Savings Goal Calculator
Pick a target, tell us what you've saved and when you need it, and see the exact amount to set aside each month, with your interest doing part of the work. The gateway to every other plan on this site.
Progress toward your goal
How much of the target you've already banked.
How the balance builds
Your contributions stack up, growth rides on top, and together they reach the goal.
Monthly saving at different returns
The same goal and deadline, financed at each rate. Your selected rate is highlighted.
| Where you keep it | Annual return | Monthly saving | You contribute | Growth earned |
|---|
Year-by-year schedule
Annual summary of contributions, growth and running balance until the goal is met.
| Year | Contributed | Growth | Balance | % of goal |
|---|
How this is calculated
The required monthly amount
First we convert your annual return to a monthly rate: rm = (1 + r)^(1/12) − 1. Your current savings grow to saved × (1 + rm)^n by the deadline (n months), so contributions only need to fill the rest. Treating them as an end-of-month annuity, the required amount is (goal − saved × (1 + rm)^n) × rm ÷ ((1 + rm)^n − 1). At a 0% return this collapses to the plain (goal − saved) ÷ n.
The guards
If your current savings already grow past the goal, the required contribution is $0, the tool celebrates instead of demanding money you don't need to save. If the goal is already banked today, it's funded on day one. Negative results are clamped to zero.
Match the account to your horizon
A savings goal is not a retirement fund, the shorter the timeline, the less risk you can take. Under two years, use a high-interest savings account (top rates near 2.75% in 2026) so the money is liquid and can't drop. Two to five years, ladder GICs (around 4.05% for longer terms) to lock in a guaranteed rate. Five years or more, you can afford to invest in a diversified portfolio, a balanced fund's FP Canada planning assumption is 5.2%, before fees, accepting swings for a higher expected return.
Use a TFSA as the wrapper, and automate it
A TFSA holds any of those products and shelters all the interest and growth from tax; the 2026 room is $7,000 a year. The single biggest predictor of hitting a goal is automation: set the monthly amount to transfer automatically on payday, before you can spend it.
What this doesn't model
Taxes on interest earned outside a TFSA, inflation eroding the goal's real value, variable returns (it assumes a steady rate), or fees. For inflation see the inflation calculator; for long-run investing use compound interest or retirement; for a safety net first, the emergency fund calculator. Rates verified July 2026.
Common questions
How do I calculate how much to save each month for a goal?
Take your goal, subtract what your current savings will grow to by the deadline, then spread the remaining gap over the months using the future-value-of-an-annuity formula. The monthly amount is (goal − saved × (1 + rm)^n) × rm ÷ ((1 + rm)^n − 1), where rm is the monthly rate (1 + annual rate)^(1/12) − 1 and n is the number of months. At a 0% return it's just the gap divided evenly over the months.
Where should I keep money for a short-term savings goal in Canada?
Match the account to the horizon. For goals under two years, use a high-interest savings account (top rates near 2.75% in 2026) so the money is safe and liquid. For two to five years, a GIC ladder locks in a higher guaranteed rate, around 4.05% for longer terms. For five years or more you can invest in a diversified portfolio, historically about 5% to 6% for a balanced fund, accepting some ups and downs for a higher expected return.
Should I save toward a goal inside a TFSA?
Usually yes. A Tax-Free Savings Account is a wrapper, not a product, you can hold a HISA, a GIC or investments inside it, and every dollar of interest, dividends and growth is tax-free. The 2026 annual limit is $7,000, and withdrawals free up equal room the following year, which suits a savings goal you'll eventually spend.
How much does earning interest actually shorten the wait?
For short goals the effect is modest, but it grows with time and balance. On a $25,000 goal over three years, moving from a 0% chequing account to a 4.05% GIC cuts the required monthly saving from about $556 to about $507, the growth does roughly $1,700 of the work for you. Over ten years the growth can cover a quarter or more of a six-figure goal.
What if my current savings already reach the goal?
If what you've already saved will grow to your goal by the deadline on its own, the required monthly contribution is zero, you're on track. This tool detects that and celebrates it, and also flags when growth alone will carry a nearly-funded balance across the line so you don't over-save.