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Savings Goal Calculator

Work out the monthly contribution needed to reach a specific savings target by your chosen deadline.

Your assumptions

Formatting only, not an exchange-rate conversion. Use the same currency for every amount.

The amount already saved or invested.

The amount you would like to have at the end of the saving period.

A projection horizon, not a prediction of your lifespan.

An effective annual return before fees and inflation. The example is not a forecast.

A percentage of invested assets, modeled as an annual growth reduction.

These calculator inputs stay in this page and are not saved or sent to an application API. They do not change your Canadian planner inputs or saved profiles.

Your illustration

The target and contributions are nominal amounts. Choose a future target that already allows for inflation when that matters to your goal.

Monthly saving needed
CAD 653.87
Total contributed
CAD 44,232
Projected final balance
CAD 50,001

Contribute this amount at each month-end. The target and contributions are nominal amounts.

Year-by-year projection (CAD)
Projection from year 0 to year 5. Exact values are available in the year-by-year table below.027K54KYear 0Year 5
Projected balanceSavings target
View year-by-year table
Illustrative year-end values in CAD. Displayed amounts are rounded.
YearProjected balanceSavings target
0CAD 5,000CAD 50,000
1CAD 13,230CAD 50,000
2CAD 21,828CAD 50,000
3CAD 30,811CAD 50,000
4CAD 40,196CAD 50,000
5CAD 50,001CAD 50,000

Educational estimates, not financial advice. Actual returns and inflation vary. Taxes, government benefits, currency movements and market volatility are not modeled. No result guarantees retirement income.

How this calculator works

The calculator subtracts the future value of your starting savings from your target, then divides the remainder by the month-end contribution growth factor. Required contributions cannot be negative and are rounded up to the next hundredth of a currency unit.

Monthly saving = max(0, (target - P(1 + m)^n) / A), where A = ((1 + m)^n - 1) / m, or n when m = 0.

Rates in formulas are decimals. P is starting savings, C is the monthly contribution, n is the number of months, and m is the effective monthly return. Net annual growth is (1 + gross return) × (1 - annual fee) - 1. The equivalent monthly rate is (1 + annual rate)^(1/12) - 1. Real returns also divide the annual growth factor by (1 + inflation).

Example: To grow 5,000 into 50,000 over five years with no return or fees, you would need to add 750 each month: (50,000 - 5,000) / 60.

Change the examples to reflect your situation and test less favorable assumptions. These simplified formulas exclude country-specific taxes and benefits. Constant investment returns do not capture market volatility or the order in which gains and losses occur.

Common questions

What happens when my existing savings are enough?

The required monthly contribution becomes zero. The projection can still finish above the target; it does not assume you withdraw the excess.

Can I use this for a house deposit or emergency fund?

Yes. Match the assumed return and deadline to your situation. Money needed soon should not be assumed to earn a dependable stock-market return.

Background & references

These references explain the underlying concepts. The formulas and timing described above define this tool; no country-specific rules are imported from the references.

Compound Interest Calculator

See how an initial investment and regular monthly savings could grow, including the effects of fees and inflation.

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Inflation & Purchasing Power Calculator

See how an assumed inflation rate changes future costs and the buying power of an unchanged cash balance.

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Need a Canadian retirement plan?

Go beyond these general illustrations with Canadian government benefits, registered accounts and estimated taxes.

Open Canadian retirement planner