This calculator answers one question: how long will it take to reach a savings target? Enter the goal, what you have already saved, a monthly deposit and an interest rate, and it shows the number of years and months, the total you’ll deposit and how much of the final balance comes from interest. It works for any goal: a vacation, a car, a wedding, a home down payment or an emergency fund.
To see what a balance you already have will earn over time, without a target, use the savings interest calculator instead.
How this savings goal calculator works
Enter your savings goal, current savings balance, planned monthly deposit and expected annual interest rate. The calculator works month by month: it adds a month of interest on the balance (the annual rate divided by 12), then adds your deposit, and repeats until the balance reaches or passes the goal. It then shows:
- Time to reach your goal: in years and months
- Total contributions: the sum of all your monthly deposits
- Interest earned: how much of the balance came from interest
- Final balance: the balance in the month the goal is reached, which can be slightly above the goal
Choosing the rate to enter
The rate depends on where the money will sit while you save:
- Savings account: the posted rate on the account. Rates differ widely between a big bank’s standard savings account and a high-interest one; the savings account and HISA rate table compares current rates.
- GIC: the rate for the term you’d lock in; see current GIC rates.
- Investments: an assumed long-term return. FP Canada’s 2026 projection guidelines assume 2.4% for short-term investments such as savings accounts, 3.2% for bonds and 6.3% for Canadian stocks, before fees and inflation. The investment calculator has the full set.
An investment return is an average over many years, not a yearly rate: the balance can fall in any given year. That matters more the closer the goal is, which is why money for a goal a year or two away is usually kept in a savings account or GIC, where the balance doesn’t drop.
How much interest adds over time
Depositing $500 a month for 120 months (10 years), starting from zero, at three of the FP Canada rates:
| Annual rate | Total deposits | Interest earned | Final balance |
|---|---|---|---|
| 0% | $60,000 | $0 | $60,000 |
| 2.4% (short-term) | $60,000 | $7,736 | $67,736 |
| 3.2% (bonds) | $60,000 | $10,602 | $70,602 |
| 6.3% (Canadian stocks) | $60,000 | $23,288 | $83,288 |
The figures assume the same return every month, which a real investment won’t deliver. The compound interest calculator shows the effect over longer periods.
Over a few years, the monthly deposit does most of the work. Interest becomes a larger share of the balance as the time frame stretches to a decade or more.
Common savings goals
Each of these has its own guide to the target amount and the account that suits it:
- Emergency fund: usually a few months of essential expenses; see how much emergency fund you need, or the emergency fund calculator for the target and timeline together.
- Home down payment: see how to save for a down payment.
- Vacation: see how to save for a vacation.
- A round-number target: see how to save $10,000 in a year.
- Known yearly costs such as car insurance or holiday gifts: a sinking fund for each one spreads the cost over the year.
- Children’s education: an RESP adds government grants to what you put in.
- Retirement: the retirement calculator projects a much longer time frame.
Which account to save in
- TFSA: growth and withdrawals are tax-free, and it can hold cash, GICs or investments. How much you can put in each year is on the TFSA contribution limit page.
- RRSP: contributions are deductible and growth is taxed only when withdrawn, which suits retirement; see the RRSP guide.
- FHSA: contributions are deductible and a qualifying first-home withdrawal is tax-free; see the FHSA guide.
- High-interest savings account: the balance stays available and doesn’t fall in value; interest outside a TFSA is taxable. Current rates are in the savings account and HISA rate table.
- GIC: a fixed rate for a fixed term, usually with the money locked in until the term ends; see current GIC rates.
Ways to reach a goal sooner
- Automate the deposit. A transfer set for payday, the core of paying yourself first, moves the money before it can be spent.
- Add windfalls. Tax refunds, bonuses and cash gifts go straight to the balance.
- Raise the deposit with your pay. Moving part of each raise into the goal shortens the timeline without cutting current spending.
- Free up room in the budget. The budget calculator shows how take-home pay splits between needs, wants and savings, and ways to save money fast covers the biggest cuts.
The rest of the budgeting guides cover building the monthly budget your savings goal comes out of.
Related calculators
- Emergency fund calculator: your emergency fund target and how long it takes to build
- Budget calculator: a monthly budget with room for savings
- Savings interest calculator: what a savings balance earns
- Compound interest calculator: how compounding grows money
- Investment calculator: long-term investment growth
- GIC calculator: guaranteed investment returns
- Retirement calculator: whether you’re on track for retirement
Sources
The figures and rules on this page come from these sources. How we check facts.
- FP Canada: 2026 PROJECTION ASSUMPTION GUIDELINES