounds and how long you leave it. The calculator adds your monthly deposit at the end of each month and compounds at the frequency you pick, then shows the result in today's dollars after inflation.

Where should I keep savings for a goal under five years?

Somewhere the value can't fall: a high-interest savings account or GICs, ideally inside a TFSA or, for a first home, an FHSA. CDIC insures eligible deposits up to $100,000 per category at each member institution.

How big should an emergency fund be?

The Financial Consumer Agency of Canada suggests three to six months of regular expenses (or income), built up gradually.